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Permian, Bakken E&P Increases 2017 Capex by 83%; $110MM
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Abraxas has accelerated its 2017 planned activity and updated the Company’s 2017 CAPEX and production guidance.
Key Points:
Increased 2017 capex from $60 million to $110 million (up +83%)
Updated 2017 Planned Activity and Guidance UpdateRecognizing the success of the Caprito 99-101H, Abraxas’ Board of Directors recently approved an increase in Abraxas’ 2017 capital budget from $60 million to $110 million.
Delaware BasinThis will allow Abraxas to run a full time development rig on the Company’s Delaware Basin assets during 2017. As previously announced, Abraxas plans to spud the Company’s first two wells, the Caprito 98-201H and Caprito 98-301H, in February 2017. Following these two wells, Abraxas plans to drill and complete an additional five gross (four net) wells for a total of…
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