Abraxas Petroleum Corp
) recently provided an update on the production status of its
Williston, Permian and Eagle Ford properties, reporting strong
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The company reported strong well results from the Lillibridge
West pad. In McKenzie County, North Dakota, the Lillibridge 5H
and Lillibridge 7H, producing from Middle Bakken, yielded 1,049
and 1,005 barrels of oil per day (boepd) respectively, in the
first 30-days of production. The Lillibridge 6H and Lillibridge
8H, producing from the Three Forks, yielded 921 and 1,049 boepd
respectively. The company holds a 34% stake in Lillibridge.
In Nolan County, Texas, where Abraxas has 100% interest in the
Spires Ranch 129 2H, first 30-day production averaged 92 boepd.
Abraxas announced that with the success of the Blue Eyes 1H in
the Jourdanton prospect, it will move ahead with the plans of
drilling Snake Eyes 1H on the same prospect. Additionally, the
company announced that the Dutch 2H at the Cave prospect is
likely to be completed in Jan 2014.
Apart from the operational update on its ventures, Abraxas also
provided information on an acquisition in McMullen County. The
company has acquired properties of about 440 net acres which can
hold four 5,000 foot lateral wells. With this new Dilworth East
acquisition, the company plans to spud the first well in first
Abraxas is an independent energy company engaged primarily in the
acquisition, exploration, exploitation and production of crude
oil and natural gas. The company currently carries a Zacks Rank
#3 (Hold), which implies that it is expected to perform in line
with the broader U.S. equity market over the next one to three
Meanwhile, one can consider other players in the energy sector
Harvest Natural Resources Inc.
Seadrill Partners LLC
Athlon Energy Inc.
). All the stocks sport a Zacks Rank #1 (Strong Buy).