Abraxas Petroleum Raises ’14 Capex, Deepens Eagle Ford Focus

Abraxas Petroleum Corp. AXAS – Snapshot Report – upstream energy firm – declared that it will invest roughly $190.0 million capital during 2014, higher than the company’s previous expectation of $160.0 million.Abraxas Petroleum revealed that it will allocate a considerable amount of the projected capital toward drilling operations in the Eagle Ford shale. The Eagle Ford program includes drilling of two remaining wells in the Cave region in McMullen County, an extra well in the Dilworth East area of McMullen County and three more wells in the Jourdanton region of Atascosa County. Abraxas Petroleum will also invest significant capital in acquiring more acres in the Eagle Ford shale.  Apart from increasing the budget, the company also updated the 2014 production guidance.  Total output is now expected between 5,800.0−6,000.0 barrels of oil equivalent per day Boe/d, higher than 5,500.0−5,700.0 Boe/d projected previously.

via Abraxas Petroleum Raises '14 Capex, Deepens Eagle Ford Focus – June 13, 2014 – Zacks.com.

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