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Abraxas Petroleum Corporation

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Msg  10678 of 10685  at  7/19/2020 11:19:57 AM  by

richardclovis


AXAS in progress...info only

March 16, 2020 at 4:05 PM EDT

SAN ANTONIO--(BUSINESS WIRE)-- Abraxas Petroleum Corporation (“Abraxas” or the “Company”) (NASDAQ:AXAS):

In response to current market conditions, the Company has reduced G&A expense by approximately 40%. This was accomplished by a combination of salary reductions, reduction in board size, and selective layoffs. In addition, while current oil market conditions persist, our capital expenditures will be limited to minor projects that will reflect a meaningful and permanent reduction in lease operating expenses. We will not drill and/or complete any new wells while these conditions persist. Most of the Company’s lands are currently held by production and at current commodity prices, the economics of drilling and completions in the Delaware and Bakken are questionable.

Approximately 95% of the Company’s current oil production is hedged at approximately $55 per barrel for the remainder of 2020 and approximately 100% of the Company’s anticipated oil production for 2021 is hedged at approximately $58 per barrel. This hedge position, currently valued at over $50 million, will allow the Company to generate free cash flow for both years which will be used to pay down debt

Due to the market uncertainty, Company guidance will be suspended.

Bob Watson, CEO, commented, “While parting with quality employees has been a regrettable task, this, combined with a dramatic reduction in planned capital expenditures I feel is necessary in the current environment.”

Additionally....since March...not only did they taper off production in April, but apparently "shut in" all Bakken and Delaware Basin wells in May with no announced re-start date...
 
 
April 
 
Filing Operator:ABRAXAS PETROLEUM CORPORATION (003125)District:08
Prod Month:Apr 2020Lease Type:Both

Showing: 21 - 40 of 62 results
Oil/Condensate (Whole Barrels)Gas/Casinghead Gas - MCF
Lease Type
District
Lease Name
Gas
Well
ID
Commingle
Permit No.
On Hand
Beginning of Month
Production
Disposition
On Hand
End of Month
Formation
Production
Disposition
Volume
Code
Volume
Code
 
Oil
08
48488
PHANTOM (WOLFCAMP)
CAPRITO 99
4,780
3,187
5,022
01
2,945
9,158
5,162
03
3,996
04
Gas 04 Flared Gas
Oil
08
49223
PHANTOM (WOLFCAMP)
CAPRITO 98
2,920
1,978
3,186
01
1,712
3,943
1,228
03
2,715
04
Gas 04 Flared Gas
Oil
08
49754
PHANTOM (WOLFCAMP)
CAPRITO 83
2,457
733
1,594
01
1,596
2,041
1,582
03
459
04
Gas 04 Flared Gas
Oil
08
49937
PHANTOM (WOLFCAMP)
CAPRITO 82
1,628
1,294
2,218
01
704
6,739
4,469
03
2,270
04
Gas 04 Flared Gas
Oil
08
51227
PHANTOM (WOLFCAMP)
GREASEWOOD
2,305
4,097
5,661
01
741
6,939
6,929
03
10
04
Gas 04 Flared Gas
Oil
08
52088
PHANTOM (WOLFCAMP)
PECAN 47
850
897
1,510
01
237
1,647
1,335
03
312
04
Gas 04 Flared Gas
Oil
08
52371
PHANTOM (WOLFCAMP)
CREOSOTE 86
2,619
2,705
4,634
01
690
9,466
4,896
03
4,570
04
Gas 04 Flared Gas
Oil
08
52646
PHANTOM (WOLFCAMP)
WOODBERRY 3
3,273
3,193
5,434
01
1,032
6,546
3,755
03
2,791
04
Gas 04 Flared Gas
Oil
08
52649
PHANTOM (WOLFCAMP)
HACKBERRY
8924
1,231
1,098
1,620
01
709
2,008
148
03
1,860
04
Gas 04 Flared Gas
May
 
Filing Operator:ABRAXAS PETROLEUM CORPORATION (003125)District:08
Prod Month:May 2020Lease Type:Both

Showing: 21 - 40 of 64 results

Oil/Condensate (Whole Barrels)Gas/Casinghead Gas - MCF
Lease Type
District
Lease Name
Gas
Well
ID
Commingle
Permit No.
On Hand
Beginning of Month
Production
Disposition
On Hand
End of Month
Formation
Production
Disposition
Volume
Code
Volume
Code
 
Oil
08
48488
PHANTOM (WOLFCAMP)
CAPRITO 99
2,945
0
2,945
0
Oil
08
49223
PHANTOM (WOLFCAMP)
CAPRITO 98
1,712
0
1,712
0
Oil
08
49754
PHANTOM (WOLFCAMP)
CAPRITO 83
1,596
0
1,596
0
Oil
08
49937
PHANTOM (WOLFCAMP)
CAPRITO 82
704
0
704
0
Oil
08
51227
PHANTOM (WOLFCAMP)
GREASEWOOD
741
0
741
0
Oil
08
52088
PHANTOM (WOLFCAMP)
PECAN 47
237
0
237
0
Oil
08
52371
PHANTOM (WOLFCAMP)
CREOSOTE 86
690
209
899
639
639
04
Gas 04 Flared Gas
Oil
08
52646
PHANTOM (WOLFCAMP)
WOODBERRY 3
1,032
0
1,032
0
Oil
08
52649
PHANTOM (WOLFCAMP)
HACKBERRY
8924
709
0
709
0
 
Bakken
 
1st Quarter 2020
 
January 2020
Oil / Whole Brls Prod...189125
Oil / Whole Brls Sold...188379
Gas MCF Prod............901630
Gas MCF Sold............794639
34 to 1 Oil Eq Prod.......26519
34 to 1 Oil Eq Sold.......23372
Total BOE Prod..........189125
Total BOE Sold...........188379
 
February 2020
Oil / Whole Brls Prod..123465
Oil / Whole Brls Sold...122496
Gas MCF Prod............655357
Gas MCF Sold............602755
32 to 1 Oil Eq Prod.......20480
32 to 1 Oil Eq Sold.......18836
Total BOE Prod..........143945
Total BOE Sold...........141332
 
March 2020
Oil / Whole Brls Prod..141318
Oil / Whole Brls Sold...141666
Gas MCF Prod............708035
Gas MCF Sold............646962
18 to 1 Oil Eq Prod.......39335
18 to 1 Oil Eq Sold.......35942
Total BOE Prod..........180653
Total BOE Sold...........177608
 
April 2020
Oil / Whole Brls Prod...52551
Oil / Whole Brls Sold....57571
Gas MCF Prod...........266720
Gas MCF Sold...........240420
17 to 1 Oil Eq Prod......15689
17 to 1 Oil Eq Sold......14142
Total BOE Prod...........68240
Total BOE Sold............71713
NOTE....Bakken North Fork Field Wells had only 9 production days...
Pershing Field Wells show 31 production days...
 
May 2020
Oil / Whole Brls Prod...3926
Oil / Whole Brls Sold.........0
Gas MCF Prod............8531
Gas MCF Sold............6833
17 to 1 Oil Eq Prod.......609
17 to 1 Oil Eq Sold.......480
Total BOE Prod...........4535
Total BOE Sold.............480
NOTE....Bakken North Fork Field and Pershing Field Wells apparently shut in, with little oil produced and no whole barrels sold..
 
 


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