Abraxas Petroleum Corp. (NASDAQ:AXAS) released new details yesterday with regard to its well operations.
The company revealed that it recorded appealing results from the Caprito 98-201H as well as the Caprito 98-301HR. Each of the wells are 4,880 foot laterals whose targets are the Wolfcamp A1 zone and the Wolfcamp A2 zone respectively. Both wells are in Ward County in Texas and Abraxas Petroleum owns 98 percent stake in the two wells.
The company reported that Caprito 98-201H produced an average of 1,036 barrels of oil equivalent per day (boepd), 873 barrels of oil and roughly 978 million cubic feet of natural gas per day within the first month of production. The Caprito 98-301HR produced an average of 999 Boepd, 962 cubic feet of natural gas and 838 barrels of oil on average per day. Abraxas Petroleum also stated that it adopted a conventional choke management method as far as monitoring the practices of operators is concerned.
The company also plans to kick off operations this week at its Caprito 83-304H and 83-404H mines and its targets are Wolfcamp A2 and Wolfcamp B, respectively. The firm is currently carrying out drilling activities at the Caprito 82-101H and 82-202H mines in which it holds 100 percent stake and 65 percent working interest. The recent report also revealed that Abraxas is planning to test 660’ testing at the Caprito.
“The four-well downspacing test will comprise two wells of both Wolfcamp A2 and Wolfcamp A1. Abraxas Petroleum implied that spacing will shift to the industry’s norm of eight wells per section from four wells per section in the Wolfcamp A1 and A2,” stated the report.
It has not all be good news, considering that the company suffered gas cutbacks at Permian and Bakken from August to September following disruptions at compression and third-party facilities. Abraxas had to lower its production in facilities that were affected by the recent events of hurricane Harvey that hit Texas really hard. However, all the wells have now resumed their operations.
Abraxas Petroleum stock closed the latest trading session on Wednesday at $2.02 after a 1.46 percent decline from the previous close.