Profile: Abraxas Petroleum Corp (AXAS.O)
31 Jul 2015
Abraxas Petroleum Corporation, incorporated on August 31, 1990, is an independent energy company. The Company is primarily engaged in the acquisition, exploration, development and production of oil and gas. As of December 31, 2014, the Company's estimated net proved reserves were 42.4 million barrels of oil equivalent (MMBoe), of which 42% were classified as proved developed, 78% were oil and natural gas liquids (NGL) and 92% of which (on a PV-10 basis) were operated by the Company. The Company's daily net production for the year ended December 31, 2014 was 5,720 barrels of oil equivalent per day (Boepd), of which 77% was oil or liquids. The Company's oil and gas assets are located in three operating regions, the Rocky Mountain, Permian Basin and onshore Gulf Coast.
The Company's properties in the Rocky Mountain region are located in the Williston Basin of North Dakota and Montana and in the Green River Powder River and Unita Basins of Wyoming and Utah. In this region its wells produce oil and gas from various reservoirs, including the Turner Bakken Three Forks and Red River formations. Well depths range from 7,000 feet down to 14,000 feet.
The Company's properties in the Permian Basin region are primarily located in two sub-basins, the Delaware Basin and the Eastern Shelf. In the Delaware Basin, its wells are located in Pecos, Reeves, and Ward Counties, Texas and produce oil and gas from multiple stacked formations from the Bell Canyon at 5,000 feet down to the Ellenburger at 16,000 feet. In the Eastern Shelf, its wells are principally located in Coke, Scurry, Mitchell and Nolan Counties, Texas and produce oil and gas from the Strawn Reef formation at 5,000 to 7,500 feet and oil from the shallower Clearfork formation at depths ranging from 2,300 to 3,300 feet.
The Company's properties in the onshore Gulf Coast region are located along the Edwards trend in DeWitt and Lavaca Counties, Texas, the Eagle Ford shale in Atascosa and McMullen Counties, Texas and in the Portilla field in San Patricio County, Texas. In the Edwards trend, its wells produce gas from the Edwards formation at a depth of 14,000 feet. In the Eagle Ford, its wells produce from the Eagle Ford shale from 8,000 to 11,000 feet, and in the Portilla field, its wells produce oil and gas from the Frio sands and the deeper Vicksburg from depths of approximately 7,000 to 9,000 feet.
Abraxas Petroleum Corp
18803 Meisner Dr
SAN ANTONIO TX 78258-4240