Abraxas Provides Operational Update
Abraxas Petroleum Corporation (NASDAQ: AXAS) today provided an operational update.
“These past two months have been busy operationally and we look forward to announcing well results in the near future, or in the case of the Williston Basin, as soon as service equipment becomes available. In any emerging play with rapidly increasing activity levels, drilling rigs, service equipment and crews become scarce until equipment is relocated and crews trained.
For example, the Ravin well took much longer to drill than originally anticipated as we experienced a number of down days as the drilling rig was poorly equipped, poorly maintained and run by an inexperienced crew. That being said, the rig is getting a complete overhaul before moving to our second operated location.
We plan on continuing our divestiture program throughout the end of the year and if we are successful, we anticipate an additional $15 - $20 million in net proceeds,” commented Bob Watson, Abraxas' President and CEO.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.