Abraxas Petroleum provides operational update
In McKenzie County, North Dakota, Abraxas drilled the Stenehjem 27-34 1H to a total measured depth of 16,504 feet, including a 5,965 foot lateral in the middle Bakken formation, and completed the well with a 17-stage fracture stimulation. In various counties in North Dakota and Montana, fourteen non-operated horizontal wells, targeting the Bakken or Three Forks formation, in which Abraxas owns a working interest are currently in progress or recently placed on-line. Abraxas anticipates being in a position in the near future to discuss long-term service availability to allow a multi-year continuous development plan on its Bakken / Three Forks acreage. Abraxas has been approached by a number of companies in the industry with respect to a joint venture or similar arrangement; however, Abraxas has elected to wait for more definitive results from wells drilled to-date in the play before planning a course of action. Abraxas’ leases have a primary term of 5-10 years providing plenty of time to evaluate the results of other operators in the play. |
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