We are an independent energy company primarily engaged in the acquisition,
exploration, development and production of oil and gas. Abraxas Petroleum Corporation
was incorporated in Nevada in 1990. Our address is 18803 Meisner Drive, San
Antonio, Texas 78258 and our phone number is (210) 490-4788.
Our properties in the Permian/Delaware Basin region are primarily located in
two sub-basins, the Delaware Basin and the Eastern Shelf. In the Delaware Basin,
our 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, our 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.
Our properties in the Rocky Mountain region are located in the Williston Basin
of North Dakota and Montana and in Powder River, Green River and Uinta Basins
of Wyoming and Utah. In this region, our wells produce oil and gas from various
reservoirs, primarily the Turner, Bakken, Three Forks and Red River formations.
Well depths range from 7,000 feet down to 14,000 feet.
Our properties in the South Texas region are located along the Edwards trend
in DeWitt and Lavaca Counties, Texas and the Eagle Ford shale and the Austin
Chalk in Atascosa and McMullen Counties, Texas. In the Edwards trend, our wells
produce gas from the Edwards formation at a depth of 14,000 feet. In the Eagle
Ford, our wells produce from the Eagle Ford shale from 8,000 to 11,000 feet
and from the Austin Chalk from 7,500 to 8,000 feet.
Focus our capital and resources on our core operated basins. Our core basins
consist of the Permian/Delaware Basin (Bone Spring and Wolfcamp), Williston
Basin (Bakken and Three Forks) and South Texas (Eagle Ford shale and Austin
Chalk). Given the disparity which has existed during the past several years
and which continues currently between oil and gas prices, the economics of drilling
oil wells is far superior to drilling gas wells. Thus, substantially all of
our 2017 capital expenditures (approximately $110.0 million) will be used for
drilling and completing seven gross (six net) horizontal wells targeting the
Bone Spring and Wolfcamp formations in the Delaware Basin, drilling and completing
seven gross (five net) wells in the Bakken/Three Forks, drilling an additional
four gross (two net) wells in the Bakken/Three Forks that will be completed
in 2018, participating in the drilling and completing of five gross (one net)
non-operated wells in the Bakken/Three Forks and drilling and completing two
gross/net horizontal wells in the Austin Chalk/Eagle Ford in South Texas. As
part of our efforts to focus our property portfolio, we are continually marketing
assets we have deemed non-core. These include assets with a low working interest
that are non-operated and/or that fall outside of our three core basins. Any
proceeds from these asset sales have been and will continue to be used to reduce
our indebtedness and/or be redeployed into our core operating basins. Since
January 1, 2016, we have received approximately $28.6 million from the sale
of non-core properties.
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