SAN ANTONIO, TX / ACCESSWIRE / March 14, 2016 / Abraxas Petroleum Corporation (NASDAQ: AXAS) an independent energy company engaged in the acquisition, exploration, development and production of oil and gas, recently provided an operational, A&D and reserve update. At Abraxas' North Fork prospect, in McKenzie County, North Dakota, the Sten-Rav 1H and Ravin 8H producing from the Three Forks, averaged 900 boepd (678 barrels of oil per day, 1332 mcf of natural gas per day) (1) over the wells' peak 30 days of production. The Stenehjem 5H producing from the Middle Bakken, averaged 809 boepd (604 barrels of oil per day, 1232 mcf of natural gas per day) (1) over the well?s peak 30 days of production. Each well was constrained on a smaller than normal choke to minimize flaring. Abraxas owns a working interest of approximately 76% in the Ravin Northwest wells. On the Stenehjem Super Pad, Abraxas successfully drilled and cased the Stenehjem 10H-15H. These six wells are scheduled for completion in the third quarter of 2016. Abraxas owns a working interest of approximately 78% in the Stenehjem 10H-15H. Offsetting these six wells, Abraxas recently agreed to participate in a unit line well drilled by another operator where Abraxas holds a 36% working interest. All seven wells are now drilled and are waiting on completion. Abraxas has idled Raven Rig #1 until commodity prices improve. Abraxas' third party gas processing provider recently completed the construction of a loop line and plant expansion that promises to alleviate the majority of the gas takeaway constraints Abraxas experienced throughout 2015. Although significantly delayed, the line was fully functional on December 22, 2015.

With earnings upcoming, can this junior oil and gas company make an upward move?

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