Replies to post #606 on Abraxas Petroleum Corp (fka AXAS)

[eFinanceMarkets]

$AXAS Abraxas Petroleum buys Permian acreage for cash, stock, land combo

Abraxas Petroleum (NASDAQ:AXAS) agrees to acquire 853 net Bone Spring/Wolfcamp acres and 130 boe/day (81% natural gas) in the Delaware Basin from an unnamed seller for $4.3M in cash, 2M shares and ~12K net acres and half of the company's owned minerals under the Cayonosa Draw.

AXAS also agrees to sell part of its Powder River Basin assets for $4.6M to an unnamed buyer.

Following the deals, AXAS raises its 2017 capex budget to $120M and reduces the midpoint of its LOE guidance by ~$10/bbl.

[Timothy Smith]

$AXAS has been continuing to incrementally add to its Delaware Basin position and now has around 8,497 net acres for the Bone Spring/Wolfcamp. The most recent acquisition could potentially result in Abraxas increasing its production guidance, as second half production may increase by 250 to 300 BOEPD through the resulting increase in working interest for its Caprito wells.?