Replies to post #460 on Abraxas Petroleum Corp (fka AXAS)

[Belek]

yep agree 100%

Im getting a little nervous here as I haven't
been able to forge ahead in anything, seems
like the market is just trying to do a fake out
and then we wake up one morning with a huge crash.
Im trying to lighten up but hard to do, I kinda think we can
get one more punch of 10 points in the SPX to make the top
but the way it looks now its fading fast, Ill be doing some unloading
by the close me thinks........jeff

[Belek]

Abraxas Petroleum Corporation ( AXAS ) is reporting for the quarter ending December 31, 2013. The oil (us exp & production) company's consensus earnings per share forecast from the 4 analysts that follow the stock is $0.04. This value represents a 233.33% increase compared to the same quarter last year. AXAS missed the consensus earnings per share in the 4th calendar quarter of 2012 by -200%. Zacks Investment Research reports that the 2013 Price to Earnings ratio for AXAS is 17.05 vs. an industry ratio of 68.10.

Read more: http://www.nasdaq.com/article/premarket-earnings-report-for-march-12-2014-drc-expr-ravn-amed-axas-bwen-taom-cm334303#ixzz2vk8omM8k

[Belek]

Abraxas Provides Operational Update, Divestiture and Guidance Update

SAN ANTONIO--(BUSINESS WIRE)--

Abraxas Petroleum Corporation (AXAS) is pleased to provide the following operational, divestiture and guidance update.

Eagle Ford

As previously announced, at Abraxas’ Jourdanton prospect in Atascosa County, Texas, the Blue Eyes 1H averaged 405 boepd (383 barrels of oil per day, 134 mcf of natural gas per day) (1) over the well’s first 30 full days of productionflowing naturally. Subsequent to this initial 30 day period, the well was placed on submersible pump. Over the following thirty days on submersible pump, the well averaged 527 boepd (494 barrels of oil per day, 194 mcf of natural gas per day) (1). Total acreage at Jourdanton now consists of approximately 6,150 net acres. Also at Jourdanton, Abraxas recently drilled the Snake Eyes 1H to a total depth of 12,668 feet and the well is scheduled to be fracture stimulated with a 19 stage completion later this week. Abraxas is currently drilling the Spanish Eyes 1H at a depth of 7,108 feet and the well is scheduled to be fracture stimulated at the end of March. Next, the company will spud its fourth well at Jourdanton, the Eagle Eyes 1H. Abraxas owns a 100% working interest across the Jourdanton prospect.

At Abraxas’ Cave prospect, in McMullen County, Texas, the company recently completed the Dutch 2H with a 36 stage stimulation. The well has been flowing to sales at very encouraging rates and a thirty day rate will be provided when available. Abraxas holds a 100% working interest in the Dutch 2H.

At Abraxas’ Dilworth East prospect, in McMullen County, Texas, the company plans to complete the R. Henry 2H with a 19 stage fracture stimulation in April. Abraxas holds a 100% working interest in the R. Henry 2H.

Williston Basin

In McKenzie County, North Dakota, the Jore 1H, 2H and 4H are now scheduled to be fracture stimulated in early April. With the recent downspacing success reported by other operators in the Williston Basin, Abraxas elected to change its original plans on the Ravin West pad from two Middle Bakken and two Three Forks wells to four Middle Bakken wells 660 feet apart. Raven Rig #1 has successfully drilled and cased the surface on these four Middle Bakken tests, the Ravin 4H, Ravin 5H, Ravin 6H and Ravin 7H. Next, the company will drill the intermediate sections of all four wells. Abraxas owns a working interest of approximately 76% and 51% in the Jore and Ravin West pads, respectively.

Divestiture Update

Abraxas recently closed and/or signed a Purchase and Sale Agreement on several non-core Permian Basin and Gulf Coast properties for combined proceeds of $2.6 million. The assets sold produced a combined 56 boepd (83% natural gas) of production.

Guidance Update

At Abraxas’ March 2014 board meeting, the Board of Directors approved an increase to Abraxas’ 2014 CAPEX budget to $125.0 million. The increase in 2014 CAPEX will go directly to drilling two incremental wells and acquiring additional leasehold in the Eagle Ford. In connection with this increase in CAPEX and compensating for recent asset sales, Abraxas is raising the company’s 2014 production guidance from 4,900-5,100 boepd to 5,200-5,300 boepd.

http://finance.yahoo.com/news/abraxas-provides-operational-divestiture-guidance-100000580.html

[Belek]

upgrade this morning to accumulate by Global Hunter Securities

Im holding and adding

[Belek]

some nice buy blocks going thru right now, I think im going to add a few,

I have this in 3 different accounts, looks like we could go up to about $4.25

sometime soon, jmo

[Belek]

Abraxas really taking off now,

yeah I been there:(``````

[Belek]

AXAS breaking out, should head to over $4 now you

could buy back in now and still make some $$$$$,,,jeff

[Belek]

you might want to reconsider opening a position here again,,,,,,,,

i can see this over $5....

NorthPointe Capital, LLC holds over 5% position,,,

NorthPointe Capital, LLC is a domestic-equity money management firm dedicated to serving the investment needs of institutions and high-net-worth individuals.

[Belek]

Two year weekly chart for AXAS shows huge CupNhandle formation

oh yeah, don't overlook the golden crossover and the MACD crossover buy signal


adding at R1 R2 and R3

targets $5+ then a possible $10 target by year end 2014, jmo but DYDD

all FWIW