Abraxas Petroleum (AXAS) released an operational update on the company’s activities in Montana and North Dakota during the third quarter of 2011. The company is developing the Bakken and Three Forks formations on its acreage.
Abraxas Petroleum put onto sales 5 gross or 0.21 net wells during the quarter, and has an additional 2 gross or 0.05 net wells waiting to be completed or on rig availability. All these wells were non operated by the company.
Abraxas Petroleum is refurbishing a drilling rig that was purchased earlier in 2011, and expects this unit to start drilling from a multi well pad in McKenzie County, North Dakota during the fourth quarter of 2011.