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Abraxas should rally ahead of pending news on Oil Well completion in the middle of Bakken formation.

|Includes:Abraxas Petroleum Corporation (AXAS), BP, CEO, CHK, CLR, COP, COPX, CVX, DBO, DVN, EOG, ERX, GEOI, GLD, LIT, MRO, NOG, OIL, PALL, PBR, PTR, REMX, SLV, STO, TOT, USO, WLL, XOM

In McKenzie County, North Dakota, Abraxas drilled the Stenehjem 27-34 1H to a total measured depth of 16,504 feet, including a 5,965 foot lateral in the middle Bakken formation. A 20-stage fracture stimulation is tentatively scheduled for the first quarter of 2011.

Abraxas owns an approximate 79% working interest in this well.

This info was provided by Axas in Jan. 2011

Also do not be turned off by the $2M shown in cash on yahoo stats, AXAS has an  expanded 2011 CapEx spending of: $60 million for 100% oil or liquids weighted.

See SEC filing link


Stocks: AXAS, STO, NOG, GEOI, CHK, WLL, CLR, MRO, DVN, EOG, XOM, CVX, COP, BP, PTR, CEO, PBR, TOT, OIL, USO, DBO, ERX, GLD, SLV, LIT, REMX, PALL, COPX