Dallas, Texas 02/14/2014 (FINANCIALSTRENDS) – As per the recent news the Abraxas Petroleum Corp. has bought about some more 440 acre land on leasehold basis in the McMullen County of the Eagle Ford Shale. Officials at AXAS say that this place is called as Dilworth East and can accommodate as high as 4 different 5,000 wells. The company is planning to start the drilling work in the first quarter and there is a complete possibility of adding more such wells in the future. All these news have lead to a sudden surge in the share price value of Abraxas Petroleum Corp.
During the last trading session the shares price closed at around $3.34 and for the entire trading session its share price fluctuated between $3.25 and $3.40. The 52 week high of Abraxas Petroleum is $3.96 and its 52 week low is $1.93. The current market capitalization of AXAS is $310.16 million and beta value is 1.95.
An overview of the Company
Abraxas Petroleum Corp. (NASDAQ:AXAS) is a energy company that is completely independent and it is engaged in the acquisition, development, exploration as well as production of oil and natural gas. Company has got some strategic locations in the United States of America and Canada. The main area of focus for the company is the rocky terrain in the Permian basin and onshore Gulf Coast regions in the United States of America and the province of Alberta, Canada.
The last estimated reserves of Abraxas Petroleum Corp. were around 30.1 million barrels of oil equivalent and the company was founded in 1977. The company has its headquarters in San Antonio, Texas. Company is also planning to acquire some more reserve fields and is going quite aggressive in the search for new fields so that it can explore some more oil and natural gas wells.