The board of directors at Abraxas Petroleum Corp. (Nasdaq: AXAS) increased the company's capital budget to $160 million, the company said June 4.
The extra $35 million will be used to drill three incremental Eagle Ford wells--Ribeye 1H, Dutch 3H and Dutch 4H, the company said.
The capital budget will be supported through increased cash flows from operations, as well as through credit facility borrowings, Abraxas said.
The borrowing base is being redetermined, and the company expects lenders to increase it, Abraxas added.
Alongside the increased capital budget, the company ...