Abraxas Petroleum Corp. (NASDAQ:AXAS) is trading higher post-close as the company provides an operational on its Eagle Ford and Williston Basin properties, as well as a guidance update for 2014. 

AXAS revised its Barrels Of Oil Equivalent Per Day (boepd) production estimates to between 5,500-5,700 from prior estimates of 5,200-5,300. 

Bob Watson, president and CEO of Abraxas, in the news release stated, “We recently elected to capitalize on the success of our Eagle Ford program by increasing our capital budget to $160 million. The incremental capital will go directly to drilling three long lateral wells in the Eagle Ford, which will drive additional production and cash flow growth. We continue to analyze opportunities to prudently increase our Eagle Ford activity while maintaining our commitment to staying under 1.0x Debt/FTM EBITDA. 

“Our operations team continues to execute across our asset base. As expected, due to the lower pressure and heavier nature of the crude oil in the Spanish Eyes 1H and Eagle Eyes 1H, the two wells’ production rates improved considerably after being placed on submersible pump. The Snake Eyes 1H continues to produce at exceptional rates well in excess of even the Blue Eyes 1H performance. Also at Jourdanton, we are currently drilling the Ribeye 1H and Ribeye 2H. These two long lateral wells represent our first two well pad on the far western portion of our northern fault block. We anticipate pad drilling to lead to meaningful efficiencies and cost savings further enhancing the rate of return of the project. In the Bakken, the early performance of the Jore wells has been quite encouraging. We look forward to updating the market with the results of all this activity in the near future.”

Shares of AXAS are up 0.4% at $4.67 after-hours.