SAN ANTONIO--(BUSINESS WIRE)--May. 28, 2013--
Abraxas Petroleum Corporation (NASDAQ:AXAS) is pleased to provide the
following operational update; announces upcoming presentation.
Eagle Ford Shale
In McMullen County, the Mustang 2H averaged 511 boepd (469 barrels of
oil per day, 249 mcf of natural gas per day) on a restricted choke over
its first 30 days of production. The Mustang 2H is currently flowing to
sales at a rate of 437 boepd (407 barrels of oil per day, 177 mcf of
natural gas per day). The Sting Ray A 1H, Abraxas’ first 29 stage, 7,500
foot lateral well, is currently being fracture stimulated. Immediately
following the completion of the Sting Ray A 1H, the stimulation crew
will begin completion operations on the Corvette A 1H. Currently,
Abraxas is drilling the first of the Company’s two forty acre pilot
wells, the Camaro B 4H below 10,000 feet. Abraxas owns an 18.75% working
interest in the Mustang 2H and Sting Ray A 1H and a 25% working interest
in the Corvette A 1H and Camaro B 4H.
Williston Basin
In McKenzie County, the Company recently drilled and cased the lateral
of the Lillibridge 1H to 20,587 feet. Abraxas is currently preparing to
run tie back strings on all four wells. All four wells will be
simultaneously completed in June. Abraxas owns a working interest of
approximately 34% in the Lillibridge East PAD. Abraxas is rigging down
its company owned rig, which will walk to the Lillibridge West PAD to
begin a four well drilling program in the near future.
Upcoming Presentations
Geoff King, Vice President and Chief Financial Officer, and Pete Bommer,
Vice President Engineering, of Abraxas will be presenting at the
SunTrust “Play-by-Play” Oil & Gas Conference in New York on Wednesday,
May 29, 2013 at 10:40 AM EDT. A copy of the Company’s presentation will
be accessible on the Abraxas website at www.abraxaspetroleum.com.
Bob Watson, President and CEO of Abraxas, commented, “Activity levels
remain strong at Abraxas. In the Eagle Ford, we are eager to see how our
first long lateral the Sting Ray A 1H performs. Moreover, our forty-acre
spacing test at WyCross on the Camaro B 4H and Camaro B 3H, if
successful, carries with it significant reserve and inventory
implications. The upcoming four well completion on the Lillibridge East
PAD promises to provide a significant boost to volumes. As previously
announced, we will be walking the rig to the Lillibridge West PAD in an
effort to avoid any potential road ban delays. We look forward to
updating the market in the near future post these completions.”
Abraxas Petroleum Corporation is a San Antonio based crude oil and
natural gas exploration and production company with operations across
the Rocky Mountain, Mid-Continent, Permian Basin and onshore Gulf Coast
regions of the United States and in the province of Alberta, Canada.
Safe Harbor for forward-looking statements: Statements in this release
looking forward in time involve known and unknown risks and
uncertainties, which may cause Abraxas’ actual results in future periods
to be materially different from any future performance suggested in this
release. Such factors may include, but may not be necessarily limited
to, changes in the prices received by Abraxas for crude oil and natural
gas. In addition, Abraxas’ future crude oil and natural gas production
is highly dependent upon Abraxas’ level of success in acquiring or
finding additional reserves. Further, Abraxas operates in an industry
sector where the value of securities is highly volatile and may be
influenced by economic and other factors beyond Abraxas’ control. In the
context of forward-looking information provided for in this release,
reference is made to the discussion of risk factors detailed in Abraxas’
filings with the Securities and Exchange Commission during the past 12
months.
Source: Abraxas Petroleum Corporation
Abraxas Petroleum Corporation
Geoffrey King, 210-490-4788
Vice
President – Chief Financial Officer
gking@abraxaspetroleum.com
www.abraxaspetroleum.com