SAN ANTONIO--(BUSINESS WIRE)--Jan. 6, 2014--
Abraxas Petroleum Corporation (NASDAQ:AXAS) is pleased to provide the
following operational and acquisition update.
In McKenzie County, North Dakota, the Lillibridge 5H, producing from the
Middle Bakken, averaged 1,049 boepd (861 barrels of oil per day, 1,127
mcf of natural gas per day) over the well’s first 30 full days of
production(1). The Lillibridge 6H, producing from the Three
Forks, averaged 921 boepd (762 barrels of oil per day, 954 mcf of
natural gas per day) over the well’s first 30 full days of production(1).
The Lillibridge 7H, producing from the Middle Bakken, averaged 1,005
boepd (840 barrels of oil per day, 989 mcf of natural gas per day) over
the well’s first 30 full days of production(1). The
Lillibridge 8H, producing from the Three Forks, averaged 1,049 boepd
(902 barrels of oil per day, 883 mcf of natural gas per day over the
well’s first 25 full days of production(1). Each of the four
Lillibridge wells was constrained on a 16 to 20/64th choke.
On the Jore Federal East pad, lateral casing has been set in the Middle
Bakken on the Jore 2H and Jore 4H to a depth of 20,989 feet and 20,895,
respectively. Raven Rig #1 is currently walking to the Jore 1H to drill
the lateral section in the Three Forks. The three Jore wells are
currently scheduled to be fraced in mid-February. In the event of
extreme winter weather, the fracs could be postponed until the weather
Abraxas owns a working interest of approximately 34% and 76% in the
Lillibridge and Jore pads, respectively.
In Nolan County, Texas, the Spires Ranch 129 2H averaged 92 boepd (59
barrels of oil per day, 196 mcf of natural gas per day) over the well’s
first 30 full days of production(1). Abraxas owns a 100%
working interest in the Spires Ranch 129 2H.
At Abraxas’ Jourdanton prospect, in Atascosa County, Texas, the Blue
Eyes 1H continues to flow to sales at encouraging rates. Thus, Abraxas
recently permitted the Snake Eyes 1H, which is expected to spud in the
first quarter of 2014. Abraxas owns a 100% working interest in the Blue
Eyes 1H and Snake Eyes 1H.
At Abraxas’ Cave prospect, in McMullen County, Texas, the company
recently cased the lateral of the Dutch 2H to a TD of 19,500 feet. The
well is scheduled to be completed with approximately 38 stages in
January, 2014. Abraxas holds a 100% working interest in the Dutch 2H.
Eagle Ford Acquisition
Abraxas continues to identify and transact on targeted lease blocks in
its core focus areas of the Eagle Ford shale. Recently, Abraxas acquired
approximately 440 net acres of leasehold in McMullen County known as
Dilworth East. The company believes the acreage block can accommodate up
to four 5,000 foot lateral wells. Abraxas expects to be in a position to
announce further acreage acquisitions in the Eagle Ford in the near
Bob Watson, President and CEO of Abraxas, commented, “The Lillibridge
West pad again shows the benefit of our focused development program in
the Bakken. With a team oriented culture allowing our geology, drilling
and completion teams to work together seamlessly toward a common goal,
and with a stalwart focus on attention to detail, we continue to show
superior well results.
“Given the early results of the Blue Eyes 1H, we have elected to drill
the Snake Eyes 1H on the company’s Jourdanton prospect in Atascosa
County, Texas. We look forward to an active development program on our
4,000+ net acre, 100% working interest lease block at Jourdanton in 2014.
“On the A&D front, Abraxas continues to execute on adding quality lease
blocks in our targeted regions of the Eagle Ford as evidenced by the
recent Dilworth East acquisition. The company is currently permitting
its first well at Dilworth East, which it expects to spud early in the
first quarter of 2014.”
(1) The production rates for each well do not include the impact of
natural gas liquids and shrinkage at the processing plant and include
Abraxas Petroleum Corporation is a San Antonio based crude oil and
natural gas exploration and production company with operations across
the Rocky Mountain, 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
Source: Abraxas Petroleum Corporation
Abraxas Petroleum Corporation
Geoffrey King, 210-490-4788
President – Chief Financial Officer