“After many unforeseen delays, many of which were beyond our control, the drilling rig is in North Dakota and will be turning to the right very soon. With respect to our recently drilled wells in some of our other plays, we are quite pleased with the early production rates. The Hedgehog well is probably one of the best in the Crossbow area, and the Cobra well is quite impressive, and its production rates can challenge any other well in the vicinity. We look forward to getting all of the Pekisko wells on-line and stimulated so we can establish and announce stabilized rates. With these new wells now or soon to be on-line, our 2011 exit rate production guidance will be exceeded – just a little late,” commented Bob Watson, Abraxas’ President and CEO.
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.