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Abraxas Provides Divestiture, Financial And Operational Update

Stocks in this article: AXAS

Operational Update

Abraxas provided the following companywide operational update.

At the WyCross prospect in the Eagle Ford shale, Abraxas recently set a company record drilling to 15,150 feet in less than eight drilling days on the first of its ten well program with the Cobra B1H. The well is currently scheduled to be completed in mid-November. Drilling has commenced on the Company’s second well the Mustang 1H and well site construction is underway on the Company’s third well the Corvette C 1H.

In the Williston Basin, completion operations remain ongoing on the Raven 2H, 3H and the Jore-Federal 3H. In accordance with the Abraxas’ historical practice in the Bakken, the Company will furnish 30 day IP rates for each well when available. The Company’s wholly owned rig has moved to the Lillibridge block where drilling has commenced on the four well pad.

In the Permian Basin the Spires 89 1H continues to perform as expected posting cumulative production of 7,838 boe (6,932 bbls of oil and 5.4 mmcf of liquids rich gas).

For the quarter ended September 30, 2012, companywide production averaged approximately 4,177 boepd inclusive of two months of Blue Eagle JV production. In the Eagle Ford shale, processing downtime at Regency’s Tilden plant during the month of September shut in production from the Cobra 1H for the month. Volumes from the company’s Ward county acquisition and volumes post the dissolution of the Blue Eagle JV were recognized upon the effective dates of August and September, respectively.

Bob Watson President and CEO of Abraxas commented, “Operations continue to run smoothly for Abraxas. Although we unfortunately lost some volumes due to plant downtime at the Cobra 1H in the third quarter, the issue is merely transitory and has been ameliorated. The facility is now accepting volumes from the Cobra 1H and is positioned to accept additional volumes from the remainder of the Company’s WyCross development. Bakken completion operations remain ongoing at our first three well pad. Our company owned drilling rig continues to run smoothly as evidenced by the recent setting of surface casing on all four Lillibridge wells. We look forward to what promises to be a transformational quarter for Abraxas.”

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