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Abraxas Provides Operational Update

Stocks in this article: AXAS

Abraxas Petroleum Corporation (NASDAQ:AXAS) is pleased to provide the following operational update.

Eagle Ford Shale

In McMullen County, Texas, the Sting Ray A 1H averaged 1,033 boepd (956 barrels of oil per day, 463 mcf of natural gas per day) on a restricted choke over its first 30 days of production. The well was constrained on a smaller choke over the well’s first 19 days of production awaiting gas line hookup and is currently flowing to sales on a 22/64” choke at a rate of 1,252 boepd (1,137 barrels of oil per day, 694 mcf of natural gas per day). The Sting Ray A 1H completion consisted of 29 stages across a 7500 foot lateral. The Corvette A 1H averaged 589 boepd (534 barrels of oil per day, 330 mcf of natural gas per day) on a restricted choke over its first 25 days of production. The well was constrained on a smaller choke over the well’s first 13 days of production awaiting gas line hookup and is currently flowing to sales on a 22/64” choke at a rate of 556 boepd (495 barrels of oil per day, 368 mcf of natural gas per day). The Corvette A 1H completion consisted of 19 stages across a 5000 foot lateral. Abraxas’ forty acre pilot wells, the Camaro B 3H and Camaro B 4H, are drilled, cased and scheduled to be fracture stimulated in mid-July. Abraxas’ twelfth well at the WyCross prospect, the Gran Torino A 11H, is currently drilling below 10,500 feet. Abraxas owns an 18.75% working interest in the Sting Ray A 1H and a 25% working interest in the Corvette A 1H, Camaro B 3H, Camaro B 4H and Gran Torino A 11H.

Williston Basin

In McKenzie County, North Dakota, Abraxas has successfully completed 109 stages across the Lillibridge 1H, 2H, 3H and 4H with approximately 13 stages remaining. The zipper fracing of all four wells continuously led to meaningful efficiencies during the completion process. Flowback is expected to commence from all four wells immediately following the completion of the remaining 13 stages. It is the Company’s intention to release early production data when available. On the Lillibridge West Pad, surface casing has been set on the Lillibridge 5H, 6H, 7H and 8H. Abraxas recently set intermediate casing on the Lillibridge 5H and is currently drilling the curve on the Lillibridge 6H. Abraxas owns a working interest of approximately 34% in both the Lillibridge East and West Pads.

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