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Abraxas Provides Operational Update; Announces Participation In Upcoming Conferences

Stocks in this article: AXAS

Abraxas Petroleum Corporation (NASDAQ:AXAS) is pleased to provide the following operational update and announce the company’s participation in upcoming conferences.

Eagle Ford Shale

In McMullen County, Texas, Abraxas’ forty acre pilot wells, the Camaro B 3H and Camaro B 4H, averaged 739 boepd (691 barrels of oil per day, 289 mcf of natural gas per day) and 808 boepd (755 barrels of oil per day, 319 mcf of natural gas per day) over each well’s first thirty full days of production, respectively. The production rates for each well do not include the impact of natural gas liquids and shrinkage at the processing plant. The Sting Ray A 8H was successfully completed with a 31 stage completion and was recently turned to sales. Abraxas is currently building the curve at 10,100 feet on the company’s 14 th well at the WyCross prospect, the Camaro A 1H. Abraxas owns an 18.75% working interest in the Sting Ray A 8H and a 25% working interest in the Camaro A 1H, Camaro B 3H and Camaro B 4H.

Following the Camaro A 1H, Abraxas will mobilize to the Blue Eyes 1H at the company’s Jourdanton prospect in Atascosa County. Abraxas holds a 100% working interest across the 4,000 acre lease block at Jourdanton.

Williston Basin

In McKenzie County, North Dakota, the Lillibridge 1H, producing from the Middle Bakken, averaged 1,275 boepd (1,027 barrels of oil per day, 1,487 mcf of natural gas per day) over the well’s first 30 full days of production. The Lillibridge 2H, producing from the Three Forks, averaged 958 boepd (766 barrels of oil per day, 1,153 mcf of natural gas per day) over the well’s first 30 full days of production. The Lillibridge 3H, producing from the Middle Bakken, averaged 1,291 boepd (1,031 barrels of oil per day, 1,556 mcf of natural gas per day) over the well’s first 30 full days of production. The Lillibridge 4H, producing from the Three Forks, averaged 922 boepd (697 barrels of oil per day, 1,346 mcf of natural gas per day) over the well’s first 30 full days of production. The production rates for each well do not include the impact of natural gas liquids and shrinkage at the processing plant. Each of the four Lillibridge wells was constrained on a smaller than normal choke.

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