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Abraxas Provides Third Quarter 2013 Production, Guidance, Operational And A&D Update

Abraxas Petroleum Corporation (NASDAQ:AXAS) is pleased to provide a third quarter 2013 production, operational, guidance and divestiture update.

Third Quarter 2013 Production

Abraxas’ production for the third quarter of 2013 averaged 4,781 boepd (2,733 barrels of oil per day, 9,457 mcf of natural gas per day and 472 barrels of NGLs per day) a 16% and 19% increase in production over the second quarter of 2013 and third quarter of 2012, respectively. Oil volumes grew 32% and 54% over the second quarter of 2013 and third quarter of 2012, respectively.

2013 Guidance

Abraxas recently made several changes to its capital budget announced August 13, 2013.

In the Eagle Ford the company elected to mobilize back to WyCross following the drilling of the Blue Eyes 1H in Atascosa County versus the originally planned mobilization to the Cave Prospect in McMullen County. Abraxas will now drill two wells at WyCross, the Camaro A 2H and Camaro A 5H, before mobilizing the rig at year end to the Cave prospect. The two WyCross wells carry a lower working interest of 25% versus the originally planned 100% working interest well at Cave.

In the Williston Basin, Abraxas elected not to drill the Crusch 2-33 due to overly onerous lease renegotiation terms. The drilling on the Christensen 12-2 was postponed until the second quarter of 2014. Also in the Williston Basin, drilling on the Lillibridge West pad was completed a month ahead of schedule bringing forward originally planned 2014 CAPEX on the company’s 76% working interest Jore Federal East pad into 2013. Furthermore, in order to ensure a safe operating environment, Abraxas elected to shut in the Jore 3H well during the drilling process of the Jore 1H, 2H and 4H. The Jore 3H well produced approximately 123 boepd net to Abraxas before being shut in.

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