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Abraxas Provides Operational And Acquisition Update

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

Williston Basin

In McKenzie County, North Dakota, the Lillibridge 5H, producing from the Middle Bakken, averaged 1,049 boepd (861 barrels of oil per day, 1,127 mcf of natural gas per day) over the well’s first 30 full days of production (1). The Lillibridge 6H, producing from the Three Forks, averaged 921 boepd (762 barrels of oil per day, 954 mcf of natural gas per day) over the well’s first 30 full days of production (1). The Lillibridge 7H, producing from the Middle Bakken, averaged 1,005 boepd (840 barrels of oil per day, 989 mcf of natural gas per day) over the well’s first 30 full days of production (1). The Lillibridge 8H, producing from the Three Forks, averaged 1,049 boepd (902 barrels of oil per day, 883 mcf of natural gas per day over the well’s first 25 full days of production (1). Each of the four Lillibridge wells was constrained on a 16 to 20/64 th choke.

On the Jore Federal East pad, lateral casing has been set in the Middle Bakken on the Jore 2H and Jore 4H to a depth of 20,989 feet and 20,895, respectively. Raven Rig #1 is currently walking to the Jore 1H to drill the lateral section in the Three Forks. The three Jore wells are currently scheduled to be fraced in mid-February. In the event of extreme winter weather, the fracs could be postponed until the weather abates.

Abraxas owns a working interest of approximately 34% and 76% in the Lillibridge and Jore pads, respectively.

Permian Basin

In Nolan County, Texas, the Spires Ranch 129 2H averaged 92 boepd (59 barrels of oil per day, 196 mcf of natural gas per day) over the well’s first 30 full days of production (1). Abraxas owns a 100% working interest in the Spires Ranch 129 2H.

Eagle Ford

At Abraxas’ Jourdanton prospect, in Atascosa County, Texas, the Blue Eyes 1H continues to flow to sales at encouraging rates. Thus, Abraxas recently permitted the Snake Eyes 1H, which is expected to spud in the first quarter of 2014. Abraxas owns a 100% working interest in the Blue Eyes 1H and Snake Eyes 1H.

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