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Abraxas Provides Operational Update; Announces Upcoming Presentation

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

Eagle Ford

At Abraxas’ Jourdanton prospect, in Atascosa County, Texas, the Blue Eyes 1H averaged 405 boepd (383 barrels of oil per day, 134 mcf of natural gas per day) over the well’s first 30 full days of production (1). On the back of the Blue Eyes 1H success, the company leased an incremental 1,500 net acres on trend with the well. Total acreage at Jourdanton now consists of approximately 5,700 net acres. Abraxas also recently spud the Snake Eyes 1H, which is the first of four consecutive wells to be drilled on the Jourdanton prospect in 2014. Additional wells scheduled to be drilled in 2014 include the Spanish Eyes 1H, Eagle Eyes 1H and Ribeye 1H. Abraxas owns a 100% working interest across the Jourdanton prospect.

At Abraxas’ Cave prospect, in McMullen County, Texas, the company is currently completing the Dutch 2H with a 36 stage stimulation. After drill out, the well will be placed on production and a thirty day rate will be provided when available. Abraxas holds a 100% working interest in the Dutch 2H.

At Abraxas’ Dilworth East prospect, in McMullen County, Texas, the company recently drilled and cased the R. Henry 2H to 16,555 feet. The well is scheduled to be fracture stimulated in early March. Abraxas holds a 100% working interest in the R. Henry 2H.

Williston Basin

In McKenzie County, North Dakota, the company successfully drilled and cased the Jore 1H, 2H and 4H. The three Jore wells are now scheduled to be fraced in March, weather permitting. Raven Rig #1 recently mobilized to the Ravin West pad to drill four wells. Abraxas owns a working interest of approximately 76% and 51% in the Jore and Ravin West pads, respectively.

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