Abraxas: Well Operations Producing At Higher Rates

SAN ANTONIO (AP) ¿ Energy company Abraxas Petroleum Corp. said Wednesday one of its wells in South Texas, which recently came online, is capable of producing at higher rates, but is being restricted due to low gas prices.

A horizontal Edwards well that came online in January can now produce at rates of more than 10 million cubic feet per day, but is being restricted to a rate of 4.6 million.

"The results from the fracture stimulation on the Nordheim well certainly exceeded our expectations and should have a significant impact on our production volumes going forward," said Bob Watson, Abraxas' president and CEO, in a statement.

Shares of Abraxas added 10 cents, or 9.7 percent, to $1.13 in late morning trading.

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