Abraxas Provides Operational And A&D Update

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

Eagle Ford Shale

In McMullen County, the Corvette C 1H averaged 867 boepd (808 barrels of oil per day, 355 mcf of natural gas per day) on a 22/64” choke over its first 30 days of production. The Corvette C 1H continues to flow to sales at a rate of 586 boepd (547 barrels of oil per day, 233 mcf of natural gas per day) on a 22/64” choke. The Gran Torino A 1H was recently completed with a 19 stage completion and is currently flowing to sales at rates above the Company’s type curve. Abraxas successfully completed the Mustang 3H with an 18 stage fracture stimulation with flowback expected to commence imminently. The Company recently drilled Mustang 2H to a total depth of 15,021 feet with an anticipated fracture stimulation date in April. Abraxas owns a 25% working interest in the Corvette C 1H and an 18.75% working interest in the Gran Torino A 1H, Mustang 3H and Mustang 2H.

Williston Basin

Drilling continues on the Company’s Lillibridge East PAD with intermediate casing set on the 1H, 2H, 3H and 4H. The Company recently drilled and cased the lateral on the 4H with a 50 foot flare encountered while drilling. The rig is now preparing to spud the lateral of the 3H, which will be followed by the 2H and 1H. Abraxas owns a working interest of approximately 34% in the Lillibridge East PAD. As previously announced, the Ravin 2H and Ravin 3H were recently completed with the Ravin 2H performing in line and the Ravin 3H outperforming the Company’s type curve. Abraxas owns a 49% working interest in both the Ravin 2H and 3H.

Permian Basin

The Company recently drilled and cased two shallow Yates wells, the Wilkes #1 and Wilkes #2, in Ward County, Texas. Early logs are encouraging, and Abraxas expects to complete the wells in April. Abraxas owns a 100% working interest in both wells.

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