On the Lillibridge West pad, Abraxas recently set intermediate casing on the Lillibridge 7H and is currently drilling the final intermediate section on the Lillibridge 8H. After reaching TD on the intermediate section for the 8H, Abraxas will commence the drilling of all four laterals. Abraxas owns a working interest of approximately 34% in both the Lillibridge East and West pads.Eagle Ford Shale In McMullen County, Texas, Abraxas’ forty acre pilot wells, the Camaro B 3H and Camaro B 4H, have been successfully completed with 39 stages across the two wells. Post the drilling out of plugs, the wells will be turned over to sales. The Company is currently prepping the Gran Torino A 11H for a 19 stage completion. Abraxas’ thirteenth well at the WyCross prospect, the Sting Ray A 8H is currently drilling below 4,500 feet. Abraxas owns an 18.75% working interest in the Sting Ray A 8H and Gran Torino A 11H and a 25% working interest in the Camaro B 3H and Camaro B 4H. 2Q Production Abraxas’ production for the second quarter of 2013 averaged 4,109 boepd (2,094 barrels of oil per day, 9,825 mcf of natural gas per day and 377 barrels of NGLs per day). Abraxas successfully completed and turned to sales 5.0 gross (1.0 net) wells in the Eagle Ford shale during the quarter. Abraxas reaffirms its 2013 production guidance of 4,550-4,700 boepd. Bob Watson, President and CEO of Abraxas, commented, “The third quarter of 2013 promises to be exceptional for Abraxas, as we benefit from the two high rate Eagle Ford wells added late in the second quarter of 2013, three strong Lillibridge wells and three recent Eagle Ford completions. The Lillibridge completions surpassed our wildest expectations on both completion efficiency and performance. We look forward to providing the market with results from the Lillibridge 4H, as well as the early results from our 40 acre pilot in the Camaro B 3H and Camaro B 4H.”
Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations across the Rocky Mountain, Permian Basin and onshore Gulf Coast regions of the United States and in the province of Alberta, Canada.Safe Harbor for forward-looking statements: Statements in this release looking forward in time involve known and unknown risks and uncertainties, which may cause Abraxas’ actual results in future periods to be materially different from any future performance suggested in this release. Such factors may include, but may not be necessarily limited to, changes in the prices received by Abraxas for crude oil and natural gas. In addition, Abraxas’ future crude oil and natural gas production is highly dependent upon Abraxas’ level of success in acquiring or finding additional reserves. Further, Abraxas operates in an industry sector where the value of securities is highly volatile and may be influenced by economic and other factors beyond Abraxas’ control. In the context of forward-looking information provided for in this release, reference is made to the discussion of risk factors detailed in Abraxas’ filings with the Securities and Exchange Commission during the past 12 months.