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Abraxas Provides Operational Update

Source: www.gulfoilandgas.com 9/9/2013, Location: North America

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

Eagle Ford Shale
In McMullen County, Texas, Abraxas’ forty acre pilot wells, the Camaro B 3H and Camaro B 4H, averaged 739 boepd (691 barrels of oil per day, 289 mcf of natural gas per day) and 808 boepd (755 barrels of oil per day, 319 mcf of natural gas per day) over each well’s first thirty full days of production, respectively. The production rates for each well do not include the impact of natural gas liquids and shrinkage at the processing plant. The Sting Ray A 8H was successfully completed with a 31 stage completion and was recently turned to sales. Abraxas is currently building the curve at 10,100 feet on the company’s 14th well at the WyCross prospect, the Camaro A 1H. Abraxas owns an 18.75% working interest in the Sting Ray A 8H and a 25% working interest in the Camaro A 1H, Camaro B 3H and Camaro B 4H. Following the Camaro A 1H, Abraxas will mobilize to the Blue Eyes 1H at the company’s Jourdanton prospect in Atascosa County. Abraxas holds a 100% working interest across the 4,000 acre lease block at Jourdanton.

Williston Basin
In McKenzie County, North Dakota, the Lillibridge 1H, producing from the Middle Bakken, averaged 1,275 boepd (1,027 barrels of oil per day, 1,487 mcf of natural gas per day) over the well’s first 30 full days of production. The Lillibridge 2H, producing from the Three Forks, averaged 958 boepd (766 barrels of oil per day, 1,153 mcf of natural gas per day) over the well’s first 30 full days of production. The Lillibridge 3H, producing from the Middle Bakken, averaged 1,291 boepd (1,031 barrels of oil per day, 1,556 mcf of natural gas per day) over the well’s first 30 full days of production. The Lillibridge 4H, producing from the Three Forks, averaged 922 boepd (697 barrels of oil per day, 1,346 mcf of natural gas per day) over the well’s first 30 full days of production. The production rates for each well do not include the impact of natural gas liquids and shrinkage at the processing plant. Each of the four Lillibridge wells was constrained on a smaller than normal choke.

On the Lillibridge West pad, Abraxas recently reached TD and set casing on the laterals of both the Lillibridge 8H and Lillibridge 7H at 20,800 feet. The Lillibridge 6H is currently drilling below 13,000 feet. After completing the lateral of the Lillibridge 6H, Abraxas will commence the drilling of the lateral section on the Lillibridge 5H. Abraxas owns a working interest of approximately 34% in both the Lillibridge East and West pads.

Permian Basin
In Nolan County, Texas, the Spires Ranch 129 2H, targeting the Strawn formation, reached a TD of 9,949 and has been cased. The well is currently scheduled to be fracture stimulated in mid-September. Abraxas holds a 100% working interest in the Spires Ranch 129 2H. Bob Watson, President and CEO of Abraxas, commented, “Abraxas continues to execute operationally with excellent well results in our core operated Bakken and Eagle Ford assets. Although it is still quite early, production from our 40 acre pilot wells in the Eagle Ford, the Camaro B 3H and Camaro B 4H, is encouraging. We look forward to providing the market with the results of our two high impact, 100% working interest wells in the Spires 129 2H and Blue Eyes 1H.”

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