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Abraxas Provides Operational & Financial Update

Source: www.gulfoilandgas.com 9/27/2013, Location: North America

Abraxas Petroleum Corporation is pleased to provide the following operational and financial update.

Williston Basin
In McKenzie County, North Dakota, Abraxas recently reached TD on the lateral of the Lillibridge 5H at 20,660 feet. Drilling operations on the Lillibridge West pad are now effectively complete approximately one month ahead of schedule. Completion of the four well pad is scheduled for late October. Abraxas owns a working interest of approximately 34% in both the Lillibridge East and West pads. After reaming and casing the lateral of the Lillibridge 5H, Abraxas’ company-owned drilling rig, the Raven 1, will mobilize to the Jore pad to drill the Jore 1H, Jore 2H, and Jore 4H. Abraxas holds a 76% working interest in the Jore pad.

Eagle Ford Shale
In McMullen County, Texas, the Gran Torino A 11H averaged 466 boepd (388 barrels of oil per day, 465 mcf of natural gas per day) over the well’s first 30 full days of production. The recently completed Sting Ray A 8H appears to be an exceptional producer, averaging 1,233 boepd (1,104 barrels of oil per day, 773 mcf of natural gas per day) over the most recent five days of production. The production rates for each well do not include the impact of natural gas liquids and shrinkage at the processing plant. The company recently reached TD on the Camaro A 1H. 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 A 1H. In Atascosa County, Abraxas is currently rigging up on the Blue Eyes 1H at the company’s Jourdanton prospect. Abraxas holds a 100% working interest in the Blue Eyes 1H.

Permian Basin
In Nolan County, Texas, Abraxas recently completed and began the flowback of the first stimulated Strawn horizontal on its Spires Ranch prospect, the Spires 129 2H. As this is the first Strawn horizontal well testing the efficacy of a stimulation, Abraxas will provide thirty day stabilized flow rates when available.

Financial Update
Abraxas recently completed its redetermination process with the company’s bank group. Abraxas’ facility is now governed by a $147 million borrowing base, an increase of $4 million over the previously revised $143 million borrowing base. Importantly, this borrowing base is fully conforming and contains no maturing or stretch features.

Bob Watson, President and CEO of Abraxas, commented, “We could not be more proud of our operating team, which continues to execute and drive efficiencies in the Eagle Ford and now the Bakken. We will now mobilize both our Bakken and Eagle Ford rigs to higher working interest areas to further accelerate growth. We look forward to updating the market shortly with the results of these efforts.”

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