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Abraxas Petroleum Corp. : Abraxas Announces Significant Bakken Flow Rates; Provides Operational and Second Quarter 2013 Production Update

08/01/2013 | 04:05pm US/Eastern

Abraxas Petroleum Corporation (NASDAQ:AXAS) is pleased to provide the following operational and second quarter 2013 production update.

Williston Basin

In McKenzie County, North Dakota, the Lillibridge 1H, 2H and 3H have all been flowing to sales at rates significantly above the Company's type curve. The Lillibridge 1H, producing from the Middle Bakken, is currently producing 1,442 boepd (1,165 barrels of oil per day, 1,662 mcf of natural gas per day) on a 16/64" choke. Cumulative production from the Lillibridge 1H is 18,423 boe (14,920 barrels of oil, 21,018 mcf of natural gas) over its first 16 full production days on a restricted choke. The Lillibridge 2H, producing from the Three Forks, is currently producing 1,170 boepd (943 barrels of oil per day, 1,364 mcf of natural gas per day) on a 18/64" choke. Cumulative production from the Lillibridge 2H is 15,866 boe (12,761 barrels of oil, 18,630 mcf of natural gas) over its first 16 full production days on a restricted choke. The Lillibridge 3H, producing from the Middle Bakken, is currently producing 1,794 boepd (1,428 barrels of oil per day, 2,195 mcf of natural gas per day) on a 12/64" choke. Cumulative production from the Lillibridge 3H is 14,158 boe (11,233 barrels of oil, 17,547 mcf of natural gas) over its first 11 full production days on a restricted choke. The production rates for each well do not include the impact of natural gas liquids and shrinkage at the processing plant. The Lillibridge 4H is currently shut in awaiting cleanout due to what is believed to be a sand plug. Post cleaning out the well with coil tubing Abraxas will provide its flow rate. Each of the three producing Lillibridge wells was constrained on a smaller than normal choke to manage midstream gas takeaway bottlenecks, which are being remedied.

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.

Abraxas Petroleum Corporation
Geoffrey King, 210-490-4788
Vice President ? Chief Financial Officer

© Business Wire 2013
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