Abraxas Trumps Winter Weather Conditions at Three Forks Well

Abraxas provided an operational update.

Operational Update

Rocky Mountain:

  • In McKenzie County, North Dakota, Abraxas drilled the Ravin 26-35 1H to a total measured depth of 20,835 feet, including a 9,800 foot lateral in the Three Forks formation. This well was completed with a 25-stage fracture stimulation and has been on-line since the end of November 2010 at a restricted rate due to mechanical issues (which have been resolved), winter weather conditions and shortage of trucks to haul oil from the location. During that period, the well produced approximately 13.5 MBbl of oil, 21.0 MMcf of wellhead gas and 2.5 MBbl of natural gas liquids. The well was recently flow tested at an unrestricted daily rate of 1,008 barrels of oil, 2.44 MMcf of wellhead gas and 290 barrels of natural gas liquids, or 1,705 barrels of oil equivalent per day. Abraxas owns an approximate 60% working interest in this well.
  • In McKenzie County, North Dakota, Abraxas drilled the Stenehjem 27-34 1H to a total measured depth of 16,504 feet, including a 5,965 foot lateral in the middle Bakken formation. A 20-stage fracture stimulation is tentatively scheduled for the first quarter of 2011. Abraxas owns an approximate 79% working interest in this well.

Gulf Coast:

  • In DeWitt County, Texas, Blue Eagle Energy, LLC, the previously announced joint venture between Abraxas and Rock Oil Company, LLC, drilled the T Bird 1H to a total measured depth of 19,450 feet, including a 5,700 foot lateral which is one of the longest laterals drilled in the Eagle Ford Shale play to-date. A 15-stage fracture stimulation is currently scheduled for mid-January, 2011 which should allow the well to be on production within 75 days after spud. Abraxas currently owns an approximate 50% interest in the joint venture.
  • In San Patricio County, Texas, Abraxas drilled the M.S. Welder 88 to a total vertical depth of 7,600 feet and completion operations will commence shortly. Abraxas owns a 100% working interest in this well.

Permian Basin:

  • In Nolan County, Texas, Abraxas drilled the Spires 149-1 to a total vertical depth of 7,300 feet. This well is producing oil and liquids-rich gas from the Strawn formation while waiting on fracture stimulation. In addition, Abraxas drilled the Spires 126-1H to a total measured depth of 9,645 feet, including a 2,300 foot lateral in the Strawn formation. Completion operations on this well will commence shortly. Abraxas owns a 100% working interest in each of these wells.

Canada:

  • In the Twining area of Alberta, two horizontal wells targeting the Pekisko formation have been drilled by Canadian Abraxas Petroleum, ULC (Canaxas), an indirect wholly-owned subsidiary of Abraxas. The Swalwell 6-6 was drilled to a total measured depth of 9,725 feet, including a 4,400 foot lateral, and completed with a ten-stage fracture stimulation. This well is currently shut-in pending re-completion this summer. The Twining 9-11 was drilled to a total measured depth of 10,650 feet, including a 5,250 foot lateral, and completed with a 14-stage acid stimulation. This well is waiting on a pipeline connection and is expected to be on production in mid-January, 2011. Canaxas owns a 100% working interest in each of these wells.

Divestitures:

  • Abraxas continued its previously announced non-core, principally non-operated divestiture program and recently raised approximately $8.5 million in net proceeds during the December 2010 Oil & Gas Asset Clearinghouse auction. These producing properties were located in the Mid-Continent region of the United States. Since the program started in late 2009, Abraxas has raised approximately $32.3 million in net proceeds which have been used to pay down debt and accelerate capital projects.

"At last, after winter weather storm delays and other circumstances largely out of our control, we are pleased to be in a position to announce the well results from our first operated Three Forks well in the Williston Basin, which is one of the better Three Forks completions in the North Fork area to-date. We anticipate completing the second operated well in the Williston Basin targeting the Bakken formation and our first Eagle Ford joint venture well in the first quarter of 2011, as well as our two Spires Ranch wells in West Texas and our Welder well in South Texas," commented Bob Watson, Abraxas’ President and CEO.

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