Abraxas Spuds Ladyfern Well

Abraxas Petroleum Corporation announced Grey Wolf Exploration Inc., a wholly-owned Canadian subsidiary of Abraxas, and its industry partners will spud this week the first well of a planned six-well program to be drilled this winter on Grey Wolf's Ladyfern Prospect in British Columbia, Canada.

Two additional wells in this program should commence within the next two weeks. Grey Wolf will not operate the first five wells but may operate the sixth well in the program.

Grey Wolf owns an average 32% working interest in over 32,000 acres in the immediate vicinity of the recent discoveries in Ladyfern, one of the largest natural gas discoveries in North America in recent years. Grey Wolf will own a working interest between 16.7% and 37.5% in the six wells planned for this winter's drilling season. Weather permitting, successful wells should be able to be placed on production by the end of the winter season.

Due to certain confidentiality agreements, Grey Wolf will release no additional information until such time as Grey Wolf and its industry partners determine a release will not harm their competitive position or as required by applicable securities regulations.


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