Abraxas Strikes in West Texas and Provides Wyoming Update
Abraxas Petroleum Corporation today announced the results from a Devonianhorizontal well drilled in the Oates SW Field area of West Texas and provided an update of Wyoming operations.
The La Escalera #1AH was drilled to a total depth of 16,022', including a 2,481' lateral. The well was recently completed and has stabilized at a gross rate of approximately 5.2 MMcfepd with flowing tubing pressure of 3,600 psig. Abraxas owns a 100% working interest in this well, which adjoins the recently acquired Hudgins Ranch. Abraxas' total net production is currently 30% greater than 2nd quarter average.
In Brooks Draw, Wyoming, the Prairie Falcon #2, reached a total depth of 9,038'; production casing is being set after encountering encouraging oil shows in multiple zones. Abraxas owns a 100% working interest in this well.
"Today's announcement of very strong results from the La Escalera #1AH well provides ongoing confirmation that Abraxas' business strategy continues to create shareholder value. In addition, we look forward to definitive results from our first Wolfcamp re-entry, the La Escalera #2, and our Prairie Falcon #2, in the near future," commented Bob Watson, Abraxas' President and CEO.
Abraxas Petroleum Corporation is a San Antonio-based crude oil and natural gas exploitation and production company with operations in Texas and Wyoming.
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' filing with the Securities and
Exchange Commission during the past 12 months.
- Natural Resources Purchases Assets in Bakken/Three Forks Play (Jun 17)
- Abraxas Looks Ahead to 2013 Production Ops (Mar 15)
- Abraxas 'A Little Late' to Exceed 2011 Production Rates (Apr 02)