Abraxas Begins 2nd Half of 2010 Drilling Program
Abraxas provided an operational update.
- In McKenzie County, North Dakota, Abraxas has spudded its first of three operated horizontal wells in the Bakken/Three Forks oil play. The first well will target the Three Forks formation and is currently drilling the vertical section at a depth of 1,110 feet. The second well will target the middle Bakken formation. It is anticipated that all three wells will be drilled sequentially and that each well will have horizontal laterals of approximately 9,000 feet and that each well will be completed with 20 or more stages of fracture stimulation. It is anticipated that each well will take approximately 30-45 days to drill but a shortage of frac crews could delay completion. Abraxas owns an approximate 64% working interest in the first well and an approximate 70% working interest in the second well.
- In Divide County, North Dakota, Abraxas participated in a Three Forks horizontal well for its 1.9% working interest. The well was drilled to a total measured depth of 18,500 feet, including an 8,500 foot lateral, and completed with a 24-stage fracture stimulation. The well has been on-line for over 30 days and is currently producing approximately 400 barrels of oil and associated gas per day.
- In Williams County, North Dakota, Abraxas participated in a Bakken horizontal well for its 2.1% working interest. The well was drilled to a total measured depth of 19,700 feet, including a 9,700 foot lateral, and completed with a 28-stage fracture stimulation. The well has been on-line for over 60 days and is currently producing approximately 300 barrels of oil and associated gas per day.
- In Nolan County, Texas, Abraxas anticipates spudding its first of two operated wells during the fourth quarter of 2010. The first well will be a vertical well and will target the Strawn, Caddo and Ellenburger formations and the second well will be a horizontal well and will target the Strawn formation. Abraxas owns a 100% working interest in each of these wells.
- In the Twining area of Alberta, Canadian Abraxas (“Canaxas”) is currently drilling its first of two operated horizontal wells targeting the Pekisko formation at an approximate depth of 5,400 feet. The first well is currently drilling the lateral section at a total measured depth of 7,650 feet. Each successful well will earn Canaxas approximately five sections, or 3,200 net acres. Canaxas owns a 100% working interest in each of these wells.
"We are pleased to announce that we have started our drilling program for the 2nd half of 2010 which will consist of at least seven operated wells, three in the Williston Basin, two in West Texas and two in Canada. In addition, we will participate in a non-operated position as opportunities arise, principally in the Bakken/Three Forks oil play. With the increased number of drilling rigs running in the Williston Basin together with the increased number of stages on a given frac job, frac crews and equipment are in short supply. As a result, there may be a delay in procuring services for the multi-stage frac jobs that we have planned for our operated wells. Nonetheless, we continue to work with the various service providers and expect that once the wells are drilled, we will be much better positioned to secure frac dates," commented Bob Watson, Abraxas' President and CEO.
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