Abraxas Petroleum Corporation is pleased to provide the following operational update; announces upcoming presentation.
Eagle Ford Shale
In McMullen County, the Mustang 2H averaged 511 boepd (469 barrels of oil per day, 249 mcf of natural gas per day) on a restricted choke over its first 30 days of production. The Mustang 2H is currently flowing to sales at a rate of 437 boepd (407 barrels of oil per day, 177 mcf of natural gas per day). The Sting Ray A 1H, Abraxas’ first 29 stage, 7,500 foot lateral well, is currently being fracture stimulated. Immediately following the completion of the Sting Ray A 1H, the stimulation crew will begin completion operations on the Corvette A 1H. Currently, Abraxas is drilling the first of the Company’s two forty acre pilot wells, the Camaro B 4H below 10,000 feet. Abraxas owns an 18.75% working interest in the Mustang 2H and Sting Ray A 1H and a 25% working interest in the Corvette A 1H and Camaro B 4H.
Williston Basin
In McKenzie County, the Company recently drilled and cased the lateral of the Lillibridge 1H to 20,587 feet. Abraxas is currently preparing to run tie back strings on all four wells. All four wells will be simultaneously completed in June. Abraxas owns a working interest of approximately 34% in the Lillibridge East PAD. Abraxas is rigging down its company owned rig, which will walk to the Lillibridge West PAD to begin a four well drilling program in the near future.
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