Abraxas Provides Operational & Acquisition Update

Source: www.gulfoilandgas.com 1/6/2014, Location: North America

Abraxas Petroleum Corporation is pleased to provide the following operational and acquisition update.

Eagle Ford
At Abraxas’ Jourdanton prospect, in Atascosa County, Texas, the Blue Eyes 1H continues to flow to sales at encouraging rates. Thus, Abraxas recently permitted the Snake Eyes 1H, which is expected to spud in the first quarter of 2014. Abraxas owns a 100% working interest in the Blue Eyes 1H and Snake Eyes 1H.

At Abraxas’ Cave prospect, in McMullen County, Texas, the company recently cased the lateral of the Dutch 2H to a TD of 19,500 feet. The well is scheduled to be completed with approximately 38 stages in January, 2014. Abraxas holds a 100% working interest in the Dutch 2H.

Eagle Ford Acquisition
Abraxas continues to identify and transact on targeted lease blocks in its core focus areas of the Eagle Ford shale. Recently, Abraxas acquired approximately 440 net acres of leasehold in McMullen County known as Dilworth East. The company believes the acreage block can accommodate up to four 5,000 foot lateral wells. Abraxas expects to be in a position to announce further acreage acquisitions in the Eagle Ford in the near future.

Bob Watson, President and CEO of Abraxas, commented, “The Lillibridge West pad again shows the benefit of our focused development program in the Bakken. With a team oriented culture allowing our geology, drilling and completion teams to work together seamlessly toward a common goal, and with a stalwart focus on attention to detail, we continue to show superior well results.

“Given the early results of the Blue Eyes 1H, we have elected to drill the Snake Eyes 1H on the company’s Jourdanton prospect in Atascosa County, Texas. We look forward to an active development program on our 4,000+ net acre, 100% working interest lease block at Jourdanton in 2014. “On the A&D front, Abraxas continues to execute on adding quality lease blocks in our targeted regions of the Eagle Ford as evidenced by the recent Dilworth East acquisition. The company is currently permitting its first well at Dilworth East, which it expects to spud early in the first quarter of 2014.”

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Related Categories: Coalbed Methane  General  Heavy Oil  Methane Clathrate  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 

Related Articles: Coalbed Methane  General  Heavy Oil  Methane Clathrate  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 

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