Abraxas Petroleum Corporation (NASDAQ:AXAS) is pleased to provide the following operational and divestiture update and announce an upcoming presentation.

Eagle Ford

As previously announced, at Abraxas’ Jourdanton prospect in Atascosa County, Texas, the Blue Eyes 1H averaged 527 boepd (494 barrels of oil per day, 194 mcf of natural gas per day) ⁽¹⁾ over the well’s highest 30 full days of production. Over the Blue Eye’s first sixty and ninety days of production, the well averaged 466 boepd (439 barrels of oil per day, 164 mcf of natural gas per day) ⁽¹⁾ and 460 boepd (432 barrels of oil per day, 168 mcf of natural gas per day), respectively ⁽¹⁾. Also at Jourdanton, Abraxas completed the Snake Eyes 1H with an 18 stage completion and the well has been flowing to sales at very encouraging rates. Abraxas recently drilled the Spanish Eyes 1H to a total depth of 12,346 feet and the well is scheduled to be fracture stimulated next week. The company is currently drilling its fourth well at Jourdanton, the Eagle Eyes 1H at 7,182 feet. Abraxas owns a 100% working interest across the Jourdanton prospect.

At Abraxas’ Cave prospect, in McMullen County, Texas, the Dutch 2H averaged 1,093 boepd (924 barrels of oil per day, 1,012 mcf of natural gas per day) ⁽¹⁾ over the well’s first 30 full days of production. Abraxas holds a 100% working interest in the Dutch 2H. Immediately following the drilling of the Eagle Eyes 1H at Jourdanton, Abraxas will drill the offsetting Dutch 1H. The drilling of the Dutch 1H will require shutting in the Dutch 2H for approximately 60 days. Following the completion of the Dutch 1H, both wells will return to production. The shut in will not impact previously issued guidance.

At Abraxas’ Dilworth East prospect, in McMullen County, Texas, the company plans to complete the R. Henry 2H with a 19 stage fracture stimulation in May when gas takeaway is available at the lease. Abraxas holds a 100% working interest in the R. Henry 2H.

Williston Basin

In McKenzie County, North Dakota, the Jore 1H, 2H and 4H are scheduled to be fracture stimulated following the Spanish Eyes 1H at Jourdanton. On Abraxas’ first Middle Bakken downspacing test, Raven Rig #1 successfully drilled and cased the surface and intermediate sections of the Ravin 6H and Ravin 7H. The company is now drilling the intermediate sections of the Ravin 5H, which will be followed by the intermediate section of the Ravin 4H. Abraxas owns a working interest of approximately 76% and 51% in the Jore and Ravin West pads, respectively.

A&D Update

Abraxas recently reached an agreement to sell a non-core Permian Basin property for net proceeds of $2.5 million. The asset sold produced 39 boepd (22 barrels of oil per day, 100 mcf of natural gas per day) net to Abraxas.

Source: Abraxas

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