Abraxas Petroleum Corporation AXAS is pleased to provide the
following operational update.
Eagle Ford Shale
In McMullen County, the Cobra B 1H averaged 592 boepd (95% oil) on a
restricted choke over its first 30 days of production. The Mustang 1H was
successfully completed with a 19 stage completion in mid-December and is
currently flowing to sales at rates above the Company's in-house type curve.
The Corvette C 1H reached TD at 15,049 feet in under 8 drilling days and is
scheduled to be completed in mid-January. Abraxas recently spudded the Gran
Torino A 1H and is currently drilling the curve at 9,600 feet. Abraxas owns a
25% working interest in the Cobra B 1H and Corvette C 1H and an 18.75% working
interest in the Mustang 1H and Gran Torino A 1H.
Williston Basin
Drilling continues on the Company's Lillibridge East PAD with intermediate
casing set on the 1H and 2H. The curve is currently being built on the
Lillibridge 3H after which the rig will move to the 4H. Abraxas owns an
approximately 37% working interest in the Lillibridge PAD. The expected
mid-December completion of the Raven 2H has been delayed by the discovery of a
third party downhole equipment failure, which required remediation work.
Remediation work is expected to be completed in the near future with a revised
stimulation date set for late January. The Ravin 3H recently experienced
similar mechanical completion issues to the Ravin 2H. Remediation work will
begin on the Ravin 3H post the completion of the Ravin 2H with an expected
stimulation date in mid-February. Abraxas owns a 49% working interest in both
the Ravin 2H and 3H.
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