Abraxas Announces Production of 5.2 MMcfepd from West Texas Horizontal Devonian Well and Provides Wyoming Update.SAN ANTONIO San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. -- Abraxas Petroleum Corporation (AMEX AMEX See: American Stock Exchange :ABP 1. (networking) ABP - Alternating bit protocol. 2. ABP - Microsoft Address Book Provider. ) today announced the results from a Devonian horizontal well drilled in the Oates SW Field area of West Texas and provided an update of Wyoming operations. The La Escalera #1AH was drilled to a total depth of 16,022', including a 2,481' lateral. The well was recently completed and has stabilized at a gross rate of approximately 5.2 MMcfepd with flowing tubing pressure of 3,600 psig. Abraxas owns a 100% working interest in this well, which adjoins the recently acquired Hudgins Ranch. Abraxas' total net production is currently 30% greater than 2nd quarter average. In Brooks Draw, Wyoming, the Prairie Falcon prairie falcon n. A large, square-headed falcon (Falco mexicanus) of western North America, having dark brown back feathers with pale edges and faintly spotted whitish underparts. #2, reached a total depth of 9,038'; production casing is being set after encountering encouraging oil shows in multiple zones. Abraxas owns a 100% working interest in this well. "Today's announcement of very strong results from the La Escalera #1AH well provides ongoing confirmation that Abraxas' business strategy continues to create shareholder value. In addition, we look forward to definitive results from our first Wolfcamp re-entry RE-ENTRY, estates. The resuming or retaking possession of land which the party lately had. 2. Ground rent deeds and leases frequently contain a clause authorizing the landlord to reenter on the non-payment of rent, or the breach of some covenant, when the , the La Escalera #2, and our Prairie Falcon #2, in the near future," commented Bob Watson, Abraxas' President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Abraxas Petroleum Corporation is a San Antonio-based crude oil and natural gas exploitation and production company with operations in Texas and Wyoming. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for forward-looking statements: Statements in this release looking forward in time involve known and unknown risks and uncertainties, which may cause Abraxas' actual results in future periods to be materially different from any future performance suggested in this release. Such factors may include, but may not be necessarily limited to, changes in the prices received by Abraxas for crude oil and natural gas. In addition, Abraxas' future crude oil and natural gas production is highly dependent upon Abraxas' level of success in acquiring or finding additional reserves. Further, Abraxas operates in an industry sector where the value of securities is highly volatile and may be influenced by economic and other factors beyond Abraxas' control. In the context of forward-looking information provided for in this release, reference is made to the discussion of risk factors detailed in Abraxas' filing with the Securities and Exchange Commission during the past 12 months. |
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