Abraxas Announces Yoakum Field Production of 4.7 Net MMcfpd After Alleviation from Third Party Pipeline Constraints.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 that the Yoakum Field in South Texas is currently producing approximately 4.7 MMcfpd (net to Abraxas' interest), after alleviation from the previously announced third party pipeline constraints. The Yoakum Field was shut-in from November 4, 2005 through November 15, 2005 due to third party pipeline constraints that stemmed from downstream capacity issues, which caused pipeline pressures to exceed our ability to deliver natural gas into the pipeline. Prior to being shut-in, the Yoakum Field was producing 3.4 MMcf of natural gas per day (net to Abraxas' interest). "We were correct in believing the third party pipeline constraints were a short-term issue that could be alleviated by the arrival of seasonal weather, which increases demand and reduces pipeline pressures. Three of the six wells in the Yoakum Field came back on-line today at a flush rate of 4.7 net MMcfpd, our allocated plant capacity. This represents a 38% increase over pre-shut-in production volumes, after being shut-in for 11 days," commented Bob Watson
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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : 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 natural gas and crude oil. In addition, Abraxas' future natural gas and crude oil 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' filings with the Securities and Exchange Commission during the past 12 months. |
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