Abraxas Petroleum Corporation Announces Initial Drilling Success In the Ladyfern Area.Business Editors and Energy Writers SAN ANTONIO--(BUSINESS WIRE)--March 18, 2002 Abraxas Petroleum Corporation (AMEX AMEX See: American Stock Exchange :ABP 1. (networking) ABP - Alternating bit protocol. 2. ABP - Microsoft Address Book Provider. ) today announced, through its wholly owned Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. subsidiary, Grey Wolf Exploration Inc. ("Grey Wolf"), initial results on the first four of its planned six well drilling Well drilling is the process of drilling a hole in the ground for the extraction of a natural resource such as ground water, natural gas, or petroleum. Drilling for the exploration of the nature of the material underground (for instance in search of metallic ore) is best described program in the Ladyfern area of Northeast British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography . To date, four wells have been drilled to total depth. Two of the wells in which Grey Wolf holds a 16.66% interest have indicated some success and are being completed and production tested. Two wells, in which Grey Wolf has a 16.66% and 33.3% interest respectively, were dry holes in the main objective. The final two wells in the program are currently drilling. As was previously announced, due to certain confidentiality requirements, Grey Wolf will release no additional information until such time as Grey Wolf and its industry partners determine a release will not harm their competitive position or as required by applicable securities regulations. Abraxas Petroleum Corporation is a San Antonio-based crude oil and natural gas exploitation and production company that also processes natural gas. The Company operates in Texas, Wyoming and western Canada
Western Canada, commonly referred to as the West . Please visit www.abraxaspetroleum.com for the most current and updated information. The Web site is updated daily to comply with the SEC Regulation FD (Fair Disclosure). 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 statement 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 the Company's 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 the Company for crude oil and natural gas. In addition, the Company's future crude oil and natural gas production is highly dependent upon the Company's level of success in acquiring or finding additional reserves. Further, the Company operates in an industry sector where the value of securities is highly volatile and may be influenced by economic and other factors beyond the Company's control. In the context of forward-looking information provided for in this release, reference is made to the discussion of risk factors detailed in the Company's filing with the Securities and Exchange Commission during the past 12 months. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion