Abraxas Provides Drilling Activity 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 provided an operational update on four wells in Texas. In the Oates SW Field of West Texas, three wells are currently active: --The La Escalera #5-1 was drilled to a total depth of 12,500'. Large diameter production casing was run to the base of the Lower Wolfcamp formation after open hole logs and core samples confirmed natural gas indications that were encountered while drilling. Completion operations will commence in the near future; --The Hudgins #37-1H is currently producing approximately 500 Mcfepd from the Devonian formation while waiting on equipment to clean out the drilling fluid Noun 1. drilling fluid - a mixture of clays and chemicals and water; pumped down the drill pipe to lubricate and cool the drilling bit and to flush out the cuttings and to strengthen the sides of the hole drilling mud and repair suspected wellbore skin damage; and --The La Escalera #2 was perforated per·fo·ra·ted adj. Pierced with one or more holes. in the Atoka formation at approximately 13,300' and is currently recovering fluid from the fracture stimulation. In South Texas, one well is currently active: --The Simek-Cook #1 was drilled to a total depth of 9,000'. Production casing was set after encountering four potentially productive zones in the Wilcox formation. Completion operations are currently underway. Abraxas owns 100% working interest in all four of these wells. "We are quite pleased to report that the open hole logs and the gas indications encountered while drilling the La Escalera #5-1 confirmed the sand package in the Lower Wolfcamp as indicated by the amplitude anomalies interpreted from our proprietary 3-D seismic; consequently and with much anticipation, we look forward to definitive results after the well is completed. Furthermore, we expect production rates on the Hudgins #37-1H to improve dramatically as the well cleans up and the suspected skin damage is repaired," 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 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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