SAN ANTONIO--(BUSINESS WIRE)--Abraxas Petroleum Corporation (NASDAQ:AXAS) today announced production rates in West Texas and Alberta, Canada.
West Texas:
- In Nolan County, Texas, the Spires 126-1H was drilled to a total measured depth of 9,645 feet, including a 2,300 foot lateral in the Strawn formation, and completed with an acid wash. This well was recently placed on-line and over the past 12 days has produced an average of 272 Boepd, of which 59% is oil. At the tailgate of the processing plant, this well has produced an average of 275 Boepd, of which 58% is oil and 24% is natural gas liquids. Abraxas owns a 100% working interest in this well.
Canada:
- In Alberta, the Twining 9-11 was drilled to a total measured depth of 10,650 feet, including a 5,250 foot lateral in the Pekisko formation, and completed with a 14-stage acid stimulation. This well was recently placed on-line and over the past 18 days has produced an average of 108 Boepd, of which 73% is oil. Canadian Abraxas owns a 100% working interest in this well.
“The results of the Spires and the Twining wells surpassed our expectations and represent a good start to our conventional oil development program that will be the focus of most of our activity during the first half of 2011. Additional drilling is planned to commence in early April in West Texas with a six well program and after spring break-up in Alberta with as many as four additional wells. Our South Texas oil development program is scheduled to commence within the next two weeks,” commented Bob Watson, Abraxas’ President and CEO.
Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations across the Rocky Mountain, Mid-Continent, Permian Basin and onshore Gulf Coast regions of the United States and in the province of Alberta, Canada.
Safe Harbor 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 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.