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Abraxas Petroleum Corp. (AXAS) Issues Oil and Gas Update

|Includes: Abraxas Petroleum Corporation (AXAS)

Abraxas Petroleum Corp. issued an operations update on its oil and gas activities in North America. The company is active in several areas including Canada, the Rocky Mountains and Texas.

Abraxas Petroleum Corp. reported the completion of the Ravin 26-35 1H well located in North Dakota. The well produced 1,705 barrels of oil equivalent (NYSE:BOE) per day, composed of 1,008 barrels of oil, 290 barrels of natural gas liquids and 2.44 million cubic feet of natural gas. The Ravin 26-35 1H well was drilled to the Three Forks formation and the company has a 60% working interest in the well.

Abraxas Petroleum Corp. finished drilling the M.S. Welder 88 well, which reached a total vertical depth of 7,600 feet. The company owns a 100% working interest in the M.S. Welder 88 well and plans to start completion operations shortly.

Abraxas Petroleum Corp. also finished drilling two wells located in the Permian Basin. The Spires 149-1 well was drilled to a total vertical depth of 7,300 feet and the Spires 126-1H was drilled to a total vertical depth of 9,645 feet. Both wells were targeting the Strawn formation and are waiting on completion.

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