Abraxas Petroleum Corporation provided an operational update.

Rocky Mountain - North Dakota

The refurbishment of the Company owned drilling rig has been completed and is currently rigging up in McKenzie County, North Dakota where it is scheduled to spud its first well, the Ravin 26-35 3H, a middle Bakken horizontal well, later this week. Abraxas owns an approximate 59% working interest in this well, as well as in the Ravin 26-35 2H, which will be drilled concurrently from the same multi-well pad site.

Rocky Mountain - Wyoming

In Campbell County, Wyoming, the Hedgehog State 16-2H, a horizontal well targeting the Turner formation, was recently completed with a 17-stage fracture stimulation. While flowing back frac fluid, production from the well was as high as 340 Bopd and 6.9 MMcfpd of high BTU gas on a 20/64-inch choke. The well is currently shut-in until it is connected to a nearby pipeline with access to a processing plant which should occur within the next several weeks. Including the NGL content of the gas, the current realized price of the combined gas and NGL stream is in excess of $5.00 per Mcf. Abraxas owns a 100% working interest in this well.

Tags: Abraxas Petroleum Corporation