Abraxas Petroleum Corporation (NASDAQ:AXAS - News) today announced production rates for its first Eagle Ford well in South Texas.
In DeWitt County, Texas, Blue Eagle Energy, LLC, the previously announced joint venture between Abraxas and Rock Oil Company, LLC, drilled the T Bird 1H to a total measured depth of 19,450 feet, including a 5,700 foot lateral. The well was completed with a 15-stage fracture stimulation and placed on-line in January 2011 at a restricted rate. Over the past 19 days, the well has produced an average of 5.8 MMcf of liquids-rich gas and 342 barrels of condensate per day on a 12/64-inch choke. Abraxas currently owns an approximate 50% interest in the joint venture.
?We are quite proud of our operations team as the T Bird well was drilled, completed and placed on-line approximately 75 days after spud. This is a very strong well and capable of producing eye catching headlines as the flowing pressure is currently 8,500 psi; however, due to long-term reservoir considerations, we are restricting the flow through a relatively small choke. Comparing the early performance of the T Bird well to others in the area, our well is one of the strongest in the DeWitt County gas/condensate window,? 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.
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