Abraxas Provides Operational Update; Announces Upcoming Presentation

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Abraxas Provides Operational Update; Announces Upcoming Presentation

SAN ANTONIO--(BUSINESS WIRE)-- Abraxas Petroleum Corporation (NAS: AXAS) is pleased to provide the following operational update; announces upcoming presentation.

Eagle Ford Shale

In McMullen County, the Mustang 2H averaged 511 boepd (469 barrels of oil per day, 249 mcf of natural gas per day) on a restricted choke over its first 30 days of production. The Mustang 2H is currently flowing to sales at a rate of 437 boepd (407 barrels of oil per day, 177 mcf of natural gas per day). The Sting Ray A 1H, Abraxas' first 29 stage, 7,500 foot lateral well, is currently being fracture stimulated. Immediately following the completion of the Sting Ray A 1H, the stimulation crew will begin completion operations on the Corvette A 1H. Currently, Abraxas is drilling the first of the Company's two forty acre pilot wells, the Camaro B 4H below 10,000 feet. Abraxas owns an 18.75% working interest in the Mustang 2H and Sting Ray A 1H and a 25% working interest in the Corvette A 1H and Camaro B 4H.

Williston Basin

In McKenzie County, the Company recently drilled and cased the lateral of the Lillibridge 1H to 20,587 feet. Abraxas is currently preparing to run tie back strings on all four wells. All four wells will be simultaneously completed in June. Abraxas owns a working interest of approximately 34% in the Lillibridge East PAD. Abraxas is rigging down its company owned rig, which will walk to the Lillibridge West PAD to begin a four well drilling program in the near future.

Upcoming Presentations

Geoff King, Vice President and Chief Financial Officer, and Pete Bommer, Vice President Engineering, of Abraxas will be presenting at the SunTrust "Play-by-Play" Oil & Gas Conference in New York on Wednesday, May 29, 2013 at 10:40 AM EDT. A copy of the Company's presentation will be accessible on the Abraxas website at www.abraxaspetroleum.com.

Bob Watson, President and CEO of Abraxas, commented, "Activity levels remain strong at Abraxas. In the Eagle Ford, we are eager to see how our first long lateral the Sting Ray A 1H performs. Moreover, our forty-acre spacing test at WyCross on the Camaro B 4H and Camaro B 3H, if successful, carries with it significant reserve and inventory implications. The upcoming four well completion on the Lillibridge East PAD promises to provide a significant boost to volumes. As previously announced, we will be walking the rig to the Lillibridge West PAD in an effort to avoid any potential road ban delays. We look forward to updating the market in the near future post these completions."

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 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' filings with the Securities and Exchange Commission during the past 12 months.

Abraxas Petroleum Corporation
Geoffrey King, 210-490-4788
Vice President - Chief Financial Officer

KEYWORDS:   United States  North America  New York  Texas


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