Abraxas Petroleum provides operational update
In Ward County, Texas, the Caprito 98-201H, a 4,880 foot lateral targeting the Wolfcamp A1 zone, averaged 1,036 Boepd over the well's first 30 days of production. The Caprito 98-301HR, a 4,880 foot lateral targeting the Wolfcamp A2 zone, averaged 999 Boepd over the well's first 30 days of production. Abraxas flowed both wells back using a more conservative choke management protocol after observing the practices of offsetting operators. While an uplift compared to earlier results is expected, its magnitude will not be fully measurable until the new wells reach maximum pressure drawdown. Abraxas owns a working interest of approximately 98% in the Caprito 98-201H and 98-301HR. In McKenzie County, North Dakota, Abraxas recently drilled and cased a replacement well in the Yellowstone 4HR. The Yellowstone 2H-4HR three-well pad, in which Abraxas owns a 52% working interest, is scheduled for completion in October. Abraxas recently spud the first well on the Yellowstone 5H-7H pad in which the company will hold a 52% working interest. Abraxas' producing assets in South Texas sustained no damage as a result of Hurricane Harvey. Sales volumes were temporarily reduced due to the shuttering of third party midstream facilities and Gulf Coast refineries. Wells with associated production of approximately 700 Boepd were curtailed for a period of one to three weeks. All wells are now on production and producing at full rates. Abraxas was also informed that the Company's scheduled frac date on the Shut Eye 1H has been postponed to mid-October 2017 as a result of delays associated with the storm.