109 0 Kommentare Abraxas Provides Operational Update - Seite 3

With 12 wells (including 4 new wells yet to be placed on production on the Ravin Central Pad) in the Bakken shut in for frac protect current production is approximately 10,000 boepd (excluding approximately 720 boepd being flared). The four Ravin Central wells should be on line along with the remaining frac protect wells around mid-November. Four additional wells in the Bakken and one in the Delaware should be on line by the end of November. Barring an offset operator fracing wells requiring frac protect, Abraxas sees no additional frac protect shut ins until the summer 2019 Bakken frac season.

Total production for the third quarter averaged 10,070 boepd despite the frac protect shut-ins and the gas being flared which is an increase of 23 percent over the second quarter. Capital expenditures through the end of the third quarter were approximately $124.5 million including acreage purchases of $33.3 million net of dispositions. We are adjusting our 2018 average production guidance leaving the low end of 10,000 boepd intact but lowering the high end to 11,000 boepd.

Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations across the Rocky Mountain, Permian Basin and South Texas regions of the United States.

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.