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Abraxas Beating Type Curves at Bakken, Delaware Basin Well Pads; Talks Production

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   |    Wednesday,August 22,2018

Abraxas Petroleum reported its Q2 2018 results.

Williston Basin - Exceeding Type Curve by 55%

On the Yellowstone NE Central pad, three wells, one in the Middle Bakken and two in the Three Forks, all with approximate 10,000 foot laterals, are currently flowing back at a 2 stream average of 1,418 boe/d per well (81% oil).

This current rate is approximately 55% above our previously published type curves.

Lillibridge NE Pad

On the Lillibridge NE pad, four wells with approximate 10,000 foot laterals, two each in the Middle Bakken and Three Forks, were successfully completed and are flowing back on our conservative protocol without yet achieving peak 30 day rates, at a 2 stream average of 771 boe/d per well (81% oil).

Drilling at Ravin NE Pad

The Company owned drilling rig, Raven Rig #1, successfully drilled four new wells with approximate 10,000 foot laterals on the Ravin NE Central pad and is currently drilling laterals in four wells on the Ravin NE pad. These eight wells are scheduled to be fracture stimulated starting in mid-September. Abraxas owns an average 46.8% working interest in these eight wells.

Delaware Basin - Downspacing Test Pad Above Type Curve

In Ward County, Abraxas successfully completed and placed on production our four well Caprito 99 downspacing test pad.

• Approximate 4,800 foot laterals

• Currently producing at a 2 stream average of 668 boe/d per well (88% oil). All wells are producing above our previously published type curves.

Greasewood Pad - Upper Wolfcamp

Five miles to the north, still in Ward County, Abraxas successfully drilled the two well Greasewood pad with approximate 4,800 foot laterals in the Upper Wolfcamp A-1 and A-2. These wells are currently being fracture stimulated with flowback expected around mid-August. Abraxas owns a 100% working interest in the Greasewood section.

Mesquite Pad - Upper Bone Spring

Five miles south of Caprito, also in Ward County, Abraxas has successfully drilled the two well Mesquite pad, with approximate 4,800 foot laterals in the Upper Third Bone Spring (a new zone for Abraxas) and in the Lower Third Bone Spring (successfully tested in Caprito 82). Abraxas owns a 73.3% working interest in the Mesquite pad which is scheduled to be fracture stimulated in mid-September.

The rig is currently moving approximately seven miles south but still in Ward County, to drill an approximate 4,800 foot lateral to test the Upper Wolfcamp A-1, in our Pecan 47 unit, in which Abraxas owns a 100% working interest.

Production - Down -22% from 1Q18

- Production of 745 MBoe (8,188 Boepd) - up +58% YOY and down -22% from 1Q18