2008-07-15 09:05:00
SAN ANTONIO–(EMWNews)–Abraxas Petroleum Corporation (AMEX:ABP) today announced that it has
received approval on two of its drilling permits in Brooks Draw, Wyoming.
Abraxas anticipates receiving approval on three additional permits
during the third quarter of 2008. A rig has been scheduled for
mid-August and initial plans are to drill one well at a time with
evaluation periods in-between. The wells will be drilled horizontally
into the Mowry Shale and/or the Turner Sandstone. Abraxas owns a 100%
working interest in each of these wells.
“After a very lengthy permitting process, we
are finally able to move forward in Wyoming. We will be very active
operationally during the second half of 2008. Currently, we are drilling
below 9,000’ on the Nordheim #2H well in South
Texas and we are in the completion process on the Beulah Coleman #13
well in West Texas,” commented Bob Watson,
President and CEO.
Abraxas Petroleum Corporation is a San Antonio based crude oil and
natural gas exploration and production company with operations
principally in Texas and Wyoming. Abraxas Petroleum Corporation also
owns a 47% interest in an upstream master limited partnership, Abraxas
Energy Partners, L.P., which entitles Abraxas Petroleum Corporation to
receive its proportionate share of cash distributions made by Abraxas
Energy Partners, L.P.
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.
Abraxas Petroleum Corporation, San Antonio 210-757-9835 Telephone: 210-490-4788 |
|
Major Newsire & Press Release Distribution with Basic Starting at only $19 and Complete OTCBB / Financial Distribution only $89
Get Unlimited Organic Website Traffic to your Website
TheNFG.com now offers Organic Lead Generation & Traffic Solutions