Abraxas Petroleum says "extremely encouraged" with Texas well results Abraxas announced that the Spires Ranch 89-1H well has been completed and is currently flowing approximately 828 barrels of oil per day and 734 mcf per day of gas on a 30/64 inch choke with 230 pounds of flowing tubing pressure. Abraxas owns a 100% interest in the Spires Ranch lease. Abraxas also announced that its Jore Federal 2-11-3H well in McKenzie County, North Dakota has been drilled to a total depth of approximately 20,620 feet including an approximate 10,000 foot horizontal lateral. Abraxas owns an approximate 76% interest in the Jore Federal Unit. Abraxas’ President and CEO said, “We are extremely encouraged with these well results as they validate our aggressive capital program to develop new oil reserves and production. In West Texas, the Spires well was a step out from our own previous production and indicates a sizeable area of higher pressure reservoir may be located under our 5,800 acre Spires Ranch lease. The Jore well in North Dakota is the third on a three well pad and sets up a mid October frac date for three wells which should be a significant contributor to Q-4 production and cash flow."
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