UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
April 23, 2002
Abraxas Petroleum Corporation
(Exact name of registrant as specified in its charter)
Nevada
(State of other jurisdiction of incorporation)
0-19118 74-2584033
(Commission File Number) (I.R.S. Employer Identification Number)
500 N. Loop 1604 East, Suite 100
San Antonio, Texas 78232
(Address of principal executive offices)
Registrant's telephone number, including area code:
210-490-4788
Item 5.OTHER EVENTS
See attached Press Release
The following exhibits are filed as part of this report:
NUMBER DOCUMENT
99.1 Press release dated April 23, 2002
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ABRAXAS PETROLEUM CORPORATION
By:___________________________________
Chris Williford
Executive Vice President, Chief Financial
Officer and Treasurer
Dated: April 23, 2002
Exhibit 99.1
NEWS RELEASE
ABRAXAS UPDATES CANADIAN WINTER DRILLING ACTIVITY
SAN ANTONIO, TX (April 23, 2002) - Abraxas Petroleum Corporation (AMEX:ABP)
today announced that the Company participated in the drilling of 17 wells (12.1
net) in the Caroline, Peace River Arch ("PRA") and Ladyfern areas in Canada and
anticipates adding 11-15 MMcfepd of net production.
In the Caroline and PRA areas, the Company drilled 11 wells (10.1 net) with a
91% success rate. Completion and tie-in operations are underway with the wells
tested or currently on production at a combined net rate of 9-10 MMcfepd. The
Company expects that one third of the wells will be online by the end of April
with the balance expected to be online after break up. Overall net production
from these two core areas is expected to be 23 MMcfepd by the end of April 2002.
The Company anticipates drilling 11 additional wells during the balance of the
year in Caroline and PRA and has identified 27 additional locations on its
existing acreage. Of the 19 wells expected to be drilled in 2002, only two had
proved reserves booked at the end of 2001. In addition, the Company continues to
expand its gas plant and gathering infrastructure in both Caroline and PRA with
gross plant throughput expected to be in excess of 45 MMcfpd by the summer
(including third party volumes).
In the Ladyfern area, the Company drilled 6 wells (2 net) with a 50% success
rate. The Company expects 2 wells (0.33 net) to be on production in the next
month. The Company plans to integrate the results of the winter drilling program
into its geologic and geophysical interpretation and expects to have a similarly
active drilling program next winter. The Company is also exploring opportunities
to expand the play on existing acreage on trend with the Ladyfern field.
CEO Bob Watson commented, "We are pleased with the success of our winter
drilling activities in Canada. We continue to prove up our large inventory of
projects in the Caroline and PRA areas and are very encouraged by the results of
our Ladyfern drilling which set up a number of additional locations for next
winter and beyond."
Abraxas Petroleum Corporation is a San Antonio-based crude oil and natural gas
exploitation and production company that also processes natural gas. The Company
operates in Texas, Wyoming and western Canada. Please visit
www.abraxaspetroleum.com for the most current and updated information. The web
site is updated daily to comply with the SEC Regulation FD (Fair Disclosure).
Safe Harbor for forward-looking statement: Statements in this release looking
forward in time involve known and unknown risks and uncertainties, which may
cause the Company's 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 the
Company for crude oil and natural gas. In addition, the Company's future crude
oil and natural gas production is highly dependent upon the Company's level of
success in acquiring or finding additional reserves. Further, the Company
operates in an industry sector where the value of securities is highly volatile
and may be influenced by economic and other factors beyond the Company's
control. In the context of forward-looking information provided for in this
release, reference is made to the discussion of risk factors detailed in the
Company's filing with the Securities and Exchange Commission during the past 12
months.
FOR MORE INFORMATION CONTACT:
Janice Herndon/Manager Corp. Communications
Telephone 210.490.4788
jherndon@abraxaspetroleum.com
www.abraxaspetroleum.com