MIDLAND, TX--(Marketwired - March 07, 2014) - Arabella Exploration, Inc. (OTCQB: AXPLF) ("Arabella" or the "Company") today announced the following updates on its oil and gas exploration operations.
Jackson #1H - Production Begins
Arabella began production on its Jackson #1H at the end of January 2014. This is Arabella's sixth well and the first on its Jackson tract where it holds an approximately 53% working interest. Peak 24-hour initial production rate ("IP") was 875 BOE/Day. Since production began, the well has consistently flowed between 250 and 300 BOE/Day.
Emily Bell #1H - Total Depth Reached
Arabella has successfully drilled and reached a total depth of 14,917 feet on its Emily Bell #1H well on February 27, 2014. The Emily Bell #1H is located in Reeves County, Texas approximately 12 miles east of the town of Pecos. This is be Arabella's seventh well and the first on its Emily Bell tract where it holds an approximately 52% working interest. The Emily Bell #1H was drilled ahead of schedule and under budget in a Company best 43 days.
Woods #2H - Drilling Commences
Arabella began operations on its Woods #2H well on March 5, 2014. This will be Arabella's eighth well and its second on the Woods Lease following its Woods #1H which had a peak 24-hour IP of over 1,200 BOE/Day. The target of this well is the Upper Wolfcamp formation; Arabella expects the well to be drilled and completed in 45 to 60 days.
About Arabella Exploration
Arabella is an independent oil and natural gas company focused on the acquisition, development and exploration of unconventional, long life, onshore oil and natural gas reserves in the Southern Delaware Basin in West Texas. The Company has an experienced management team with experience drilling multi-lateral wells and is primarily focused on the formations that the industry refers to as the Wolfbone play, which includes the Wolfcamp and Bone Spring shales. The Wolfbone play is characterized by high oil content and liquids rich natural gas, multiple vertical and horizontal target horizons, extensive production history, long-lived reserves and high drilling success rates.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded or followed by or that otherwise include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans," and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. Forward-looking statements in this release also include statements about business and economic trends. Investors should also consider the areas of risk described under the heading "Forward Looking Statements" and those factors captioned as "Risk Factors" in the Company's periodic reports under the Securities Exchange Act of 1934, as amended, or in connection with any forward-looking statements that may be made by the Company.
The Company also disclaims any duty to comment upon or correct information that may be contained in reports published by the investment community.
Source: Marketwired (Canada)
(March 7, 2014 - 8:00 AM EST)
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