MIDLAND, TX--(Marketwired - August 04, 2014) - Arabella Exploration, Inc. (OTCQB: AXPLF) ("Arabella" or the "Company"), an oil and gas E&P company focused on the Southern Delaware portion of the Permian Basin, today announced a Peak 30 Day Production Rate for its Emily Bell #1H of 482 BOE/Day.
The Emily Bell #1H continues to flow naturally up its 7 5/8th inch casing. Arabella expects that within 30 to 60 days it will put the well on artificial lift and produce up tubing, at which time it expects to see a further boost in production.
Arabella further announced that the Emily Bell #1H was drilled and completed for approximately 8% below its projected cost.
"We continue to be very pleased with the results from our Emily Bell #1H," stated Jason Hoisager, CEO of Arabella. "We believe that the sustained production we are seeing is indicative of the type of results possible in the Wolfbone play. We are especially pleased that this well is in line with our ongoing efforts to bring down drilling costs."
About Arabella Exploration
Arabella Exploration, Inc. (OTCQB: AXPLF) 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)
(August 4, 2014 - 8:00 AM EDT)
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