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February 20, 2013
17:43 EDTAXASAbraxas reports proved reserves up 0.84 MMBoe to about 30.1 MMBoe
December 31, 2012 reserves consisted of approximately 58% oil, 9% NGLs and 34% natural gas versus December 31, 2011 reserves of approximately 46% oil, 8% NGLs and 46% natural gas. Proved oil reserves increased approximately 30% in 2012. 48% of proved reserves as of December 31, 2012 and December 31, 2011 were classified as proved developed. The present value, using a 10% discount rate, of future net cash flows before income taxes of Abraxas' proved reserves was approximately $316.9M, using 2012 average prices of $2.86/mcf of natural gas and $95.14/bbl of oil. The lower average natural gas price of $2.86/mcf in 2012 versus $4.16/mcf in 2011 resulted in the removal of 3.1 mmboe of previously proved undeveloped natural gas reserves, which were uneconomic to drill at 2012 average natural gas prices. The independent reserve engineering firm DeGloyer and MacNaughton prepared a complete engineering analysis on 98.9% of Abraxas' proved reserves on a BOE basis.
News For AXAS From The Last 14 Days
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April 20, 2015
08:53 EDTAXASAbraxas Petroleum targets long-term leverage of 1.0x FTM EBITDA
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08:53 EDTAXASAbraxas Petroleum sees Q1 production 6,600-6,800 Boepd
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08:53 EDTAXASAbraxas Petroleum sees FY15 7,200-7,300 Boepd
Sees FY15 operating costs LOE $10.00-$12.00/BOE. Sees FY15 CapEx $53.8M. The company expects production guidance sees potential upside from non-operated participating and higher working interest in operated wells. It also sees potential downside from any additional flaring and associated NDIC curtailments, completion delays and offsetting well shut-ins, higher than anticipated work-over activity.
07:22 EDTAXASIndependent Petroleum Association of America to hold a conference
IPAA-OGIS New York is being held in New York on April 20-22.

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