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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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September 29, 2014
12:11 EDTAXASAbraxas Petroleum still sees Q3 production 6,900-7,000 boepd
In terms of the company's business plan for FY14 and beyond, Abraxas plans to have a "properly" capitalized balance sheet, maintain clean capital structure, and target leverage under 1.0x FTM EBITDA. Says plans to utilize proven operating/engineering competency to drive down costs and enhance well performance. Says looking to have a better match of cash flow to CapEx and subsequent returns. Says targeting to have $190M in CapEx for FY14 and $56M in Q3. Says expecting FY14 production 5,800-6,000 boepd. Sees Q3 and FY14 production tax 8.5%-9%. Says exploring swap opportunities in the Powder River Basin in FY14. Says expecting no capital budgeted for FY14 in Canada and Raven Drilling. Comments taken from slides from the company's corporate update presentation.
September 22, 2014
07:27 EDTAXASIndependent Petroleum Association of America to hold a conference
IPAA OGIS San Francisco on September 22-24.
September 17, 2014
07:35 EDTAXASImperial Capital to hold a conference
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