-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FSZO+673NRI5aqmbGdX72O2q75WvLFuulmHwqjxU5PTWfKr9njr0bRoM0NstQrzA 7UObnOUZKsiFiyPJRCRA2w== 0000867665-02-000009.txt : 20020514 0000867665-02-000009.hdr.sgml : 20020514 ACCESSION NUMBER: 0000867665-02-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020514 ITEM INFORMATION: Other events FILED AS OF DATE: 20020514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ABRAXAS PETROLEUM CORP CENTRAL INDEX KEY: 0000867665 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 742584033 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16071 FILM NUMBER: 02644985 BUSINESS ADDRESS: STREET 1: 500 N LOOP 1604 E STE 100 CITY: SAN ANTONIO STATE: TX ZIP: 78232 BUSINESS PHONE: 2104904788 MAIL ADDRESS: STREET 1: 500 N LOOP 1604 EAST STE 100 CITY: SAN ANTONIO STATE: TX ZIP: 78232 8-K 1 abpq102.txt 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 May 14, 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 May 14, 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: May 14, 2002 Exhibit 99.1 NEWS RELEASE ABRAXAS REPORTS 2002 FIRST QUARTER FINANCIAL RESULTS AND DRILLING SUCCESS IN WEST TEXAS SAN ANTONIO, TX (May 14, 2002) - Abraxas Petroleum Corporation (AMEX:ABP) today reported a first quarter of 2002 loss of $8.7 million or $0.29 per share compared to net income of $0.3 million or $0.01 per share for the first quarter of 2001. Improvements in General and Administrative ("G&A") expense and Lease Operating Expense ("LOE") at $1.7 million and $3.9 million respectively in the 2002 quarter compared to $2.1 million and $4.9 million respectively in the 2001 quarter were offset by reduced revenues. Sharply lower commodity prices, compared to the first quarter of 2001, combined with asset sales, resulted in revenues declining from $29.1 million in 2001 to $11.8 million in this quarter. Capital expenditures for the first quarter of 2002 were $17.4 million of which $12.5 million was for development of Canadian assets under the Mirant Canada facility. In the United States, the third well in the Montoya Trend in west Texas went online at an initial rate of 18-20 MMcfe per day (2.5-2.8 net to the Company's interest) under the joint participation agreement with EOG Resources (NYSE:EOG). The fourth well under this agreement is currently drilling. The Company is also reviewing bids on its previously announced U.S. assets sale package. Negotiations are at various stages and closings are expected in the second quarter. In Canada, the Company drilled 17 wells (12.1 net) with an 84% success rate in our core areas of Peace River Arch, Caroline and Ladyfern during the recent winter drilling season, which is expected to add 11-15 MMcfepd of net production. In Ladyfern, two wells are currently online and producing at a combined gross rate of 10-15 MMcfepd (1.6-2.5 net). The rights of first refusal have been exercised on the sale of certain Canadian assets previously announced and closing is proceeding on schedule. CEO Bob Watson commented, "We are pleased with the initial results of our latest well in west Texas which continues to prove up our acreage in the Montoya trend. This new well along with our results in our Canadian winter drilling program continue our efforts to add new production which, combined with the recent improvement in commodity prices and proceeds from our asset sale program, should greatly improve our liquidity going forward. This added liquidity will help in our continuing efforts to improve our balance sheet during 2002." The Company reiterates that it does expect to make its $11 million interest payment on its Senior Secured Notes by utilizing cash on hand and expected cash flows within the 30 day grace period, which commenced May 1. Key quarterly results are summarized below: (Amounts in thousands) 2002 2001 ---- ---- Revenues $11,807 $29,086 Operating Income (Loss) $(735) $12,193 Net Income (Loss) $(8,699) $255 Earnings (Loss) Per Share $(.29) $.01 EBITDA $6,079 $21,949 Average Oil Price (after hedge) $16.64 $27.22 Average Gas Price (after hedge) $2.21 $4.85 Total Assets $309,294 $333,974 Abraxas invites your participation in a conference call on Tuesday, May 14th, at 1:30 pm CDT to discuss the contents of this release and respond to questions. Please call 1-800-818-5264 between 1:20 and 1:30 pm CDT, passcode code 350101, if you would like to participate in the call. There will be a replay of the conference call available by calling 1-888-203-1112, passcode code 350101, beginning approximately 3:30 pm CDT Tuesday, May 14th, through 5:00 pm CDT Tuesday, May 21. 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. For additional information about the Company, please visit our web site, www.abraxaspetroleum.com for the most current and updated information. The web site is updated daily in order 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 and our ability to sell certain assets in a timely manner to support liquidity needs. 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 securities values are 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
ABRAXAS PETROLEUM CORPORATION QUARTER-END RESULTS (UNAUDITED) Three Months (In thousands except per share data) Ended March 31, Production and Pricing Information 2002 2001 Revenues $11,807 $29,086 Cash Flow (Before Working Capital Changes) (2,188) 14,103 Net Income(Loss) (8,699) 255 Net Income(Loss) Per Share (.29) .01 Weighted Ave. Shares Outstanding 30.0 22.6 Production: Crude Oil (BPD) 823 1,470 NGL (BPD) 759 868 Natural Gas (MCFPD) 44,145 51,409 MMCFEPD 53.6 65.4 Prices (net of hedge impact): Crude Oil ($/BBL) $16.64 $27.22 NGL's ($/BBL) 12.76 28.44 Natural Gas ($/MCF) 2.21 4.85 Price per MCFE 2.26 4.80 Expenses: Lease Operating ($/MCFE) $.81 $.82 General & Administrative ($/MCFE) .34 .36 Interest ($/MCFE) 1.74 1.32 D/D/A ($/MCFE) 1.42 1.50
Balance Sheet (In $000s) Quarter Ended Year Ended March 31, 2002 December 31, 2001 Cash $3,851 $7,605 Working Capital (Deficit)* (21,361) (4,994) Plant/Property/Equipment, Net 292,066 281,894 Total Assets 309,294 303,616 Long-Term Debt 227,103 285,184 Shareholders Equity (Deficit) (39,726) (28,585) Common Shares Outstanding (Millions) 30.0 30.0
*1st Quarter 2002 working capital excludes debt of $63.5 million which is due March, 2003.
Abraxas Petroleum Corporation and Subsidiaries Consolidated Statements of Operations (Unaudited) Three Months Ended March 31, -------------------------------------- 2002 2001 -- ---------------- -- --------------- (In thousands except per share data) Revenue: Oil and gas production revenues................................... $ 10,886 $ 28,249 Gas processing revenue .......................................... 670 436 Rig revenues...................................................... 151 183 Other............................................................. 100 218 ---------------- --------------- 11,807 29,086 Operating costs and expenses: Lease operating and production taxes.............................. 3,909 4,859 Depreciation, depletion and amortization.......................... 6,814 8,841 Rig operations.................................................... 121 153 General and administrative....................................... 1,698 2,109 General and administrative (Stock-based Compensation)............ - 931 ---------------- --------------- 12,542 16,893 ---------------- --------------- Operating Income (Loss).............................................. (735) 12,193 Other (income) expense Interest income................................................... (33) (16) Interest expense ............................................. 8,413 7,781 Amortization of deferred financing fees........................... 427 455 Other ............................................................ - 16 ---------------- --------------- 8,807 8,236 ---------------- --------------- Income (Loss) from operations before taxes ......................... (9,542) 3,957 Income tax expense (benefit)......................................... (843) 2,776 Minority interest in income of consolidated foreign subsidiary....... - (926) ---------------- --------------- Net Income (Loss) ................................................... $ (8,699) $ 255 ================ =============== Earnings per share: Net income per common share - basic.............................. $ (0.29) $ .01 ================ =============== Net income per common - diluted.................................. $ (0.29) $ .01 ================ ===============
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