-----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, BTLpseF7waKOyCy1OCTMWMoDxX250MeOG1Ebaq1qcMEerQnYFrgg0f6l2PrEuIEY VNCv3sPa6+oZS3XHiONuhw== 0000867665-05-000004.txt : 20050201 0000867665-05-000004.hdr.sgml : 20050201 20050201101540 ACCESSION NUMBER: 0000867665-05-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050201 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050201 DATE AS OF CHANGE: 20050201 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: 05564199 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 update013105.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 February 1, 2005 Date of Report (Date of earliest event reported) abraxas petroleum corporation (Exact name of registrant as specified in its charter) Nevada 0-19118 74-2584033 (State or other jurisdiction of (Commission (IRS Employer incorporation) File Number) Identification No.) 500 N. Loop 1604 East, Suite 100 San Antonio, Texas 78232 (210) 490-4788 (Address of principal executive offices and Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 7.01 Regulation FD Disclosure The information in this Report (including Exhibit 99.1) is furnished pursuant to Item 7.01 and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of the Section. The information in this Report will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD. On January 31, 2005, Abraxas Petroleum Corporation (the "Company") announced in a press release IT'S 2005 Capital Budger and Guidance for U.S. Operations. Item 9.01 Financial Statements and Exhibits (c) Exhibits 99.1 Press Release dated January 31, 2005 entitled "Abraxas Announces 2005 Capital Budget and Guidance for U.S. Operations" SIGNATURES Pursuant to the requirements 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:/s/ Chris Williford ------------------------------- Chris Williford Executive Vice President, Chief Financial Officer and Treasurer Dated: February 1, 2005 EX-99 2 nr2005update.txt NEWS RELEASE Exhibit 99.1 NEWS RELEASE Abraxas Announces 2005 Capital Budget and Guidance for U.S. Operations SAN ANTONIO (Jan. 31, 2005) - Abraxas Petroleum Corporation (AMEX:ABP) today announced a U.S. capital expenditure budget of $22 million for 2005, issued guidance for the year and provided an update for certain operational activities in the U.S. Due to the previously announced initial public offering in Canada by our wholly-owned subsidiary, Grey Wolf Exploration Inc., this news release contains information regarding U.S. properties only. In 2005, the U.S. budget contemplates the drilling of 16 wells, of which three are in South Texas, one in Wyoming and 12 in West Texas. All of the wells are development in nature and on existing leasehold. As a result of 2004 financial estimates and current market conditions, Abraxas issued U.S. operating and financial guidance for 2005 as follows: Production: Bcfe 6.5 - 7.5 Exit Rate (Mmcfe/d) 19 - 21 Price Differentials: Gas ($/Mcf) 0.55 Oil ($/Bbl) 0.75 Lease Operating Expenses ($/Mcfe) 0.85 G&A ($/Mcfe) 0.55 D/D/A ($/Mcfe) 1.25 Capital Expenditures ($ millions) 22.0 Operationally, in the U.S., we have completed drilling on one 100% WI well in South Texas and have begun completion operations. While the Company has experienced delays in obtaining rigs, we are currently drilling one 100% WI well in South Texas and one 100% WI well in West Texas. In addition, three 100% WI wells in West Texas are anticipated to spud in February. "Even though we find ourselves in a tightening environment in terms of available rigs and related services, we are optimistic about our ability to dramatically increase our capital expenditures on U.S. projects in 2005. Our expected drilling program of $22 million, a greater than two-fold increase above indenture constrained 2004 spending levels, is comprised of 16 different projects. As these projects are successfully completed, we anticipate a growing production profile in line with our guidance", commented Bob Watson, President and CEO. Abraxas Petroleum Corporation is a San Antonio-based crude oil and natural gas exploitation and production company. The Company operates in Texas, Wyoming and western Canada. Safe Harbor for forward-looking statements: 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. 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 the value of securities is 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: Barbara M. Stuckey/Director of Corporate Development Direct Telephone 210.757.9835 Main Telephone 210.490.4788 bstuckey@abraxaspetroleum.com www.abraxaspetroleum.com -----END PRIVACY-ENHANCED MESSAGE-----