-----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, OgnXt+pcQKE3n2OJKJ5QFTbxJEJilEGPUfsr/mi1oESpsz8ES+x7biZ8186Zqp/+ 5nGQR3a/EeO2w5KyjoDlhA== 0000867665-05-000085.txt : 20051201 0000867665-05-000085.hdr.sgml : 20051201 20051201120300 ACCESSION NUMBER: 0000867665-05-000085 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051201 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051201 DATE AS OF CHANGE: 20051201 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: 051236729 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 abp06guidance8k.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 December 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 (Commission (IRS Employer of 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 December 1, 2005, Abraxas Petroleum Corporation (the "Company") announced in a press release it's 2006 capital budget and guidance. Item 9.01 Financial Statements and Exhibits (c) Exhibits 99.1 Press Release dated December 1, 2005 entitled "Abraxas Announces 2006 Capital Budget and Guidance" 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: December 1, 2005 EX-99 2 abpnewsrelease2006guidance.txt Exhibit 99.1 ABRAXAS PETROLEUM CORPORATION www.abraxaspetroleum.com 500 N. Loop 1604 East, Suite 100, San Antonio, Texas 78232 P.O. Box 701007, San Antonio, Texas 78270-1007 Office: 210.490.4788 Fax: 210.490.8816 NEWS RELEASE Abraxas Announces 2006 Capital Expenditure Budget and Guidance SAN ANTONIO (Dec. 1, 2005) - Abraxas Petroleum Corporation (AMEX:ABP) today announced a 2006 capital expenditure budget of $40 million and issued guidance for the year. Individual projects that comprise the $40 million capital expenditure budget will be selected from the Company's large inventory of projects based on availability of drilling rigs and service equipment. Every project in inventory is located on existing leasehold in Texas and Wyoming and considered development in nature, with the vast majority being 100% owned and operated by the Company. Abraxas plans to fund the 2006 capital expenditure budget out of cash flow and availability under its revolving credit facility. Abraxas further provided the following operational and financial guidance for 2006: Production Annual 7.5 - 8.5 Bcfe Exit Rate (per day) 22 - 24 MMcfe Differentials off NYMEX Oil $ 1.00 Gas 5% Production Taxes 10% of revenue Direct Lease Operating Expenses (LOE) $ 1.10 per Mcfe General & Administrative (G&A) $ 0.55 per Mcfe Interest $ 2.00 per Mcfe Depreciation, Depletion & Amortization (D/D/A) $ 1.30 per Mcfe (The above guidance does not include non-cash and extraordinary items, including, but not limited to, stock-based compensation, stock option expensing or bonuses.) "Even though we remain in a tight environment in terms of available rigs and related services, we are optimistic about our ability to spend our 2006 capital expenditure budget of $40 million, a 25% increase over the 2005 budget. We will begin the year utilizing our own workover rigs for re-entry and re-completion projects, primarily in the Delaware Basin of West Texas, while we secure larger rigs for grass roots and deeper projects. As the selected projects are successfully completed and placed on-line, 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 with operations in Texas and Wyoming. Safe Harbor for forward-looking statements: Statements in this release looking forward in time involve known and unknown risks and uncertainties, which may cause Abraxas' 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 Abraxas for natural gas and crude oil. In addition, Abraxas' future natural gas and crude oil production is highly dependent upon Abraxas' level of success in acquiring or finding additional reserves. Further, Abraxas operates in an industry sector where the value of securities is highly volatile and may be influenced by economic and other factors beyond Abraxas' control. In the context of forward-looking information provided for in this release, reference is made to the discussion of risk factors detailed in Abraxas' filings 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-----