0000867665-13-000093.txt : 20131106 0000867665-13-000093.hdr.sgml : 20131106 20131106104505 ACCESSION NUMBER: 0000867665-13-000093 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20131106 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131106 DATE AS OF CHANGE: 20131106 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: 1112 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16071 FILM NUMBER: 131195126 BUSINESS ADDRESS: STREET 1: 18803 MEISNER DRIVE CITY: SAN ANTONIO STATE: TX ZIP: 78258 BUSINESS PHONE: 2104904788 MAIL ADDRESS: STREET 1: 18803 MEISNER DRIVE CITY: SAN ANTONIO STATE: TX ZIP: 78258 8-K 1 abpq32013earnings8k.htm 8-K abpq32013earnings8k



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
November 6, 2013

Date of Report (Date of earliest event reported)
ABRAXAS PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
Nevada
0-16071
74-2584033
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification Number)
18803 Meisner Drive
San Antonio, Texas 78258
(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):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





Item 2.02 Results of Operations and Financial Condition
On November 6, 2013 Abraxas issued a press release announcing its Third Quarter 2013 results. The full text of the news release is attached hereto as Exhibit 99.1.

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.

Item 7.01 Regulation FD Disclosure
    
On November 6, 2013 Abraxas issued a press release announcing its Third Quarter Production, Guidance, Operational and A&D Update. The full text of the news release is attached hereto as Exhibit 99.2.
 
The information in this Report (including Exhibit 99.2) 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.

Item 9.01 Financial Statements and Exhibits.
(d)    Exhibits.
99.1
News Release
99.2 News Release



2


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/ Geoffrey R. KIng    
Geoffrey R. King
Vice President - CFO

Dated: November 6, 2013




3

 EX-99.1 2 a3q13pressrelease.htm EXHIBIT - EARNINGS RELEASE 3Q13PressRelease
ABRAXAS PETROLEUM CORPORATION
www.abraxaspetroleum.com


NEWS RELEASE
Exhibit 99.1
Abraxas Announces Third Quarter 2013 Results

SAN ANTONIO (November 6, 2013) – Abraxas Petroleum Corporation (NASDAQ:AXAS) today reported financial and operating results for the three and nine months ended September 30, 2013.

Financial and Operating Results for the Three Months Ended September 30, 2013
The three months ended September 30, 2013 resulted in:
•
Production of 440 MBoe (4,781 Boepd)
•
Revenue of $29.1 million
•
Adjusted EBITDA(a) of $18.1 million inclusive of Raven Drilling
•
Adjusted discretionary cash flow(a) of $17.1 million inclusive of Raven Drilling
•
Net income of $3.2 million, or $0.03 per share
•
Adjusted net income(a), excluding certain non-cash items and inclusive of Raven Drilling of $8.4 million, or $0.09 per share

(a) 
See reconciliation of non-GAAP financial measures below.

Net income for the three months ended September 30, 2013 was $3.2 million, or $0.03 per share, compared to a net loss of $18.6 million, or $(0.20) per share, for the three months ended September 30, 2012.

Adjusted net income, excluding certain non-cash items, for the three months ended September 30, 2013 was $8.4 million, or $0.09 per share, compared to an adjusted net loss, excluding certain non-cash items, of $0.5 million or $(0.01) per share for the three months ended September 30, 2012. For the three months ended September 30, 2013 and 2012, adjusted net income (loss) excludes the unrealized loss on derivative contracts of $4.5 million and $5.3 million, respectively. Also excluded is a full cost impairment on Canadian assets of $0.2 million and $11.8 million for the quarters ended September 30, 2013 and September 30, 2012, respectively. Included in adjusted net income for the quarters ended September 30, 2013 and September 30, 2012 is the net income from our subsidiary, Raven Drilling, LLC of $0.6 million and $1.1 million, respectively.

Pursuant to SEC regulation S-X, no income is recognized for Raven Drilling, LLC. Contractual drilling services performed in connection with properties in which Abraxas holds an ownership interest cannot be recognized as income, rather it is credited to the full cost pool and recognized through lower amortization as reserves are produced.

Unrealized gains or losses on derivative contracts are based on mark-to-market valuations which are non-cash in nature and may fluctuate drastically from period to period. As commodity prices fluctuate, these derivative contracts are valued against current market prices at the end of each reporting period in accordance with Accounting Standards Codification 815, “Derivatives and Hedging,” as amended and interpreted, and require Abraxas to either record an unrealized gain or loss based on the calculated value difference from the previous period-end valuation. For example, NYMEX oil prices on September 30, 2012 were $92.19 per barrel compared to $102.33 on September 30, 2013; therefore, the mark-to-market valuation changed considerably period to period.











18803 Meisner Drive
San Antonio, Texas 78258
Phone: 210.490.4788 Fax: 210.918.6675

Comments
Bob Watson, Abraxas’ President and CEO commented, “Evidence of Abraxas’ transformation into a focused high rate of return E&P is clearly evident in our third quarter numbers, which more than doubled street expectations.   Notably, the company showed a marked improvement in LOE driven by the divestiture of high LOE properties and production from new wells. Heading forward, we expect this expense trend to continue. With our balance sheet in order, we will continue to focus on adding to our already high quality inventory in the Eagle Ford and Bakken while using the drill bit to turn these acreage positions into cash flow."
 
Conference Call
Abraxas Petroleum Corporation (NASDAQ:AXAS) will host its third quarter 2013 earnings conference call at 11 AM ET on November 6, 2013. To participate in the conference call, please dial 888.679.8035 and enter the passcode 87993460. Additionally, a live listen only webcast of the conference call can be accessed under the investor relations section of the Abraxas website at www.abraxaspetroleum.com. A replay of the conference call will be available until December 4, 2013 by dialing 888.286.8010 and entering the passcode 11755363 or can be accessed under the investor relations section of the Abraxas website.

Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations across the Rocky Mountain, Permian Basin and onshore Gulf Coast regions of the United States and in the province of Alberta, 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 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 crude oil and natural gas. In addition, Abraxas’ future crude oil and natural gas 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:
Geoffrey King/Vice President – Chief Financial Officer
Telephone 210.490.4788
gking@abraxaspetroleum.com
www.abraxaspetroleum.com




















ABRAXAS PETROLEUM CORPORATION
CONSOLIDATED

FINANCIAL HIGHLIGHTS
(In thousands except per share data)
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
 
2013
 
2012
 
2013
 
2012
 
 
 
 
 
 
 
 
 
Financial Results:
 
 
 
 
 
 
 
 
Revenues
 
$
29,095

 
$
17,170

 
$
71,785

 
$
49,501

Adjusted EBITDA(a)    
 
18,115

 
7,356

 
41,312

 
25,400

Adjusted Discretionary cash flow(a)    
 
17,085

 
6,752

 
38,002

 
33,696

Net income (loss)
 
3,190

 
(18,644
)
 
11,651

 
(6,924
)
Net income (loss) per share – diluted
 
$
0.03

 
$
(0.20
)
 
$
0.12

 
$
(0.08
)
Adjusted net income (loss), excluding certain non-cash items(a)
 
8,431

 
(547
)
 
13,802

 
3,622

Adjusted net income (loss), excluding certain non-cash items(a), per share – diluted
 
$
0.09

 
$
(0.01
)
 
$
0.15

 
$
0.04

Weighted average shares outstanding – diluted
 
93,542

 
91,898

 
93,375

 
91,866

 
 
 
 
 
 
 
 
 
Production:
 
 
 
 
 
 
 
 
Crude oil per day (Bopd)
 
2,733

 
1,775

 
2,313

 
1,707

Natural gas per day (Mcfpd)
 
9,457

 
11,569

 
9,924

 
11,122

Natural gas liquids (Bblpd)
 
472

 
323

 
403

 
292

Crude oil equivalent per day (Boepd)
 
4,781

 
4,027

 
4,371

 
3,853

Crude oil equivalent (MBoe)
 
439.8

 
370.5

 
1,193.2

 
1,055.6

Crude oil equivalent per day (Boepd) (b)    
 
4,781

 
4,177

 
4,371

 
4,088

Crude oil equivalent (MBoe) (b)  
 
439.8

 
384.3

 
1,193.2

 
1,120.2

 
 
 
 
 
 
 
 
 
Realized Prices, net of realized hedging activity:
 
 
 
 
 
 
 
 
Crude oil ($ per Bbl)
 
$
90.98

 
$
73.88

 
$
88.05

 
$
71.92

Natural gas ($ per Mcf)
 
3.00

 
2.92

 
3.17

 
4.55

Natural gas liquids ($ per Bbl)
 
34.20

 
31.69

 
33.54

 
37.04

Crude oil equivalent ($ per Boe)
 
61.31

 
43.51

 
56.91

 
47.80

 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
Lease operating ($ per Boe)
 
$
12.43

 
$
18.40

 
$
15.17

 
$
17.18

Production taxes (% of oil and gas revenue)
 
9.1
%
 
10.0
%
 
9.0
%
 
9.5
%
General and administrative, excluding stock-based compensation ($ per Boe)
 
4.30

 
5.00

 
5.09

 
4.70

Cash interest ($ per Boe)
 
2.17

 
3.98

 
2.59

 
3.51

Depreciation, depletion and amortization
($ per Boe)
 
16.50

 
16.12

 
16.38

 
15.34

 
(a)
See reconciliation of non-GAAP financial measures below.
(b)
Includes Abraxas’ equity interest in Blue Eagle’s production which
was dissolved effective August 31, 2012.











BALANCE SHEET DATA

(In thousands)
September 30, 2013
 
December 31, 2012
 
 
 
 
Cash
$
4,985

 
$
2,061

Working capital (a)    
(27,454
)
 
(27,391
)
Property and equipment – net
209,655

 
212,832

Total assets
$
257,235

 
$
240,607

 
 
 
 
Long-term debt
108,495

 
124,101

Stockholders’ equity
59,608

 
46,700

Common shares outstanding
92,838

 
92,733

(a)
Excludes current maturities of long-term debt and current derivative assets and liabilities in accordance with our loan covenants


 
 
ABRAXAS PETROLEUM CORPORATION
CONSOLIDATED
STATEMENTS OF OPERATIONS

(In thousands except per share data)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2013
 
2012
 
2013
 
2012
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
Oil and gas production
 
$
29,092

 
$
17,146

 
$
71,733

 
$
49,459

Other
 
3

 
24

 
52

 
42

 
 
29,095

 
17,170

 
71,785

 
49,501

Operating costs and expenses:
 
 
 
 
 
 
 
 
Lease operating
 
5,469

 
6,816

 
18,097

 
18,132

Production and ad valorem taxes
 
2,637

 
1,714

 
6,475

 
4,699

Depreciation, depletion, and amortization
 
7,260

 
5,971

 
19,545

 
16,189

Impairment
 
158

 
11,761

 
2,135

 
13,067

General and administrative (including stock-based compensation of $520, $413, $1,662 and $1,612)
 
2,410

 
2,267

 
7,737

 
6,572

 
 
17,934

 
28,529

 
53,989

 
58,659

Operating income (loss)
 
11,161

 
(11,359
)
 
17,796

 
(9,158
)
 
 
 
 
 
 
 
 
 
Other (income) expense:
 
 
 
 
 
 
 
 
Interest income
 
(1
)
 
(1
)
 
(2
)
 
(3
)
Interest expense
 
1,110

 
1,596

 
3,577

 
4,061

Amortization of deferred financing fees
 
344

 
311

 
1,020

 
607

Loss (gain) on derivative contracts - realized
 
2,124

 
84

 
3,832

 
(782
)
Loss (gain) on derivative contracts - unrealized
 
4,490

 
5,267

 
(2,374
)
 
(4,153
)
Earnings from equity method investment
 
—

 
(282
)
 
—

 
(2,316
)
Other
 
(96
)
 
—

 
5

 
42

 
 
7,971

 
6,975

 
6,058

 
(2,544
)
Net income (loss) before income tax
 
$
3,190

 
$
(18,334
)
 
$
11,738

 
$
(6,614
)
Income tax expense
 
—

 
310

 
87

 
310

Net income (loss)
 
$
3,190

 
$
(18,644
)
 
$
11,651

 
$
(6,924
)
 
 
 
 
 
 
 
 
 
Net income (loss) per common share - basic
 
$
0.03

 
$
(0.20
)
 
$
0.13

 
$
(0.08
)
Net income (loss) per common share - diluted
 
$
0.03

 
$
(0.20
)
 
$
0.12

 
$
(0.08
)
 
 
 
 
 
 
 
 
 
Weighted average shares outstanding:
 
 
 
 
 
 
 
 
   Basic
 
92,475

 
91,898

 
92,435

 
91,866

   Diluted
 
93,542

 
91,898

 
93,375

 
91,866





 
ABRAXAS PETROLEUM CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
To fully assess Abraxas’ operating results, management believes that, although not prescribed under generally accepted accounting principles ("GAAP"), discretionary cash flow and EBITDA are appropriate measures of Abraxas' ability to satisfy capital expenditure obligations and working capital requirements. Discretionary cash flow and EBITDA are non-GAAP financial measures as defined under SEC rules. Abraxas' discretionary cash flow and EBITDA should not be considered in isolation or as a substitute for other financial measurements prepared in accordance with GAAP or as a measure of the Company's profitability or liquidity. As discretionary cash flow and EBITDA exclude some, but not all items that affect net income (loss) and may vary among companies, the discretionary cash flow and EBITDA presented below may not be comparable to similarly titled measures of other companies. Management believes that operating income (loss) calculated in accordance with GAAP is the most directly comparable measure to discretionary cash flow; therefore, operating income (loss) is utilized as the starting point for the discretionary cash flow reconciliation.
Discretionary cash flow is defined as operating income (loss) plus depreciation, depletion and amortization expenses, non-cash expenses and impairments, cash portion of other income (expense) less cash interest. Adjusted discretionary cash flow is defined as discretionary cash flow, plus gas derivative monetization and cash flow from Raven Drilling’s operations. Accounting rules do not permit the inclusion of the net income (loss) and other components of Raven Drilling’s operations to be included in our consolidated results of operations and cash flow, instead, the results of Raven Drilling’s operations are credited to the full cost pool. Accordingly, for purposes of Adjusted Discretionary cash flow, Raven Drilling’s cash flow is added back. The following table provides a reconciliation of discretionary cash flow and adjusted discretionary cash flow to operating income (loss) for the periods presented.
(In thousands)
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2013
 
2012
 
2013
 
2012
Operating income (loss)
$
11,161

 
$
(11,359
)
 
$
17,796

 
$
(9,158
)
Depreciation, depletion and amortization
7,260

 
5,971

 
19,545

 
16,189

Impairment
158

 
11,761

 
2,135

 
13,067

Stock-based compensation
520

 
413

 
1,662

 
1,612

Realized gain (loss) on derivative contracts
(2,124
)
 
(84
)
 
(3,832
)
 
782

Cash interest
(955
)
 
(1,476
)
 
(3,086
)
 
(3,705
)
Discretionary cash flow
$
16,020

 
$
5,226

 
$
34,220

 
$
18,787

Gas derivative monetization
—

 
—

 
—

 
12,364

Cash flow from Raven Drilling operations
1,065

 
1,526

 
3,782

 
2,545

Adjusted Discretionary cash flow
$
17,085

 
$
6,752

 
$
38,002

 
$
33,696




EBITDA is defined as net income (loss) plus interest expense, depreciation, depletion and amortization expenses, deferred income taxes and other non-cash items. Adjusted EBITDA includes all of the components of EBITDA plus Raven Drilling’s EBITDA. Accounting rules do not permit the inclusion of the net income (loss) and other components of Raven Drilling’s operations to be included in our consolidated results of operations, instead, the results of Raven Drilling’s operations are credited to the full cost pool. Accordingly, for purposes of Adjusted EBITDA, Raven Drilling’s EBITDA is added back. Adjusted EBITDA does not include approximately $12.4 million from the monetization of our gas hedges settled in the first quarter 2012, which is allowed in EBITDA for purposes of our credit facility covenants. The following table provides a reconciliation of EBITDA and Adjusted EBITDA to net income (loss) for the periods presented.

(In thousands)
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2013
 
2012
 
2013
 
2012
Net income (loss)
$
3,190

 
$
(18,644
)
 
$
11,651

 
$
(6,924
)
Net interest expense
1,109

 
1,595

 
3,575

 
4,058

Income tax expense
—

 
310

 
87

 
310

Depreciation, depletion and amortization
7,260

 
5,971

 
19,545

 
16,189

Amortization of deferred financing fees
344

 
311

 
1,020

 
607

Stock-based compensation
520

 
413

 
1,662

 
1,612

Impairment
158

 
11,761

 
2,135

 
13,067

Unrealized (gain) loss on derivative contracts
4,490

 
5,267

 
(2,374)

 
(4,153)

Realized (gain) loss on interest derivative contract
—

 
(946)

 
—

 
214

Earnings from equity method investment
—

 
(282)

 
—

 
(2,316)

Other non-cash items
(96)

 
—

 
5

 
42

EBITDA
$
16,975

 
$
5,756

 
$
37,306

 
$
22,706

Raven Drilling EBITDA
1,140

 
1,600

 
4,006

 
2,694

Adjusted EBITDA
$
18,115

 
$
7,356

 
$
41,312

 
$
25,400


This release also includes a discussion of “adjusted net income (loss), excluding certain non-cash items,” which is a non-GAAP financial measure as defined under SEC rules. The following table provides a reconciliation of adjusted net income (loss), excluding ceiling test impairment and unrealized changes in derivative contracts and net income (loss) related to Raven Drilling, LLC capitalized to the full cost pool, to net income (loss) for the periods presented. Management believes that net income (loss) calculated in accordance with GAAP is the most directly comparable measure to adjusted net income (loss), excluding certain non-cash items.

(In thousands)
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2013
 
2012
 
2013
 
2012
 
 
 
 
 
 
 
 
Net income (loss)
$
3,190

 
$
(18,644
)
 
$
11,651

 
$
(6,924
)
Impairment
158

 
11,761

 
2,135

 
13,067

Net income related to Raven Drilling
593

 
1,069

 
2,390

 
1,632

Unrealized (gain) loss on derivative
contracts
4,490

 
5,267

 
(2,374)

 
(4,153)

Adjusted net income (loss), excluding certain non-cash items
$
8,431

 
$
(547
)
 
$
13,802

 
$
3,622

Net income (loss) per share – diluted
$
0.03

 
$
(0.20
)
 
$
0.12

 
$
(0.08
)
Adjusted net income (loss), excluding certain non-cash items, per share – diluted
$
0.09

 
$
(0.01
)
 
$
0.15

 
$
0.04


 

 EX-99.2 3 operationalupdate.htm EXHIBIT - OPERATIONAL UPDATE OperationalUpdate10-28-132
ABRAXAS PETROLEUM CORPORATION
www.abraxaspetroleum.com

Exhibit 99.2
NEWS RELEASE
Abraxas Provides Third Quarter 2013 Production, Guidance, Operational and A&D Update

SAN ANTONIO (November 6, 2013) – Abraxas Petroleum Corporation (NASDAQ:AXAS) is pleased to provide a third quarter 2013 production, operational, guidance and divestiture update.

Third Quarter 2013 Production
Abraxas’ production for the third quarter of 2013 averaged 4,781 boepd (2,733 barrels of oil per day, 9,457 mcf of natural gas per day and 472 barrels of NGLs per day) a 16% and 19% increase in production over the second quarter of 2013 and third quarter of 2012, respectively. Oil volumes grew 32% and 54% over the second quarter of 2013 and third quarter of 2012, respectively.

2013 Guidance
Abraxas recently made several changes to its capital budget announced August 13, 2013.

In the Eagle Ford the company elected to mobilize back to WyCross following the drilling of the Blue Eyes 1H in Atascosa County versus the originally planned mobilization to the Cave Prospect in McMullen County. Abraxas will now drill two wells at WyCross, the Camaro A 2H and Camaro A 5H, before mobilizing the rig at year end to the Cave prospect. The two WyCross wells carry a lower working interest of 25% versus the originally planned 100% working interest well at Cave.

In the Williston Basin, Abraxas elected not to drill the Crusch 2-33 due to overly onerous lease renegotiation terms. The drilling on the Christensen 12-2 was postponed until the second quarter of 2014. Also in the Williston Basin, drilling on the Lillibridge West pad was completed a month ahead of schedule bringing forward originally planned 2014 CAPEX on the company’s 76% working interest Jore Federal East pad into 2013. Furthermore, in order to ensure a safe operating environment, Abraxas elected to shut in the Jore 3H well during the drilling process of the Jore 1H, 2H and 4H. The Jore 3H well produced approximately 123 boepd net to Abraxas before being shut in.

Reflecting these adjustments, Abraxas expects 2014 production to average 4,400-4,500 boepd and is maintaining its previously announced targeted exit rate of 5,300 boepd. Abraxas is also maintaining its previously announced $85 million capital budget.

Abraxas anticipates providing the company’s 2014 production and capital spending budget in early December.

Williston Basin
In McKenzie County, North Dakota, the Lillibridge 5H, 6H, 7H and 8H are currently being fracture stimulated. During the fracture stimulation of the Lillibridge West pad, the Lillibridge East pad wells have been shut in. Post completion, the wells will be immediately turned to sales. On the Jore Federal East pad, surface casing has been set on the Jore 1H, 2H and 4H. The company is currently drilling the intermediate section of the Jore 1H after which the rig will mobilize to drill the intermediate sections of the Jore 2H and 4H. Abraxas owns a working interest of approximately 34% and 76% in the Lillibridge and Jore pads, respectively.

Eagle Ford Shale
In McMullen County, Texas, the Sting Ray A 8H averaged 1,381 boepd (1,281 barrels of oil per day, 604 mcf of natural gas per day) over the well’s first 30 full days of production. The production rates for the well do not include the impact of natural gas liquids or shrinkage at the processing plant and include flared gas. The company is currently rigging up on the 300 foot (40 acre) spaced twin to the Camaro A 1H, the Camaro A 2H. Post the drilling of the Camaro A 2H the company plans to zipper frac the Camaro A 1H

18803 Meisner Drive
San Antonio, Texas 78258
Phone: 210.490.4788 Fax: 210.918.6675

and Camaro A 2H simultaneously. Abraxas owns an 18.75% working interest in the Sting Ray A 8H and a 25% working interest in the Camaro A 1H and Camaro A 2H.

In Atascosa County, Texas, Abraxas recently drilled and cased the Blue Eyes A 1H to 13,285 feet including a 5,000 foot lateral section. The well is currently scheduled to be completed in late November. Abraxas owns a 100% working interest in the Blue Eyes A 1H.

Permian Basin
In Nolan County, Texas, Abraxas successfully completed the Spires Ranch 129 2H. The well has taken longer than anticipated to recover the load water from its stimulation and a thirty day production rate will be provided when available. Abraxas owns a 100% working interest in the Spires Ranch 129 2H.

A&D Update
Abraxas recently monetized the Bakken and Three Forks rights on the company’s Fairview Prospect in Richland County, Montana and McKenzie County, North Dakota for $10.6 million in cash and the reversal of $0.3 million in accrued payables for total proceeds of $10.9 million. The sale consists of approximately 2,563 net acres and does not have any associated production. Abraxas plans on redeploying these proceeds into more core acreage and development in the Bakken and Eagle Ford. 


Bob Watson, President and CEO of Abraxas commented, “The third quarter of 2014 proved exceptional for Abraxas as strong operational execution led to robust absolute production growth.   We look to continue that momentum into the fourth quarter as we bring on another four wells at our Lillibridge pad and additional Eagle Ford wells.   We are quite encouraged by the drilling of the Blue Eyes 1H and the Lillibridge West wells and look forward to announcing the results of these wells towards the end of the year.   Abraxas also continues to evaluate and high grade the company’s portfolio, evidenced by the recent sale of our Fairview Prospect.  We look forward to entering 2013 with an even stronger and more balanced asset base.”


Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations across the Rocky Mountain, Permian Basin and onshore Gulf Coast regions of the United States and in the province of Alberta, 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 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 crude oil and natural gas. In addition, Abraxas’ future crude oil and natural gas 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:
Geoffrey King/Vice President – Chief Financial Officer
Telephone 210.490.4788
gking@abraxaspetroleum.com
www.abraxaspetroleum.com

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