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Abraxas Announces 2011 Results And Provides An Operational Update

Discretionary cash flow is defined as operating income plus depreciation, depletion and amortization expenses, non-cash expenses and impairments, cash portion of other income (expense) less cash interest. The following table provides a reconciliation of discretionary cash flow to operating income for the periods presented.

(In thousands)   Three Months Ended

December 31,

      Twelve Months Ended

December 31,

2011     2010 2011     2010
 
Operating income (loss) $ 1,482 $ (3,251 ) $ 11,648 $ 2,807
Depreciation, depletion and amortization 4,823 3,717 16,194 16,212
Ceiling test impairment 4,787 4,787
Stock-based compensation 488 355 1,987 1,560
Realized gain (loss) on derivative contracts 361 136 (676 ) 526
Cash interest     (856 )       (2,129 )         (4,439 )       (8,582 )
Discretionary cash flow   $ 6,298       $ 3,615         $ 24,714       $ 17,310  
 

EBITDA is defined as net income (loss) plus interest expense, depreciation, depletion and amortization expenses, deferred income taxes and other non-cash items. The following table provides a reconciliation of EBITDA to operating income for the periods presented – see consolidated statements of operations for a reconciliation of net income (loss) to operating income.

(In thousands)   Three Months Ended

December 31,

      Twelve Months Ended

December 31,

2011     2010 2011     2010
 
Operating income (loss) $ 1,482 $ (3,251 ) $ 11,648 $ 2,807
Depreciation, depletion and amortization 4,823 3,717 16,194 16,212
Ceiling-test impairment 4,787 4,787
Stock-based compensation 488 355 1,987 1,560
Realized gain (loss) on derivative contracts (a)     949       722           1,675       2,834
EBITDA   $ 7,742     $ 6,330         $ 31,504     $ 28,200

(a) Excludes realized gain (loss) associated with interest rate derivative contract.

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