Abraxas Announces 2011 Results And Provides An Operational Update

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 change in unrealized derivative contracts, 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 December 31,											Twelve Months Ended December 31,
		2011					2010						2011					2010
Net income (loss)		$	(5,260	)			$	(13,861	)				$	13,743				$	1,766
Ceiling test impairment			—					4,787						—					4,787
Loss (gain) on unrealized derivative contracts			(5,955	)				7,683						(7,476	)				(10,285	)
Adjusted net income (loss), excluding certain non-cash items		$	(11,215	)			$	(1,391	)				$	6,267				$	(3,732	)
Net income (loss) per share – basic			(0.06	)				(0.18	)					0.15					0.02
Adjusted net income (loss), excluding certain non-cash items, per share – basic		$	(0.12	)			$	(0.02	)				$	0.07				$	(0.05	)

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