Abraxas Announces $11 Million Second Quarter Profit On Sequential Twelve Percent Increase In Production Despite Lower Oil Prices

Abraxas Petroleum Corporation (NASDAQ:AXAS) today reported financial and operating results for the three and six months ended June 30, 2012 and provided an operational update.

Financial and Operating Results

Including Abraxas’ equity interest in Blue Eagle’s production, the three months ended June 30, 2012 resulted in:

• Production of 388.7 MBoe (4,272 Boepd), up 12% over Q1 2012, of which 54% was oil or natural gas liquids.

The three months ended June 30, 2012 resulted in:

• Production of 358.5 MBoe (3,940 Boepd), excluding Abraxas’ equity interest in Blue Eagle’s production, a 10% increase over Q1 2012;
• Revenue of $15.9 million;
• EBITDA ^(a) of $8.9 million;
• Discretionary cash flow ^(a) of $7.1 million;
• Net income of $10.9 million, or $0.12 per share; and
• Adjusted net income ^(a) of $1.9 million, or $0.02 per share.
• Debt Covenant Metrics:

Working Capital 1.09:1.0 (min 1.0:1.0)

Debt to EBITDA 2.85:1.0 (max 4.0:1.0)

Interest Coverage 7.38:1.0 (min 2.5:1.0)

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

Net income for the quarter ended June 30, 2012 was $10.9 million, or $0.12 per share, compared to a net income of $8.9 million, or $0.10 per share, for the same period in 2011.

Adjusted net income, excluding certain non-cash items, for the quarter ended June 30, 2012 was $1.9 million or $0.02 per share, compared to adjusted net income, excluding certain non-cash items, of $1.0 million or $0.01 per share for the same period in 2011. For the quarters ended June 30, 2012 and 2011, adjusted net income excludes the unrealized gain on derivative contracts of $10.3 million and $8.0 million respectively. Also excluded is a full cost impairment on Canadian assets of $1.3 million for the quarter ended June 30, 2012.

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