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

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 its oil and gas. In addition, Abraxas’ future oil and gas production is highly dependent upon Abraxas’ level of success in acquiring or finding additional reserves. Further, Abraxas operates in an industry 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 in this release, reference is made to the discussion of risk factors detailed in Abraxas’ filings with the Securities and Exchange Commission (“SEC”) during the past 12 months.

 
 
ABRAXAS PETROLEUM CORPORATION
 
FINANCIAL HIGHLIGHTS

(UNAUDITED)

 
    Three Months Ended     Six Months Ended

(In thousands except per share data)

June 30, June 30,
  2012         2011     2012         2011  
Financial Results:
Revenues $ 15,938 $ 16,656 $ 32,331 $ 30,504
EBITDA (a) 8,882 7,402 16,948 14,155
Discretionary cash flow (a) 7,149 5,588 13,562 10,276
Net income (loss) 10,903 8,937 11,720 (1,082 )
Net income (loss) per share – basic $ 0.12 $ 0.10 $ 0.13 $ (0.01 )
Adjusted net income (loss) (a) 1,913 978 3,606 1,937
Adjusted net income (loss) per share (a) – basic $ 0.02 $ 0.01 $ 0.04 $ 0.02
Weighted average shares outstanding – basic 91,808 91,409 91,775 88,653
 
Production:
Crude oil per day (Bopd) 1,735 1,394 1,673 1,342
Natural gas per day (Mcfpd) 11,307 11,622 10,895 11,597
Natural gas liquids per day (Bblpd) 320 58 276 51
Crude oil equivalent per day (Boepd) 3,940 3,389 3,764 3,326
Crude oil equivalent (MBoe) 358.5 308.4 685.1 602.1
Crude oil equivalent per day (Boepd) (b) 4,272 3,845 4,044 3,758
Crude oil equivalent (MBoe) (b) 388.7 349.9 735.9 680.2
 
Realized Prices, net of realized hedging activity:
Crude oil ($ per Bbl) $ 69.31 $ 77.46 $ 70.86 $ 74.33
Natural gas ($ per Mcf) 5.24 5.70 5.42 5.67
Natural gas liquids ($ per Bbl) 37.53 52.28 40.20 50.28
Crude oil equivalent ($ per Boe) 48.61 52.31 50.12 50.55
 
Expenses:
Lease operating ($ per Boe) $ 15.01 $ 18.05 $ 16.52 $ 15.91
Production taxes (% of oil and gas revenue) 9.3 % 8.6 % 9.2 % 8.8 %
General and administrative, excluding stock-based compensation ($ per Boe)

4.69

5.64

4.53

6.68

Cash interest ($ per Boe) 3.21 3.97 3.25 4.51

Depreciation, depletion and amortization ($ per Boe)

15.00

12.26

14.91

11.98

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

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