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

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.

    Three Months Ended     Six Months Ended

(In thousands)

June 30, June 30,
  2012         2011     2012         2011  
Net income (loss) $ 10,903 $ 8,937 $ 11,720 $ (1,082 )
Impairment 1,306 1,306
Loss (gain) on unrealized derivative contracts       (10,296 )       (7,959 )       (9,420 )       3,019  
Adjusted net income (loss), excluding certain non-cash items     $ 1,913       $ 978       $ 3,606       $ 1,937  
Net income (loss) per share – basic     $ 0.12       $ 0.10       $ 0.13       $ (0.01 )
Adjusted net income (loss), excluding certain non-cash items, per share – basic    











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