Abraxas Announces 2012 Results

Abraxas Petroleum Corporation (NASDAQ:AXAS) today reported financial and operating results for the three and twelve months ended December 31, 2012.

Financial and Operating Results for the Three Months ended December 31, 2012

The three months ended December 31, 2012 resulted in:

• Production of 382 MBoe (4,147 Boepd)
• Revenue of $19.1 million
• Adjusted EBITDA ^(a) of $6.6 million inclusive of Raven Drilling
• Adjusted Discretionary cash flow ^(a) of $5.2 million inclusive of Raven Drilling
• Net loss of $11.9 million, or $0.13 per share
• Adjusted net loss, excluding certain non-cash items and inclusive of Raven Drilling ^(a) of $3.2 million, or $0.03 per share

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

Net loss for the three months ended December 31, 2012 was $11.9 million, or $0.13 per share, compared to a net loss of $5.3 million, or $0.06 per share, for the three months ended December 31, 2011.

Adjusted net loss, excluding certain non-cash items, for the three months ended December 31, 2012 was $3.2 million, or $0.03 per share, compared to adjusted net income, excluding certain non-cash items, of $0.7 million or $0.01 per share for the year ended December 31, 2011. For the three months ended December 31, 2012 and 2011, adjusted net income excludes the unrealized loss on derivative contracts of $1.5 million and $6.0 million, respectively. Also excluded is a full cost impairment on Canadian assets of $6.7 million for the three months ended December 31, 2012. Included in adjusted net income for the quarter ended December 31, 2012 is the net income from our subsidiary, Raven Drilling, LLC of $0.5 million.

Financial and Operating Results for the Twelve Months ended December 31, 2012

The twelve months ended December 31, 2012 resulted in:

• Production of 1.4 MMBoe (3,926 Boepd), excluding Abraxas’ equity interest in Blue Eagle’s production (which was dissolved on August 31, 2012)
• Production of 1.5 MMBoe (4,103 Boepd), inclusive of Abraxas’ equity interest in Blue Eagle’s production (which was dissolved on August 31, 2012)
• Revenue of $68.6 million
• Adjusted EBITDA ^(a) of $32.0 million inclusive of Raven Drilling

• Adjusted Discretionary cash flow ^(a) of $38.9 million inclusive of Raven Drilling
• Net loss of $18.8 million, or $0.20 per share
• Adjusted net income, excluding certain non-cash items and inclusive of Raven Drilling ^(a) of $0.4 million, or $0.01 per share

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

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