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Abraxas Announces 2013 Year End Reserves Grew 3% Over 2012 To 31.0 MMBoe With 11.3 MMBoe Of Reserve Additions More Than Offsetting 9.1 MMBoe Of Divestitures; Provides Production And CAPEX Update

Abraxas Petroleum Corporation (NASDAQ:AXAS) is pleased to announce 2013 year end reserves grew 3% over 2012 to 31.0 MMBoe with 11.3 MMBoe of reserve additions more than offsetting 9.1 MMBoe of divestitures. Abraxas also provides a production and CAPEX update.

December 31, 2013 Reserves

As of December 31, 2013, Abraxas’ proved oil and natural gas reserves consisted of approximately 31.0 MMBoe, a net increase of 0.8 MMBoe, or approximately 3%, over 2012 year end reserves of 30.2 MMBoe. December 31, 2013 reserves consisted of approximately 20.9 million barrels of oil, 2.0 million barrels of NGLs and 48.1 billion cubic feet of natural gas. Abraxas sold approximately 9.1 MMBoe of proved reserves during the year, more than offset by 11.3 MMBoe of reserve additions. Proved oil reserves increased approximately 21% in 2013. 42% and 48% of proved reserves as of December 31, 2013 and December 31, 2012 were classified as proved developed. The present value, using a 10% discount rate, of future net cash flows before income taxes of Abraxas’ proved reserves was approximately $425.8 million, using 2013 average prices of $3.67/mcf of natural gas and $97.33/bbl of oil. The independent reserve engineering firm DeGolyer and MacNaughton prepared a complete engineering analysis on 98.9% of Abraxas’ proved reserves on a BOE basis.

The following table outlines changes in Abraxas’ proved reserves from December 31, 2012:

Oil (MMbbl)

Natural Gas (Bcf)

NGL (MMbbl)

Total (MMBoe)
Proved Reserves December 31, 2012 17.3 61.2 2.6 30.2
Additions 10.4 3.6 0.3 11.3
Purchases 0.0 0.0 0.0 0.0
Revisions 0.8 (5.1) 0.2 0.2
Sales (6.8) (8.1) (1.0) (9.1)
Production (0.9) (3.4) (0.2) (1.6)
Proved Reserves December 31, 2013 20.9 48.1 2.0 31.0

Fourth Quarter 2013 Production

Production for the fourth quarter of 2013 averaged approximately 4,084 boepd (2,375 barrels of oil per day, 7,738 mcf of natural gas per day, 420 barrels of NGLs per day). Production for 2013 averaged approximately 4,298 boepd (2,329 barrels of oil per day, 9,373 mcf of natural gas per day, 407 barrels of NGLs per day). Production for the month of December averaged approximately 4,348 boepd (2,628 barrels of oil per day, 7,855 mcf of natural gas per day, 411 barrels of NGLs per day). Variance from original guidance was due to greater than anticipated weather related downtime during the drillouts of the Lillibridge 5H-8H as well as additional weather related downtime primarily in the Williston and Permian basins.

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