NEW YORK ( TheStreet) -- Abraxas Petroleum ( AXAS) came up short in its third quarter earnings released after the market close on Monday, and reined in its previous guidance for the full year.

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The drilling play reported a loss of one cent on revenue of $14 million. The Street consensus was for revenue of $17 million and a gain of two cents.

Abraxas Petroleum said it won't meet its previous 2010 guidance goal of 15% earnings growth.

Abraxas Petroleum shares reached a 52-week high last week. Abraxas shares were down 4% in after-hours trading on Monday.

"Due to the timing delays of bringing wells on-line, principally due to the lack of service equipment in the Williston Basin, and the non-core divestiture program, the previously issued guidance is overstated by approximately 15%," the company said

At the same time, Abraxas is increasing spending for 2011 to $40 million, a 33% increase over 2010. Approximately 50% of the 2011 budget will be spent on horizontal oil wells in the Bakken/Three Forks and Niobrara plays in the Rocky Mountain region. The other 50% of the spending increase will target conventional oil in the Permian Basin and onshore Gulf Coast regions of the United States and central Alberta in Canada.

-- Written by Eric Rosenbaum from New York.

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