Abraxas Corrects Q4 2011 Adjusted Net Income

Abraxas Petroleum Corporation (NASDAQ:AXAS) today provided corrected fourth quarter 2011 adjusted net income financial information.

Earlier today, the Company announced its fourth quarter and full year 2011 results and subsequently found an error in the fourth quarter 2011 adjusted net income calculation.

The following table reflects the corrected adjusted net income, excluding certain non-cash items, for the three months ended December 31, 2011:
(In thousands)   Three Months Ended

December 31,
2011
 
Net loss $ (5,260 )

Loss on unrealized derivative contracts
   

5,955
 
Adjusted net income, excluding certain non-cash items  

$

695
 
Net loss per share – basic     (0.06 )
Adjusted net income, excluding certain non-cash items, per share – basic  

$

0.01
 
 

Adjusted net income, excluding certain non-cash items, for the period presented excludes the unrealized losses on derivative contracts of $6.0 million.

Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations across the Rocky Mountain, Mid-Continent, Permian Basin and onshore Gulf Coast regions of the United States and in the province of Alberta, Canada.

Copyright Business Wire 2010

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