Financial UpdateAbraxas recently completed its redetermination process with the company’s bank group. Abraxas’ facility is now governed by a $147 million borrowing base, an increase of $4 million over the previously revised $143 million borrowing base. Importantly, this borrowing base is fully conforming and contains no maturing or stretch features. As part of the agreement, Abraxas entered into the following incremental hedge positions:
Safe Harbor for forward-looking statements: Statements in this release looking forward in time involve known and unknown risks and uncertainties, which may cause Abraxas’ actual results in future periods to be materially different from any future performance suggested in this release. Such factors may include, but may not be necessarily limited to, changes in the prices received by Abraxas for crude oil and natural gas. In addition, Abraxas’ future crude oil and natural gas production is highly dependent upon Abraxas’ level of success in acquiring or finding additional reserves. Further, Abraxas operates in an industry sector where the value of securities is highly volatile and may be influenced by economic and other factors beyond Abraxas’ control. In the context of forward-looking information provided for in this release, reference is made to the discussion of risk factors detailed in Abraxas’ filings with the Securities and Exchange Commission during the past 12 months.