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Abraxas Announces 2009 Results and Year-End Reserves

Posted by Dana in March 18th 2010

Abraxas Petroleum Corporation (NASDAQ:AXAS) reported financial and operating results for the three and twelve months ended December 31, 2009 and reserves as of December 31, 2009.
Financial and Operating Results

The twelve months ended December 31, 2009 resulted in:

* Production of 1.6 MMBoe (4,476 Boepd);
* Revenue of $52.8 million;
* EBITDA of $34.6 million;
* Cash flow of $23.9 million;
* Net loss of $18.8 million, or $0.34 per share; and
* Adjusted net income of $8.9 million, or $0.16 per share, excluding certain non-cash items.

Adjusted net income, excluding certain non-cash items, for the year ended December 31, 2009 was $8.9 million, or $0.16 per share, compared to adjusted net income, excluding certain non-cash items, of $42.8 million or $0.87 per share during 2008. For the year ended December 31, 2009, adjusted net income, excluding certain non-cash items, excludes unrealized losses on derivative contracts of $27.7 million. For the year ended December 31, 2008, adjusted net income, excluding certain non-cash items, excludes unrealized gains on derivative contracts of $37.9 million, the loss attributable to the ceiling-test impairment of $116.4 million, the loss attributable to the non-controlling interest that exceeded the non-controlling interest equity capital of $9.3 million and the loss on exchange rights of $7.4 million.