AXAS

[par_putt]

SAN ANTONIO (March 15, 2012) – Abraxas Petroleum Corporation (NASDAQ:AXAS) today reported financial and operating results for the three and twelve months ended December 31, 2011 and provided an operational update.


Financial and Operating Results
Including Abraxas’ equity interest in Blue Eagle’s production, the twelve months ended December 31, 2011 resulted in:
· Production of 1.4 MMBoe (3,762 Boepd), of which 45% was oil or natural gas liquids



The twelve months ended December 31, 2011 resulted in:
· Production of 1.3 MMBoe (3,484 Boepd), excluding Abraxas’ equity interest in Blue Eagle’s production

· Revenue of $64.6 million

· EBITDA(a) of $31.5 million

· Discretionary cash flow(a) of $24.7 million

· Net income of $13.7 million, or $0.15 per share

· Adjusted net income(a) of $6.3 million, or $0.07 per share, excluding certain non-cash items



(a) See reconciliation of non-GAAP financial measures below.



Net income for the year ended December 31, 2011 was $13.7 million, or $0.15 per share, compared to a net income of $1.8 million, or $0.02 per share, for the year ended December 31, 2010.


Adjusted net income, excluding certain non-cash items, for the year ended December 31, 2011 was $6.3 million, or $0.07 per share, compared to adjusted net loss, excluding certain non-cash items, of $3.7 million or $0.05 per share for the year ended December 31, 2010. For the year ended December 31, 2011, adjusted net income excludes the unrealized gains on derivative contracts of $7.5 million. For the year ended December 31, 2010, adjusted net loss excludes the ceiling test impairment of $4.8 million and unrealized gains on derivative contracts of $10.3 million.


Unrealized gains or losses on derivative contracts are based on mark-to-market valuations which are non-cash in nature and may fluctuate drastically period to period. As commodity prices fluctuate, these derivative contracts are valued against current market prices at the end of each reporting period in accordance with Accounting Standards Codification 815, “Derivatives and Hedging,” as amended and interpreted, and require Abraxas to either record an unrealized gain or loss based on the calculated value difference from the previous period-end valuation. For example, NYMEX oil prices on December 31, 2011 were $98.83 per barrel compared to $79.20 on September 30, 2011; therefore, the mark-to-market valuation changed considerably period to period.

[setliff]

what am i missing? i can not see a loss in the pr.


Abraxas Pete 4Q Loss/Shr 6c >AXAS 03/15 08:20 AM

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(MORE TO FOLLOW) Dow Jones Newswires (212-416-2400)
03-15-120920ET
Copyright (c) 2012 Dow Jones & Company, Inc.

[dan_s]

AXAS is on our Watch List. I will update my forecast model and post it under the Watch List tab sometime today.

[dan_s]

Press release leaves a lot of unanswered questions. Q4 was way under my forecast. I need to listen to their conference call before I can finish the forecast update. - Dan

[setliff]

this help? it didn't for me----


Abraxas Corrects Q4 2011 Adjusted Net Income 03/15 10:43 AM

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SAN ANTONIO--(BUSINESS WIRE)-- Abraxas Petroleum Corporation (AXAS:$3.55,00$-0.17,00-4.57%) 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 (AXAS:$3.55,00$-0.17,00-4.57%) 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.



Source: Abraxas Petroleum Corporation (AXAS:$3.55,00$-0.17,00-4.57%)


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[rick]

Dan,
Wondering if you had a chance to look at AXAS? Everything seemed to be rolling along pretty well until this report. It's a mystery to me.

[dan_s]

I will have the updated forecast posted under the Watch List Tab tonight. My EPS forecast will be much lower than the current First Call estimate for 2012 because First Call has yet to adjust some high forecasts for their disappointing Q4 results.

AXAS is having some difficulties, typical for a small-cap with no clout in the red hot plays.

They have several Eagle Ford properties for sale. If they get good prices, which they should, it will definitely help.

IMO AXAS is now on "HOLD" until we get more info on recent wells and their property sales.

March 16, 2012
Abraxas Petroleum downgraded to Neutral from Buy at SunTrust
SunTrust downgraded Abraxas based on lower production and financing concerns following the disappointing Q4 report. :theflyonthewall.com

[rick]

Dan,
Thanks for getting back to us on this! I really appreciate your hard work for us and I know from your posts that there are many nights you "burn the Midnight Candle"

[par_putt]

Good group of slides.


http://xml.10kwizard.com/filing_raw.php ... ge=8147522