SAN ANTONIO - (Business Wire) Abraxas Petroleum Corporation (NASDAQ:AXAS) today announced its 2010 capital expenditure budget of $30 million and issued guidance for 2010. The capital program for 2010 will be selected from the Company’s inventory of projects and will include new drills and re-completions / workovers in the Company’s primary producing regions of the Rocky Mountain, Mid-Continent, Permian Basin and onshore Gulf Coast. The ultimate mix of projects will be based on commodity prices, service costs and drilling results but will predominately target oil projects, including the Company’s first operated Bakken horizontal well in North Dakota.
The Company anticipates funding the 2010 capital program out of cash flow from operations and further provided the following operational and financial guidance for 2010, which excludes non-cash and extraordinary items:
| | | | | | | Production | | | | | | | | 1.7 – 2.0 MMBoe |
| | | | | | EBITDA | | | | | | | | $38 – 45 Million |
Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploitation and production company with operations across the Rocky Mountain, Mid-Continent, Permian Basin and Gulf Coast regions of the United States.
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 natural gas and crude oil. In addition, Abraxas’ future natural gas and crude oil 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.
Abraxas Petroleum Corporation
Barbara M. Stuckey, 210-490-4788
Vice President - Corporate Finance
bstuckey@abraxaspetroleum.com
www.abraxaspetroleum.com
