Company Background
Abraxas Petroleum Corporation (Abraxas) is an independent energy company engaged in the acquisition, exploitation, development and production of oil and gas in the United States and Canada. As of December 31, 2010, the Company's net proved reserves were 26.6 million barrels of oil equivalent, (including its 50% equity interest in the proved reserves of Blue Eagle), of which 51% were classified as proved developed, 42% were oil and 83% were operated. During the year ended December 31, 2010, its daily net production was 3,896 barrels of oil equivalent per day, of which 36% was oil or liquids. Its oil and gas assets are located in four operating regions in the United States, the Rocky Mountain, Mid-Continent, Permian Basin and onshore Gulf Coast, and in the province of Alberta, Canada. During 2010, it acquired leasehold position and monitored industry activity in the play, principally by Rosetta Resources Inc. and Newfield Exploration Company.
3,896 barrels per day and a stock price of 3.97
