ABP...C. K. Cooper & Company Issues a 7-Page Research Update and Reiterates Buy Rating on Abraxas Petroleum Corp Raising Target Price to $9.00 This research report details Abraxas' West Texas and Wyoming resource plays and the potential upside for ABP shareholders. IRVINE, Calif., Oct 11, 2005 /PRNewswire via COMTEX/ --
Brian J. Samuels, Associate Director of Research commented, "Since our initiation in July, at $3.06, Abraxas has exceeded our expectations as well as their guidance, a feat often promised but rarely delivered. On September 14th, the Company announced current daily production of 21.5 Mmcfe/day, exceeding their guidance for the year and leaving room for further improvement. Abraxas' execution gives us confidence to increase our production estimates for 2005 and 2006. Since Abraxas' effectively eliminated a substantial portion of their CAPEX-restricting debt load in February of this year, the Company has shown that once the gloves were off, they can execute and build shareholder value in a truly impressive fashion."
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