Abraxas Corrects Q4 2011 Adjusted Net Income
March 15 2012 - 11:43AM
Business Wire
Abraxas Petroleum Corporation (NASDAQ:AXAS) 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 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.
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