Abraxas Petroleum Corp
) declared that its proved reserves in 2013 have improved from
the 2012-end level. Moreover, the company has provided an update
relating to its production and capital expenditure in 2013.
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As reported by Abraxas, total oil and natural gas proved reserves
reached 31 million barrels of oil equivalent (MMBOE) at the end
of 2013, against 30.2 MMBOE as of Dec 31, 2012. This reflects
roughly 2.7% annual increase in the company's total reserves.
As of Dec 31, 2013, Abraxas' proved oil reserves stood at 20.9
million barrels (MMBBL). The figure highlights a 20.8% increase
from 17.3 MMBBL reported at the end of 2012.
During fourth-quarter 2013, Abraxas produced roughly 4,084
barrels of oil equivalent per day (BOE/D). Moreover, its
full-year 2013 average output came in at 4,298 BOE/D. The company
also reported December production of 4,348 BOE/D.
Abraxas invested roughly $95.0 million during 2013. Of the total,
the company spent roughly $10.6 million on non drilling
Abraxas is expected to release its fourth-quarter 2013 results on
Mar 12, 2014, before the opening bell. The Zacks Consensus
Estimate for the company's fourth-quarter earnings is pegged at 4
cents per share.
San Antonio, Texas-based Abraxas involves primarily in the
exploitation and production of crude oil and natural gas. The
company currently carries a Zacks Rank #3 (Hold), which implies
that it is expected to perform in line with the broader U.S.
equity market over the next one to three months.
Meanwhile, one can look at better-ranked players in the
exploration and production sector like
Athlon Energy Inc.
Matador Resources Company
Warren Resources Inc.
). All the stocks sport a Zacks Rank #1 (Strong Buy).