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Abraxas Touts 'Iron Clad Balance Sheet' Going into 2014
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Abraxas Petroleum Corporation has detailed 2013 year end reserves grew 3% over 2012 to 31.0 MMBoe with 11.3 MMBoe of reserve additions more than offsetting 9.1 MMBoe of divestitures. Abraxas also provides a production and CAPEX update.
December 31, 2013 ReservesAs of December 31, 2013, Abraxas’ proved oil and natural gas reserves consisted of approximately 31.0 MMBoe, a net increase of 0.8 MMBoe, or approximately 3%, over 2012 year end reserves of 30.2 MMBoe. December 31, 2013 reserves consisted of approximately 20.9 million barrels of oil, 2.0 million barrels of NGLs and 48.1 billion cubic feet of natural gas. Abraxas sold approximately 9.1 MMBoe of proved reserves during the year, more than offset by 11.3 MMBoe of reserve additions. Proved oil reserves increased approximately 21% in…
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