Abraxas increases 2010 capital budget by 50 percent
San Antonio Business Journal
Abraxas Petroleum Corp. has set its 2010 capital expenditure budget of $30 million, an increase of $10 million over its current annual budget.
The company expects to fund its 2010 capital program out of cash flow from operations. Abraxas is projecting production in 2010 to be in the range of 1.7 million to 2 million barrels of oil equivalent of crude oil and natural gas. The company projects its EBITDA (earnings before interest taxes depreciation and amortization) will be in the $38 million to $45 million range.
The company’s slate of projects for 2010 includes new-well and well re-completion work throughout the Rocky Mountain, Mid-Continent, Permian Basin and onshore Gulf Coast region. Individual projects will be based on commodity prices, service costs and drilling rights. The company will focus primarily on oil projects in 2010, including Abraxas’ first Bakken horizontal well in North Dakota.
Abraxas (NASDAQ: AXAS) is a San Antonio-based oil and gas exploration and production company.
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