Abraxas Petroleum Corporation announces its 2010 capital expenditure budget of $30 million and has issued guidance for 2010.
The capital program for 2010 will be selected from the Company’s inventory of projects and will include new drills and re-completions / workovers in the Company’s primary producing regions of the Rocky Mountain, Mid-Continent, Permian Basin and onshore Gulf Coast. The ultimate mix of projects will be based on commodity prices, service costs and drilling results but will predominately target oil projects, including the Company’s first operated Bakken horizontal well in North Dakota.
The Company anticipates funding the 2010 capital program out of cash flow from operations and further provided the following operational and financial guidance for 2010, which excludes non-cash and extraordinary items:
Production: 1.7 – 2.0 MMBoe
EBITDA: $38 – 45 Million