ABRAXAS PETROLEUM CORP

Delisted

CIK 0000867665Non-AcceleratedSmaller ReportingCrude Petroleum & Natural GasNevadaFY ends Dec 31

Period

FY 2022

Revenue

$49.74M

Net Income

$37.33M

Total Assets

$70.55M

Equity

$61.14M

Shares Out

100.70M

Op. Cash Flow

$20.31M

Business

ABRAXAS PETROLEUM CORP is a former operating company in Crude Petroleum & Natural Gas, incorporated in Nevada. Securities are no longer actively traded on a major U.S. exchange.

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Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31	FY 2019 2019-12-31	FY 2018 2018-12-31
Other	22,000	22,000	59,000	154,000	137,000
Total Revenue	50	79	43	129	149
Lease operating	10	18	16	—	—
Production and ad valorem taxes	4	6	5	11	12
Rig expense	412,000	478,000	762,000	1	—
Depreciation, depletion, amortization and accretion	7	16	25	53	43
General and administrative (including stock-based compensation of $946 and $3,296, respectively)	13	8	9	11	12
Total operating costs and expenses	34	48	242	155	92
Operating income	16	30	−199	−26	58
Interest income	−37,000	−15,000	−39,000	−65,000	−1,000
Interest expense	111,000	36	21	12	7
Amortization of deferred financing fees	0	5	3	543,000	440,000
Deferred finance fees and warrant cancelation	0	4	0	—	—
Gain (loss) on debt extinguishment	7	0	4	0	—
Loss on investments	4	0	—	—	—
Loss on derivative contracts	0	33	−43	27	−8
Loss on drilling rig	8	0	—	—	—
Loss on sale of non-oil and gas assets	668,000	−29,000	0	—	—
Gain on sale of oil and gas assets	−29	0	—	—	—
Other	600,000	0	69,000	−389,000	94,000
Total other (income) expense	−22	75	−15	39	−293,000
(Loss) income before income tax	37	−45	−185	−65	58
Income tax (expense) benefit	0	0	0	0	0
Net (loss) income	37	−45	−185	−65	58
Net (loss) income per common share - basic (in dollars per share)	1.44	−5.3	−22.01	−7.82	0.35
Net (loss) income per common share - diluted (in dollars per share)	1.44	−5.3	−22.01	−7.82	0.34
Basic (in shares)	26	8	8	8	166
Diluted (in shares)	26	8	8	8	168

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31	FY 2019 2019-12-31	FY 2018 2018-12-31
Cash and cash equivalents	3	10	3	0	867,000
Joint owners, net	163,000	1	1	2	17
Oil and gas production sales	5	12	9	17	22
Other	83,000	150,000	0	263,000	535,000
Total accounts receivable	5	14	10	20	40
Assets held for sale	3	0	—	—	—
Other current assets	357,000	498,000	2	1	626,000
Total current assets	11	24	24	21	51
Proved oil and gas properties, full cost method	1,123	1,166	1,167	1,162	1,092
Other property and equipment	3	39	39	39	39
Total	1,126	1,205	1,207	1,201	1,131
Less accumulated depreciation, depletion, amortization and impairment	−1,082	−1,099	−1,084	−872	−768
Total property and equipment - net	44	106	123	329	363
Investment in partnership	15	0	—	—	—
Operating lease right-of-use assets	1,000	173,000	228,000	327,000	—
Other assets	255,000	255,000	255,000	255,000	265,000
Total assets	71	130	158	355	425
Accounts payable	4	5	6	19	40
Joint interest oil and gas production payable	2	13	9	18	23
Accrued interest	0	477,000	86,000	133,000	335,000
Other accrued liabilities	136,000	347,000	230,000	—	335,000
Derivative liability, current	0	442,000	480,000	11	616,000
Termination of derivative contracts	0	8	0	—	—
Right of use liability	1,000	40,000	53,000	98,000	—
Current maturities of long-term debt	0	213	203	280,000	267,000
Total current liabilities	6	240	219	49	64
Right of use liability	0	110,000	150,000	203,000	—
Future site restoration	3	5	7	7	7
Total liabilities	9	247	231	251	258
Commitments and contingencies (Note 8)	—	—	—	—	—
Preferred stock, par value $0.01 per share - authorized 1,000,000 shares; - 0- shares issued and outstanding	0	0	0	0	—
Common stock, par value $0.01 per share, authorized 150,000,000 shares; 8,421,910 and 100,701,430 issued and outstanding at December 31, 2021 and 2022, respectively	1	84,000	84,000	84,000	2
Additional paid-in capital	570	430	429	422	418
Accumulated deficit	−510	−547	−503	−318	−253
Total stockholders' (deficit) equity	61	−117	−73	104	167
Total liabilities and stockholders' (deficit) equity	71	130	158	355	425

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31	FY 2019 2019-12-31	FY 2018 2018-12-31
Net (loss) income	37	−45	—	—	—
Gain on sale of oil and gas properties	−29	0	—	—	—
Net loss on derivative contracts	0	33	−43	27	−8
Net cash settlements paid on derivative contracts	0	−3	16	−4	−20
Depreciation, depletion and amortization	6	15	24	52	43
Amortization of deferred financing fees and issuance discount	0	9	4	738,000	440,000
Non-cash financing fees and warrant cancellation	0	194,000	0	—	—
Accretion of future site restoration	170,000	330,000	414,000	436,000	516,000
Plugging cost	0	−342,000	−236,000	−890,000	−488,000
Non-cash interest	0	25	13	0	—
Non-cash hedge termination	−401,000	10	0	—	—
Accounts receivable	9	−3	10	20	−8
Assets held for sale	3	0	—	—	—
Other assets	−3	−9	−394,000	1	18,000
Accounts payable	−12	3	−15	−10	12
Accrued expenses and other	−688,000	−765,000	−148,000	−243,000	655,000
Net cash provided by operating activities	20	32	16	74	80
Capital expenditures, including purchase and development of properties	−2	−887,000	−13	−109	−180
Investment	−20	0	—	—	—
Proceeds from the sale of oil and gas properties	72	141,000	0	23	3
Proceeds from the sale of non-oil and gas assets	646,000	228,000	0	272,000	26,000
Net cash (used in) provided by investing activities	51	−518,000	−13	−85	−176
Proceeds from PPP loan	0	1	—	—	127
Payments of long-term borrowings	−78	−26	−9	−125	−31
Deferred financing fees	−802,000	−158,000	−978,000	−2	−303,000
Net cash used in financing activities	−79	−25	−653,000	10	95
Increase in cash and cash equivalents	−7	7	3	−867,000	—
Interest paid	70,000	6	7	12	7
Income tax paid	0	0	0	0	—
Non-cash issuance of stock	137	0	—	—	—
Change in asset retirement obligation cost and liabilities	0	204,000	−22,000	855,000	471,000
Asset retirement obligations associated with dispositions	−2	−3	−216,000	−473,000	−2
Change in capital expenditures included in accounts payable	−76,000	5,000	−7	−16	−6

Filings

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Frequently asked questions

What is ABRAXAS PETROLEUM CORP's CIK number?

ABRAXAS PETROLEUM CORP's SEC CIK number is 0000867665 (867665). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find ABRAXAS PETROLEUM CORP's SEC filings?

All of ABRAXAS PETROLEUM CORP's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

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