- Abraxas Petroleum (OTC:AXAS -6.6%) says it is unaware of any fundamental reason for its recent stock price underperformance.
- AXAS notes it exited Q2 with $108M borrowed on its $165M borrowing base; with an additional nine well completions during the quarter, and only bank debt in its capital structure, AXAS says it feels "very comfortable" with its asset coverage.
- AXAS also reiterates its FY 2015 production guidance of 6.5K-7K boe/day, and reiterates that in outer years it can hold production at 7K-plus boe/day while running a one rig Bakken program, which approximates a $50M-$60M capital program.
- Shares hit a 52-week low today after falling 42% in the past month, including a 20% drop this week alone.