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Abraxas Petroleum says it is unaware of reason for stock slide

Jul. 23, 2015 11:55 AM ETAbraxas Petroleum Corporation (AXAS) StockBy: Carl Surran, SA News Editor12 Comments
  • 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.

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