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Abraxas Petroleum Corp. Message Board

  • richardclovis richardclovis Jun 28, 2013 11:45 AM Flag


    Please don't shoot the messenger....I'm not short, but do trade the stock.
    I came across this comment dated 6/24 in response to a positive SA article dated 6/19 by the blogger "Trade in Mexico"
    Food for thought ? or just BS from a possible short ?
    All the best..

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    • ancient history to anyone who actually bothered to read the 10Q when it came out a month ago, but it's obvious the excerpts from it are highly selective and slanted to emphasize the negative and ignore the positive

      He conveniently neglects to mention, for example, that revenue and EBITDA were up significantly YoY

      The negatives on which he focuses are due to a loss on derivative contracts from 2013 and the absence in 2013 of some advantageous gas derivative monetization that was still available in 2012

      Neither of those elements is going to make or break the company. The comments conveniently paper over the fact that the more important numbers in the 10Q (revenue, operating income, and EBITDA) are trending in the right direction YoY.

      The 10Q tells us the company is profitable. Now we wait on Lillibridge and EFS numbers to see whether it will become more profitable.

    • Sorry...forgot to paste...

      OK I looked at their last 10Q as well as the news that they had sold property for ~35 million this spring and it looks grim to me.
      The following are mostly quotes from March 31 10Q. I will Quotate the direct copies. Anything not confirm-able by the 10Q is my own opinion.

      35.3 Million Cash from sale of Bakkan Property-Source PR Newswire

      YOY income down 27% from 10Q

      Comprehensive income down 58% YoY from 10Q
      Q1 income 592k from 10Q
      Stock based compensation 474K from 10Q
      Cash from Operations down 61% YoY from 10Q
      "At March 31, 2013, our current liabilities of approximately $66.2 million exceeded our current assets of $32.8 million resulting in a working capital deficit of $33.4 million. This compares to a working capital deficit of $31.5 million at December 31, 2012."

      Borrowed 5.4 M for HQ Building May 2008
      Still owe 4.7M due May 2015 from 10Q

      "At March 31, 2013, the aggregate fair value of our commodity derivative contracts was a liability of approximately $7.0 million."

      "In the three months ended March 31, 2013, we recognized a realized loss of $0.9 million and an unrealized loss of $0.6 million on our commodity swaps."

      "Operating activities during the three months ended March 31, 2013 provided $9.9 million of cash compared to providing $25.8 million in the same period of 2012."

      I could go on, but this is a company that IMO appears to be living on borrowed money and time. They are selling their leases to pay Board and Administration ~80% as much in stock as they are showing as income from what I read. Look for more asset sales before 2014.

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