Abraxas noted that included in net income for the 12 months ended December 31, 2007 was recognition of a pre-tax gain in the amount of $59.4 million as a result of the transactions previously announced in May 2007 and an unrealized hedge loss in the amount of $6.3 million.
The 12 months ended December 31, 2007 resulted in production of 6.8 billion cubic feet equivalent of gas, revenue of $50.2 million and EBITDA of $32.7 million.
On a consolidated basis, a capital expenditure budget of $55 million is estimated for 2008, excluding the St Mary Land & Exploration Company acquisition which closed on January 31, 2008.
The capital expenditures will target a number of projects in existing fields or prospects in south and west Texas and Wyoming, and may include projects on properties recently acquired from St Mary.
