IRVINE, Calif., Oct. 11 /PRNewswire/ -- C. K. Cooper & Company published a 7-page report on Abraxas Petroleum Corp (AMEX:ABP). This research report details Abraxas' West Texas and Wyoming resource plays and the potential upside for ABP shareholders.
Brian J. Samuels, Associate Director of Research commented, "Since our initiation in July, at $3.06, Abraxas has exceeded our expectations as well as their guidance, a feat often promised but rarely delivered. On September 14th, the Company announced current daily production of 21.5 Mmcfe/day, exceeding their guidance for the year and leaving room for further improvement. Abraxas' execution gives us confidence to increase our production estimates for 2005 and 2006. Since Abraxas' effectively eliminated a substantial portion of their CAPEX-restricting debt load in February of this year, the Company has shown that once the gloves were off, they can execute and build shareholder value in a truly impressive fashion." Abraxas Petroleum Corporation closed Monday at $6.70 per share.
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