UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 8-K/A Number 1
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
August 7, 2002
Abraxas Petroleum Corporation
(Exact name of registrant as specified in its charter)
Nevada
(State of other jurisdiction of incorporation)
0-19118 74-2584033
(Commission File Number) (I.R.S. Employer Identification Number)
500 N. Loop 1604 East, Suite 100
San Antonio, Texas 78232
(Address of principal executive offices)
Registrant's telephone number,
including area code:
210-490-4788
The undersigned registrant hereby amends the following items, financial
statements and exhibits of its Current Report on Form 8-K dated July 9, 2002, as
set forth in the pages attached hereto.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(B) Pro Forma Financial Statements
(1) Pro Forma Condensed Consolidated Balance Sheet as of March 31,
2002
(2) Pro Forma Condensed Consolidated Statement of Operations for the
year ended December 31, 2001 and for the three months ended March
31, 2002.
ITEM 7 - FINANCIAL STATEMENTS AND EXHIBITS
(b) Pro Forma Financial Information
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL DATA
The following unaudited pro forma condensed consolidated balance sheet as of
March 31, 2002 and the unaudited pro forma consolidated statements of operations
for the three months ended March 31, 2002 and for the year ended December 31,
2001 give effect to the divestures of the East White Point, Quirk Creek and
Mahaska properties described in the 8-K filed on July 9, 2002. The unaudited pro
forma condensed consolidated balance sheet is presented as if the divestitures
had occurred on March 31, 2002. The unaudited pro forma consolidated statements
of operations are presented as if the divestitures had occurred at the beginning
of the periods presented. The pro forma financial data are based on assumptions
and include adjustments as explained in the notes to the unaudited pro forma
condensed consolidated financial statements, and the actual recording of the
transactions could differ.
ABRAXAS PETROLEUM CORPORATION AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
March 31, 2002
(In thousands)
Pro Forma
Historical Adjustments Pro Forma
------------------ ---------------- ---------------
Assets:
Current assets:
Cash ......................................................... $ 3,851 $ - $ 3,851
Accounts receivable........................................... 7.256 - 7,256
Equipment inventory........................................... 1,160 - 1,160
Other current assets.......................................... 1,050 - 1,050
------------------ --------------- ---------------
Total current assets........................................ 13,317 - 13,317
Property and equipment:
Oil and gas properties, full cost method of accounting:
Proved.................................................... 505,195 (25,384) (1) 479,811
Unproved, not subject to amortization.............. 5,937 - 5,937
Other property and equipment................................. 69,962 (7,302) (1) 62,660
------------------ --------------- ---------------
Total................................................ 581,094 (32,686) 548,408
Less accumulated depreciation, depletion, and
amortization............................................ 289,028 _ 289,028
------------------ --------------- ---------------
Total property and equipment - net........................ 292,066 (32,686) 259,380
Deferred financing fees, net of accumulated
amortization of $9,095 at March 31, 2002...................... 3,464 - 3,464
Other assets .................................................. 447 - 447
------------------ --------------- ---------------
Total assets.................................................. $ 309,294 $ (32,686) $276,608
================== =============== ===============
Liabilities and Shareholder's Equity (Deficit)
Current liabilities:
Accounts payable and accrued liabilities....................... $ 24,889 $ - $ 24,889
Accrued interest............................................... 9,378 - 9,378
Current maturities of long-term debt........................... 63,911 (25,263) (2) 38,648
------------------ --------------- ---------------
Total current liabilities............................ 98,178 (25,263) 72,915
Long-term debt................................................... 227,103 (7,423) (2) 219,680
Deferred income taxes............................................ 19,742 - 19,742
Future site restoration.......................................... 3,997 - 3,997
Shareholders' equity (deficit):
Common Stock, par value $.01 per share-
Authorized 200,000,000 shares; issued, 30,145,280 at March 31,
2002.......................................................... 301 - 301
Additional paid-in capital.................................... 136,733 - 136,733
Accumulated deficit............................................ (159,793) - (159,793)
Treasury stock, at cost, 165,883 shares ....................... (964) - (964)
Accumulated other comprehensive loss........................... (16,003) - (16,003)
------------------ --------------- ---------------
Total shareholders' deficit................................ (39,726) - (39,726)
------------------ --------------- ---------------
Total liabilities and shareholders' equity (deficit)............. $ 309,294 $ (32,686) $ 276,608
=================== ============== ===============
See notes to unaudited pro forma condensed consolidated financial statements.
ABRAXAS PETROLEUM CORPORATION AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
Year Ended December 31, 2001
--------------------------------------------------------------
Pro Forma
Historical Adjustments Pro Forma
------------------------------------------------------------
(In thousands except per share data)
Revenues:
Oil and gas production revenues ....................... $ 73,201 $ (10,922) (1) $ 62,279
Gas processing revenues ............................... 2,438 (982) (1) 1,456
Rig revenues .......................................... 756 - 756
Other ................................................ 848 - 848
------------------ ------------------ -------------------
77,243 (11,904) 65,339
Operating costs and expenses:
Lease operating and production taxes .................. 18,616 (2,599) 16,017
Depreciation, depletion, and amortization ............. 32,484 (3,536) 28,948
Proved property impairment ............................ 2,638 - 2,638
Rig operations ........................................ 702 - 702
General and administrative ............................ 6,445 - 6,445
General and administrative (Stock-based compensation).. (2,767) - (2,767)
------------------ ------------------ -------------------
58,118 (6,135) 51,983
------------------ ------------------ -------------------
Operating income (loss)................................... 19,125 (5,769) 13,356
Other (income) expense:
Interest income ....................................... (78) - (78)
Amortization of deferred financing fees ............... 2,268 - 2,268
Interest expense ...................................... 31,523 (4,462) (2) 27,061
Loss on sale of equity investment ..................... 845 - 845
Other ................................................. 207 - 207
------------------ ------------------ -------------------
34,765 (4,462) 30,303
------------------ ------------------ -------------------
Income (loss) from operations before income tax .......... (15,640) (1,307) (16,947)
Income tax expense (benefit) .......................... 2,402 (919) (3) 3,236
Minority interest in income of consolidated foreign
subsidiary (2001 prior to purchase).................... 1,676 - 1,676
------------------ ------------------ -------------------
Net income (loss)..................................... $ (19,718) $ (388) $ (21,859)
================== ================== ===================
Net income (loss) per common share - basic ............ $ (0.76) $ (0.78)
================== ===================
Weighted average shares outstanding - basic............ 25,788,571 25,788,571
================== ===================
See notes to unaudited pro forma condensed consolidated financial statements.
ABRAXAS PETROLEUM CORPORATION AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
Three Months Ended March 31, 2002
--------------------------------------------------------
Pro Forma
Historical Adjustments Pro Forma
--------------------------------------------------------
(In thousands except per share data)
Revenues:
Oil and gas production revenues ......................... $ 10,886 $ (1,330) (1) $ 9,556
Gas processing revenues ................................. 670 (286) (1) 384
Rig revenues ............................................ 151 - 151
Other .................................................. 100 - 100
------------------ ---------------- -------------
11,807 (1,616) 10,191
Operating costs and expenses:
Lease operating and production taxes .................... 3,909 (447) 3,462
Depreciation, depletion, and amortization ............... 6,814 (899) 5,915
Rig operations .......................................... 121 - 121
General and administrative .............................. 1,698 - 1,698
------------------ ---------------- -------------
12,542 (1,346) 11,196
------------------ ---------------- -------------
Operating income (loss)..................................... (735) (270) (1,005)
Other (income) expense:
Interest income ......................................... (33) - (33)
Amortization of deferred financing fees ................. 427 - 427
Interest expense ........................................ 8,413 (1,114) (2) 7,299
------------------ ---------------- -------------
8,807 (1,114) 7,693
------------------------------------- -----------------
Income (loss) from operations before income tax ............ (9,542) 844 (8,698)
Income tax expense (benefit) ............................... (843) 2 (3) (841)
------------------ ---------------- -------------
Net income (loss)....................................... $ (8,699) $ 842 $ (7,857)
------------------ ---------------- -------------
Net income (loss) per common share - basic .............. $ (0.29) $ (0.26)
=================== =================
Weighted average shares outstanding - basic.............. 29,979,397 29,979,397
=================== =================
See notes to unaudited pro forma condensed consolidated financial statements.
Notes to the Unaudited Pro Forma Condensed Consolidated Balance Sheet:
The Unaudited Pro Forma Condensed Consolidated Balance Sheet is presented as if
the transactions had occurred as of March 31, 2002.
(1) To adjust oil and gas properties and equipment to reflect sales
proceeds.
(2) To reduce long-term debt and current maturities of long-term debt for
net cash proceeds from the property sales.
Notes to the Unaudited Pro Forma Condensed Consolidated Statements of
Operations:
The Unaudited Pro Forma Statements of Operations are presented as if the
transactions had occurred as of the beginning of the period presented.
(1) To adjust oil and gas production revenues, gas processing revenues,
lease operating and production taxes and depreciation, depletion and
amortization as if the transactions had been completed as of the
beginning of the period.
(2) To adjust interest expense, giving effect to pay-down of the Company's
long-term debt and current maturities of long-term debt, at the stated
interest rates of the associated debt.
(3) To record income tax expense (benefit) of the pro forma taxable income
(loss) at Canadian effective rates, as applicable. No tax expense
(benefit) for US purposes due to loss carryovers.
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
ABRAXAS PETROLEUM CORPORATION
By:___________________________________
Chris Williford
Executive Vice President, Chief Financial
Officer and Treasurer
Dated: August 7, 2002