Abraxas Petroleum (AXAS) Misses Q2 EPS by 1c, Comments on Cash Distribution

August 11, 2008 5:09 PM EDT

Abraxas Petroleum (Nasdaq: AXAS) reports Q2 adjusted EPS of $0.12, 1 cent worse than the analyst estimate of $0.13. Revenues for the quarter were $34.42 million, versus the consensus of $29.10 million.

Abraxas Energy Partners, L.P., the master limited partnership formed by Abraxas Petroleum in May 2007, declared a cash distribution of $0.4375 per unit for the second quarter of 2008. The distribution was 9.4% higher than the Partnership’s distribution for the first quarter of 2008 of $0.40 per unit. The distribution will be made on August 14, 2008 to unitholders of record at the close of business on August 7, 2008. Abraxas Petroleum owns approximately 47% of the outstanding units and will receive $2.3 million in cash distributions from its ownership interest in Abraxas Energy for the second quarter of 2008.

Abraxas Petroleum Corporation, an independent energy company, engages in the acquisition, development, exploration, and production of crude oil and natural gas primarily along the Texas Gulf Coast, in the Permian Basin of western Texas, and in Wyoming.

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