Intrinsic value of Abraxas Petroleum - AXAS

Previous Close

$2.04

  Intrinsic Value

$0.03

stock screener

  Rating & Target

str. sell

-99%

  Value-price divergence*

-122%

Previous close

$2.04

 
Intrinsic value

$0.03

 
Up/down potential

-99%

 
Rating

str. sell

 
Value-price divergence*

-122%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AXAS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -14.93
  18.20
  16.88
  15.69
  14.62
  13.66
  12.79
  12.02
  11.31
  10.68
  10.11
  9.60
  9.14
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
Revenue, $m
  57
  67
  79
  91
  104
  119
  134
  150
  167
  185
  203
  223
  243
  265
  287
  310
  334
  358
  384
  411
  439
  468
  498
  530
  562
  596
  632
  669
  707
  747
  789
Variable operating expenses, $m
 
  210
  246
  285
  326
  371
  418
  468
  521
  577
  635
  696
  760
  826
  895
  967
  1,042
  1,119
  1,200
  1,284
  1,371
  1,461
  1,556
  1,654
  1,756
  1,862
  1,973
  2,088
  2,209
  2,334
  2,466
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  130
  210
  246
  285
  326
  371
  418
  468
  521
  577
  635
  696
  760
  826
  895
  967
  1,042
  1,119
  1,200
  1,284
  1,371
  1,461
  1,556
  1,654
  1,756
  1,862
  1,973
  2,088
  2,209
  2,334
  2,466
Operating income, $m
  -73
  -143
  -167
  -193
  -222
  -252
  -284
  -318
  -354
  -392
  -432
  -473
  -517
  -562
  -609
  -658
  -708
  -761
  -816
  -873
  -932
  -994
  -1,058
  -1,124
  -1,194
  -1,266
  -1,341
  -1,420
  -1,501
  -1,587
  -1,676
EBITDA, $m
  -49
  -115
  -134
  -155
  -178
  -202
  -228
  -255
  -284
  -314
  -346
  -379
  -414
  -450
  -488
  -527
  -567
  -610
  -654
  -699
  -747
  -796
  -847
  -901
  -956
  -1,014
  -1,074
  -1,137
  -1,203
  -1,271
  -1,343
Interest expense (income), $m
  4
  3
  4
  5
  6
  8
  9
  10
  12
  13
  15
  16
  18
  20
  22
  24
  26
  28
  30
  32
  34
  37
  39
  42
  45
  48
  51
  54
  57
  60
  64
Earnings before tax, $m
  -96
  -146
  -171
  -199
  -228
  -260
  -293
  -329
  -366
  -405
  -447
  -490
  -535
  -582
  -630
  -681
  -734
  -789
  -846
  -905
  -966
  -1,030
  -1,097
  -1,166
  -1,238
  -1,314
  -1,392
  -1,473
  -1,559
  -1,647
  -1,740
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -96
  -146
  -171
  -199
  -228
  -260
  -293
  -329
  -366
  -405
  -447
  -490
  -535
  -582
  -630
  -681
  -734
  -789
  -846
  -905
  -966
  -1,030
  -1,097
  -1,166
  -1,238
  -1,314
  -1,392
  -1,473
  -1,559
  -1,647
  -1,740

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  162
  191
  224
  259
  297
  337
  380
  426
  474
  525
  578
  633
  691
  752
  815
  880
  948
  1,018
  1,092
  1,168
  1,247
  1,329
  1,415
  1,504
  1,597
  1,694
  1,795
  1,900
  2,009
  2,123
  2,243
Adjusted assets (=assets-cash), $m
  162
  191
  224
  259
  297
  337
  380
  426
  474
  525
  578
  633
  691
  752
  815
  880
  948
  1,018
  1,092
  1,168
  1,247
  1,329
  1,415
  1,504
  1,597
  1,694
  1,795
  1,900
  2,009
  2,123
  2,243
Revenue / Adjusted assets
  0.352
  0.351
  0.353
  0.351
  0.350
  0.353
  0.353
  0.352
  0.352
  0.352
  0.351
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
Average production assets, $m
  181
  213
  249
  289
  331
  376
  424
  475
  529
  585
  644
  706
  771
  838
  908
  981
  1,057
  1,135
  1,217
  1,302
  1,390
  1,482
  1,578
  1,677
  1,780
  1,888
  2,001
  2,118
  2,240
  2,367
  2,500
Working capital, $m
  -7
  -7
  -8
  -10
  -11
  -12
  -14
  -16
  -18
  -19
  -21
  -23
  -26
  -28
  -30
  -33
  -35
  -38
  -40
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -83
Total debt, $m
  97
  123
  152
  183
  216
  252
  290
  330
  373
  417
  464
  513
  564
  618
  673
  731
  791
  853
  918
  985
  1,055
  1,128
  1,204
  1,282
  1,364
  1,450
  1,539
  1,631
  1,728
  1,829
  1,934
Total liabilities, $m
  143
  169
  198
  229
  262
  298
  336
  376
  419
  463
  510
  559
  610
  664
  719
  777
  837
  899
  964
  1,031
  1,101
  1,174
  1,250
  1,328
  1,410
  1,496
  1,585
  1,677
  1,774
  1,875
  1,980
Total equity, $m
  19
  22
  26
  30
  35
  39
  44
  50
  55
  61
  68
  74
  81
  88
  95
  103
  111
  119
  128
  137
  146
  156
  166
  176
  187
  198
  210
  222
  235
  248
  262
Total liabilities and equity, $m
  162
  191
  224
  259
  297
  337
  380
  426
  474
  524
  578
  633
  691
  752
  814
  880
  948
  1,018
  1,092
  1,168
  1,247
  1,330
  1,416
  1,504
  1,597
  1,694
  1,795
  1,899
  2,009
  2,123
  2,242
Debt-to-equity ratio
  5.105
  5.490
  5.790
  6.030
  6.220
  6.380
  6.510
  6.620
  6.720
  6.800
  6.870
  6.930
  6.980
  7.020
  7.060
  7.100
  7.130
  7.160
  7.190
  7.210
  7.230
  7.250
  7.270
  7.290
  7.300
  7.310
  7.330
  7.340
  7.350
  7.360
  7.370
Adjusted equity ratio
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -96
  -146
  -171
  -199
  -228
  -260
  -293
  -329
  -366
  -405
  -447
  -490
  -535
  -582
  -630
  -681
  -734
  -789
  -846
  -905
  -966
  -1,030
  -1,097
  -1,166
  -1,238
  -1,314
  -1,392
  -1,473
  -1,559
  -1,647
  -1,740
Depreciation, amort., depletion, $m
  24
  28
  33
  38
  44
  50
  57
  63
  70
  78
  86
  94
  103
  112
  121
  131
  141
  151
  162
  174
  185
  198
  210
  224
  237
  252
  267
  282
  299
  316
  333
Funds from operations, $m
  20
  -118
  -138
  -160
  -184
  -209
  -236
  -265
  -295
  -327
  -361
  -395
  -432
  -470
  -509
  -550
  -593
  -637
  -683
  -731
  -781
  -833
  -887
  -943
  -1,001
  -1,062
  -1,125
  -1,191
  -1,260
  -1,332
  -1,407
Change in working capital, $m
  -7
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
Cash from operations, $m
  27
  -117
  -137
  -159
  -183
  -208
  -235
  -264
  -294
  -325
  -359
  -393
  -430
  -468
  -507
  -548
  -590
  -635
  -681
  -728
  -778
  -830
  -884
  -939
  -998
  -1,058
  -1,121
  -1,187
  -1,256
  -1,327
  -1,402
Maintenance CAPEX, $m
  0
  -24
  -28
  -33
  -38
  -44
  -50
  -57
  -63
  -70
  -78
  -86
  -94
  -103
  -112
  -121
  -131
  -141
  -151
  -162
  -174
  -185
  -198
  -210
  -224
  -237
  -252
  -267
  -282
  -299
  -316
New CAPEX, $m
  -32
  -33
  -36
  -39
  -42
  -45
  -48
  -51
  -54
  -56
  -59
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -88
  -92
  -96
  -99
  -103
  -108
  -112
  -117
  -122
  -127
  -133
Cash from investing activities, $m
  -14
  -57
  -64
  -72
  -80
  -89
  -98
  -108
  -117
  -126
  -137
  -148
  -159
  -170
  -182
  -194
  -207
  -220
  -233
  -247
  -262
  -277
  -294
  -309
  -327
  -345
  -364
  -384
  -404
  -426
  -449
Free cash flow, $m
  13
  -174
  -202
  -231
  -263
  -297
  -333
  -371
  -411
  -452
  -496
  -541
  -588
  -638
  -689
  -742
  -797
  -854
  -914
  -976
  -1,040
  -1,107
  -1,177
  -1,249
  -1,325
  -1,403
  -1,485
  -1,571
  -1,660
  -1,754
  -1,851
Issuance/(repayment) of debt, $m
  -43
  26
  29
  31
  33
  36
  38
  40
  43
  45
  47
  49
  51
  53
  55
  58
  60
  62
  65
  67
  70
  73
  76
  79
  82
  85
  89
  93
  97
  101
  105
Issuance/(repurchase) of shares, $m
  27
  150
  175
  203
  233
  264
  298
  334
  372
  411
  453
  496
  541
  589
  638
  689
  742
  797
  854
  914
  976
  1,040
  1,107
  1,177
  1,249
  1,325
  1,404
  1,486
  1,571
  1,661
  1,754
Cash from financing (excl. dividends), $m  
  -16
  176
  204
  234
  266
  300
  336
  374
  415
  456
  500
  545
  592
  642
  693
  747
  802
  859
  919
  981
  1,046
  1,113
  1,183
  1,256
  1,331
  1,410
  1,493
  1,579
  1,668
  1,762
  1,859
Total cash flow (excl. dividends), $m
  -4
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
Retained Cash Flow (-), $m
  65
  -150
  -175
  -203
  -233
  -264
  -298
  -334
  -372
  -411
  -453
  -496
  -541
  -589
  -638
  -689
  -742
  -797
  -854
  -914
  -976
  -1,040
  -1,107
  -1,177
  -1,249
  -1,325
  -1,404
  -1,486
  -1,571
  -1,661
  -1,754
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -148
  -173
  -200
  -230
  -261
  -295
  -331
  -368
  -408
  -449
  -492
  -537
  -584
  -633
  -684
  -737
  -792
  -849
  -908
  -970
  -1,034
  -1,101
  -1,170
  -1,243
  -1,318
  -1,396
  -1,478
  -1,564
  -1,653
  -1,746
Discount rate, %
 
  9.70
  10.19
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.38
  29.79
  31.28
  32.85
  34.49
  36.21
  38.03
  39.93
PV of cash for distribution, $m
 
  -135
  -142
  -148
  -150
  -150
  -146
  -141
  -132
  -122
  -111
  -98
  -85
  -72
  -60
  -49
  -39
  -30
  -23
  -17
  -12
  -8
  -6
  -4
  -2
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  55.9
  31.4
  17.7
  10.0
  5.7
  3.2
  1.8
  1.1
  0.6
  0.3
  0.2
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Abraxas Petroleum Corporation is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of oil and gas. As of December 31, 2016, the Company's estimated net proved reserves were 44.7 million barrels of oil equivalent (MMBoe), of which 33.6% were classified as proved developed, 74% were oil and natural gas liquids (NGL), and 95% of which (on a PV-10 basis) were operated by the Company. As of December 31, 2016, the Company's daily net production was 6,181 barrels of oil equivalent per day (Boepd), of which 61% was oil or liquids. The Company's oil and gas assets are located in three operating regions: the Rocky Mountain, Permian Basin and onshore Gulf Coast. The Company's properties in the Rocky Mountain region are located in the Williston Basin of North Dakota and Montana, and in the Green River Powder River and Unita Basins of Wyoming and Utah.

FINANCIAL RATIOS  of  Abraxas Petroleum (AXAS)

Valuation Ratios
P/E Ratio -2.9
Price to Sales 4.8
Price to Book 14.5
Price to Tangible Book
Price to Cash Flow 10.2
Price to Free Cash Flow -55.1
Growth Rates
Sales Growth Rate -14.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -53.6%
Cap. Spend. - 3 Yr. Gr. Rate -19.6%
Financial Strength
Quick Ratio 0
Current Ratio 0.3
LT Debt to Equity 505.3%
Total Debt to Equity 510.5%
Interest Coverage -23
Management Effectiveness
Return On Assets -42.8%
Ret/ On Assets - 3 Yr. Avg. -19.9%
Return On Total Capital -56.3%
Ret/ On T. Cap. - 3 Yr. Avg. -25.3%
Return On Equity -186.4%
Return On Equity - 3 Yr. Avg. -76.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 57.9%
Gross Margin - 3 Yr. Avg. 61.6%
EBITDA Margin -119.3%
EBITDA Margin - 3 Yr. Avg. -55.4%
Operating Margin -128.1%
Oper. Margin - 3 Yr. Avg. -103.4%
Pre-Tax Margin -168.4%
Pre-Tax Margin - 3 Yr. Avg. -103.9%
Net Profit Margin -168.4%
Net Profit Margin - 3 Yr. Avg. -103.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

AXAS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AXAS stock intrinsic value calculation we used $57 million for the last fiscal year's total revenue generated by Abraxas Petroleum. The default revenue input number comes from 2016 income statement of Abraxas Petroleum. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AXAS stock valuation model: a) initial revenue growth rate of 18.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.7%, whose default value for AXAS is calculated based on our internal credit rating of Abraxas Petroleum, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Abraxas Petroleum.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AXAS stock the variable cost ratio is equal to 312.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AXAS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Abraxas Petroleum.

Corporate tax rate of 27% is the nominal tax rate for Abraxas Petroleum. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AXAS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AXAS are equal to 316.7%.

Life of production assets of 7.5 years is the average useful life of capital assets used in Abraxas Petroleum operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AXAS is equal to -10.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $19 million for Abraxas Petroleum - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 166.672 million for Abraxas Petroleum is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Abraxas Petroleum at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Abraxas Provides Operational Update   [Sep-19-17 04:10PM  Business Wire]
▶ Abraxas misses Street 2Q forecasts   [Aug-10-17 01:07AM  Associated Press]
▶ Lower volumes sting second quarter profits for Abraxas Petroleum   [09:10AM  American City Business Journals]
▶ Abraxas Announces Second Quarter 2017 Results   [Aug-08-17 05:30PM  Business Wire]
▶ LD Micro Index Reconstitution as of August 1, 2017   [Aug-01-17 09:40AM  ACCESSWIRE]
▶ Abraxas Petroleum sells Power River Basin assets to expand in Permian Basin   [Jul-14-17 03:05PM  American City Business Journals]
▶ Abraxas Petroleum back in the black after two years of losses   [09:10AM  American City Business Journals]
▶ Abraxas tops 1Q profit forecasts   [May-09-17 07:44PM  Associated Press]
▶ Abraxas Announces First Quarter 2017 Results   [04:15PM  Business Wire]
▶ Opening Bell, April 4, 2017   [Apr-04-17 09:29AM  CNBC Videos]
▶ Oil and Gas Stock Roundup: A Small Dose of Optimism   [Mar-18-17 10:00AM  at Motley Fool]
▶ Abraxas Announces 2016 Results   [04:15PM  Business Wire]
▶ Webcast-OGIS New York for Abraxas Petroleum Corp.   [Mar-08-17 05:56PM  at Company Spotlight]
▶ Oil Worries Send Oil Stocks Tumbling Today   [04:52PM  at Motley Fool]
▶ Jackson Walker's SA office adds three veteran corporate attorneys   [Mar-07-17 09:00AM  at bizjournals.com]
▶ Abraxas Provides Reserve and Operational Update   [Feb-15-17 07:18PM  Business Wire]
▶ Abraxas Launches Common Stock Offering   [04:23PM  Business Wire]
▶ These 5 Oil Stocks Were Smoking Hot in December   [Jan-09-17 12:00PM  at Motley Fool]
Financial statements of AXAS
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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