Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations.

On October 31, 2014, the Company closed on the sale of its Canadian subsidiary, Canadian Abraxas Petroleum, ULC ("Canadian Abraxas"). The sale was based on management's decision to discontinue Canadian operations due to continuing losses.

In 2014, the Company recognized a gain on the sale of $1.9 million which is included in the accompanying Consolidated Statements of Operations as a component of net (loss) income from discontinued operations, net of tax.

Canadian Abraxas revenue, reported in discontinued operations for the ten months ended October 31, 2014, and for the year ended December 31, 2013 was $1.2 million and $2.0 million, respectively. Canadian Abraxas net loss, reported in discontinued operations for the ten months ended October 31, 2014 and year ended December 31, 2013 was $0.6 million and $8.2 million, respectively.

The following is a summary of the net assets of Canadian Abraxas as of December 31, 2013 and October 31, 2014.

	December 31, 2013		October 31, 2014
	(in thousands)
Current assets	$	213	$	252
Oil and gas properties - net	1,336		659
Other assets	91		—
Total Assets	1,640		911
Accounts payable	224		275
Accrued expenses	276		280
Total liabilities	500		555
Net assets of discontinued operation	$	1,140	$	356