8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

February 20, 2008

Date of Report (Date of earliest event reported)

ABRAXAS PETROLEUM CORPORATION

(Exact name of registrant as specified in its charter)

Nevada	0-19118	74-2584033
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

500 N. Loop 1604 East, Suite 100

San Antonio, Texas 78232

(210) 490-4788

(Address of principal executive offices and Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure

The Company’s CEO, Robert L.G. Watson, will be presenting at C.K. Cooper & Company’s 4^th Annual Small-Cap Oil & Gas Conference in Palm Springs, California on February 21-22, 2008. Attached as Exhibit 99.1 are materials that Mr. Watson will present at the Conference.

The information in this Report (including Exhibits 99.1 and 99.2) is furnished pursuant to Item 7.01 and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of the Section. The information in this Report will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Slide presentation

99.2 News Release

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Pursuant to the requirements 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: /s/ Chris E. Williford

Chris E. Williford

Executive Vice President, Chief Financial

Officer and Treasurer

Dated: February 20, 2008

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EX-99

Exhibit 99.1

The information presented herein may contain predictions, estimates and other forward-looking statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934.  Although the Company believes that its expectations are based on reasonable assumptions, it can give
no assurance that its goals will be achieved.  Important factors that could cause actual results to differ materially from those included in the forward-looking statements
include the timing and extent of changes in commodity prices for oil and gas, the need to develop and replace reserves, environmental risks, competition, government
regulation and the ability of the Company to meet its stated business goals.

4th Annual Small-Cap
Oil & Gas Conference

“Building Blocks”

February 21-22, 2008

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AMEX: ABP

Company Overview

Abraxas Petroleum Corporation

AMEX:ABP

Market capitalization ~ $180 million

Total enterprise value ~ $172 million

$0 debt & $8 million in cash

Options: CBOE and PCX

Fully diluted shares outstanding ~ 50 million

Ownership ~ 15% insider

   ~ 28% institutional

Average trading volume  ~ 235,000 shares per day

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Abraxas Energy Partners, L.P.

Properties

Abraxas Operating, LLC

Private Investors

6.0 million common units

Abraxas General Partner, LLC

227,232 general partner units

Abraxas Energy

Investments, LLC

5.13 million common units

100%

100%

100%

100%

45%

2%

53%

Lehman Fiduciary

Citigroup Merrill Lynch

Third Point Tortoise

               Others      

No incentive distribution rights or
subordinated units !

11.36 million units
outstanding

AMEX: ABP

Contributed
$100 million

Contributed 65
Bcfe

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St. Mary Land & Exploration Property Acquisition

Closed: January 31, 2008

Rockies & Mid-Continent

~1,500 gross (240 net) wells

Top 80% PV: 196 gross (94 net)

82% PDP / 52% Oil

R/P Ratio: ~14 years

Swaps:  $87.50 / $8.27

Abraxas Energy

$126.0 million

Net Reserves: 57.2 Bcfe (9,525 MBOE)

Net Production: 11.7 MMcfepd

Abraxas Petroleum

$5.6 million

Net Reserves: 4.3 Bcfe (725 MBOE)

Net Production: 0.6 MMcfepd

AMEX: ABP

Recent Events

ND

SD

MT

WY

CO

UT

NM

TX

NE

KS

OK

AR

LA

AL

MS

Net proved reserves as of December 1, 2007

Estimated daily net production for January, 2008

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Northern Rockies

Southern Rockies

Mid-Continent

ARK-LA-TEX

Gulf Coast

Permian

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AMEX: ABP

‘Do the Math’

Original MLP

St. Mary
Acquisition

MLP pro-forma

% PDP

63%

82%

73%

% Oil

10%

52%

32%

R/P Ratio

10 years

14 years

12 years

Transaction Value / Mcfe

$3.43

$2.28

~$3.00

Cash Distributions / Unit

$1.50

Accretive

?

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Property Overview

AMEX: ABP

ND

SD

MT

WY

CO

UT

NM

TX

NE

KS

OK

AR

LA

AL

MS

Proved Reserves (Bcfe):            37.7

   - Proved Developed:         29%

   - Natural Gas:        67%

Daily Production (Mcfepd):       3,500

   - Operated       ~95%

Abraxas Petroleum Corporation

Proved Reserves (Bcfe):          115.2

   - Proved Developed:         74%

   - Natural Gas:        68%

Daily Production (Mcfepd):     25,000

   - Operated       ~75%

Abraxas Energy Partners, L.P.

ABP net proved reserves as of December 31, 2006

Abraxas Energy original net proved reserves as of June 30, 2007

St. Mary net proved reserves as of December 1, 2007

Estimated daily net production for January 2008, incl. St. Mary

Abraxas Petroleum

Abraxas Energy

ABE & ABP

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Quality assets

High ownership interest (79% WI)

Operational control (~95%)

Large acreage positions

Substantial upside

Product balanced (~60% gas)

Operations in Texas, Mid-Continent & Rockies

> 10 year inventory of projects on existing leasehold

High impact projects

AMEX: ABP

Asset Base

Feb-08 reflects the MLP formation & St. Mary acquisition

and includes 47% of the MLP’s proved reserves

Dec 31,

Acquisitions:
< $0.65 / Mcfe

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ABP Share of MLP Debt

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AMEX: ABP

ABP (Stand-Alone) Valuation

ABP Assets

Multiple Range

Valuation Range
($MM)

Valuation
Midpoint ($MM)

In-Ground Value

Proved Reserves (Bcfe):

37.7

$ 2.00 - $3.00

$ 75 - $ 113

$ 94

Undeveloped Acreage (inc. seismic):

Price Per Acre

   - Mowry Shale

   - Woodford Shale

   - Wilcox Exploratory

46,50
0

15,00
0

  
2,500

$ 300 - $ 700

$ 800 - $ 1,200

$ 400 - $ 700

$ 14 – $ 33

$ 12 – $ 18

$ 1 – $ 2

$ 23

$ 15

$ 1

Price Per Unit

Abraxas MLP units (MM)

5.36

$ 16.66

$ 89

$ 89

Cash and other assets (1)

$ 15

$ 15

Total Value:

$ 207 – $ 270

$ 238

Less: Debt

$ 0

$ 0

Total ABP Equity
Value:

$ 207 – $ 270

$ 238

Shares Outstanding
(MM)

49.0

Value Per Share

$ 4.22 - $ 5.51

$ 4.86

(1)

Cash, GWE common stock

                workover rigs, vehicles, and

                surface acreage / yards

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AMEX: ABP

Upside Potential

Number of
potential /
identified
projects

Upside

Potential

Bcfe ⁽¹⁾

Value Matrix ($MM)

$0.50
per Mcfe

$1.00
per Mcfe

$1.50
per Mcfe

Total

559

1,256

$ 628

$ 1,256

$ 1,884

Upside Potential
Value per Share

$ 13

$ 25

$ 38

⁽¹⁾ Capital required $1.8 billion – volumes and resultant values are mid-point of range

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Drill Bit Growth

targeting Conventional Reservoirs

& emerging Resource Plays   

Increase Shareholder Value

through……

AMEX: ABP

Operational Goals

Reserve Ratio Improvement

by converting
proved undeveloped and un-booked reserves
to the proved developed category   

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Accretive Acquisitions

Abraxas Energy

Joint (Abraxas Energy / Abraxas Petroleum)  

10

AMEX: ABP

Conventional Reservoirs

Developing Existing Proved Reserves

Projects for 2008 and beyond…
“the low hanging fruit”

Edwards

Wilcox

Delaware

        Mississippian / Devonian / Montoya

IRA

Clearfork / Spraberry / Strawn Reef

Oates SW

          Devonian

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Oates SW Field

Wellbores available for re-entry

Pecos Co.

~15,000 acres

AMEX: ABP

> 75 sq. miles of 3-D

Hudgins 11-1:

Woodford

La Escalera 5-1:  
Lower Wolfcamp

Manzanita 1H:
2007 Devonian

La Escalera 2:

Atoka

ABP retained wells

ABP retained the following:

   Surface rights

   Mineral rights

   Executive rights   

   All formations from MLP

     wells w/o proved reserves  

Hudgins 37-1H:

Devonian

Elsinore Cattle 56:

Devonian

Hudgins 34-2H:

Devonian

La Escalera 1AH:

Devonian

Wells contributed to MLP

(plus 3 Devonian PUDs &
2 Montoya PUD completions)

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Pecos

ABP: Oates SW Field

~ 15,000 acres

(gained valuable reservoir knowledge &
producing small amount of dry gas from the
Woodford)

CHK 50% / Petro-Hunt 50%

~100,000 acres

3-D seismic swap

1 flowing gas)

Petro-Hunt

    (2 permitted &

Reliance / CHK / PXD

3-D seismic & data swap

PXD

(1 drilled &

1 permitted)

AMEX: ABP

Woodford Shale Play

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AMEX: ABP

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Mowry Shale Oil Play

ABP: Brooks Draw

10 wells

(5 horizontal / 5 vertical)

4 vertical wells producing from
Mowry
(commingled with other zones)

23 sq. miles proprietary 3-D seismic survey

⁽¹⁾ Gross acres (>92% MI), >12,000 HBP

AEZ/BEXP: Krejci
Horizontal Mowry Shale

~ 15 to the SE of Brooks Draw

Brooks Draw

~50,000 acres ⁽¹⁾

Converse & Niobrara Counties, Wyoming

Map of leasehold in Converse & Niobrara Counties, Wyoming

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AMEX: ABP

Exploratory Plays

Potentially High Impact

Targeting the Wilcox Formation

Tuleta Prospect,

Bee County

Janssen Prospect,
Karnes County

(completing)

Plummer Prospect,
Bee County

(producing)

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Capital Expenditure Budget:

ABP: $35 million

ABE: $20 million

                 $55 million

Single well impact to guidance !

Historically, $ 4,500 of capital expended = 1 Mcfepd

                            $ 3,300 of capital expended = 1 Mcfepd for ABE properties

AMEX: ABP

2008

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Niche exploration and production company

Exceptional balance sheet - no debt, cash on-hand

High quality assets with substantial upside

Control of Abraxas Energy for accretive acquisitions & future drop-downs

Goals:

Drill Bit Growth

Reserve Ratio Improvement

Accretive Acquisitions

AMEX: ABP

Summary

CONTINUE TO INCREASE SHAREHOLDER VALUE

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www.abraxaspetroleum.com

Manzanita 1H

Hudgins Ranch,

Delaware Basin, West
Texas

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