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.

2008

Annual

Shareholder

Meeting

Turning to the Right

AMEX: ABP

Company Overview

Abraxas Petroleum Corporation

AMEX:ABP

Market capitalization ~ $220 million

Total enterprise value ~ $215 million

$0 debt & $5 million in cash

Options: CBOE and PCX

Fully diluted shares outstanding ~ 50 million

Ownership ~ 15% insider

~ 29% institutional

Average trading volume ~ 240,000 shares per day

AMEX: ABP

The Market Doesn’t Understand…

We trade like we are…

OVER-LEVERED – in fact, we’re debt-free for the first time in 30 years

NOT PROFITABLE – in fact, we’ve been profitable for the past 5 years

NOT GROWING RESERVES – in fact, we’re up 8% in 2007 w/ reserve replacement of 219%

NOT INCREASING PRODUCTION – in fact, we have over 60% from L7M⁽¹⁾ average

NO PIZZAZZ – in fact, we have pizzazz – pay attention to the new ABP …

⁽¹⁾ L7M - Consolidated average for the last 7 months of 2007

Abraxas Energy Partners, L.P.

Properties

Abraxas Operating, LLC

Private Investors

6.00 million common units

Abraxas General Partner, LLC

227,232 general partner units

Abraxas Energy

Investments, LLC

5.13 million common units

100%

45%

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

Property Acquisition

Closed: January 31, 2008

Rockies & Mid-Continent

$131.6 million

10.1 MMBOE ($12.99/BOE)

85% PD / 56% Oil

R/P Ratio: ~15 years

Abraxas Energy

$126.0 million

$13.34/BOE

Swaps: $87.50 / $8.27

Accretive to DCF

Abraxas Petroleum

$5.6 million

$8.17/BOE

AMEX: ABP

St. Mary Acquisition

Net proved reserves as of December 31, 2007

Northern Rockies

Southern Rockies

Mid-Continent

ARK-LA-TEX

Gulf Coast

Permian

AMEX: ABP

2007 Annualized…

ABP (Stand-Alone) 2007 Annualized ⁽¹⁾

Daily production – 583 Boepd (31% oil)

LOE ⁽²⁾ / Boe – $ 8.35

G&A ⁽³⁾ / Boe – $ 13.45

D/D/A / Boe – $ 10.75

Net realized oil price ⁽⁴⁾ – $ 74.54

Oil differential: ($ 6.16)

Net realized gas price ⁽⁴⁾ – $ 5.70

Gas differential: ($ 1.00)

Cash flow ⁽⁵⁾ – $ 14.2 million, or $ 0.29 per share

Earnings ⁽⁵⁾ – $ 10.4 million, or $ 0.21 per share

(1)

Based on 7 months of actual (June-December 2007)

(2)

Excludes severance & ad valorem taxes of approximately 8% of oil and gas revenue

(3)

Excludes extraordinary items

(4)

Net realized prices based on actual 7 months (not annualized)

(5)

Excludes extraordinary items and includes $1.50 per unit annual cash distribution

GAAP requires
consolidated financials =
confused investors

High Quality Assets

AMEX: ABP

Proved Reserves (MMBOE): 6.2

- Proved Developed: 34 %

- Natural Gas: 63%

- Operated: 97%

Abraxas Petroleum Corporation

Proved Reserves (MMBOE): 21.7

- Proved Developed: 67%

- Natural Gas: 70%

- Operated: 70%

Abraxas Energy Partners, L.P.

Net pro forma proved reserves as of December 31, 2007

ABP owns 47% of ABE

Abraxas Petroleum (ABP)

Abraxas Energy (ABE)

ABE & ABP

Proved Reserves (MMBOE): 27.9

- Proved Developed: 59%

- Natural Gas: 69%

- Operated: 77%

CONSOLIDATED

AMEX: ABP

Project Inventory Matrix

> 10 year inventory of projects on existing leasehold

Drill Bit Production Growth

targeting conventional reservoirs

& emerging resource plays

AMEX: ABP

Objectives

Reserve Ratio Improvement

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

Accretive Acquisitions

Abraxas Energy

Joint (Abraxas Energy / Abraxas Petroleum)

AMEX: ABP

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

AEZ/BEXP: Krejci
Horizontal Mowry Shale

~ 15 to the SE of Brooks Draw

Converse & Niobrara Counties, Wyoming

Map of leasehold in Converse & Niobrara Counties, Wyoming

⁽¹⁾ Gross acres (41,000 net), >12,000 HBP

2008 Capital Expenditure Budget:

Excludes St. Mary acquisition in Jan-08:

Historically, we’ve added 1 Boepd for every $ 27,000 expended

($ 19,800 on ABE’s properties)

EXPECT SIGNIFICANT PRODUCTION GROWTH IN 2008 !

AMEX: ABP

Capital Budget 2008

AMEX: ABP

ABP (Stand-Alone) Valuation

(1)

Cash, GWE common stock

workover rigs, vehicles, and

surface acreage / yards

AMEX: ABP

Peer Group Valuation

(1) Assumes $16.66 per unit – each $1.00 increase equals $0.11 per share of ABP

(2) Net pro forma proved reserves as of December 31, 2007 of 6.2 MMBoe for ABP stand-alone

(3) Peer group includes Brigham Exploration, Callon Petroleum, Clayton Williams, Double Eagle, Edge Petroleum, Gasco
Energy, GMX Resources, Goodrich Petroleum, Meridian Resources, NGAS Resources, Parallel Petroleum, Petroquest
Energy, TXCO Resources, and Warren Resources – data on peer group from each Company’s 12/31/07 10-K filed with
the SEC

Valuation confirmed through peer group analysis !

AMEX: ABP

Show the Market…

What are we going to do…

INCREASE ACTIVITY – 2008 capital expenditure budget = $55 million

INCREASE VISIBILITY – conferences, road shows, analyst coverage

… and the market will understand the new ABP

Small-cap exploration and production company

HEALTHY – Exceptional balance sheet

STABLE – High quality core assets

GROWTH – Large inventory of projects

CONTROL – Abraxas Energy Partners

Undervalued compared to our peer group !

AMEX: ABP

Summary

Turning to the Right