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

April 20, 2009

Date of Report (Date of earliest event reported)

ABRAXAS PETROLEUM CORPORATION

(Exact name of registrant as specified in its charter)

Nevada	001-16071	74-2584033
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

18803 Meisner Drive

San Antonio, Texas 78258

(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 the Independent Petroleum Association of America’s (“IPAA”) Oil & Gas Investment Symposium being held April 20-22, 2009 in New York. Attached as Exhibit 99.1 are materials that Mr. Watson will present at the IPAA Symposium.

The information in this Report (including Exhibit 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.

(c)           Exhibits.

99.1 News Release

99.2 Slide presentation

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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: April 20, 2009

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EX-99.1

ABRAXAS PETROLEUM CORPORATION

www.abraxaspetroleum.com

Exhibit 99.1

NEWS RELEASE

Abraxas to Present at the IPAA Oil & Gas Investment Symposium

SAN ANTONIO (April 16, 2009) – Abraxas Petroleum Corporation (NASDAQ:AXAS) is scheduled to present at the Independent Petroleum Association of America’s (“IPAA”) Oil & Gas Investment Symposium being held April 20-22, 2009 in New York.

The presentation is scheduled to begin at 10:00 a.m. Eastern Time on Wednesday, April 22, 2009.  The live audio webcast with the corresponding PowerPoint presentation will be available at http://www.investorcalendar.com/CEPage.asp?ID=143834or on the Company’s web site, http://www.abraxaspetroleum.com, in the Investor Relations section under Webcasts / Presentations.  The webcast including the slide presentation will be archived on the Company’s web site for 60 days.

Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations principally in Texas and the Rocky Mountains.  Abraxas Petroleum Corporation also owns a 47% interest in an upstream master limited partnership, Abraxas Energy Partners, L.P., which entitles Abraxas Petroleum Corporation to receive its proportionate share of cash distributions made by the Partnership.

FOR MORE INFORMATION CONTACT:

Barbara M. Stuckey/ Vice President - Corporate Development

Phone 210.490.4788

bstuckey@abraxaspetroleum.com

www.abraxaspetroleum.com

18803 Meisner Drive

San Antonio, Texas 78258

Phone: 210.490.4788    Fax: 210.918.6675

EX-99.2

Exhibit 99.2

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Forward-Looking Statements

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.

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Company Overview

Abraxas Petroleum Corporation

•NASDAQ: AXAS

•Market capitalization ~ $50 million

•Minimal debt

•Options: CBOE and PCX

•Russell 2000® Index

•Fully diluted shares outstanding ~ 50 million

•Ownership ~ 18% insider

~ 34% institutional

•Average trading volume~ 225,000 shares per day

•General partner and 47% owner of Abraxas Energy Partners, L.P.

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Strategy for the Downturn

1)Conserve Capital

2)Build Cash

3)Be Opportunistic

4)Survive to the Rebound

5)Prudent Management of AXLP

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1) Conserve Capital

•Numerous development drilling locations

•No significant lease expirations

•low cost renewals

•2008 drilling success2009 production growth

•Why take risks ?

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2) Build Cash

•Cash is KING !

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3) Be Opportunistic

•Cost structure will come down

•Control growth with development opportunities

•Look for companies and/or assets that fit strategy

• financial stress

• AXLP can still grow with paper

•Best for shareholder interest over the long-term

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4) Survive to the Rebound

•Limited supply of hydrocarbons

•Demand growth will resume

•Higher commodity prices ahead

• when ?

•Ability to ramp up activity quickly

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5) Prudent Management of AXLP

•Solid business plan

• maintain production

• high % of low-risk development

• acquisitions not required for sustainability

• high tax shield

•WACC

• will improve over time

•Manage balance sheet

• maintain flexibility with development drilling

• keep sufficient liquidity

•Address 2nd lien debt

• IPO, rights offering, PIPE, long-term 2nd lien

Ш combination

•Conservative distributions

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Operating / Financial Results

(1)Based on 7 months of actual (June-December 2007) after formation of AXLP

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

(3)Excludes extraordinary items

(4)Excludes extraordinary items and includes cash distributions from AXLP

GAAP requires
consolidated
financials =
confused
investors !

AXAS (Stand-Alone)

7 Months
2007 (1)

Year Ended

2008

% Change

Daily production (Boepd)

583

649

11.3%

% Oil

31.1%

41.2%

32.3%

LOE (2) / Boe

$ 8.35

$ 12.33

47.7%

G&A (3) / Boe

$ 13.45

$ 13.93

3.6%

D/D/A / Boe

$ 10.75

$ 14.24

32.4%

Net realized oil price

$ 74.54

$ 91.59

22.9%

Oil differential to NYMEX

$ (6.16)

$ (8.62)

39.9%

Net realized gas price

$ 5.70

$ 8.04

41.2%

Gas differential to NYMEX

$ (1.00)

$ (0.84)

(16.7)%

Annualized cash flow (4) (mm)

$ 14.22

$ 17.49

23.0%

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High Quality Assets

ND

SD

MT

WY

CO

UT

TX

NE

OK

AR

LA

Proved Reserves (MMBOE): 6.7

- Proved Developed:35%

- Natural Gas:62%

- Operated:99%

Abraxas Petroleum Corporation

Proved Reserves (MMBOE): 18.4

- Proved Developed:61%

- Natural Gas:76%

- Operated:78%

Abraxas Energy Partners, L.P.

Abraxas Petroleum (AXAS)

Abraxas Energy (AXLP)

AXLP & AXAS

Proved Reserves (MMBOE): 25.1

- Proved Developed:54%

- Natural Gas:72%

- Operated:83%

CONSOLIDATED

Net proved reserves as of December 31, 2008

AXAS owns 47% of AXLP

Bakken

Shale Play

Haynesville

Shale Play

Central Anadarko

Woodford Shale Play

Barnett / Woodford

Shale Play

Wolfberry Trend

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Recent Drilling Activity

Abraxas Petroleum (AXAS)

Abraxas Energy(AXLP)

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Rocky Mountain

AXAS: Brooks Draw

~ 14,000 acres HBP

11 producing wells

(6 horizontal / 5 vertical)

5 producing formations

(light gravity sweet crude)

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

ШApply Bakken horizontal
completion techniques in:

• Turner Sandstone

• Mowry Shale

ШDrilled & completed 1st well

(Lakeside 1H )

IP: 250 BOPD

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Gulf Coast

DeWitt County, Texas

ШApply advanced completion
technology:

• Isolation packers

• Multi-stage fracture stimulations

ШDrilled Nordheim 2H

- 1 section open: 6 MMcfpd

- 6 sections behind pipe

- Not stimulated

AXAS: Nordheim Townsite

1 producing horizontal well

(1 PUD / 2 INCR)

AXLP: Nordheim

(Wagner Unit)

2 producing
horizontal wells

PDP wells

PUD locations

INCR locations

Map of South Texas

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Catalyst

•Near Term

• AXLP IPO

• Wyoming production rates

• Edwards fracture stimulation results

•Long Term

• Resumption of drilling activity

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Summary

Small-cap exploration and production company

•A SOLID PLAN

•EXPLOSIVE PRODUCTION GROWTH

•EXCEPTIONAL BALANCE SHEET

•TRADING UNDER NET ASSET VALUE

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NASDAQ: AXAS