slidepresentation.htm

January, 2010

Exhibit 99.1

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.

Bakken producers Abraxas operated wells

Bakken permits Abraxas non-operated wells

2008-2009

Bakken Sleeper

Numerous additional
opportunities

(operated and non-operated)

~100 gross units *

NO LEASE EXPIRATIONS -
acreage principally held by
production

MINIMAL RESERVES
BOOKED TO-DATE

10% WI NON-OP WELL -
Completing

AXAS: 3 operated lease
blocks within 1 location of
commercial Bakken /
Three Forks production

Targeting Q2 - first operated
well

Montana North Dakota

Parshall

Nesson

Anticline

Elm

Coulee

* ~90 on 1280 acre unit spacing, excludes Lewis &
Clark Three Forks potential

Lewis &

Clark

Rough

Rider

The Bakken Advantage

Total enterprise value - Proved PV10 =

Bakken acreage value / Net Bakken acres = Bakken value per acre

Small-cap Bakken Players
	Bakken value per acre	Q3 2009 Boepd
Company A	$ 3,149	144
Company B	$ 4,498	5,200
Company C	$ 6,768	963
Company D	$ 6,839	751
Company E	$15,244	5,348

AXAS	$ 1,613	4,430

AXAS utilizing mid-year proved reserves on a typical bank
price deck

Source: Company filings with the SEC

Eagle Ford Shale

AXAS:

~ 3,200 gross (3,000 net)
acres HBP

(gas window)

~1,700 gross/net acres

leased

(gas / condensate window)

********

Leasing geologically /
geophysically controlled

******

No expensive trend acreage

South Texas

gas window

oil window

PXD:

Eagle Ford Discovery

Enduring:

Eagle Ford Discovery

AXAS:

HBP acreage

PXD:

Eagle Ford Discovery

EOG:

Eagle Ford Oil

Discovery

Peer Group Analysis

Source: Company filings with the SEC and market capitalization on December 30, 2009

E&P analysis includes market capitalization < $1B (AEZ, AREX, ATPG, AXAS, CFW, CPE, CRZO, CWEI, DBLE, DNE, DPTR, END, EPM, EXXI, FXEN, GDP, GEOI, GMET, GMXR,
GPOR, GPR, GST, GSX, KOG, MCF, MHR, MMR, NGAS, NOG, PETD, PHX, PINN, PQ, PVA, RAME, REXX, SFY, SGY, TMR, VQ, WRES)

Mean equates to an AXAS share price of:

$19.42

Mean equates to an AXAS share price of:

$5.56

48% undervalued compared to E&P in analysis

Peer Group Analysis

65% under average of E&P in analysis

In-line with average of E&P in analysis

Source: Company filings with the SEC

AXAS Highlights

§ NASDAQ: AXAS

§ Fully diluted shares outstanding: ~76 million

§ ~50% institutional

§ ~10% insider

§ Current average trading volume: ~470,000 shares per day

§ Total long-term debt: ~$145 million

§ High quality assets

§ Unparalleled upside opportunities

§ 85% of PDP hedged through 2012 and 70% in 2013

§ $74.96 per barrel and $6.38 per Mmbtu

§ 2010 Guidance:

§ Production: 1.7 - 2.0 MMBoe

§ EBITDA: $38 - 45 Million

§ CapEx: $30 Million

Operational Highlights

Ø Predictable, long-lived production

§ R/P ratio of 16.9 years (PD of 9.3 years)

§ Conventional and unconventional reservoirs

Ø 1,811 gross (429 net) producing wells: average working interest 24%

§ ~690 gross (250 net) wells/units comprise top 90% by PV

Ø Substantial inventory: 158 proved undeveloped locations (plus Bakken)

§ Numerous additional identified locations

Ø 307,310 gross (160,141 net) acres

§ No material lease expiry issues or drilling commitments

Ø Operational control - over 80% of PV10

§ Over 30 years of operational history

§ Efficient, low-cost operator

§ Long history of drilling success

Net proved reserves as of June 1, 2009

Acreage / well count as of December 31, 2008

High Quality Assets

Proved Reserves (MMBoe): 27.9

- Proved Developed: 55%

- Gas/Oil %: 71/29%

- Operated: 83%

Abraxas Petroleum Corporation

Net proved reserves as of June 1, 2009

Bakken

Shale Play

Haynesville

Shale Play

Central Anadarko

Cana - Woodford

Shale Play

Barnett / Woodford

Shale Play

Wolfberry Trend

Rocky Mountain

Mid-Continent

Permian Basin

Gulf Coast

Eagle Ford Shale Play

Reserve / Production Summary

Proved Reserves - 27.9 MMBoe

Production - 4,430 Boepd

Net proved reserves as of June 1, 2009

Daily net production for the quarter ended September 30, 2009

Rocky

Permian

Basin

36%

Gulf

Rocky

Basin

30%

Gulf

Production Profile

Net proved reserves as of June 1, 2009

Next 5 years - 9%

Thereafter - 8%

Projected Annual PDP Decline Rate

Near-Term Drilling Catalysts

AXAS OPERATED:	OUTSIDE OPERATED:
Portilla, South Texas • 2 vertical wells • 9,000’ Frio • Q1 2010 • AXAS 100% WI	Bakken/Three Forks, North Dakota • BTA operated • Completing • AXAS 10% WI
Normanna, South Texas • 10,000’ Wilcox • Drilling • AXAS 20%/40% WI	Granite Wash, Texas Panhandle • 2 wells • Cimarex / Mewbourne operated • Drilling • AXAS <1-8% WI
Spires Ranch, West Texas • 7,000’ Ellenburger • Testing • AXAS 100% WI

Non-op wells gather information

Business Plan

§ Allocate portion of 2010 CapEx to Bakken

§ Investigate Bakken acceleration

§ Increase Eagle Ford position

§ Principally in oil leg

§ Non-core asset sales: >$10 MM - principally non-op

§ Pay down debt

§ Accelerate CapEx: 1/2 of sales above $10 MM

§ 50/50 oil/gas production mix by end of 2010

§ Target greater than 90% operated by end of 2010

§ Awareness of NOL preservation

§ Increase investor interest

§ Increase analyst coverage

NASDAQ: AXAS

Appendix

Rocky Mountain

Ø 7.0 MMBoe of proved reserves

Ø 75% proved developed

Ø 75% crude oil

Ø 1,175 Boepd of production

Ø 15.7 R/P ratio

Ø 894 gross (110 net) producing wells

Ø 65 PUD locations

Ø 97,279 net acres

Ø Primary producing basins include:

§ Williston Basin (MT and ND)

§ Powder River & Green River Basins (WY)

§ Unita Basin (UT)

Ø Bakken / Three Forks - HBP

Rocky Mountain

Medicine Pole Hills Unit

Bowman Co., ND

2 PUD

Red River B: 9,350’

Operator: Continental

Natural Buttes Field

(Chapita Wells Unit)

Uintah Co., UT

20 PUD

Wasatch: 7,000’

Operator: EOG Resources

Cow Hollow Field

Lincoln Co., WY

32 PUD

Frontier: 11,000’

Operator: Kerr-McGee

Bakken Shale Play / Three Forks / Sanish

Area of Operations

Overview

Net proved reserves as of June 1, 2009

Daily net production for the quarter ended September 30, 2009

Roosevelt Field

Billings Co., ND

4 PUD

Nisku: 10,000’

Operator: Abraxas/Summit

North Fork Field

McKenzie Co., ND

6 PUD

Bakken: 10,000’

Red River: 14,000’

Operator: Abraxas

Mid-Continent

Ø 3.4 MMBoe of proved reserves

Ø 73% proved developed

Ø 85% natural gas

Ø 711 Boepd of production

Ø 13.0 R/P ratio

Ø 602 gross (103 net) producing wells

Ø 53 PUD locations

Ø 22,937 net acres

Ø Primary producing basins include:

§ Anadarko Basin (Western OK)

§ Arkoma Basin (Eastern OK)

§ ARK-LA-TEX

Ø Cana Shale (Cimarex, Devon, Chesapeake) - HBP

Ø Haynesville Shale - HBP

Haynesville

Shale Play

Central Anadarko

Cana - Woodford

Shale Play

Pittsburg County CBM

Pittsburg Co., OK

53 PUD

Hartshorne Coal: 3,000’

Operator: Chesapeake / AXAS

Area of Operations

Overview

Net proved reserves as of June 1, 2009

Daily net production for the quarter ended September 30, 2009

Permian Basin

Ø 10.1 MMBoe of proved reserves

Ø 39% proved developed

Ø 83% natural gas

Ø 1,330 Boepd of production

Ø 19.7 R/P ratio

Ø 236 gross (161 net) producing wells

Ø 30 PUD locations

Ø 31,237 net acres

Ø Primary producing sub-basins:

§ Delaware Basin

§ Eastern Shelf

Ø Barnett / Woodford Shale - fee minerals

Oates SW

Pecos Co., TX

5 PUD

Devonian: 14,000’
Montoya: 14,500’

Operator: Abraxas

ROC Complex

Ward Co., TX

7 PUD

Devonian: 13,000’

Montoya: 14,000’

Operator: Abraxas

Area of Operations

Overview

Beulah Coleman

Midland Co., TX

8 PUD

Wolfberry: 9,000’

Devonian: 11,500’

Operator: Abraxas

Millican Reef Unit

Coke Co., TX

3 PUD

Strawn: 6,700’
Operator: Abraxas

Barnett / Woodford

Shale Play

Wolfberry Trend

Net proved reserves as of June 1, 2009

Daily net production for the quarter ended September 30, 2009

Gulf Coast

Ø 7.4 MMBoe of proved reserves

Ø 49% proved developed

Ø 92% natural gas

Ø 1,214 Boepd of production

Ø 17.2 R/P ratio

Ø 79 gross (55 net) producing wells

Ø 13 PUD locations

Ø 8,688 net acres

Ø Primary producing sub-basin:

§ Onshore Gulf Coast

Ø Eagle Ford Shale - HBP

§ Currently leasing additional acreage

Portilla Field

San Patricio Co., TX

3 PUD (2 PDNP)

Frio: 7,000’
Vicksburg: 9,000’

Operator: Abraxas

Edwards Trend

DeWitt / Lavaca Co., TX

10 PUD (4 PDNP)

Edwards: 13,500’

Operator: Abraxas

Area of Operations

Overview

Eagle Ford

Shale Play

Net proved reserves as of June 1, 2009

Daily net production for the quarter ended September 30, 2009

NASDAQ: AXAS