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 2, 2011

Date of Report (Date of earliest event reported)

ABRAXAS PETROLEUM CORPORATION

(Exact name of registrant as specified in its charter)

Nevada	1-16071	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):

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

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

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

o 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

On February 1, 2011,  Abraxas Petroleum Corporation issued a news release announcing that in connection with the previously announced public offering of 20,503,347 shares of common stock (of which 8,503,347 shares were sold by certain selling stockholders) at a public offering price of $4.40 per share, the underwriters exercised in full their option to purchase an additional 3,075,502 shares of common stock from Abraxas.  The full text of the news release is attached hereto as Exhibit 99.1

On February 2, 2011, Abraxas Petroleum Corporation issued a news release announcing completion of its first Eagle Ford well in South Texas and presentation details for the upcoming IPAA OGIS conference. Robert L.G. Watson, President and CEO of Abraxas, will be will present at the Independent Petroleum Association of America’s (“IPAA”) Oil & Gas Investment Symposium in Hollywood, FL. on February 3, 2011. The full text of the news release is attached hereto as Exhibit 99.2, the materials that Mr. Watson will present are attached as Exhibit 99.3

The information in this Report (including Exhibit 99.1, 99.2 and 99.3) 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 News Release dated February 1, 2011

99.2 News Release dated February 2, 2011

99.3 Slide presentation

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 2, 2011

EX-99.1

ABRAXAS PETROLEUM CORPORATION

www.abraxaspetroleum.com

Exhibit 99.1

NEWS RELEASE

Abraxas Announces Closing of Common Stock Offering

and Exercise of Over-Allotment Option

SAN ANTONIO (February 1, 2011) – Abraxas Petroleum Corporation (NASDAQ:AXAS) today announced that in connection with the previously announced public offering of 20,503,347 shares of common stock (of which 8,503,347 shares were sold by certain selling stockholders) at a public offering price of $4.40 per share, the underwriters exercised in full their option to purchase an additional 3,075,502 shares of common stock from Abraxas.  The closing of the offering and the over-allotment option took place simultaneously today.

Total net proceeds to Abraxas from the offering are approximately $62.0 million, after estimated fees and expenses.  Abraxas intends to use the net proceeds from the offering to repay indebtedness outstanding under its credit facility, to increase its 2011 capital expenditure budget and for general corporate purposes.  Abraxas did not receive any proceeds from the sale of shares by the selling stockholders.

Johnson Rice & Company L.L.C., Canaccord Genuity and Stifel Nicolaus Weisel acted as joint book-running managers of the offering and Ladenburg Thalmann & Co. Inc. and Wunderlich Securities acted as co-managers of the offering.

The offering is being made only by means of a prospectus supplement and accompanying base prospectuses meeting the requirements of Section 10 of the Securities Act of 1933, as amended.  Copies of the prospectus supplement and the accompanying base prospectuses relating to the offering may be obtained from the following:

Johnson Rice & Company L.L.C.	Canaccord Genuity	Stifel Nicolaus Weisel
Attn: Syndicate	Attn: Syndicate	Attn: Syndicate
639 Loyola Avenue, Suite 2775	99 High Street, 12th Floor	One South Street, 15th Floor
New Orleans, LA 70113	Boston, MA 02110	Baltimore, MD 21202
Telephone: (504) 525-3767	Telephone: (800) 225-6201	Telephone: (443) 224-1988

An electronic copy of the prospectus supplement and the accompanying base prospectuses filed with the SEC may be obtained at no charge from its website at www.sec.gov.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

18803 Meisner Drive

San Antonio, Texas 78258

Phone: 210.490.4788    Fax: 210.918.6675

Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations across the Rocky Mountain, Mid-Continent, Permian Basin and onshore Gulf Coast regions of the United States and in the province of Alberta, Canada.

Safe Harbor for forward-looking statements:  Statements in this release looking forward in time involve known and unknown risks and uncertainties, which may cause Abraxas’ actual results in future periods to be materially different from any future performance suggested in this release.  Such factors may include, but may not be necessarily limited to, changes in the prices received by Abraxas for natural gas and crude oil.  In addition, Abraxas’ future natural gas and crude oil production is highly dependent upon Abraxas’ level of success in acquiring or finding additional reserves.  Further, Abraxas operates in an industry sector where the value of securities is highly volatile and may be influenced by economic and other factors beyond Abraxas’ control.  In the c ontext of forward-looking information provided for in this release, reference is made to the discussion of risk factors detailed in Abraxas’ filings with the Securities and Exchange Commission during the past 12 months.

FOR MORE INFORMATION CONTACT:

Barbara M. Stuckey/ Vice President - Corporate Finance

Phone 210.490.4788

bstuckey@abraxaspetroleum.com

www.abraxaspetroleum.com

EX-99.2

ABRAXAS PETROLEUM CORPORATION

www.abraxaspetroleum.com

Exhibit 99.2

NEWS RELEASE

Abraxas Announces Completion of First Eagle Ford Well and

Presentation Details for the Upcoming IPAA Oil & Gas Investment Symposium

SAN ANTONIO (February 2, 2011) – Abraxas Petroleum Corporation (NASDAQ:AXAS) today announced completion of its first Eagle Ford well in South Texas and presentation details for the upcoming IPAA OGIS conference.

Eagle Ford

In DeWitt County, Texas, Blue Eagle Energy, LLC, the previously announced joint venture between Abraxas and Rock Oil Company, LLC, drilled the T Bird 1H to a total measured depth of 19,450 feet, including a 5,700 foot lateral which is one of the longest laterals drilled in the Eagle Ford Shale play to-date.  The well was completed with a 15-stage fracture stimulation and recently placed on-line at a restricted rate approximately 75 days after spud.  The well is being opened up slowly to prevent formation damage and an unrestricted rate will be announced in the near future.  Abraxas currently owns an approximate 50% interest in the joint venture.

Presentation Details

Abraxas is scheduled to present at 2:45 p.m. Eastern Time (1:45 p.m. CT) on Thursday, February 3, 2011 at the Independent Petroleum Association of America’s Oil & Gas Investment Symposium to be held February 3-4, 2011 in Hollywood, Florida.  The live audio webcast with the corresponding presentation will be available at http://www.investorcalendar.com/CEPage.asp?ID=163084 or 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 across the Rocky Mountain, Mid-Continent, Permian Basin and onshore Gulf Coast regions of the United States and in the province of Alberta, Canada.

Safe Harbor for forward-looking statements:  Statements in this release looking forward in time involve known and unknown risks and uncertainties, which may cause Abraxas’ actual results in future periods to be materially different from any future performance suggested in this release.  Such factors may include, but may not be necessarily limited to, changes in the prices received by Abraxas for natural gas and crude oil.  In addition, Abraxas’ future natural gas and crude oil production is highly dependent upon Abraxas’ level of success in acquiring or finding additional reserves.  Further, Abraxas operates in an industry sector where the value of securities is highly volatile and may be influenced by economic and other factors beyond Abraxas’ control.  In the c ontext of forward-looking information provided for in this release, reference is made to the discussion of risk factors detailed in Abraxas’ filings with the Securities and Exchange Commission during the past 12 months.

18803 Meisner Drive

San Antonio, Texas 78258

Phone: 210.490.4788    Fax: 210.918.6675

FOR MORE INFORMATION CONTACT:

Barbara M. Stuckey/ Vice President - Corporate Finance

Phone 210.490.4788

bstuckey@abraxaspetroleum.com

www.abraxaspetroleum.com

EX-99.3

February 3-4, 2011

Hollywood, Florida

Exhibit 99.3

2

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.

3

AXAS Highlights

§NASDAQ: AXAS

§Fully diluted shares outstanding: ~88.4 million (PF offering)

§~50% institutional

§~10% insider

§Current average trading volume: ~840,000 shares per day

§Market capitalization: ~$400 million (PF offering)

§Total long-term debt:~$87 million (PF offering)

§High quality assets

§Unparalleled upside opportunities

§Significant hedge position

§Expanded 2011 CapEx: $60 million (PF offering)

§Recent equity offering: 20.5 million shares at $4.40

§(12 million primary and 8.5 million secondary)

4

AXAS Assets

§50,000+ net acres in unconventional oil plays

§Large inventory of unconventional and conventional drilling locations

§Undeveloped leasehold has been largely de-risked by industry and offset operator activity

§Undeveloped leasehold is primarily held by production

§Substantial base of MLP-like producing properties

§2011 expanded budget of $60 million is 100% oil or liquids weighted

§Secondary component of recent equity offering eliminated overhang perception

§PF offering - 3.3 million shares(1) held by the MLP investors are freely tradable

(1)Excludes 5.2 MM shares held by Lehman and 2.4 MM shares subject to lock-ups that extend to January 2012

5

AXAS Hedges

	2011	2012	2013	AVE.
OIL - weighted average price	$81.33	$70.89	$80.79	$75.69
% OIL PDP(1)	84%	84%	69%
GAS - weighted average price	$6.52	$6.77	$6.84	$6.69
% GAS PDP(1)	82%	81%	66%

NYMEX-based fixed price swaps:

(1)As of December 31, 2009

6

Pro Forma Net Asset Value

(1)Includes identified and resource potential on Bakken, Niobrara, Eagle Ford, Pekisko and Texas oil plays. Excludes identified and resource reserves in Alberta Basin Bakken
and $50MM value of Eagle Ford Joint Venture drilling carry.

Pro Forma Net Asset Value per Share(1)

Proved Reserves Only

$ 2.69

Proved PLUS Probable Reserves

$ 15.19

Proved PLUS Probable PLUS
Possible

$ 28.14

7

ND

MT

WY

CO

UT

TX

OK

LA

Proved Reserves (MMBoe)(1):
24.9

- Proved Developed:56%

- Oil %:35%
- Operated:82%

Abraxas Petroleum Corporation

(1)Net proved reserves as of December 31, 2009

Bakken / Three Forks

Play

Barnett / Woodford

Shale Play

Wolfberry Trend

Rocky Mountain

Mid-Continent

Permian Basin

Gulf Coast

Eagle Ford Shale Play

High Quality Assets

Alberta

Niobrara Play

Alberta Basin

Bakken Play

Alberta

Wolfbone Play

8

Reserve / Production Summary

Proved Reserves(1) - 24.9 MMBoe

Production(2) - 3,875 Boepd

(1)Net proved reserves as of December 31, 2009

(2)Daily net production for the quarter ended September 30, 2010

(3)2010 divestitures of non-core assets, primarily in the Mid-Continent region, represented ~2.0 mmboe of proved reserves

Rocky

Permian

Basin

22%

Onshore Gulf

Rocky

Mountain

28%

Mid-

Continent

13%

Permian

Basin

32%

Onshore Gulf

Coast

27%

9

2011 Capital Budget

§Large inventory of drilling locations in unconventional and conventional oil plays

§1H:11 oil weighted drilling program focused on low-risk / high-return Texas conventional
oil projects

§2H:11 accelerate operated drilling activity in the Bakken and Three Forks plays

§Approximately 70% of undeveloped acreage is held by production

(1)Unrisked locations based on six wells (three Bakken and three Three Forks) per 1,280 acre units; 160 acre spacing assumptions in both the Eagle Ford and Niobrara Shale
plays

(2)Eagle Ford Shale acreage and locations are gross to the Blue Eagle JV which Abraxas currently owns a 50% equity interest.At full funding Abraxas will own a 25% equity
interest in the JV

Project Area	Net Acres	Net Unrisked Locations(1)	2011 Drilling Program		2011 Net Capital ($MM)
			Gross	Net
Bakken / Three Forks	20,835	98	15.0	3.0	$21.8
Eagle Ford Shale(2)	8,333	52	4.0	4.0	$0.0
Niobrara Shale	18,700	117	1.0	1.0	$5.0
Pekisko Fairway	9,120	10	4.0	4.0	$12.0
Alberta Bakken	10,000	-	-	-	-
Texas Oil Plays	8,700	65	14.0	14.0	$10.4
Other	n/a	n/a	6.0	6.0	$10.8
Total:	75,688	342	44.0	32.0	$60.0

10

Bakken / Three Forks

MontanaNorth Dakota

Nesson

2,270 net acres

Elm Coulee

440 net acres

Elkhorn Ranch / Lewis & Clark

2,035 net acres

Harding / Rough Rider

7,010 net acres

Carter

3,200 net acres

Sheridan

2,340 net acres

1

North Fork / Nesson

3,540 net acres

§Gross / Net Acres:

§109,658 / 20,835

§~100% held by production

§Drilling Inventory (1,280 acre units):

§~514 gross / 98 net

§3 Bakken / 3 Three Forks wells per
unit

§Economics:

§D&C Cost: $7.5 MM

§EUR: 500 mboe

§Recent Activity:

§1st operated Three Forks well (Ravin
26-35 1H; 60% w.i.) - 1,705 boe/d
unrestricted rate

§1st operated Middle Bakken well
(Stenehjem 27-34 1H; 79% w.i.) -
completion expected in 1Q:11

§10 gross / 0.35 net non-operated wells

§2011 Planned Activity:

§$22.0 MM budget

§5.0 gross / 2.5 net operated wells

§10.0 gross / 0.5 net non-operated
wells

Ravin 26-35 1H - TFS

1,705 boe/d

Stenehjem 27-34 1H

Bakken - WOC

11

Eagle Ford Shale

§Acreage(1):

§8,333

§Atascosa, DeWitt, and Lavaca Counties, TX

§Drilling Inventory(1):

§52 net JV locations

§160 acre spacing

§Economics:

§D&C Cost: $7.0 MM

§EUR: 500 mboe

§Blue Eagle Joint Venture:

§AXAS operator

§AXAS contributed 8,333 net acres

§50% equity interest

§Rock Oil contributed $25 MM at closing

§Rock Oil committed additional $50 MM

§Upon full funding, AXAS equity interest - 25%

§Recent Activity:

§1st well: T Bird 1H - 15 stage frac: flowing back

§2nd well: Grass Farms 1H -2Q:11

§2011 Planned Activity(1):

§$28 MM to drill 4.0 wells

§Funded 100% by Rock Oil

(1)AXAS held 8,333 net acres prior to entering into the Blue Eagle Joint Venture.At formation of the JV, AXAS held a 50% equity interest in the JV which will decrease to 25% upon
partner fully funding the additional $50MM capital commitment

Lavaca County

Atascosa County IP Rates:

EOG: Peeler 2H:605 bo/d

EOG: Peeler 10H: 342 bo/d

EOG: Hundley 2H: 493 bo/d

DeWitt County IP Rates:

Enduring: Keach GU 1: 3,633 boe/d

TLM: Halepeska Gas Unit 1: 2,665 boe/d

PXD: Charles Riedesel GU 1: 2,616 boe/d

HK: Oliver B 1H: 1,968 boe/d

HK: Krause 1H: 1,667 boe/d

HK: Lanik 1H: 1,404 boe/d

AXAS: T-Bird 1H: 15-stage frac: flowing back

oil window

gas window

gas/condensate

window

12

Low Risk Oil Development

West Texas - Spires Ranch

§Gross / Net Acres: 5,600 (100% w.i.)

§County / Formation: Nolan / Strawn

§Locations: 10

§D&C: $1.6 MM / EUR: 112 mboe

§2011 Capex / Activity:

§$3.2 MM to drill 2.0 wells in 1H:11

West Texas - Shallow Howe

§Gross / Net Acres: 2,000 (100% w.i.)

§County / Formation: Ward / Yates

§Locations: 40

§D&C: $400K / EUR: 40 mboe

§2011 Capex / Activity:

§$1.6 MM to drill 4.0 wells in 1H:11

South Texas - Portilla

§Gross / Net Acres: 1,100 (100% w.i.)

§County / Formation: San Patricio / Frio
7,400 and 8,100 sands

§Locations: 15

§D&C: $700K - $900K / EUR: 47 - 88 mboe

§2011 Capex / Activity:

§$5.6 MM to drill 8.0 infill wells in 1H:11

Portilla;

San Patricio County

Spires Ranch;

Nolan County

Shallow Howe;

Ward County

ROR%:

Spires Ranch: 145%

Shallow Howe:>1,000%

Portilla: 646%

13

Campbell

Converse

Niobrara

Weston

Niobrara Shale

Converse / Niobrara Counties, Wyoming

CHK / EOG:

Niobrara Permit
activity

§Gross / Net Acres:

§20,800 / 18,700

§Primarily in Converse and
Niobrara Counties

§~90% held by production

§~3,000 net acres in Campbell
County directly offsetting EOG
producing well

§Drilling Inventory:

§130 gross / 117 net locations

§160 acre spacing

§Economics:

§D&C Cost: $5.0 MM

§EUR: 250 mboe

§Recent Activity:

§12 wells drilled to date
(7 horizontal / 5 vertical)

§1 vertical Niobrara

§2011 Planned Activity:

§$5.0 MM to drill 1.0 gross/net well

§Other:

§23 sq. miles proprietary 3D
seismic data

§Full-diameter core data

EOG Crossbow Area:

3-19H: (Cum Oil 34 mbo / Gas 145 mmcf)

2-18H: (Cum Oil 57 mbo / Gas 428 mmcf)

15 Permits

SWN / Samson / Helis:

10 Hrz. Permits;
1 completion

CHK:

Sims 15-26H: (Cum Oil 19 mbo / Gas 634 mmcf)

AXAS Activity:

Sage Grouse 3H: (Cum Oil 25 mbo / 50 mbo EUR)

14

Southern Alberta Basin - Bakken

§Gross / Net Acres:

§>10,000 net acres

§800 net mineral acres

§Glacier and Toole Counties, Montana

§Leases have 5-10 year primary terms

§2011 Planned Activity:

§Continue to add to leasehold position in
geologically specific areas

§Monitor industry drilling activity

AXAS Leasing Area

Blackfoot Nation Territory

Newfield Wells

Rosetta & Others Wells

Toole

Glacier

Glacier / Toole Counties, Montana

15

Business Plan

§Expanded 2011 CapEx: $60 MM

§oil development

§Bakken/TFS - Prudence

§Eagle Ford - Acceleration with JV

§Completed divestiture program: ~$33 MM

§non-core, predominately non-operated

§pay down debt & accelerate CapEx

§Target 50/50 oil/gas production mix

§Target greater than 90% operated

§NOL preservation

§Increase investor interest

§recent equity offering (150+ accounts)

§Increase analyst coverage

§5 new equity analyst

16

Appendix

17

(1)Eagle Ford Shale acreage and locations are net to Abraxas’ 25% equity interest in the Blue Eagle JV at full funding

(2)Possible Bakken/Three Forks locations are based on two additional Bakken and three additional Three Forks wells per 1,280 acre unit

Pro Forma NAV - Undiscounted

2009 PV-10 at Current Pricing

$323,000,000

PF Net Cash

$2,060,000

Proved NAV/Share (Assumes Pro Forma Share Count of 88.4 Million)

$2.69

Bakken / Three Forks

20,835

1280

16.3

500,000

8,138,672

Niobrara Shale

18,700

160

116.9

250,000

29,218,750

Pekisko Fairway

9,120

10.0

150,000

1,500,000

Total Probable Reserve Potential

49,100,078

Probable Reserve Value @$30 Netback

$1,473,002,344

Probable Reserve Value/Share (Risked at 75%)

$12.49

Possible

Bakken / Three Forks(2)

20,835

1280

81.4

500,000

40,693,359

Total Possible Reserve Potential

76,412,109

Possible Reserve Value/Share (Risked at 50%)

$12.96

3P NAV/Share (Risked)

Note:Based on Abraxas estimates

Note: Assumes pro forma share count of 88.4 million

18

(1)Eagle Ford Shale acreage and locations are net to Abraxas’ 25% equity interest in the Blue Eagle JV at full funding

(2)Possible Bakken/Three Forks locations are based on two additional Bakken and three additional Three Forks wells per 1,280 acre unit

Pro Forma NAV - PV Equivalent

2009 PV-10 at Current Pricing

$323,000,000

PF Net Cash

$2,060,000

Proved NAV/Share (Assumes Pro Forma Share Count of 88.4 Million)

$2.69

Bakken / Three Forks

20,835

1280

16.3

500,000

8,138,672

Niobrara Shale

18,700

160

116.9

250,000

29,218,750

Pekisko Fairway

9,120

10.0

150,000

1,500,000

Total Probable Reserve Potential

49,100,078

Probable Reserve Value @$15 Netback

$736,501,172

Probable Reserve Value/Share (Risked at 75%)

$6.25

Possible

Bakken / Three Forks(2)

20,835

1280

81.4

500,000

40,693,359

Total Possible Reserve Potential

76,412,109

Possible Reserve Value/Share (Risked at 50%)

$4.32

3P NAV/Share (Risked)

Note:Based on Abraxas estimates

Note: Assumes pro forma share count of 88.4 million

19

Canada Oil Development - Pekisko

§Gross / Net Acres:

§9,120 (100% w.i.)

§Drilling Inventory:

§10 gross / net locations

§Economics:

§D&C Cost: $3.0 MM

§EUR: 150 mboe

§Recent Activity:

§Drilled two horizontal wells to earn
leasehold position

§1 shut-in pending recompletion

§1 shut-in pending pipeline build out

§2011 Planned Activity:

§$12.0 MM to drill 4.0 gross / net
horizontal wells

§Other:

§Horizontal development of
conventional field

§5,400’ vertical depth / 4,000’
lateral length

Tomahawk

Twining

Pekisko Trend

Alberta, Canada

20

Rocky Mountain

Ø7.2 MMBoe of proved reserves

Ø63% proved developed

Ø82% crude oil

Ø1,063 Boepd of production

Ø19.0 R/P ratio

Ø900 gross (110 net) producing wells

Ø66 PUD locations

Ø90,362 net acres

ØPrimary producing basins include:

§Williston Basin (MT and ND)

§Powder River & Green River Basins (WY)

§Uinta Basin (UT)

ØBakken / Three Forks - HBP

Rocky Mountain

ND

SD

MT

WY

CO

UT

Area of Operations

Overview

Net proved reserves, well count and acreage as of December 31, 2009

Daily net production for the quarter ended September 30, 2010

Alberta Basin

Bakken Play

Bakken / Three Forks

Play

Niobrara Play

21

Permian Basin

Permian Basin

Ø5.6 MMBoe of proved reserves

Ø66% proved developed

Ø70% natural gas

Ø1,254 Boepd of production

Ø11.9 R/P ratio

Ø237 gross (158 net) producing wells

Ø13 PUD locations

Ø36,064 net acres

ØPrimary producing sub-basins:

§Delaware Basin

§Eastern Shelf

TX

Area of Operations

Overview

Barnett / Woodford

Shale Play

Wolfberry Trend

Net proved reserves, well count and acreage as of December 31, 2009

Daily net production for the quarter ended September 30, 2010

Wolfbone Play

22

Gulf Coast

Gulf Coast

Ø9.0 MMBoe of proved reserves

Ø38% proved developed

Ø91% natural gas

Ø1,044 Boepd of production

Ø24.5 R/P ratio

Ø74 gross (48 net) producing wells

Ø17 PUD locations

Ø11,414 net acres

ØPrimary producing sub-basin:

§Onshore Gulf Coast

TX

Area of Operations

Overview

Eagle Ford

Shale Play

Net proved reserves, well count and acreage as of December 31, 2009

Daily net production for the quarter ended September 30, 2010

23

NASDAQ: AXAS