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

September 9, 2013

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 September 9, 2013, Abraxas Petroleum issued a news release providing an operational update; and announced participation in upcoming conferences. The full text of the news release is attached as exhibit 99.1

The Company’s President and CEO, Bob Watson, will be presenting at the Euro Pacific Energy Conference in New York on Tuesday, September 10, 2013.Attached as Exhibit 99.2 are materials that Mr. Watson will present.

The information in this Report (including Exhibit 99.1) 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

99.2 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/ Geoffrey R. King                                                                

Geoffrey R. King

Vice President, Chief Financial Officer

Dated: September 9, 2013

EX-99.1

NEWS RELEASE

Abraxas Provides Operational Update; Announces Participation in Upcoming Conferences

SAN ANTONIO (September 9, 2013) – Abraxas Petroleum Corporation (NASDAQ:AXAS) is pleased to provide the following operational update and announce the company’s participation in upcoming conferences.

Eagle Ford Shale

In McMullen County, Texas, Abraxas’ forty acre pilot wells, the Camaro B 3H and Camaro B 4H, averaged 739 boepd (691 barrels of oil per day, 289 mcf of natural gas per day) and 808 boepd (755 barrels of oil per day, 319 mcf of natural gas per day) over each well’s first thirty full days of production, respectively.   The production rates for each well do not include the impact of natural gas liquids and shrinkage at the processing plant.   The Sting Ray A 8H was successfully completed with a 31 stage completion and was recently turned to sales.   Abraxas is currently building the curve at 10,100 feet on the company’s 14th well at the WyCross prospect, the Camaro A 1H.   Abraxas owns an 18.75% working interest in the Sting Ray A 8H and a 25% working interest in the Camaro A 1H, Camaro B 3H and Camaro B 4H.

Following the Camaro A 1H, Abraxas will mobilize to the Blue Eyes 1H at the company’s Jourdanton prospect in Atascosa County.   Abraxas holds a 100% working interest across the 4,000 acre lease block at Jourdanton.

Williston Basin

In McKenzie County, North Dakota, the Lillibridge 1H, producing from the Middle Bakken, averaged 1,275 boepd (1,027 barrels of oil per day, 1,487 mcf of natural gas per day) over the well’s first 30 full days of production.  The Lillibridge 2H, producing from the Three Forks, averaged 958 boepd (766 barrels of oil per day, 1,153 mcf of natural gas per day) over the well’s first 30 full days of production.  The Lillibridge 3H, producing from the Middle Bakken, averaged 1,291 boepd (1,031 barrels of oil per day, 1,556 mcf of natural gas per day) over the well’s first 30 full days of production.  The Lillibridge 4H, producing from the Three Forks, averaged 922 boepd (697 barrels of oil per day, 1,346 mcf of natural gas per day) over the well’s first 30 full days of production.  The production rates for each well do not include the impact of natural gas liquids and shrinkage at the processing plant.   Each of the four Lillibridge wells was constrained on a smaller than normal choke.

On the Lillibridge West pad, Abraxas recently reached TD and set casing on the laterals of both the Lillibridge 8H and Lillibridge 7H at 20,800 feet.   The Lillibridge 6H is currently drilling below 13,000 feet.  After completing the lateral of the Lillibridge 6H, Abraxas will commence the drilling of the lateral section on the Lillibridge 5H.   Abraxas owns a working interest of approximately 34% in both the Lillibridge East and West pads.

Permian Basin

In Nolan County, Texas, the Spires Ranch 129 2H, targeting the Strawn formation, reached a TD of 9,949 and has been cased.   The well is currently scheduled to be fracture stimulated in mid-September.   Abraxas holds a 100% working interest in the Spires Ranch 129 2H.

Upcoming Presentations

Bob Watson, President and CEO of Abraxas, will be presenting at the Euro Pacific Energy Conference in New York on Tuesday, September 10, 2013.

Geoff King, Vice President and CFO of Abraxas, will be presenting at the Imperial Capital Global Opportunities Conference in New York City on Thursday, September 19, 2013 at 1:15 PM ET.

Geoff King, Vice President and CFO of Abraxas, will be representing Abraxas on a Midwest non-deal roadshow with Stephens from September 23-25, 2013.

Geoff King, Vice President and CFO of Abraxas, will be presenting at IPAA OGIS San Francisco at 10:10 AM PT on Monday, September 30, 2013.   A live webcast of the presentation will be available on the Abraxas website.

Lee Billingsley, Vice President – Exploration of Abraxas, will be presenting at the Johnson Rice Energy Conference in New Orleans on Monday, September 30, 2013 at 12:35 PM CT.

Bob Watson, President and CEO of Abraxas, will be presenting at the Canaccord Genuity Energy Conference in Miami on Thursday, October 10, 2013.

Bob Watson, President and CEO of Abraxas commented, “Abraxas continues to execute operationally with excellent well results in our core operated Bakken and Eagle Ford assets.   Although it is still quite early, production from our 40 acre pilot wells in the Eagle Ford, the Camaro B 3H and Camaro B 4H, is encouraging.   We look forward to providing the market with the results of our two high impact, 100% working interest wells in the Spires 129 2H and Blue Eyes 1H.”

Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations across the Rocky Mountain, 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 crude oil and natural gas.  In addition, Abraxas’ future crude oil and natural gas 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 context 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:

Geoffrey King/Vice President – Chief Financial Officer

Telephone 210.490.4788

gking@abraxaspetroleum.com

www.abraxaspetroleum.com

EX-99.2

Abraxas Petroleum Corporate Update September 2013 Exhibit 99.2

* 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. Forward-Looking Statements

* I. Abraxas Petroleum Overview

* Headquarters.......................... San Antonio Employees............................... 105 Shares outstanding(1)……......... 93.3 mm Market cap(2) …………………….... $235 mm Bank debt(2)…………………………. $92 mm PV-10(5)……………………………….. $298 mm Fully Diluted as of 6/30/13 As of August 31, 2013 As of June 30, 2013 Net proved reserves as of June 30, 2013. Annualized daily net production for the quarter ended June 30, 2013 Net proved reserves as of June 30, 2013. Uses SEC TTM average pricing of $92.79/bbl and $3.50/mcf EV/BOE(1,2,3)………………………... $13.66 Proved Reserves(4).…………..... 24.8 mmboe % Oil/Liquids……………… ~65% % Proved developed….. ~55% Production(3).……………………… 4,109 boepd R/P Ratio(4)…………………………. 16.5x 2013E CAPEX………………………. $85mm NASDAQ: AXAS Corporate Profile

* Exposure to "core" acreage in U.S. oil resource plays Significant, low-cost exposure to other emerging NAM oil resource plays Premier Position Value + Growth Low decline legacy production provides solid foundation “Manufacturing” model in repeatable resource plays leads to visible growth Proven Operator Deep technical and geological / geophysical staff Company owned rig in Bakken + pad drilling = efficient, low cost operator Oil Weighted 65% crude oil and liquids weighted by reserves(1) Nearly 100% of 2013E capital directed towards growing production from oil resource plays On reserve basis as of 6/30/12. Experienced Leadership Senior management with 32 average years of industry experience Highly qualified directors with significant energy industry and board experience Abraxas Highlights

* Proved Reserves(1) – 24.8 mmboe Production(2) – 4,109 boepd Net proved reserves as of June 30, 2013. Daily net production for the quarter ended June 30, 2013 Reserve Mix(1) Revenue By Production Stream Reserve / Production Summary High-quality, Long-Lived, Oil Weighted Assets

* Includes AXAS’ share of Blue Eagle’s production (50% in Q1 and Q2 2011, 41% in Q3 2011 and 35% in Q4 2011, Q1 2012 and Q2 2012) (Boepd) Oil/NGL % 43% 44% 48% 48% 52% 53% 53% 54% 58% 60% 61% Production Net to AXAS(1) 57% Liquids Growth 1Q11-2Q13 Refocusing on Oil and Liquids

* Proved Reserves (mmboe)(1): 24.8 Proved Developed(1): 55% Liquids(1): 65% Abraxas Petroleum Corporation Alberta, Canada Williston: Bakken / Three Forks Powder River Basin: Niobrara, Turner Midland/Eastern Shelf: Emerging Cline, Wolfcamp Eagle Ford Shale CBP: Conventional Delaware Basin: Montoya/Devonian/Miss Gas, Shallow Oil, Emerging Hz. Oil Rocky Mountain Gulf Coast Permian Basin Canada Pekisko Eastern Shale Basin: Duvernay High Quality Assets Core NonCore WolfBone Uinta / Wind River / Green River Dry Gas Net proved reserves as of June 30, 2013.

* II. Strategic Plan

* Strategic Plan Excluding building mortgage and rig loan which are secured by the building and rig, respectively. EBITDA definition per bank loan agreement (excludes Rig EBITDA)

* 9/12 Strategic Plan - Successful Execution Net proceeds for all asset sales since 9/1/12. Includes $8.1 million from Blue Eagle JV dissolution. As of 12/31/2011 As of 8/31/13 Excluding building mortgage and rig loan which are secured by the building and rig, respectively. EBITDA definition per bank loan agreement (excludes Rig EBITDA) Drilling days equal to total number of hours drilling divided by 24 hours/day

* Budget Changes Post non-operated Bakken sale, Company elected to raise CAPEX budget from $70 to $85 million Incremental CAPEX being deployed to accelerate growth in core regions Continue to target 2.0x debt/EBITDA(1) by year end 2013 ($ in millions) Budget by Area: 2013E at Early 2013 versus 2013E at Current Jan-13 Aug-13 % of % of Total Total Williston Basin/Bakken $47.4 mm 68% $35.5 mm 42% Gulf Coast/Eagle Ford 19.1 27% 39.3 46% Powder River Basin - 0% - 0% Permian 0.7 1% 5.5 6% Other 2.8 4% 4.7 6% $70.0 mm 100% $85.0 mm 100% Excluding building mortgage and rig loan which are secured by the building and rig, respectively. EBITDA definition per bank loan agreement (excludes Rig EBITDA)

* III. Asset Base Overview

* Bakken / Three Forks Positioned in a Core Area (NorthFork) Operator Abraxas Burlington Continental Hess Kodiak Newfield Petro-Hunt QEP Slawson SM XTO Other SM Nelson 15-11H 20 Stages 24-hr IP rate: 994 bbl/d, 1,417 mcf/d XTO Lund 26-18SH 22 Stages 24-hr IP rate: 1,252 bbl/d, 2,300 mcf/d Abraxas Stenehjem 27-34-1H 17 Stages 24-hr IP rate: 862 bbl/d, 1,365 mcf/d Abraxas Jore Federal 2-11-3H 35 Stages 24-hr IP rate: 761 bbl/d, 1,759 mcf/d XTO Badlands Federal 21X-13 24 Stages 24-hr IP rate: 1,029 bbl/d, 1,458 mcf/d XTO Mariana Trust 12X-20H Recently Completed Results Pending Abraxas Ravin 26-35-1H 23 Stages 24-hr IP rate: 1,008 bbl/d, 1,342 mcf/d Abraxas Lillibridge 20-17-1H 33 Stages 24-hr IP rate: 1,311 bbl/d, 1,636 mcf/d Abraxas Lillibridge 20-17-3H 33 Stages 24-hr IP rate: 1,809 bbl/d, 1,305 mcf/d ___________________________________ Source: HPDI. Horizontal wells drilled since 1/2010 XTO Lundin 11-4SH 16 Stages 24-hr IP rate: 878 bbl/d, 1,535 mcf/d

* North Fork 5 completed wells 700 boepd (8/5/13) 21 wells to drill Pershing Field (Lillibridge) 4 new completions 4,000 bopd, 5.7 mmcfd (8/11/13) 5 wells to drill Bakken / Three Forks Positioned in a Core Area (NorthFork)

* Well Objective Lat. Length Stages 30-day IP (boepd) Well Cost ($mm) Status Ravin 26-35 1H Three Forks 10,000 23 391 $13.0 Producing Stenehjem 27-34 1H Middle Bakken 6,000 17 688 $11.5 Producing Jore Federal 2-11 3H Three Forks 10,000 35 510 $8.7 Producing Ravin 26-35 2H Middle Bakken 10,000 16 421 $10.0 Producing Ravin 26-35 3H Middle Bakken 10,000 26 627 $9.9 Producing Lillibridge 4H Three Forks 8,472 26 922 $8.7 Producing Lillibridge 3H Middle Bakken 10,000 33 1,291 $11.8 Producing Lillibridge 2H Three Forks 9,529 30 958 $9.0 Producing Lillibridge 1H Middle Bakken 10,000 33 1,275 $9.3 Producing Lillibridge 8H Three Forks 10,000 NA NA NA TD Cased Lillibridge 7H Middle Bakken 10,000 NA NA NA TD Cased Lillibridge 6H Three Forks 10,000 NA NA NA Drilling Lateral Lillibridge 5H Middle Bakken 10,000 NA NA NA Intermediate Cased Bakken / Three Forks Focused on Execution

* Bakken / Three Forks Outperforming Type Curve (NorthFork)

* Abraxas’ Eagle Ford Properties Jourdanton Area Atascosa County WyCross Area McMullen County Cave Area McMullen County Index Map: Eagle Ford Trend Jourdanton Area WyCross Area Cave Area

* Eagle Ford Positioned in a Core Area (WyCross) 14 Abraxas-operated wells 13 producing 1 drilling 25% WI in 5,986 gross/4,809.5 net acres Abraxas wells continue to be the best in the area, even on restricted chokes. Best month cumulative oil shown in green AXAS range 14-33 MBO Potential wells 59 locations on 80 acre spacing 112 locations on 40 acre spacing

* Eagle Ford Positioned in a Core Area (WyCross) Well Objective Lat. Length Stages 30-day IP (boepd) Well Cost ($mm) Status Cobra 1H Eagle Ford 5,000 18 957 $10.1 Producing Cobra B 1H Eagle Ford 5,000 19 592 $6.6 Producing Mustang 1H Eagle Ford 5,000 19 1,152 $8.3 Producing Corvette C 1H Eagle Ford 5,000 20 867 $6.1 Producing Gran Torino A 1H Eagle Ford 5,000 21 790 $7.0 Producing Mustang 3H Eagle Ford 5,000 18 1,184 $6.2 Producing Mustang 2H Eagle Ford 5,000 19 511 $6.3 Producing Sting Ray A 1H Eagle Ford 7,500 29 1,033 $9.7 Producing Corvette A 1H Eagle Ford 5,000 19 588 $6.2 Producing Camaro B 4H Eagle Ford 5,000 19 739 $6.4 Producing; 40 Acre Pilot Camaro B 3H Eagle Ford 5,000 19 808 $5.9 Producing; 40 Acre Pilot Gran Torino A 11H Eagle Ford 5,000 19 NA $6.9 Producing Sting Ray A 8H Eagle Ford 7,500 31 NA NA Producing Camaro A 1H Eagle Ford 5,000 19 NA NA Drilling

* Eagle Ford WyCross Outperforming Type Curve

* Eagle Ford Jourdanton 4,000 acre lease block, 100% WI First Abraxas well, Sept 2011 Shot new 3D seismic Next well Q4 2013 Improved geosteering with 3D seismic Deeper fault block with more pressure 50 well potential Austin Chalk and Buda also prospective Abraxas Grass Farm #1H 1st Prod: 9-1-11 Abraxas Blue Eyes #1H Cinco Area Recent Activity Hunt Area Recent Activity Grass Farm 1H

* Eagle Ford Cave Area 410 acre lease block, 100% WI 4 potential locations (red) 9,000’+ lateral length Offset operators include Chesapeake, EOG, & Marathon Best month cumulative oil shown in green Range 14-23 MBO

* Permian Basin – Spires Ranch Vertical Wells (15) Average production: 55.3 MBO 388.4 MMCF Abraxas Horizontal Wells Four drilled (green) Open hole completions Average rate (June 2013): 36.8 bopd 520.6 mcfpd Cum Production (7-28-2013): 46.6 MBO 507.8 MMCF Enhanced completion scheduled mid - September for Spires 129 2H Seven additional locations with enhanced completion potential (red) DEVON Wallace M #1H Recent Cline Shale Completion COKE COUNTY, TX

* Additional Development Areas

* Appendix

* Bakken / Three Forks Positioned in a Core Area (Fairview) Operator Abraxas Brigham Continental Murex Petro-Hunt Whiting XTO Zavanna Zenergy Other Zenergy Cayko 22-27H 30 Stages 24-hr IP Rate: 923 bopd, 767 mcfpd Zenergy Helm 19-30HTF 30 Stages 24-hr IP Rate: 758 bopd, 766 mcfpd Whiting Miller 34-8-1H 12 stages 24-hr IP Rate: 1,304 bopd, 1,023 mcfpd Whiting Langwald 31-17-1H 10 stages 24-hr IP Rate: 834 bopd, 637 mcfpd Whiting Amber Elizabeth 9-4H Proposed 30 stages 24-hr IP Rate: 1,168 bopd, 882 mcfpd Brigham (Statoil) Sundheim 26-35 2H Recently Completed Results Pending Brigham (Statoil) Sundheim 26-35-1H Recently Completed Results Pending ___________________________________ Source: HPDI. Horizontal wells drilled since 1/2010 Whiting Evy June 18-19H Proposed 30 stages 24-hr IP Rate: 612 bopd, 340 mcfpd Zenergy Knels 20-29H 30 Stages 24-hr IP Rate: 671 bopd, 446 mcfpd Zenergy Stepan 16-9H 30 Stages 24-hr IP: 1,309 bopd, 1,029 mcfpd Zenergy Stepan 21-28H 27 Stages 24-hr IP Rate: 741 bopd, 524 mcfpd

* Fairview 4 operated units 2,324 net acres 15 Gross/ 7.3 net operated Middle Bakken locations Three Forks activity limited to date Whiting, most active operator Bakken / Three Forks Positioned in a Core Area (Fairview)

* Powder River Basin Campbell & Converse Co., WY Turner Sand Stone Porcupine Field 26/9 gross/net wells Abraxas Hedgehog State 16-2H Cum Prod. (3/2012-8/2013) Gross/net 45/38 MBO Gross/net 623/526 MMCF Daily average 60 bopd, 1,350 mcfpd 28 EOG Turner wells Average production per well per month 6,609 BO, 63 MMCF Hedgehog 16-2H Production

* Portilla Field San Patricio County, TX Cum Production 80 MMBO + 92 BCFG from Frio sands Current Production: 275-300 bopd Annual Capex of $1 million to maintain flat decline rate Numerous infill and work over opportunities 100% WI ownership Abraxas owns 1,769 surface acres Ideal CO2 candidate, 10% additional recovery = 8 MMBO 100% Surface Ownership

* Permian Basin Spires Ranch SHERIDAN 81 SW NENA LUCIA UNIT SHERIDAN 905 SW NENA LUCIA UNIT Example of Abraxas Horizontal Strawn Well NW SE Nena Lucia Field: Discovered in 1955 Reef build-up currently on waterflood Cum Prod: 38.7 MMBO 114.7 BCF Abraxas’ Spires Ranch: Acreage located West of Nena Lucia Horizontal wells targeting algal mounds that developed in front of the main reef Modified from Toomey and Winland (1973) Nena Lucia LUCIA NENA COKE COUNTY, TX

* Millican Reef & NE Millican: 44 total well locations: 20 Gunsight sand locations 13 King sand locations 11 Gunsight & King sand locations DEVON Price C #1H Recent Cline Shale Completion Millican Reef NE Millican Permian Basin Millican Reef

* Permian Basin Millican Reef W E King Gunsight EXAMPLE ABRAXAS WELL LOCATIONS Millican Reef – Coke County, TX

* Spires Ranch (Nolan County) 5,640 gross/net acres; 920 HBPd Monitoring industry activity Geologic evaluation Logged shales through Spires 89 1H Millican Reef (Coke County) 6,725 gross/net acres Monitoring industry activity Geologic evaluation Permian Basin Spires and Millican Emerging Horizontal

* 30 Active Wells, 3 zones 254 boepd Gross 177 boepd Net Permian Basin Bell, Cherry and Brushy Canyon Production

* Abraxas Cherry Canyon Field 27 active wells 8 Proposed Injection Wells Permian Basin Waterflood Potential

* Montoya 1 active well 1.5 Bcf Gross 198 mcefpd Devonian 5 active wells 60 Bcf Gross 781 mcfepd Permian Basin Howe Deep

* Montoya 6 active Devonian 4 active Ellenburger 1 active 138 Bcf Gross 1,766 mcfepd Permian Basin R.O.C. Deep

* Edwards (South Texas) PDP: 10.3 bcfe (net) Nordheim 2H: 7.0 bcfe gross Keuster 1H: 10.5 bcfe gross Previous risked offsetting PUD locations: 27.9 bcfe (net) 11 gross / 7 net locations dropped to PRUD (SEC 5 year rule) 7 gross / 5 net locations drilled / completed, yet to be frac’d: unbooked Edwards economics New drill: $7.0 million well / 4.0 bcfe EUR / F&D $1.73/mcfe 20% ROR at $4.30/mcfe realized price Refrac: $0.7 million well / 0.5 bcfe EUR / F&D $1.40/mcfe 20% ROR at $1.98/mcfe realized price Montoya / Devonian (Delaware Basin, West Texas) PDP 28.0 bcfe (net) Caprito 98 98 01U Devonian: 39.0 bcfe gross Howe GU 5 1 Devonian: 31.7 bcfe gross Previous risked offsetting PUD locations: 29.7 bcfe (net) 12 gross/ 6 net locations dropped to PRUD (SEC 5 year rule) Montoya economics $5.0 million well / 6.6 bcfe EUR / F&D $.75/mcfe 20% ROR at $3.16/mcfe realized price Devonian economics $5.8 million well / 7.6 bcfe EUR / F&D $0.76/mcfe 20% ROR at $2.51/mcfe realized price Other Eagle Ford Shale, Yoakum: 1,908 net acres / ~24 net locations, unbooked PRB, Turner (~50% gas): 2 gross (1.7 net) PUD / 50 gross (13 net) PRUD locations, 40.6 bcfe (net) Delaware Basin, Hudgins Ranch: 3 gross / 2.6 net PSUD locations, 9.1 bcfe (net) Delaware Basin, Nine Mile Draw: 40 gross / 31 net PSUD locations, 18.0 bcfe (net) Wind River, Cow Hollow Field: 5 gross / .06 net PRUD locations, 0.7 bcfe (net) Williston Basin, Red River: 1 gross / .8 net PRUD location, 2.1 bcfe (net) Uinta, Chapita Wells, unbooked Net of purchase price adjustments PV10 calculated using strip pricing as of 5/1/12 = $2.29 2012 Ward County Acquisition Acquisition of Partners’ Interests in West Texas Purchase Price $6.7mm(1) PDP PV -15 $6.7mm(2) Production 1,440 mcfepd Reserves 7.613 bcfe Production $4,650/mcfe/day Reserves: $.88/mcfe Abraxas’ “Hidden” Gas Portfolio

* EOG Strikes Oil in Duvernay's East Shale Basin “New public data for EOG’s Duvernay horizontal at 1-20-38-28W4 showed a peak calendar-day rate to date of 239 boe/d for December. Oil comprised 88% of the wellhead production stream…We believe there is a possibility EOG is restricting rates or testing the well, meaning it could be producing the well intermittently through the months. The reported rates are in the ballpark of our Eagle Ford West oil type curve peak rate of ~300 boe/d. Under Crown royalties, the Eagle Ford West type curve results in a break-even price of $82/boe and a per-well NPV of $1 million, assuming a $9 million well cost.” -- ITG, February 7, 2013 Alberta, Canada: Eastern Shale Basin Recently Drilled Neighboring Well Duvernay: Net Acres: 42,880 (100% WI) Crown: 32 Sections; five year leases Farm-out/option: 35 Sections; three year term Represents a continuous, self sourced resource contained in a shaley organic rich low permeability reservoir Shale assessment and productivity expectations developed based on a review of analogues (i.e. Eagle Ford, Kaybob, Pembina/ Willesden Green) All critical shale parameters point to the Duvernay being an excellent source and reservoir rock Available rock and completion data point to Canaxas lands containing volatile oil hydrocarbons in place Canada – Duvernay

* NASDAQ: AXAS