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Abraxas Files Preliminary Proxy Materials and Sets Record Date for Annual Meeting

  Abraxas Files Preliminary Proxy Materials and Sets Record Date for Annual
  Meeting

     Board Recommends Shareholders Vote FOR Abraxas’ Incumbent Directors

Business Wire

SAN ANTONIO -- March 22, 2013

Abraxas Petroleum Corporation (NASDAQ: AXAS) today announced that it has filed
its preliminary proxy statement with the Securities and Exchange Commission
(“SEC”) in connection with its 2013 Annual Meeting of Shareholders. The
Company has established March 22, 2013, as the record date for shareholders
entitled to vote at the 2013 Annual Meeting, which has not yet been scheduled.

The Abraxas Board of Directors unanimously recommends that shareholders vote
for the Board’s three incumbent, independent directors – Harold D. Carter,
Brian L. Melton and Edward P. Russell.

Abraxas notes that its Board of Directors comprises nine directors, eight of
whom are independent, and the other of whom serves as the Company’s President
and Chief Executive Officer. Abraxas’ directors are proven business leaders
with a broad range of management, financial and operational experience, as
well as expertise in the oil and gas industry. Under the current Board’s
leadership, Abraxas continues to execute on its plan to reduce debt, enhance
liquidity and focus on the Company’s highest returning basins. Abraxas has
strengthened its core business through the divestiture of non-core assets such
as its Nordheim project in the Eagle Ford shale, the Company’s Alberta Basin
properties and various non-core assets in Louisiana, Oklahoma, North Dakota
and Montana. The Company has also retained an investment bank to divest a
larger package consisting of its non-operated assets in the Bakken/Three
Forks.

The Company also today announced that it has received notice from Clinton
Group, Inc. announcing its intent to nominate three director candidates for
election to the Abraxas Board at the Company’s 2013 Annual Meeting of
Shareholders. The Clinton group has beneficial ownership of approximately 3.54
percent of Abraxas’ outstanding shares. The Clinton Group has informed the
Company that it intends to nominate Katherine Taaffe Richard, William H.
Armstrong III and James Wylie McFarland.

The independent Directors who serve on the Nominating and Corporate Governance
Committee of the Abraxas Board have interviewed and carefully considered the
Clinton Group’s nominees. Following a thorough review of their skills,
experience, and other qualifications, the Committee and the Board unanimously
determined that reelecting Abraxas’ incumbent directors will best serve the
interests of all shareholders. The Board is open to appointing a new
independent director with additive skills and expertise, and welcomes the
input of all shareholders, including the Clinton Group, in identifying
suitable candidates.

Abraxas Petroleum Corporation

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.

Important Additional Information

Abraxas will file with the Securities and Exchange Commission (“SEC”) and
provide to its stockholders a proxy statement and a white proxy card in
connection with its 2013 Annual Meeting. STOCKHOLDERS ARE URGED TO READ THIS
PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS FILED BY ABRAXAS WITH THE SEC IN
THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. Stockholders will be able to obtain free copies of these
documents through the website maintained by the SEC at http://www.sec.gov and
through the website maintained by Abraxas at http://www.abraxaspetroleum.com

Certain Information Regarding Participants

Abraxas, its directors and certain of its officers may be deemed to be
participants in the solicitation of Abraxas’ stockholders in connection with
its 2013 Annual Meeting. Information regarding the names, affiliations and
direct and indirect interests (by security holdings or otherwise) of these
persons will be found in Abraxas’ proxy statement for its 2013 Annual Meeting,
which Abraxas will file with the SEC. Additional information regarding these
persons can also be found in other documents filed by Abraxas with the SEC.
Stockholders will be able to obtain a free copy of the proxy statement and
other documents filed by Abraxas with the SEC from the sources listed above.

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.

Contact:

For Investors
Abraxas Petroleum Corporation
Geoffrey King, 210-490-4788
Vice President - Chief Financial Officer
gking@abraxaspetroleum.com
www.abraxaspetroleum.com
or
Morrow & Co. LLC
Thomas Ball / John Ferguson
203-658-9400
or
For Media
Joele Frank, Wilkinson Brimmer Katcher
Andrew Siegel / Sharon Stern / Scott Bisang
212-355-4449
 
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