Abraxas Nominates Jerry J. Langdon and Katherine T. Richard to Board of Directors

  Abraxas Nominates Jerry J. Langdon and Katherine T. Richard to Board of
  Directors

Clinton Group Withdraws Slate and Agrees to Support Abraxas’ Director Nominees

Business Wire

SAN ANTONIO -- April 04, 2013

Abraxas Petroleum Corporation(NASDAQ:AXAS) today announced the nomination of
Jerry J. Langdon to the Company’s Board of Directors and the Board’s intention
to name Katherine T. Richard to fill an expected Board vacancy. Mr. Langdon
will stand for election at the Company’s 2013 Annual Meeting of Stockholders.
Ms. Richard will fill the vacancy in the Board created by the retirement of C.
Scott Bartlett, Jr. from the Board. With the addition of Mr. Langdon, Abraxas’
Board will be expanded from nine to ten directors, nine of whom will be
independent.

“We are pleased that Jerry has accepted our invitation to join our Board as a
new independent director,” said Bob Watson, Abraxas Chairman, President and
CEO. “His extensive experience in the energy industry will prove invaluable as
he works with our other directors to create value for all Abraxas
stockholders. We would also like to thank Scott Bartlett for his 13 years of
exceptional service to Abraxas and wish him well on his future endeavors.”

Mr. Watson added, “We are also excited about the addition of Kate Richard to
our Board. Kate has invested across the capital structures of public and
private oil and gas companies and throughout the energy value chain. Kate will
add a breadth of experience and a new perspective to our Board.”

In conjunction with the appointments of Mr. Langdon and Ms. Richard, Abraxas
also announced today that the Clinton Group, Inc. has notified the Company
that it is withdrawing its slate of nominees for election to Abraxas’ Board of
Directors at the 2013 Annual Meeting of Stockholders. The Clinton Group has
agreed to vote its shares in support of all of Abraxas’ director nominees in
2013 and to abide by certain standstill provisions.

“We expect that Mr. Langdon and Ms. Richard will be exceptional directors for
Abraxas,” said George Hall, Chief Executive Officer of Clinton Group. “We are
enthusiastic shareholders and believe the Company is significantly
undervalued. We hope the addition of these new directors will help the Company
realize its full potential for the benefit of all shareholders.”

Jerry J. Langdon, 60, currently works as a private investor. Most recently,
Mr. Langdon was Chief Administrative and Compliance Officer of Energy Transfer
Partners (“ETP”), a multi-billion dollar company specializing in the
gathering, processing, transportation and storage of natural gas and natural
gas liquids in the U.S. Prior to ETP, Mr. Langdon was Chief Administrative and
Compliance Officer for Reliant Energy. Mr. Langdon has also held senior
executive positions with El Paso Energy Partners and has served as a Director
of several public and private boards. In October 1988, Mr. Langdon was
appointed to the Federal Energy Regulatory Commission by President Ronald
Regan and served in that capacity until 1993. Mr. Langdon has authored
numerous articles on the natural gas and electric industries, which have been
published in various industry trade magazines. Mr. Langdon holds a Bachelor of
Science Communications from the University of Texas.

Katherine Taaffe Richard, 30, is the Founder and current Chief Executive
Officer of Warwick Energy Group, an oil and gas company focused on
conventional and unconventional development and exploration in the United
States, Europe and the Middle East. Ms. Richard has been employed by Warwick
Energy Group since March 2010. Since March 2009, Ms. Richard has been employed
by or consulted to MSDC Management, L.P. or MSD Capital, L.P., where she
focuses on international energy investments. Prior to joining MSDC Management,
Ms. Richard was employed by Serengeti Asset Management, where she led the team
responsible for oil and gas, metals and mining and sovereign debt investing.
Prior to Serengeti, Ms. Richard held several posts at Goldman, Sachs & Co.,
including as an investment banker to exploration and production companies in
the oil and gas industries. Ms. Richard is a Natural Resources Advisor to the
Institute for Effective States and an Advisory Council member of Microvest
Capital Funds, a private microfinance investment firm with investments in more
than 50 microfinance institutions in 25 countries. At the World Economic
Forum's 2013 Davos session, Ms. Richard was selected to represent the United
States as one of the World Economic Forum's Young Global Leaders for the
2013-14 year. Ms. Richard received her undergraduate degree in History from
Harvard College.

The complete agreement between Abraxas and the Clinton Group will be filed in
a Form 8-K with the Securities and Exchange Commission.

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.

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, 203-658-9400
or
John Ferguson, 203-658-9400
or
For Media
Joele Frank, Wilkinson Brimmer Katcher
Andrew Siegel, 212-355-4449
or
Sharon Stern, 212-355-4449
or
Scott Bisang, 212-355-4449
 
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