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Abraxas Provides Operational Update; Announces Upcoming Presentation



  Abraxas Provides Operational Update; Announces Upcoming Presentation

Business Wire

SAN ANTONIO -- May 28, 2013

Abraxas Petroleum Corporation (NASDAQ:AXAS) is pleased to provide the
following operational update; announces upcoming presentation.

Eagle Ford Shale

In McMullen County, the Mustang 2H averaged 511 boepd (469 barrels of oil per
day, 249 mcf of natural gas per day) on a restricted choke over its first 30
days of production. The Mustang 2H is currently flowing to sales at a rate of
437 boepd (407 barrels of oil per day, 177 mcf of natural gas per day). The
Sting Ray A 1H, Abraxas’ first 29 stage, 7,500 foot lateral well, is currently
being fracture stimulated. Immediately following the completion of the Sting
Ray A 1H, the stimulation crew will begin completion operations on the
Corvette A 1H. Currently, Abraxas is drilling the first of the Company’s two
forty acre pilot wells, the Camaro B 4H below 10,000 feet. Abraxas owns an
18.75% working interest in the Mustang 2H and Sting Ray A 1H and a 25% working
interest in the Corvette A 1H and Camaro B 4H.

Williston Basin

In McKenzie County, the Company recently drilled and cased the lateral of the
Lillibridge 1H to 20,587 feet. Abraxas is currently preparing to run tie back
strings on all four wells. All four wells will be simultaneously completed in
June. Abraxas owns a working interest of approximately 34% in the Lillibridge
East PAD. Abraxas is rigging down its company owned rig, which will walk to
the Lillibridge West PAD to begin a four well drilling program in the near
future.

Upcoming Presentations

Geoff King, Vice President and Chief Financial Officer, and Pete Bommer, Vice
President Engineering, of Abraxas will be presenting at the SunTrust
“Play-by-Play” Oil & Gas Conference in New York on Wednesday, May 29, 2013 at
10:40 AM EDT. A copy of the Company’s presentation will be accessible on the
Abraxas website at www.abraxaspetroleum.com.

Bob Watson, President and CEO of Abraxas, commented, “Activity levels remain
strong at Abraxas. In the Eagle Ford, we are eager to see how our first long
lateral the Sting Ray A 1H performs. Moreover, our forty-acre spacing test at
WyCross on the Camaro B 4H and Camaro B 3H, if successful, carries with it
significant reserve and inventory implications. The upcoming four well
completion on the Lillibridge East PAD promises to provide a significant boost
to volumes. As previously announced, we will be walking the rig to the
Lillibridge West PAD in an effort to avoid any potential road ban delays. We
look forward to updating the market in the near future post these
completions.”

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:

Abraxas Petroleum Corporation
Geoffrey King, 210-490-4788
Vice President – Chief Financial Officer
gking@abraxaspetroleum.com
www.abraxaspetroleum.com
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