Abraxas Provides Operational Update; Announces Participation in Upcoming Conferences

  Abraxas Provides Operational Update; Announces Participation in Upcoming
  Conferences

Imperial Capital Global Opportunities Conference 2013 OGIS San Francisco 2013

Business Wire

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 14^th 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.

Contact:

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