Abraxas Offers Updates on Eagle Ford Shale, Williston Basin

Abraxas Petroleum Corporation (NASDAQ: AXAS) is pleased to provide thefollowing operational update.Eagle Ford ShaleIn McMullen County, the Cobra B 1H averaged 592 boepd (95% oil) on arestricted choke over its first 30 days of production. The Mustang 1H wassuccessfully completed with a 19 stage completion in mid-December and iscurrently flowing to sales at rates above the Company's in-house type curve.The Corvette C 1H reached TD at 15,049 feet in under 8 drilling days and isscheduled to be completed in mid-January. Abraxas recently spudded the GranTorino A 1H and is currently drilling the curve at 9,600 feet. Abraxas owns a25% working interest in the Cobra B 1H and Corvette C 1H and an 18.75% workinginterest in the Mustang 1H and Gran Torino A 1H.Williston BasinDrilling continues on the Company's Lillibridge East PAD with intermediatecasing set on the 1H and 2H. The curve is currently being built on theLillibridge 3H after which the rig will move to the 4H. Abraxas owns anapproximately 37% working interest in the Lillibridge PAD. The expectedmid-December completion of the Raven 2H has been delayed by the discovery of athird party downhole equipment failure, which required remediation work.Remediation work is expected to be completed in the near future with a revisedstimulation date set for late January. The Ravin 3H recently experiencedsimilar mechanical completion issues to the Ravin 2H. Remediation work willbegin on the Ravin 3H post the completion of the Ravin 2H with an expectedstimulation date in mid-February. Abraxas owns a 49% working interest in boththe Ravin 2H and 3H.