Abraxas Provides Divestiture Update

Wed Dec 19, 2012 4:43pm EST

* Reuters is not responsible for the content in this press release.


SAN ANTONIO--(Business Wire)--
Abraxas Petroleum Corporation (NASDAQ:AXAS) is pleased to provide the following
divestiture update. 

Nordheim Closing

Abraxas recently closed the previously announced divestiture of the Company`s
Nordheim Eagleford assets for net proceeds of $18.8mm after accounting for
purchase price adjustments. 

Bob Watson, President and CEO of Abraxas, commented, "We are very enthused by
our continued execution on the A&D front with the closing of the Nordheim
divestiture. Abraxas now enters 2013 poised for strong growth, a leaner balance
sheet and an enviable asset base." 

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.

Abraxas Petroleum Corporation
Geoffrey King, 210-490-4788
Vice President - Chief Financial Officer

Copyright Business Wire 2012