Profile: Abraxas Petroleum Corporation (AXAS.O)

Abraxas Petroleum Corporation (Abraxas) is an independent energy company primarily engaged in the development and production of natural gas and crude oil. At December 31, 2008, the Company’s properties are located in the Rocky Mountain, Mid-Continent, Permian Basin and Gulf Coast regions of the United States. On January 31, 2008, Abraxas Operating , LLC, a wholly owned subsidiary of the Partnership, consummated the acquisition of certain oil and gas properties located in various states from St. Mary Land & Exploration Company (St. Mary) and certain other sellers. In October 2009, Abraxas Petroleum Corporation closed the merger with Abraxas Energy Partners, L.P.

Rocky Mountain properties

The Company’s properties in the Northern Rockies are located in the Williston Basin of North Dakota, South Dakota and Montana and consist of wells that produce oil from Paleozoic-aged carbonate reservoirs from the Madison formation at 8,000 feet down to the Red River formation at 12,000 feet, including the Bakken at 9,000 feet. Southern Rockies are located in the Green River, Powder River and Uinta Basins of Wyoming, Colorado and Utah and consist of wells that produce oil from Cretaceous-aged fractured shales in the Mowry and Niobrara formation and oil and gas from Cretaceous-aged sandstones in the Turner, Muddy and Frontier formations. As of December 31, 2008, the Company has 894 gross (110 net) producing wells in the Rocky Mountain region.

Mid-Continent properties

Abraxas’s properties in the Arkoma Basin are located in Oklahoma and Arkansas and consist of wells that mainly produce gas from Hartshorne coals at 3,000 feet. Its properties in the Anadarko Basin are located in Oklahoma and the Texas Panhandle and consist of wells that mainly produce gas from Pennsylvanian-aged sandstones (Atoka/Morrow) from depths of up to 18,000 feet. ARK-LA-TEX region principally produce from the East Texas/North Louisiana Basins and include wells that produce oil and gas from various formations. As of December 31, 2008, the Company has 602 gross (103 net) producing wells in the Mid-Continent region.

Permian Basin properties

The Company properties in ROC Complex are located in Pecos, Reeves and Ward Counties and consist of wells that produce oil and gas from multiple stacked formations from the Bell Canyon at 5,000 feet down to the Ellenburger at 16,000 feet. Oates SW area are located in Pecos County and consist of wells that produce gas from the Devonian formation at a depth of approximately 13,500 feet. Its properties in Eastern Shelf are predominately located in Coke, Scurry and Mitchell Counties and consist of wells that produce oil and gas from the Strawn Reef formation at 5,000 to 6,000 feet and oil from the shallower Clearfork formation at depths ranging from 2,300 to 3,300 feet. As of December 31, 2008, the Company has 236 gross (160 net) producing wells in the Permian Basin region.

Gulf Coast properties

The Company’s Gulf Coast properties consist of Edwards trend located in DeWitt and Lavaca Counties and consist of wells that produce gas from the Edwards formation at a depth of 13,500 feet. The Portilla field located in San Patricio County consists of wells that produce oil and gas from the Frio sands and the deeper Vicksburg from depths of approximately 7,000 to 9,000 feet. Wilcox is located in Goliad, Bee and Karnes Counties and consist of wells that produce gas from various sands in the Wilcox formation at depths ranging from 8,000 to 11,000 feet. As of December 31, 2008, the Company has 79 gross (55 net) producing wells in the Gulf Coast region.