The Company anticipates funding the 2010 capital program out of cash flow from operations and further provided the following operational and financial guidance for 2010, which excludes non-cash and extraordinary items:

      Production        1.7 - 2.0 MMBoe
      EBITDA            $38 - 45 Million

Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploitation and production company with operations across the Rocky Mountain, Mid-Continent, Permian Basin and Gulf Coast regions of the United States.

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 natural gas and crude oil. In addition, Abraxas' future natural gas and crude oil 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.

SOURCE: Abraxas Petroleum Corporation

Abraxas Petroleum Corporation 
Barbara M. Stuckey, 210-490-4788 
Vice President - Corporate Finance 
bstuckey@abraxaspetroleum.com 
www.abraxaspetroleum.com

Trade amount: 50,000 Shares

Trade type: Open Market Buy

Price Range: $1.68

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About AXAS

Abraxas Petroleum Corporation, an independent energy company, engages in the acquisition, development, exploration, and production of oil and gas principally in the Rocky Mountain, Mid-Continent, Permian Basin, and Gulf Coast regions of the United States. The company was founded in 1977 and is based in San Antonio, Texas.

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Abraxas Petroleum has reported a net loss of $9.95 million, or $0.20 per share, for the first nine months of 2009, compared to a net income of $4.08 million, or $0.08 per share, for the corresponding period of 2008.

Year-to-date revenues were $36.63 million, compared to $85.84 million for the first nine months of 2008.

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Expected next investor conference call information:
Conference Call Date: 11/10/2009
Conference Call Time (ET): 11:00 AM
Conference Call URL: http://www.abraxaspetroleum.com/investorrelations/irframeset.htm