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Abraxas Announces $11 Million Second Quarter Profit On Sequential Twelve Percent Increase In Production Despite Lower Oil Prices

Canada – Pekisko

In Alberta, Canada, Canadian Abraxas has six horizontal Pekisko wells on production, although two of which have yet to be fracture stimulated. Due to the recent steep decline on oil prices, the decision was made to postpone significant additional capital expenditures until oil prices improve in the field.

Also in Alberta, the Company previously announced the acquisition of over 20,000 net acres in an emerging oil shale play similar in character to the Eagle Ford oil window in South Texas. We are still in negotiations to acquire additional leasehold interests in the play and upon conclusion of these negotiations, we will be in a position to announce the location of this exciting new play. Recently three wells have been permitted in the play by other operators.

Comments

“The operations success during the second quarter along with the Eagle Ford and West Texas transactions announced yesterday, should place Abraxas into a position to continue substantive production growth on into the future using cash flow augmented by prudent use of availability under our existing bank line,” commented Bob Watson, Abraxas’ President and CEO.

Conference Call

Abraxas invites you to participate in a conference call on Thursday, August 9, 2012 at 2:00 p.m. CT (3:00 pm. ET) to discuss the contents of this release and respond to questions. Please dial 1.888.679.8038 passcode 95248322, 10 minutes before the scheduled start time, if you would like to participate in the call. The conference call will also be webcast live on the Internet and can be accessed directly on the Company’s website at www.abraxaspetroleum.com under Investor Relations. In addition to the audio webcast replay, a transcript of the conference call will be posted on the Investor Relations section of the Company’s website approximately 24 hours after the conclusion of the call and will be accessible for at least 60 days.

Abraxas Petroleum Corporation is a San Antonio based oil and 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.

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