Abraxas Petroleum Corporation Provides Production and Capital Expenditure Guidance for the Full Years of Fiscal 2016 and 2017

Abraxas Petroleum Corporation is an energy company. It is primarily engaged in the acquisition, exploration, development and production of oil and gas. Its oil and gas assets are in two operating regions, the Permian/Delaware Basin and the Rocky Mountain. Its properties in the Permian/Delaware Basin region are primarily located in Ward and Winkler Counties, Texas and produce oil and gas primarily from the Bone Spring and Wolfcamp formations. Its properties in the Rocky Mountain region are primarily located in Montana, which produce oil and gas primarily from the Bakken, Three Forks and Red River formations. Its estimated proved reserves are 16.8 million barrels of oil equivalent (MMBoe), of which 100% are classified as proved developed, approximately 57% are oil and approximately 97% of which are operated by the Company. Its daily net production is approximately 4,922 barrels of oil equivalent per day (Boepd), of which approximately 63% is oil.