Abraxas Petroleum (AXAS) Recommences Strategic Alternatives Review

Abraxas Petroleum Corporation (“Abraxas” or the “Company”) (NASDAQ: AXAS) today announced that its Board of Directors has determined to renew the strategic alternatives review announced last October and led by Petrie Partners, LLC (“Petrie”).

“Petrie has been a great partner for Abraxas in the past,” said Bob Watson, Abraxas CEO. “Now that we have successfully amended our agreements with Angelo Gordon and our banks, we look forward to working with Petrie to examine ways to optimize value. Our strong, concentrated asset bases in the Delaware and Williston Basins, as well as our excellent hedge book, position Abraxas for success on a standalone basis and also make us an attractive transaction partner.” Petrie’s Jon Hughes and Richard Moss will lead the engagement.

Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations across the Rocky Mountains and Permian Basin.

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