Abraxas Announces Upcoming Conference Participation and Closing of Non-Op Bakken Sale

Abraxas Petroleum Corporation (“Abraxas” or the “Company”) (NASDAQ: AXAS) today announced that the Company’s management will participate in the upcoming Stifel 2019 Cross Sector Insight Conference, June 10-12th in Boston, MA. The Company is scheduled to present on Monday June 10 at 8:00 AM Eastern Time.

Separately, Abraxas recently closed on the sale of its non-op Bakken assets for $15.5 million plus the assumption of an estimated $5.4 million in outstanding AFEs. These non-operated assets were located outside of Abraxas core operated holdings of approximately 3,500 net acres in McKenzie County, ND. The divestiture represented approximately 5 percent of the Company’s current Bakken daily production. Abraxas is continuing discussions with parties interested in acquiring operated properties and with parties interested in acquiring a non-operated position on a portion of the Company’s leases in the Williston Basin. No assurances can be provided regarding the outcome of these discussions.

Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations across the Permian Basin, Rocky Mountain, and South Texas 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 crude oil and natural gas. In addition, Abraxas’ future crude oil and natural gas 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.

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Steven P. HarrisVice President - Chief Financial OfficerTelephone [e-mail]