Abraxas Announces Filing of Registration Statement.

SAN ANTONIO -- Abraxas Petroleum Corporation (AMEX:ABP) today announced that Abraxas Energy Partners, L.P. ("Abraxas Energy") has filed Amendment No. 5 to its registration statement with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its common units.

Wachovia Securities will act as book-running manager and representative of the underwriters.

When available, copies of the prospectus related to the offering may be obtained from Wachovia Securities, Attn: Equity Syndicate, 375 Park Avenue, New York, New York 10152 or email: [e-mail].

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy common units of Abraxas Energy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations principally in Texas and Wyoming. Abraxas Petroleum Corporation also owns a 47% interest in an upstream master limited partnership, Abraxas Energy Partners, L.P., which entitles Abraxas Petroleum Corporation to receive its proportionate share of cash distributions made by Abraxas Energy Partners, L.P.