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ABRAXAS ANNOUNCES RECORD RESULTS FOR FIRST QUARTER 1993

 SAN ANTONIO, Texas, May 25 /PRNewswire/ -- Abraxas Petroleum Corporation (NASDAQ: AXAS) today announced record earnings and revenues for the quarter ended March 31, 1993. The company reported earnings of $2,218,490, or $1.63 per common share, after an extraordinary income of $2,369,964 relating to the renegotiation of the bank debt of the company's coal subsidiary. This compares to a loss of $27,415, or $.03 per common share, for the first quarter of 1992. Before the extraordinary item, the company reported a loss of $89,199, or $.11 per common share. For the quarter, revenues increased to $1,043,356 from the $535,130 reported in the first quarter of 1992.
 The company emphasized that results from the recently announced acquisition of three Texas Gulf Coast oil and gas fields and two gas plants from Mobil are not included in the first quarter results, as the net revenues received from these properties since the Jan. 1, 1993, effective date of this acquisition until the closing date of April 1 are accounted for as a reduction in purchase price. The company's second quarter results will include results from these properties.
 Additionally, the company has contacted and interviewed several major investment banking firms and expects to finalize negotiations for the selection of an exclusive financial advisor within the immediate future.
 ABRAXAS PETROLEUM CORPORATION
 Three Months Ended March 31 1993 1992
 Revenues $1,043,356 $535,130
 Income (loss) before extraordinary item (89,199) 34,680
 Extraordinary item 2,369,964 --
 Net Income 2,280,765 4,680
 Less dividend requirement on preferred stock (62,275) (62,275)
 Net income (loss) applicable to common stock 2,218,490 (27,415)
 Per share 1.63 (.03)
 Weighted average shares outstanding 1,361,471 979,481
 Oil sold (barrels) 50,695 18,015
 Average sales price per barrel 16.31 18.38
 Natural gas sold (MCF) 127,753 70,947
 Average sales price per MCF 2.18 1.94
 Abraxas Petroleum Corporation is a San Antonio-based oil and gas exploration and production company with operations in eight states.
 -0- 5/25/93
 /CONTACT: Robert L.G. Watson of Abraxas Petroleum Corporation, 210-828-5354/
 (AXAS)


CO: Abraxas Petroleum Corporation ST: Texas IN: OIL SU: ERN

PS -- NY056 -- 2177 05/25/93 12:47 EDT
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Date:May 25, 1993
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