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ABRAXAS ANNOUNCES RECORD RESULTS FOR SECOND QUARTER 1993

 SAN ANTONIO, Texas, Aug. 17 /PRNewswire/ -- Abraxas Petroleum Corporation ("Abraxas") (NASDAQ: AXAS) today announced financial results for the second quarter and six months ended June 30, 1993.
 For the 1993 second quarter, the company reported net income attributable to common stock of $42,926 on record revenues of $2,011,862. This compares to a loss of $105,379 for the comparable three month period ending June 30, 1992 on revenues of $402,649. Figures for both reporting periods are net of preferred dividends of $62,275.
 The results for the second quarter reflect the impact of increased revenues as a result of the acquisition of certain producing properties located near Corpus Christi, Texas in April 1993.
 Revenues and net income figures for the six months ended June 30, 1993 were $3,055,218 and $2,121,416 respectively. These figures, include non-recurring debt forgiveness income of $2,229,964 booked in the 1993 first quarter, resulting from the restructuring of the bank debt of the company's coal subsidiary. For the six months ended June 30, 1992, revenues totaled $937,779 and the Company recorded a net loss of $132,794.
 ABRAXAS PETROLEUM CORPORATION
 Periods ended Three Months Six Months
 June 30 1993 1992 1993 1992
 Revenues $2,011,862 $ 402,649 $3,055,218 $ 937,779
 Operating Income $ 880,391 25,865 1,085,956 189,115
 Income (loss) before
 taxes and extra-
 ordinary item 105,201 (43,104) (29,949) (8,244)
 Extraordinary Item -- -- 2,229,964(a) --
 Net Income (loss) 105,201 (43,104) 2,245,966 (8,244)
 Preferred Dividend (62,275) (62,275) (124,550) (124,550)
 Net Income to Common $ 42,926 $ (105,379) $2,121,416 $(132,794)
 Average shares
 outstanding 1,552,440 979,481 1,520,456 979,481
 Net Income (loss)
 per share .03 (.11) 1.40 (.14)
 Oil Sold (MBbls) 68 21 115 39
 Average sales price
 per barrel $ 17.83 $ 13.41 $ 17.21 $ 16.67
 Natural gas sold (MMCF) 281 67 408 138
 Average sales price
 per MCF $ 2.35 $ 1.55 $ 2.30 $ 1.75
 NGL production (MBbls) 9 -- 9 --
 Average NGL sales
 price per barrel $ 12.01 $ -- $ 12.01 $ --
 (a) Before tax benefit of $45,951
 Abraxas Petroleum Corporation is a San Antonio-based oil and gas exploration and production company with operations in eight states.
 -0- 8/17/93
 /CONTACT: Robert L.G. Watson of Abraxas Petroleum Corporation, 210-828-5354/
 (AXAS)


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

SM -- NY046 -- 3510 08/17/93 11:40 EDT
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Publication:PR Newswire
Date:Aug 17, 1993
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