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ABRAXAS PETROLEUM ANNOUNCES RESULTS

 ABRAXAS PETROLEUM ANNOUNCES RESULTS
 SAN ANTONIO, Texas, Aug. 17 /PRNewswire/ -- Abraxas Petroleum


Corporation (NASDAQ: AXAS) today announced financial results for the second quarter and six months ended June 30, 1992.
 For the second quarter, total revenues increased to $553,673 from $425,297 in the same period a year ago. Oil and gas production sales more than doubled to $390,184 from $180,455. Abraxas reported a loss of $43,104 before provision for Preferred Stock dividends, compared to a loss of $40,863 in last year's second quarter. Including the provision for accrued but undeclared Preferred Stock dividends, the loss in the most recent period was $105,379, or 11 cents per share, compared to a loss of $103,138, or 11 cents per share, in the same quarter a year ago.
 For the six months, total revenues increased to $1,249,071 from $772,906 a year ago. Oil and gas production sales more than doubled to $897,578 from $362,485. Before provision for Preferred Stock dividends, the loss in the most recent six months was $8,244, compared to a loss of $244,945 in the year-earlier period. After provision for accrued but undeclared Preferred Stock dividends, the loss was $132,794, or 14 cents per share, in the most recent six months, compared to a loss of $369,495, or 39 cents per share, a year ago. Cash flow from operations, defined as net income plus non-cash expenses, improved to a positive $240,587, or 25 cents per share, for the first six months of 1992, compared with a negative $60,263, or 6 cents per share, for the year- earlier period.
 Robert L. G. Watson, President of Abraxas, attributed the improvement in operating results primarily to increased sales and cash flow from acquired producing properties, successful workovers and the drilling of new wells. Production of oil and natural gas for the first half of 1992 increased by 111 percent and 300 percent, respectively, over the same period last year, to averages of 216 barrels of oil and 756 Mcf of natural gas per day.
 The effects of Abraxas' acquisition of Bennett Petroleum Corporation, which was consummated on Aug. 12, are not included in the June 30 financial statements. Watson commented that positive impact of the acquisition and merger will be evident during the third and fourth quarters of this year.
 ABRAXAS PETROLEUM CORPORATION
 Three months ended June 30, 1992 1991
 Revenues $ 553,673 $ 425,297
 Net income (loss) (43,104) (40,863)
 Less dividend requirement on
 Cumulative Preferred Stock (62,275) (62,275)
 Net income (loss) applicable
 to Common Stock (105,379) (103,138)
 Per share $ (.11) $ (.11)
 Weighted average shares outstanding 979,481 947,386
 Oil sold (barrels) 21,363 9,121
 Average sales price per barrel $18.20 $17.08
 Natural gas sold (Mcf) 66,717 18,164
 Average sales price per Mcf $1.54 $1.21
 Six months ended June 30, 1992 1991
 Revenues $1,249,071 $ 772,906
 Net income (loss) (8,244) (244,945)
 Less dividend requirement on
 Cumulative Preferred Stock (124,500) (124,500)
 Net income (loss) applicable
 to Common Stock (132,794) (369,495)
 Per share $ (.14) $ (.39)
 Weighted average shares outstanding 979,481 947,386
 Oil sold (barrels) 39,387 18,640
 Average sales price per barrel $16.67 $17.02
 Natural gas sold (Mcf) 137,664 34,391
 Average sales price per Mcf $1.75 $1.31
 -0- 8/17/92
 /CONTACT: Robert L. G. Watson, president of Abraxas Petroleum, 512-828-5354, or Larry Howell of Howell Communications, 214-340-9994, Abraxas Petroleum/
 (AXAS) CO: Abraxas Petroleum Corporation ST: Texas IN: OIL SU: ERN


SH -- NY028 -- 0427 08/17/92 10:29 EDT
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Date:Aug 17, 1992
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