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ABRAXAS PETROLEUM CORPORATION ANNOUNCES RESULTS

 SAN ANTONIO, Nov. 19 ~PRNewswire~ -- Abraxas Petroleum Corp. (NASDAQ: AXAS) today announced a 387-percent increase in oil and gas production sales for the third quarter ended Sept. 30, 1992, to $711,000 from $183,000 in the same quarter last year. Total revenues were $835,000 compared to $480,000. The net loss for the quarter before provision for accrued but undeclared preferred stock dividends was $155,000, compared to earnings of $47,000 in the year-earlier quarter. The company's coal operating subsidiary, which it plans to spin off to shareholders, contributed a loss of $148,000 during the quarter. A $60,000 unrealized loss on marketable securities also impacted the quarter's results. Including the provision for accrued but undeclared preferred stock dividends, the loss in the most recent period was $218,000, or 19 cents per common share, compared to a loss of $15,000, or 2 cents per common share, in the year-earlier quarter.
 Cash flow from operations (earnings plus non-cash expenses) was $278,000, or 24 cents per share, compared to a negative cash flow of $5,000 in the year-earlier period.
 For the nine months ended Sept. 30, total revenues increased to $2.1 million from $1.3 million in the same period a year ago. Oil and gas production sales tripled to $1.6 million from $546,000. Before provision for preferred stock dividends, the loss in the most recent nine months was $164,000 compared to a loss of $197,000 in the year- earlier period. After provision for accrued but undeclared stock dividends, the loss was $350,000, or 37 cents per share, compared to a loss of $384,000, or 41 cents per share, a year ago. Cash flow from operations improved to $556,000, or 53 cents per share, in the nine- month period from $330,000, or 35 cents per share, a year earlier.
 Production of oil and gas for the third quarter and nine months increased 205 percent and 363 percent, respectively, over the same periods last year to averages of 326 barrels of oil and 871 Mcf of natural gas per day net to Abraxas' interest. During the month of September 1992, production rates increased to 517 barrels of oil and 1,137 Mcf of natural gas per day, reflecting the addition of a number of acquisitions.
 Three months ended Sept. 30: 1992 1991
 Revenues $ 834,830 $ 480,366
 Net income (loss) ($ 155,298) $ 47,379
 Less provision for accrued but
 undeclared preferred stock dividends($ 62,275) ($ 62,275)
 Net loss applicable to common stock ($ 217,573) ($ 14,896)
 Per share ($ .19) ($ .02)
 Weighted average shares outstanding 1,169,150 947,386
 Nine months ended Sept. 30: 1992 1991
 Revenues $2,083,901 $1,253,272
 Net loss ($ 163,542) ($ 197,566)
 Less provision for accrued but
 undeclared preferred stock dividends ($ 186,825) ($ 186,825)
 Net loss applicable to common stock ($ 350,367) ($ 384,391)
 Per share ($ .37) ($ .41)
 Weighted average shares outstanding 1,042,704 947,386
 -0-
 ~CONTACT: Robert L. G. Watson, President of Abraxas Petroleum Corp., 210-828-5354; or Larry Howell of Howell Communications, 214-340-9994~
 (AXAS)


CO: Abraxas Petroleum Corp. ST: Texas IN: OIL SU: ERN

JH -- SE003 -- 2926 11~19~92 13:01 EST
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Date:Nov 19, 1992
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