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ABRAXAS PETROLEUM CORPORATION ANNOUNCES SALE OF 2,250,000 SHARES OF COMMON STOCK

 SAN ANTONIO, Oct. 15 /PRNewswire/ -- Abraxas Petroleum Corporation ("Abraxas") (NASDAQ: AXAS) today announced that it has commenced a public offering of 2,667,066 shares of common stock at a price of $11.25 per share. The company is selling 2,250,000 shares and certain stockholders are selling 417,066 additional shares. The company has also granted the underwriters an over-allotment option to purchase an additional 337,500 shares. The offering is being made by an underwriting group managed by Jefferies & Company, Inc. The net proceeds to the company will be used for the repayment of certain indebtedness and provide working capital for general corporate purposes, including future acquisitions and development of existing properties.
 The gross spread is 78.75 cents, selling concession is 47.00 cents, and reallowance is 5.00 cents. Delivery is scheduled for Oct. 22, 1993.
 Abraxas Petroleum Corporation is a San Antonio-based crude oil and natural gas exploration and production company with operations in eight states, primarily in the Texas Gulf Coast and the Permian Basin of western Texas and southeastern New Mexico.
 -0- 10/15/93
 /CONTACT: Robert L. G. Watson of Abraxas Petroleum Corporation, 210-828-5354/
 (AXAS)


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

MP -- NY023 -- 2661 10/15/93 10:38 EDT
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Publication:PR Newswire
Date:Oct 15, 1993
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