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ABRAXAS PETROLEUM CORPORATION FILES FOR PUBLIC OFFERING

 SAN ANTONIO, July 23 /PRNewswire/ -- Abraxas Petroleum Corporation ("Abraxas") (NASDAQ: AXAS) today announced that it has filed a registration statement with the Securities and Exchange Commission for a proposed public offering of 2,250,000 shares Common Stock by the Company. Jefferies & Company, Inc. will be the underwriter for the offering.
 Net proceeds will be used to prepay certain indebtedness, redeem all of the Company's preferred stock and provide working capital for general corporate purposes, including future acquisitions and development of existing properties. Abraxas Petroleum Corporation is a San Antonio- based crude oil and natural gas exploration and production company with operations primarily along the Texas Gulf Coast and in the Permian Basin of western Texas and southeastern New Mexico.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 7/23/93
 /CONTACT: Robert L. G. Watson of Abraxas Petroleum Corporation, 210-828-5354/
 (AXAS)


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

MP -- NY035 -- 5074 07/23/93 10:54 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
Words:251
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