Abraxas Announces Approval of Wyoming Drilling Permits

2008-07-15 09:05:00

SAN ANTONIO–(EMWNews)–Abraxas Petroleum Corporation (AMEX:ABP) today announced that it has

received approval on two of its drilling permits in Brooks Draw, Wyoming.

Abraxas anticipates receiving approval on three additional permits

during the third quarter of 2008. A rig has been scheduled for

mid-August and initial plans are to drill one well at a time with

evaluation periods in-between. The wells will be drilled horizontally

into the Mowry Shale and/or the Turner Sandstone. Abraxas owns a 100%

working interest in each of these wells.

After a very lengthy permitting process, we

are finally able to move forward in Wyoming. We will be very active

operationally during the second half of 2008. Currently, we are drilling

below 9,000 on the Nordheim #2H well in South

Texas and we are in the completion process on the Beulah Coleman #13

well in West Texas, commented Bob Watson,

President and CEO.

Abraxas Petroleum Corporation is a San Antonio based crude oil and

natural gas exploration and production company with operations

principally in Texas and Wyoming. Abraxas Petroleum Corporation also

owns a 47% interest in an upstream master limited partnership, Abraxas

Energy Partners, L.P., which entitles Abraxas Petroleum Corporation to

receive its proportionate share of cash distributions made by Abraxas

Energy Partners, L.P.

Safe Harbor for forward-looking statements: Statements in this release

looking forward in time involve known and unknown risks and

uncertainties, which may cause Abraxas actual

results in future periods to be materially different from any future

performance suggested in this release. Such factors may include, but may

not be necessarily limited to, changes in the prices received by Abraxas

for natural gas and crude oil. In addition, Abraxas

future natural gas and crude oil production is highly dependent upon

Abraxas level of success in acquiring or

finding additional reserves. Further, Abraxas operates in an industry

sector where the value of securities is highly volatile and may be

influenced by economic and other factors beyond Abraxas

control. In the context of forward-looking information provided for in

this release, reference is made to the discussion of risk factors

detailed in Abraxas filings with the

Securities and Exchange Commission during the past 12 months.

Abraxas Petroleum Corporation, San Antonio
Barbara M. Stuckey,

210-757-9835
Vice President – Corporate Development
Main

Telephone: 210-490-4788
bstuckey@abraxaspetroleum.com
www.abraxaspetroleum.com

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