UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________
FORM 11-K
______________
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One):
[X]ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2013
OR
[ ]TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _____to_____
Commission File Number 001-16701
______________
ABRAXAS PETROLEUM CORPORATION 401(K) PROFIT SHARING PLAN
(Full title of the plan)
______________
ABRAXAS PETROLEUM CORPORATION
18803 Meisner Drive
SAN ANTONIO, TEXAS 78258
(Name of issuer of the securities held pursuant to the plan and the address of the issuer’s and plan’s
principal executive office)
REQUIRED INFORMATION
Item 1-3. The Abraxas Petroleum Corporation 401(k) Profit Sharing Plan (the “Plan”) is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Therefore, in lieu of the requirements of Items 1-3 of Form 11-K, attached are the financial statements of the Plan for the fiscal year ended December 31, 2013, which have been prepared in accordance with the financial reporting requirements of ERISA.
Item 4. Pursuant to Section 103 (c) of ERISA, and the regulations thereunder, the Plan is not required to file audited financial statements, because the Plan has fewer than 100 participants.
| STATEMENT OF INCOME AND EXPENSES | ||||
| YEAR ENDING DECEMBER 31, 2013 | ||||
| INCOME | ||||
Contribution – Company Matching (Co. Stock) | $ | 267,290 | ||
Contribution – Participant 401(K) | 692,691 | |||
Investment Earnings (Loss) | 2,003,317 | |||
| Other Income | 14,392 | |||
Total Income (Loss) | 2,977,690 | |||
| EXPENSES | ||||
Payments to Participants | 431,667 | |||
Total Expenses | 431,667 | |||
Income (Loss) over Expenses | 2,546,023 | |||
Assets at the Beginning of the Plan Year | 6,975,049 | |||
Assets at the End of the Plan Year | $ | 9,521,072 | ||
| PLAN ASSETS AND LIABILITIES | ||||||||
| As of January 1, | As of December 31, | |||||||
| 2013 | 2013 | |||||||
| ASSETS | ||||||||
| Cash | $ | 827,226 | $ | 847,631 | ||||
| Mutual Funds | 4,936,032 | 6,548,463 | ||||||
| Company Stock | 1,184,515 | 2,100,181 | ||||||
| Participant Loans | 27,276 | 24,797 | ||||||
| Total Assets | $ | 6,975,049 | $ | 9,521,072 | ||||
| LIABILITIES | $ | — | $ | — | ||||
| NET ASSETS (Assets less Liabilities) | $ | 6,975,049 | $ | 9,521,072 | ||||
ABRAXAS PETROLEUM CORPORATION 401(K) PROFIT SHARING PLAN
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Plan) have duly caused this annual report to be signed by the undersigned thereunto duly authorized, in the City of San Antonio, State of Texas, on the 24th day of June 2014.
ABRAXAS PETROLEUM CORPORATION
401(K) PROFIT SHARING PLAN
By: Abraxas Petroleum Corporation
By: /s/ Robert L.G. Watson
Robert L. G. Watson
Chief Executive Officer and President