Abraxas Petroleum (AXAS) 8-K Abraxas to Present at the IPAA Oil & Gas Investment Symposium

Exhibit 99.2

2

Forward-Looking Statements

The information presented herein may contain predictions, estimates and
other forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934.Although the Company believes that its expectations are based on
reasonable assumptions, it can give no assurance that its goals will be
achieved.

Important factors that could cause actual results to differ materially from
those included in the forward-looking statements include the timing and
extent of changes in commodity prices for oil and gas, the need to develop
and replace reserves, environmental risks, competition, government
regulation and the ability of the Company to meet its stated business
goals.

3

Company Overview

Abraxas Petroleum Corporation

•NASDAQ: AXAS

•Market capitalization ~ $50 million

•Minimal debt

•Options: CBOE and PCX

•Russell 2000® Index

•Fully diluted shares outstanding ~ 50 million

•Ownership ~ 18% insider

~ 34% institutional

•Average trading volume~ 225,000 shares per day

•General partner and 47% owner of Abraxas Energy Partners, L.P.

4

Strategy for the Downturn

1)Conserve Capital

2)Build Cash

3)Be Opportunistic

4)Survive to the Rebound

5)Prudent Management of AXLP

5

1) Conserve Capital

•Numerous development drilling locations

•No significant lease expirations

•low cost renewals

•2008 drilling success2009 production growth

•Why take risks ?

6

2) Build Cash

•Cash is KING !

7

3) Be Opportunistic

•Cost structure will come down

•Control growth with development opportunities

•Look for companies and/or assets that fit strategy

• financial stress

• AXLP can still grow with paper

•Best for shareholder interest over the long-term

8

4) Survive to the Rebound

•Limited supply of hydrocarbons

•Demand growth will resume

•Higher commodity prices ahead

• when ?

•Ability to ramp up activity quickly

9

5) Prudent Management of AXLP

•Solid business plan

• maintain production

• high % of low-risk development

• acquisitions not required for sustainability

• high tax shield

•WACC

• will improve over time

•Manage balance sheet

• maintain flexibility with development drilling

• keep sufficient liquidity

•Address 2nd lien debt

• IPO, rights offering, PIPE, long-term 2nd lien

Ш combination

•Conservative distributions

10

Operating / Financial Results

(1)Based on 7 months of actual (June-December 2007) after formation of AXLP

(2)Excludes severance & ad valorem taxes of approximately 8% of oil and gas revenue

(3)Excludes extraordinary items

(4)Excludes extraordinary items and includes cash distributions from AXLP

GAAP requires
consolidated
financials =
confused
investors !

AXAS (Stand-Alone)

7 Months
2007 (1)

Year Ended

2008

% Change

Daily production (Boepd)

583

649

11.3%

% Oil

31.1%

41.2%

32.3%

LOE (2) / Boe

$ 8.35

$ 12.33

47.7%

G&A (3) / Boe

$ 13.45

$ 13.93

3.6%

D/D/A / Boe

$ 10.75

$ 14.24

32.4%

Net realized oil price

$ 74.54

$ 91.59

22.9%

Oil differential to NYMEX

$ (6.16)

$ (8.62)

39.9%

Net realized gas price

$ 5.70

$ 8.04

41.2%

Gas differential to NYMEX

$ (1.00)

$ (0.84)

(16.7)%

Annualized cash flow (4) (mm)

$ 14.22

$ 17.49

23.0%

11

High Quality Assets

ND

SD

MT

WY

CO

UT

TX

NE

OK

AR

LA

Proved Reserves (MMBOE): 6.7

- Proved Developed:35%

- Natural Gas:62%

- Operated:99%

Abraxas Petroleum Corporation

Proved Reserves (MMBOE): 18.4

- Proved Developed:61%

- Natural Gas:76%

- Operated:78%

Abraxas Energy Partners, L.P.

Abraxas Petroleum (AXAS)

Abraxas Energy (AXLP)

AXLP & AXAS

Proved Reserves (MMBOE): 25.1

- Proved Developed:54%

- Natural Gas:72%

- Operated:83%

CONSOLIDATED

Net proved reserves as of December 31, 2008

AXAS owns 47% of AXLP

Bakken

Shale Play

Haynesville

Shale Play

Central Anadarko

Woodford Shale Play

Barnett / Woodford

Shale Play

Wolfberry Trend

12

Recent Drilling Activity

Abraxas Petroleum (AXAS)

Abraxas Energy(AXLP)

13

Rocky Mountain

AXAS: Brooks Draw

~ 14,000 acres HBP

11 producing wells

(6 horizontal / 5 vertical)

5 producing formations

(light gravity sweet crude)

23 sq. miles proprietary 3-D
seismic survey

AEZ/BEXP: Krejci
Horizontal Mowry Shale

~ 15 to the SE of Brooks Draw

Converse & Niobrara Counties, Wyoming

ШApply Bakken horizontal
completion techniques in:

• Turner Sandstone

• Mowry Shale

ШDrilled & completed 1st well

(Lakeside 1H )

IP: 250 BOPD

14

Gulf Coast

DeWitt County, Texas

ШApply advanced completion
technology:

• Isolation packers

• Multi-stage fracture stimulations

ШDrilled Nordheim 2H

- 1 section open: 6 MMcfpd

- 6 sections behind pipe

- Not stimulated

AXAS: Nordheim Townsite

1 producing horizontal well

(1 PUD / 2 INCR)

AXLP: Nordheim

(Wagner Unit)

2 producing
horizontal wells

PDP wells

PUD locations

INCR locations

Map of South Texas

15

Catalyst

•Near Term

• AXLP IPO

• Wyoming production rates

• Edwards fracture stimulation results

•Long Term

• Resumption of drilling activity

16

Summary

Small-cap exploration and production company

•A SOLID PLAN

•EXPLOSIVE PRODUCTION GROWTH

•EXCEPTIONAL BALANCE SHEET

•TRADING UNDER NET ASSET VALUE

17

NASDAQ: AXAS