Abraxas Petroleum (AXAS) 8-K Abraxas to Present at the Pritchard Capital Energy Conference

Energize 2010

January 6-8

San Francisco

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

Bakken producersAbraxas operated wells

Bakken permitsAbraxas non-operated wells

2008-2009

Bakken Sleeper

Numerous additional
opportunities

(operated and non-operated)

NO LEASE EXPIRATIONS -
acreage principally held by
production

MINIMAL RESERVES
BOOKED TO-DATE

10% WI NON-OP WELL -
Completing

AXAS:3 operated lease
blocks within 1 location of
commercial Bakken /
Three Forks production with
potential of:

>100 1st gross
Bakken
wells in unit *

MontanaNorth Dakota

Parshall

Nesson

Anticline

Elm

Coulee

Rough

Rider

* ~90 on 1280 acre unit spacing, excludes Lewis &
Clark Three Forks potential

4

The Bakken Advantage

Total enterprise value - Proved PV10 =

Bakken acreage value / Net Bakken acres = Bakken value per acre

Small-cap Bakken Players
	Bakken value per acre	Q3 2009 Boepd
Company A	$ 3,149	144
Company B	$ 4,498	5,200
Company C	$ 6,768	963
Company D	$ 6,839	751
Company E	$15,244	5,348
AXAS	$ 1,613	4,430

AXAS utilizing mid-year proved reserves on a typical bank
price deck

Source: Company filings with the SEC

5

Peer Group Analysis

Source: Company filings with the SEC and market capitalization on December 30, 2009

E&P analysis includes market capitalization < $1B (AEZ, AREX, ATPG, AXAS, CFW, CPE, CRZO, CWEI, DBLE, DNE, DPTR, END, EPM, EXXI, FXEN, GDP, GEOI, GMET, GMXR,
GPOR, GPR, GST, GSX, KOG, MCF, MHR, MMR, NGAS, NOG, PETD, PHX, PINN, PQ, PVA, RAME, REXX, SFY, SGY, TMR, VQ, WRES)

Mean equates to an AXAS share price of:

$19.42

Mean equates to an AXAS share price of:

$5.56

48% undervalued compared to E&P in analysis

6

Peer Group Analysis

65% under average of E&P in analysis

In-line with average of E&P in analysis

In-line with average of E&P in analysis

Source: Company filings with the SEC

E&P analysis includes market capitalization < $1B (AEZ, AREX, ATPG, AXAS, CFW, CPE, CRZO, CWEI, DBLE, DNE, DPTR, END, EPM, EXXI, FXEN, GDP, GEOI, GMET, GMXR,
GPOR, GPR, GST, GSX, KOG, MCF, MHR, MMR, NGAS, NOG, PETD, PHX, PINN, PQ, PVA, RAME, REXX, SFY, SGY, TMR, VQ, WRES)

7

Special Situation

§Exciting upside (not just the Bakken)

§Undervalued

§Why ?

§26 months in SEC

§Complicated financials

§Analyst & investors don’t relish homework

§Solution !

§Merger closed - October 5, 2009

§Tell the story

§Straight forward financials (except MTM on commodity swaps)

8

Background

ØAbraxas Petroleum Corporation

§Founded in 1977

§NASDAQ: AXAS

Ø2006 - 2008: Upstream MLPs were reincarnated

§Attractive cost of capital - yields < 10%

ØAbraxas Energy was formed in May 2007 as an upstream master limited
partnership (“MLP”) to produce, develop and acquire oil and gas properties

§AXAS contributed properties to MLP

–Sold 53% to institutional investors ($100 million private placement)

§Lehman Brothers / Citigroup / Merrill Lynch

§Top-tick market: 9% yield

–AXAS retained 47% of MLP

–AXAS owns 100% of general partner, which manages MLP

§MLP required to “go public”

9

IPO Timeline

2007

July 2007 - MLP filed initial registration statement (S-1) for IPO

November 2007 - cleared by the SEC (S-1/A #4)

November 2007 - won bid on large property acquisition from St. Mary - financed with senior
bank debt & 2nd lien bridge (extension from private investors)

2008

July 2008 - cleared by the SEC (S-1/A #7)

July 2008 - lead underwriter walked

September 2008 - new underwriting syndicate in place (S-1/A #8)

September 2008 - financial world started its collapse

(extension from private investors)

2009

January 2009 - maturity date of sub. debt extended to July 1

January 2009 - MLP yields > 20% = downsize IPO, need 2nd lien

(underwriting syndicate walks)

March 2009 - new underwriting syndicate in place (S-1/A #9), launch 2nd lien

April 2009 - new 2nd lien terms unacceptable / vicious circle / explore alternatives

(extension from private investors)

10

Upstream MLP Meltdown

Market darling à ??

§Last IPO - April 2008

§4 MLPs - suspended distributions

§Bank support diminished for upstream MLPs

11

Alternatives

12

Merger Events

13

New and Improved AXAS

Abraxas Petroleum Corporation

•High quality assets

•Daily production of 4,430 Boe (26.6 MMcfe)

•Proved reserves of 27.9 MMBoe (167.3 Bcfe)

•Unparalleled upside opportunities

§158 proved undeveloped locations (excluding Bakken)

§Numerous additional identified locations

§85% of PDP hedged through 2012 and 70% in 2013

§$74.96 per barrel and $6.38 per MMbtu

•NASDAQ: AXAS

•Fully diluted shares outstanding: ~76 million

§~50% institutional

§~10% insider

•Current average trading volume: ~470,000 shares per day

•Total long-term debt:~$145 million

14

Overview of Properties

15

Property Overview

ØPredictable, long-lived production

§R/P ratio of 16.9 years (PD of 9.3 years)

§Conventional and unconventional reservoirs

Ø1,811 gross (429 net) producing wells: average working interest 24%

§~690 gross (250 net) wells/units comprise top 90% by PV

ØSubstantial inventory: 158 proved undeveloped locations (plus Bakken)

§Numerous additional identified locations

Ø307,310 gross (160,141 net) acres

§No material lease expiry issues or drilling commitments

ØOperational control - - over 80% of PV10

§Over 30 years of operational history

§Efficient, low-cost operator

§Long history of drilling success

16

High Quality Assets

ND

SD

MT

WY

CO

UT

TX

OK

AR

LA

Proved Reserves (MMBoe):27.9

- Proved Developed:55%

- Gas/Oil %:71/29%

- Operated:83%

Abraxas Petroleum Corporation

Net proved reserves as of June 1, 2009

Bakken

Shale Play

Haynesville

Shale Play

Central Anadarko

Cana - - Woodford

Shale Play

Barnett / Woodford

Shale Play

Wolfberry Trend

Rocky Mountain

Mid-Continent

Permian Basin

Gulf Coast

Eagle Ford Shale Play

17

Reserve / Production Summary

Proved Reserves - 27.9 MMBoe

Production - - 4,430 Boepd

Net proved reserves as of June 1, 2009

Daily net production for the quarter ended September 30, 2009

Rocky

Permian

Basin

36%

Gulf

Rocky

Basin

30%

Gulf

18

Production Profile

Net proved reserves as of June 1, 2009

Next 5 years - 9%

Thereafter - - 8%

Projected Annual PDP Decline Rate

19

ND

SD

MT

WY

CO

UT

TX

OK

LA

Unparalleled Upside Potential

Rocky Mountain

Mid-Continent

Permian Basin

Gulf Coast

Medicine Pole Hills Unit

Bowman Co., ND

2 PUD

Red River B: 9,350’

Operator: Continental

Cow Hollow Field

Lincoln Co., WY

32 PUD

Frontier: 11,000’

Operator: Kerr-McGee

Pittsburg County CBM

Pittsburg Co., OK

53 PUD

Hartshorne Coal: 3,000’

Operator: Chesapeake / Abraxas

Edwards Trend

DeWitt / Lavaca Co., TX

10 PUD (4 PDNP)

Edwards: 13,500’

Operator: Abraxas

Portilla Field

San Patricio Co., TX

3 PUD (2 PDNP)

Frio: 7,000’
Vicksburg: 9,000’

Operator: Abraxas

Oates SW

Pecos Co., TX

5 PUD

Devonian: 14,000’
Montoya: 16,000’

Operator: Abraxas

ROC Complex

Ward Co., TX

7 PUD

Devonian: 13,000’

Montoya: 14,000’

Operator: Abraxas

Bakken

Shale Play

Haynesville

Shale Play

Central Anadarko

Cana - - Woodford

Shale Play

Wolfberry Trend

Natural Buttes Field

(Chapita Wells Unit)

Uintah Co., UT

20 PUD

Wasatch: 7,000’

Operator: EOG Resources

Roosevelt Field

Billings Co., ND

4 PUD

Nisku: 10,000’

Operator: Abraxas/Summit

North Fork Field

McKenzie Co., ND

6 PUD

Bakken: 10,000’

Red River: 14,000’

Operator: Abraxas

Comertown South Field

Sheridan Co., MT

2 PUD

Red River: 11,000’

Operator: Abraxas

Eastern Shelf

Coke Co., TX

3 PUD

Strawn 6,700’

Operator: Abraxas

Beulah Coleman

Midland Co., TX

5 PUD

Devonian: 11,000’

Operator: Abraxas

Barnett / Woodford

Shale Play

Eagle Ford

Shale Play

20

Near-Term Drilling Catalysts

AXAS OPERATED:	OUTSIDE OPERATED:
Portilla, South Texas •2 vertical wells •9,000’ Frio •Q1 2010 •AXAS 100% WI	Bakken/Three Forks, North Dakota •BTA operated •Completing •AXAS 10% WI
Normanna, South Texas •10,000’ Wilcox •Q1 2010 •AXAS 20%/40% WI	Granite Wash, Texas Panhandle •2 wells •Cimarex / Mewbourne operated •Drilling •AXAS <1-8% WI
Spires Ranch, West Texas •7,000’ Ellenburger •Testing •AXAS 100% WI

Non-op wells gather information

21

Business Plan

§Closed merger - October 5th

§Allocate portion of 2010 CapEx to Bakken

§Investigate Bakken acceleration

§Financial partner

§Industry farmout

§Non-core asset sales

§Pay down debt

§50/50 oil/gas production mix by end of 2010

§Awareness of NOL preservation

§Increase Eagle Ford position

§Principally in oil leg

§Increase investor interest

§Increase analyst coverage

22

NASDAQ: AXAS

23

Appendix

24

Rocky Mountain

Ø7.0 MMBoe of proved reserves

Ø75% proved developed

Ø75% crude oil

Ø1,175 Boepd of production

Ø15.7 R/P ratio

Ø894 gross (110 net) producing wells

Ø67 PUD locations

Ø97,279 net acres

ØPrimary producing basins include:

§Williston Basin (MT and ND)

§Powder River & Green River Basins (WY)

§Unita Basin (UT)

ØBakken / Three Forks - - HBP

Rocky Mountain

ND

SD

MT

WY

CO

UT

Medicine Pole Hills Unit

Bowman Co., ND

2 PUD

Red River B: 9,350’

Operator: Continental

Natural Buttes Field

(Chapita Wells Unit)

Uintah Co., UT

20 PUD

Wasatch: 7,000’

Operator: EOG Resources

Cow Hollow Field

Lincoln Co., WY

32 PUD

Frontier: 11,000’

Operator: Kerr-McGee

Bakken Shale Play / Three Forks / Sanish

Area of Operations

Overview

Net proved reserves as of June 1, 2009

Daily net production for the quarter ended September 30, 2009

Roosevelt Field

Billings Co., ND

4 PUD

Nisku: 10,000’

Operator: Abraxas/Summit

North Fork Field

McKenzie Co., ND

6 PUD

Bakken: 10,000’

Red River: 14,000’

Operator: Abraxas

Comertown South Field

Sheridan Co., MT

2 PUD

Red River: 11,000’

Operator: Abraxas

25

Mid-Continent

Ø3.4 MMBoe of proved reserves

Ø73% proved developed

Ø85% natural gas

Ø711 Boepd of production

Ø13.0 R/P ratio

Ø602 gross (103 net) producing wells

Ø53 PUD locations

Ø22,937 net acres

ØPrimary producing basins include:

§Anadarko Basin (Western OK)

§Arkoma Basin (Eastern OK)

§ARK-LA-TEX

ØCana Shale (Cimarex, Devon, Chesapeake) - HBP

ØHaynesville Shale - HBP

TX

KS

OK

AR

LA

Haynesville

Shale Play

Central Anadarko

Cana - - Woodford

Shale Play

Pittsburg County CBM

Pittsburg Co., OK

53 PUD

Hartshorne Coal: 3,000’

Operator: Chesapeake / AXAS

Area of Operations

Overview

Net proved reserves as of June 1, 2009

Daily net production for the quarter ended September 30, 2009

26

Permian Basin

Permian Basin

Ø10.1 Bcfe of proved reserves

Ø39% proved developed

Ø83% natural gas

Ø1,330 Boepd of production

Ø19.7 R/P ratio

Ø236 gross (161 net) producing wells

Ø30 PUD locations

Ø31,237 net acres

ØPrimary producing sub-basins:

§Delaware Basin

§Eastern Shelf

ØBarnett / Woodford Shale - fee minerals

TX

Oates SW

Pecos Co., TX

5 PUD

Devonian: 14,000’
Montoya: 16,000’

Operator: Abraxas

ROC Complex

Ward Co., TX

7 PUD

Devonian: 13,000’

Montoya: 14,000’

Operator: Abraxas

Area of Operations

Overview

Beulah Coleman

Midland Co., TX

5 PUD

Devonian:11,500’
Operator: Abraxas

Millican Reef Unit

Coke Co., TX

3 PUD

Strawn: 6,700’
Operator: Abraxas

Barnett / Woodford

Shale Play

Wolfberry Trend

Net proved reserves as of June 1, 2009

Daily net production for the quarter ended September 30, 2009

27

Gulf Coast

Gulf Coast

Ø7.4 Bcfe of proved reserves

Ø49% proved developed

Ø92% natural gas

Ø1,214 Boepd of production

Ø17.2 R/P ratio

Ø79 gross (55 net) producing wells

Ø13 PUD locations

Ø8,688 net acres

ØPrimary producing sub-basin:

§Onshore Gulf Coast

ØEagle Ford Shale - HBP

§Currently leasing addtional acreage

TX

LA

AL

MS

Portilla Field

San Patricio Co., TX

3 PUD (2 PDNP)

Frio: 7,000’
Vicksburg: 9,000’

Operator: Abraxas

Edwards Trend

DeWitt / Lavaca Co., TX

10 PUD (4 PDNP)

Edwards: 13,500’

Operator: Abraxas

Area of Operations

Overview

Eagle Ford

Shale Play

Net proved reserves as of June 1, 2009

Daily net production for the quarter ended September 30, 2009

28

2008-2009 OBO Drilling Activity

23 wells drilled in 2008

7 wells drilled in 2009

Chapita Wells Unit

Uintah County, UT

Operator: EOG Resources

Average IP: 1.1 MMcfepd

WI: 1%

7 wells drilled in 2008

Medicine Pole Hills West Unit

Bowman County, ND

3 wells drilled in 2008

1 well drilled in 2009

Mansfield Prospect

Scott County, AR

Operator: XTO Energy

Average IP: 2.2 MMcfepd

2 wells drilled in 2008

1 well drilled in 2009

Bear Creek Field

Bienville Parish, LA

Operator: El Paso

Average IP: 2.3 MMcfepd

WI: 2%

1 well drilled in 2008

Red Oak Prospect

Latimer County, OK

Operator: Unit Petroleum

IP: 2.1 MMcfepd

WI: 12%

2 wells drilled in 2008

Cow Creek / Moxa Arch

Lincoln County, WY

Operator: Kerr McGee

Average IP: 1.2 MMcfepd

WI: 1%

1 well drilled in 2008

2 wells drilled in 2009

Sawyer Field

Sutton County, TX

Operator: Highmount

Average IP: 0.2 MMcfepd

WI: 4%

2 wells drilled in 2009

Bakken / Three Forks

McKenzie / Divide Counties, ND

Operator: Continental Resources / BTA

IP: 760 Boepd / completing

WI: 1-10%

3 wells drilled in 2009

Granite Wash

Hemphill County, TX

Operator: Cimarex /
Mewbourne

WI: 1-8%

29

NASDAQ: AXAS