Abraxas Petroleum 8K 4th Annual Global Opportunities Conference | AXAS 15 Sep 10

4th Annual Global Opportunities Conference

September 15, 2010

Exhibit 99.1

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.

LEGEND:

Bakken producers

Bakken permits

EXISTING ABRAXAS WELLS

(VARIOUS FORMATIONS):

Abraxas operated wells

Abraxas non-operated wells

Bakken (Industry)

Montana North Dakota

EOG, WLL:

Parshall &

Sanish

CTL, MRO, DNR:

Nesson

Anticline

XOM:

Elm

Coulee

WLL:

Lewis &

Clark

BEXP:

Rough

Rider

Bakken producers Abraxas operated wells

Bakken permits Abraxas non-operated wells

Bakken (AXAS)

17% average WI

(WI range of 2 - 50%)

= ~100 gross (1280 acre) units

Numerous opportunities

(operated and non-operated)

NO LEASE EXPIRATIONS - acreage
principally held by production

1ST OP WELL: drilling

NON-OP: 9 WELLS

1 - ORRI BPO: on production

2 - 10% WI: on production

3 - 2% WI: on production

4 - 2% WI: on production

5 - 4% WI: drilling

6 - 4% WI: drilling

7 - 4% WI: drilling

8 - 4% WI: drilling

9 - 1% WI: spud - fall 2010

Montana North Dakota

Nesson

2,600 net acres

Elm Coulee

440 net acres

Elkhorn Ranch

2,000 net acres

Harding

5,800 net acres

North Fork

3,200 net acres

Carter

3,200 net acres

Sheridan

3,000 net acres

4,9

5-8

Bakken - Net Acres per EV

Source: Pritchard Capital estimates

Net Bakken Acres per $1 Million of Enterprise Value

Eagle Ford Shale

Blue Eagle JV:

August 18, 2010

AXAS - 8,333 net acres

$25 million

equity investment in JV

43% oil window

35% gas/condensate window

Blue Stone - $25 million cash

$50 million additional
commitment

Acquire acreage

Shoot 3-D seismic

Drill ~10 wells

Closing: AXAS 50%

Fully funded: AXAS 25%

South Texas

gas window

oil window

PXD:

Eagle Ford Discovery

Enduring:

Eagle Ford Discovery

BE JV:

HBP acreage

PXD:

Eagle Ford Discovery

EOG:

Eagle Ford Oil

Discoveries

gas/condensate

window

Niobrara Shale

AXAS:

Converse / Niobrara
Counties, Wyoming

Sage Grouse 3H

Niobrara Producer

CUM Oil: 25 MBO

EUR: 50 MBO

HBP

Expires 2012+

Canada - Pekisko

CANAXAS

******

Alberta - Pekisko fairway

******

Horizontal development of

conventional vertical fields

******

Drill 2 wells to earn

6,400 gross / net acres

1st - on production

2nd - completing

******

Vertical depth: 5,400’

Target lateral length:
4,000’

Medium gravity crude

Pekisko Fairway

Peer Group Analysis

Source: Company filings with the SEC and market capitalization on August 12, 2010

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

27% undervalued compared to E&P in analysis

Mean equates to an AXAS share price of:

$4.31

Mean equates to an AXAS share price of:

$4.60

30% undervalued compared to E&P in analysis

Peer Group Analysis

Source: Company filings with the SEC

67% under average of E&P in analysis

8% over average of E&P in analysis

In-line with average of E&P in analysis

AXAS Highlights

§ NASDAQ: AXAS

§ Fully diluted shares outstanding: ~76 million

§ ~50% institutional

§ ~10% insider

§ Current average trading volume: ~500,000 shares per day

§ Market capitalization: ~$200 million

§ Total long-term debt: ~$139 million

§ Re-paid term loan portion (March-10)

§ High quality assets

§ Unparalleled upside opportunities

§ Significant hedge position

§ 2010 Guidance:

§ Production: 1.7 - 2.0 MMBoe

§ EBITDA: $38 - 45 Million

§ CapEx: $30 Million

AXAS Hedges

	2H 2010	2011	2012	2013
OIL - weighted average price	73.28	81.33	70.89	80.79
% OIL PDP *	79%	84%	84%	69%

GAS - weighted average price	5.73	6.52	6.77	6.84
% GAS PDP *	77%	82%	81%	66%

* As of December 31, 2009

Operational Highlights

Ø Predictable, long-lived production

§ R/P ratio of 15.3 years

§ Conventional and unconventional reservoirs

Ø 1,828 gross (405 net) producing wells: average working interest 22%

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

Ø Substantial inventory: 152 proved undeveloped locations

§ Numerous additional identified locations

Ø 307,625 gross (160,542 net) acres

§ No material lease expiry issues or drilling commitments

Ø Operational control - over 80% of PV10

§ Over 30 years of operational history

§ Efficient, low-cost operator

§ Long history of drilling success

Net proved reserves and R/P ratio as of December 31, 2009

Well count and acreage as of December 31, 2009

High Quality Assets

Proved Reserves (MMBoe): 24.9

- Proved Developed: 56%

- Gas/Oil %: 65/35%

- Operated: 82%

Abraxas Petroleum Corporation

Net proved reserves as of December 31, 2009

Bakken / Three Forks

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

Granite Wash

Play

Reserve / Production Summary

Proved Reserves - 24.9 MMBoe

Production - 4,065 Boepd

Net proved reserves as of December 31, 2009

Daily net production for the quarter ended June 30, 2010

Rocky

Permian

Basin

22%

Gulf

Rocky

Basin

32%

Gulf

AXAS Reserves

* Includes 0.05 MBOE of divestitures

Near-Term Drilling Catalysts

AXAS OPERATED:	OUTSIDE OPERATED:
Bakken/Three Forks, North Dakota • 2+ horizontal oil wells • Drilling 1st well • AXAS ~60-70% WI West Texas • 5 vertical oil wells / 1 horizontal oil well • Permitting • AXAS 100%	Bakken/Three Forks, North Dakota • Continental operated • Drilling • ECO-Pad ™ • 4 wells (2-Bakken, 2-TF) • AXAS 4% WI
South Texas • 1 horizontal gas well • Building location • AXAS 100%	• Continental operated • Fall 2010 • 1 well (Bakken)
Eagle Ford, South Texas • First horizontal well • Fall 2010 • Blue Eagle JV 100% (AXAS 50%)	• AXAS 1% WI
Canada • 2 horizontal oil wells • Completing 1st well • Drilling 2nd well • CANAXAS 100%

Business Plan

§ Allocate portion of 2010 CapEx to Bakken

§ Investigate Bakken acceleration

§ Increase Eagle Ford position

§ Principally in oil leg

§ Non-core asset sales: >$40 MM - principally non-op

§ Pay down debt

§ Accelerate CapEx: 1/2 of sales above $10 MM

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

§ Target greater than 90% operated by end of 2010

§ NOL preservation

§ Increase investor interest

§ Increase analyst coverage

§ 4 new equity analyst since year-end ‘09

NASDAQ: AXAS

Appendix

Rocky Mountain

Ø 7.2 MMBoe of proved reserves

Ø 63% proved developed

Ø 82% crude oil

Ø 1,037 Boepd of production

Ø 19.0 R/P ratio

Ø 900 gross (110 net) producing wells

Ø 66 PUD locations

Ø 90,362 net acres

Ø Primary producing basins include:

§ Williston Basin (MT and ND)

§ Powder River & Green River Basins (WY)

§ Unita Basin (UT)

Ø Bakken / Three Forks - HBP

Rocky Mountain

Medicine Pole Hills Unit

Bowman Co., ND

3 PUD

Red River B: 9,350’

Operator: Continental

Natural Buttes Field

(Chapita Wells Unit)

Uintah Co., UT

27 PUD

Wasatch: 7,000’

Operator: EOG Resources

Cow Hollow Field

Lincoln Co., WY

8 PUD

Frontier: 11,000’

Operator: Kerr-McGee

Bakken Play / Three Forks / Sanish

Area of Operations

Overview

Roosevelt Field

Billings Co., ND

3 PUD

Nisku: 10,000’

Operator: Abraxas/Summit

North Fork / Nesson Fields

McKenzie / Williams Co., ND

21 PUD

Bakken: 10,000’

Operator: Abraxas

Net proved reserves, well count and acreage as of December 31, 2009

Daily net production for the quarter ended June 30, 2010

Mid-Continent

Ø 3.1 MMBoe of proved reserves

Ø 72% proved developed

Ø 84% natural gas

Ø 701 Boepd of production

Ø 12.3 R/P ratio

Ø 617 gross (89 net) producing wells

Ø 56 PUD locations

Ø 22,703 net acres

Ø Primary producing basins include:

§ Anadarko Basin (Western OK)

§ Arkoma Basin (Eastern OK)

§ ARK-LA-TEX

Ø Cana Shale (Cimarex, Devon, Chesapeake) - HBP

Ø Granite Wash (Forest, Newfield, Cimarex) - HBP

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, well count and acreage as of December 31, 2009

Daily net production for the quarter ended June 30, 2010

Granite Wash

Play

Permian Basin

Ø 5.6 MMBoe of proved reserves

Ø 66% proved developed

Ø 70% natural gas

Ø 1,312 Boepd of production

Ø 11.9 R/P ratio

Ø 237 gross (158 net) producing wells

Ø 13 PUD locations

Ø 36,064 net acres

Ø Primary producing sub-basins:

§ Delaware Basin

§ Eastern Shelf

Ø Barnett / Woodford Shale - fee minerals

Oates SW

Pecos Co., TX

1 PUD

Devonian: 14,000’
Operator: Abraxas

ROC Complex

Ward Co., TX

2 PUD

Devonian: 13,000’

Montoya: 14,000’

Operator: Abraxas

Area of Operations

Overview

Beulah Coleman

Midland Co., TX

8 PUD

Wolfberry: 9,000’

Devonian: 11,500’

Operator: Abraxas

Barnett / Woodford

Shale Play

Wolfberry Trend

Net proved reserves, well count and acreage as of December 31, 2009

Daily net production for the quarter ended June 30, 2010

Gulf Coast

Ø 9.0 MMBoe of proved reserves

Ø 38% proved developed

Ø 91% natural gas

Ø 1,015 Boepd of production

Ø 24.5 R/P ratio

Ø 74 gross (48 net) producing wells

Ø 17 PUD locations

Ø 11,414 net acres

Ø Primary producing sub-basin:

§ Onshore Gulf Coast

Ø Eagle Ford Shale - HBP

§ Currently leasing additional acreage

Portilla Field

San Patricio Co., TX

3 PUD (2 PDNP)

Frio: 7,000’
Vicksburg: 9,000’

Operator: Abraxas

Edwards Trend

DeWitt / Lavaca Co., TX

11 PUD (3 PDNP)

Edwards: 13,500’

Operator: Abraxas

Area of Operations

Overview

Eagle Ford

Shale Play

Net proved reserves, well count and acreage as of December 31, 2009

Daily net production for the quarter ended June 30, 2010

NASDAQ: AXAS

Abraxas Petroleum (AXAS) 8-K4th Annual Global Opportunities Conference