Abraxas Petroleum (AXAS) 8-K Abraxas to Present at the 4th Annual Canaccord Genuity

Global Energy Conference

November 30 - December 1, 2010

4th Annual

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 producers Abraxas operated wells

Bakken permitsAbraxas non-operated wells

Bakken (AXAS)

= ~100 gross (1280 acre) units

Numerous opportunities

(operated and non-operated)

NO LEASE EXPIRATIONS -
acreage principally held by
production

1ST OP WELL: producing

2nd OP WELL: drilling

NON-OP: 11 WELLS

11 gross (0.4 net) wells

MontanaNorth Dakota

Nesson

2,600 net acres

Elm Coulee

440 net acres

Elkhorn Ranch

2,000 net acres

Harding

5,800 net acres

Carter

3,200 net acres

Sheridan

3,000 net acres

1

North Fork

3,200 net acres

4

Bakken - Net Acres per EV

Source: Pritchard Capital estimates

Net Bakken Acres per $1 Million of Enterprise Value

5

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

22% gas window

Acquire acreage

Shoot 3-D seismic

Drill ~10 wells

Closing: AXAS 50%

Fully funded: AXAS 25%

1st well: T Bird 1H - drilling
horizontal

2nd well: Grass Farms 1H

South Texas

gas window

oil window

T-Bird 1H

DeWitt County

PXD /

Enduring

EOG

gas/condensate

window

6

Niobrara Shale

AXAS:

Converse / Niobrara
Counties, Wyoming

Sage Grouse 3H

Niobrara Producer

CUM Oil: 25 MBO

EUR: 50 MBO

HBP

Expires 2012+

EOG

CHK / EOG

7

Canada - Pekisko

CANAXAS

******

Alberta - Pekisko fairway

******

Horizontal development of

conventional vertical fields

******

Drill 2 wells to earn

6,400 gross / net acres

CANAXAS 100% WI

1st - producing

2nd - producing

******

Vertical depth: 5,400’

Target lateral length:
4,000’

Medium gravity crude

Pekisko Fairway

8

Southern Alberta Basin - Bakken

Toole & Glacier
Counties, MT

****

> 10,000 net
acres leased

Continue leasing:
geologically
specific areas

9

Peer Group Analysis

Source: Company filings with the SEC and market capitalization on November 19, 2010

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

Mean equates to an AXAS share price of:

$5.97

Mean equates to an AXAS share price of:

$6.88

25% undervalued compared to E&P in analysis

33% undervalued compared to E&P in analysis

10

Peer Group 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, FXEN, GDP, GEOI, GMET, GMXR, GPOR,
GPR, GST, GSX, KOG, MCF, MHR, NGAS, NOG, PETD, PHX, PINN, PQ, RAME, REXX, SGY, VQ, WRES)

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

11

Net Asset Value

Excludes identified and resource reserves in West Texas, Alberta Basin Bakken, Alberta, and South Texas (except Eagle Ford)

See details in Appendix

	NAV / Share
Proved Reserves Only	$ 3.31
Proved PLUS Identified Reserves in Bakken, Eagle Ford, Niobrara	$ 13.51
Proved PLUS Identified PLUS Resource Reserves in Bakken, Eagle Ford, Niobrara	$ 31.35

Simplistic NAV Calculation:

12

AXAS Highlights

§NASDAQ: AXAS

§Fully diluted shares outstanding: ~76 million

§~50% institutional

§~10% insider

§Current average trading volume: ~515,000 shares per day

§Market capitalization: ~$300 million

§Total long-term debt:~$135 million

§High quality assets

§Unparalleled upside opportunities

§Significant hedge position

§2011 CapEx: $40 Million

13

AXAS Hedges

	2H 2010	2011	2012	2013	AVE. **
OIL - weighted average price	73.28	81.33	70.89	80.79	75.69
% OIL PDP *	79%	84%	84%	69%
GAS - weighted average price	5.73	6.52	6.77	6.84	6.69
% GAS PDP *	77%	82%	81%	66%

* As of December 31, 2009

**Volume Weighted Average of 2011 - 2013

NYMEX-based fixed price swaps:

14

2011 Project List - ROR

Location - Target	WI %	Net D&C ($M)	Net EUR * (MBoe)	ROR %
West Texas - Shallow Howe (Yates)	100%	$ 0.4	30.3	>1000%
South Texas - Portilla (Frio - 7400/8100)	100%	$ 0.9	64.7	646%
South Texas - Portilla (Frio - 7400)	100%	$ 0.7	34.6	247%
West Texas - Spires Ranch (Strawn)	100%	$ 1.6	86.4	145%
Alberta, Canada - Twining (Pekisko)	100%	$ 3.0	124.8	64%
West Texas - Beulah Coleman (Multi)	100%	$ 2.1	112.5	37%
Williston Basin - Bakken/Three Forks	~50%	$ 3.8	175.0	31%

CapEx: $40 Million

* Utilizing a 20:1 gas to oil ratio

15

ND

SD

MT

WY

CO

UT

TX

OK

LA

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

Barnett / Woodford

Shale Play

Wolfberry Trend

Rocky Mountain

Mid-Continent

Permian Basin

Gulf Coast

Eagle Ford Shale Play

High Quality Assets

Alberta

16

Reserve / Production Summary

Proved Reserves - 24.9 MMBoe

Production - 3,875 Boepd

Net proved reserves as of December 31, 2009

Daily net production for the quarter ended September 30, 2010

Rocky

Permian

Basin

22%

Gulf

Rocky

Basin

32%

Gulf

17

AXAS Reserves

* Includes 0.05 MMBOE of divestitures

18

Near-Term Drilling Catalysts

AXAS OPERATED:	OUTSIDE OPERATED:
Bakken/Three Forks, North Dakota •2 horizontal oil wells •1st well - producing •2nd well - drilling lateral •AXAS ~60-70% WI West Texas •2 oil wells •1st well (vertical) - w/o gas pipeline •2nd well (horizontal) - drilling lateral •AXAS 100% •4 well oil development program (horizontal) •1H ’11: AXAS - 100%	Bakken/Three Forks, North Dakota •Continental operated •Drilling •ECO-Pad ™ •4 wells (2-Bakken, 2-TF) •AXAS 4% WI •Continental operated •W/O Completion •1 well (Bakken) •AXAS 1% WI
South Texas •Eagle Ford •1st well (horizontal) - drilling lateral •Blue Eagle JV 100% (AXAS 50%) •Portilla •10 well infill oil development program •1H ’11: AXAS - 100%
Canada •2 horizontal oil wells •1st well - recovering fluid / producing •2nd well - recovering fluid / producing •CANAXAS 100%

19

Business Plan

§2011 CapEx: $40 MM

§oil development

§Bakken - Prudence

§Eagle Ford - Acceleration with JV

§2010 asset sales: ~$34 MM

§non-core, predominately non-operated

§pay down debt & accelerate CapEx

§Target 50/50 oil/gas production mix

§Target greater than 90% operated

§NOL preservation

§Increase investor interest

§Increase analyst coverage

§4 new equity analyst since year-end ‘09

20

NASDAQ: AXAS

21

Appendix

22

(1)Abraxas estimates

(2)Carry in Blue Eagle JV

(3)2 additional Bakken wells per 1,280 plus 3 Three Forks wells on half of 1,280’s

	Net Undeveloped Acres	Well Spacing / Acre	Net Locations	Est. Well Cost ($M)	Per Well Reserves (Net MBOE) (1)	Reserve Potential (Net MBOE)	Oil %	D&C Cost ($/BOE)
Bakken	20,000	1,280	15.6	7,000	500	7,813	90%	14.00
Eagle Ford G/C	800	160	5.0	6,000	900	4,500	50%	—	(2)
Eagle Ford Oil	800	160	5.0	6,000	300	1,500	90%	—	(2)
Eagle Ford Gas	500	160	3.1	6,000	900	2,813	0%	6.67
Niobrara HBP	14,000	160	87.5	3,500	250	21,875	90%	14.00
Niobrara Leasehold	1,700	160	10.6	3,500	250	2,656	90%	14.00

Identified Upside (Probable?):

NAV - Appendix 1

	Net Undeveloped Acres	Well Spacing / Acre	Net Locations	Est. Well Cost ($M)	Per Well Reserves (Net MBOE) (1)	Reserve Potential (Net MBOE)	Oil %	D&C Cost ($/BOE)
Bakken	20,000	(3)	54.6	7,000	500	27,300	90%	14.00
Eagle Ford G/C	800	80	5.0	6,000	900	4,500	50%	6.67
Eagle Ford Oil	800	80	5.0	6,000	300	1,500	90%	20.00
Eagle Ford Gas	500	80	3.1	6,000	900	2,813	0%	6.67
Niobrara HBP	14,000	80	87.5	3,500	250	21,875	90%	14.00
Niobrara Leasehold	1,700	80	10.6	3,500	250	2,656	90%	14.00

Resource Upside (Possible?):

23

NAV - Appendix 2

Excludes identified and resource reserves in West Texas, Alberta Basin Bakken, Alberta, and South Texas (except Eagle Ford)

Asssumptions:
Annual G&A Costs ($MM) Average Reserve Life (06/10: 15.7 years) Average D&C Costs ($/BOE) (Identified) (Resource) Average Lifting Costs ($/BOE) Future Oil Price (Hedged thru 2013 ~$74) Future Gas Price (Hedged thru 2013 ~$6.40) Future Production Mix (2009 Gas 65% / Oil 35%) Blended BOE Price ($/BOE)	$7.0 10 yrs $ 11.46 $ 13.26 $ 17.50 $ 75.00 $ 5.00 50% oil $ 52.50

NAV Calculation:	Developed	Undeveloped	Total Proved Reserves	Identified Reserves	Total 2P Reserves	Resource Reserves	Total 3P Reserves
Revenue per BOE Less: D&C Cost Less: Lifting Cost Operating Netback ($/BOE) Estimated Reserves (MMBOE) Potential Future Asset Value ($MM) PV10 of Future Asset Value ($MM) 10 year Undiscounted G&A ($MM) Current Bank Revolver ($MM)	$ 52.50 — 17.50 $ 35.00 14.70	$ 52.50 12.59 17.50 $ 22.41 11.50	$ 52.50 5.53 17.50 $ 29.47 26.20 772.22 457.86 (70.00) (135.00)	$ 66.00 11.46 17.50 $ 37.04 41.16	$ 60.75 9.15 17.50 $ 34.10 67.36 2,296.73 1,237.23 (70.00) (135.00)	$ 67.35 13.26 17.50 $ 36.59 60.64	$ 63.88 11.10 17.50 $ 35.28 128.00 4,515.43 2,599.85 (70.00) (135.00)
Estimated Potential Asset Value ($MM)			$ 252.86		$ 1,032.23		$ 2,394.85
Shares Outstanding (MM)			76.4		76.4		76.4
Estimated Net Asset Value per Share			$ 3.31		$ 13.51		$ 31.35

24

Rocky Mountain

Ø7.2 MMBoe of proved reserves

Ø63% proved developed

Ø82% crude oil

Ø1,063 Boepd of production

Ø19.0 R/P ratio

Ø900 gross (110 net) producing wells

Ø66 PUD locations

Ø90,362 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

BakkenPlay / Three Forks / Sanish

Area of Operations

Overview

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

Daily net production for the quarter ended September 30, 2010

25

Permian Basin

Permian Basin

Ø5.6 MMBoe of proved reserves

Ø66% proved developed

Ø70% natural gas

Ø1,254 Boepd of production

Ø11.9 R/P ratio

Ø237 gross (158 net) producing wells

Ø13 PUD locations

Ø36,064 net acres

ØPrimary producing sub-basins:

§Delaware Basin

§Eastern Shelf

TX

Area of Operations

Overview

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 September 30, 2010

26

Gulf Coast

Gulf Coast

Ø9.0 MMBoe of proved reserves

Ø38% proved developed

Ø91% natural gas

Ø1,044 Boepd of production

Ø24.5 R/P ratio

Ø74 gross (48 net) producing wells

Ø17 PUD locations

Ø11,414 net acres

ØPrimary producing sub-basin:

§Onshore Gulf Coast

TX

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 September 30, 2010

27

NASDAQ: AXAS