Abraxas Announces Upcoming Conference Participation and Closing of Non-Op Bakken Sale

SAN ANTONIO–(BUSINESS WIRE)–Abraxas Petroleum Corporation (“Abraxas” or the “Company”) (NASDAQ: AXAS) today announced that the Company’s management will participate in the upcoming Stifel 2019 Cross Sector Insight Conference, June 10-12th in Boston, MA. The Company is scheduled to present on Monday June 10 at 8:00 AM Eastern Time.

Separately, Abraxas recently closed on the sale of its non-op Bakken assets for $15.5 million plus the assumption of an estimated $5.4 million in outstanding AFEs. These non-operated assets were located outside of Abraxas core operated holdings of approximately 3,500 net acres in McKenzie County, ND. The divestiture represented approximately 5 percent of the Company’s current Bakken daily production. Abraxas is continuing discussions with parties interested in acquiring operated properties and with parties interested in acquiring a non-operated position on a portion of the Company’s leases in the Williston Basin. No assurances can be provided regarding the outcome of these discussions.

Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations across the Permian Basin, Rocky Mountain, and South Texas regions of the United States.