Abraxas Petroleum Corp.

Abraxas Petroleum Corp. (Nasdaq: AXAS) has retained E-Spectum Advisors LLC, an affiliate of Energy Spectrum Advisors Inc., to sell non-operated producing and non-producing assets in the Williston Basin.

These non-operated properties for sale consist of 127,860 gross acres (14,311 net acres), 99% of which are held by production. The assets target the Bakken and Three Forks formations in Billings, Burke, Divide, Dunn, McKenzie, Stark and Williams counties, North Dakota and Richland, Roosevelt and Sheridan counties, Montana.

The properties have a weighted average working interest of 11.19% and weighted average net revenue interest of 9.24% (for an 82.55% NRI / WI). A diverse group of experienced operators on the properties include Oasis Petroleum, Continental Resources Corp., ExxonMobil Corp. / XTO Energy Inc., Denbury Resources Inc., Whiting Petroleum Corp., Fidelity E&P, Hess Corp., Statoil / Brigham, Citation Oil & Gas Corp., Petro-Hunt LLC and several others.

Current net production is approximately 350 barrels of oil equivalent (BOE) per day and increasing with several recent completions. Recent net operating cash flow is approximately $560,000 per month. Several horizontal wells are currently being drilled or waiting on frac. The properties include in excess of 200 Bakken or Three Forks horizontal locations.

Thirteen locations have been permitted and are pending receipt of AFE. Abraxas has a 2012 year-end DeGolyer and MacNaughton SEC-based reserves analysis.

The virtual data room opens March 18th and runs through April 19th. Final offers are due April 23rd. Contact Kevin Kuenn at E-Spectrum Advisors LLC, 214-987-6126, kevin.kuenn@energyspectrum.com.