ABP Abraxas Petroleum Corp

Abraxas Petroleum Corporation (AMEX:ABP) today announced that it has received approval on two of its drilling permits in Brooks Draw, Wyoming. Abraxas anticipates receiving approval on three additional permits during the third quarter of 2008. A rig has been scheduled for mid-August and initial plans are to drill one well at a time with evaluation periods in-between. The wells will be drilled horizontally into the Mowry Shale and/or the Turner Sandstone. Abraxas owns a 100% working interest in each of these wells. �After a very lengthy permitting process, we are finally able to move forward in Wyoming. We will be very active operationally during the second half of 2008. Currently, we are drilling below 9,000� on the Nordheim #2H well in South Texas and we are in the completion process on the Beulah Coleman #13 well in West Texas,� commented Bob Watson, President and CEO. Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations principally in Texas and Wyoming. Abraxas Petroleum Corporation also owns a 47% interest in an upstream master limited partnership, Abraxas Energy Partners, L.P., which entitles Abraxas Petroleum Corporation to receive its proportionate share of cash distributions made by Abraxas Energy Partners, L.P. Safe Harbor for forward-looking statements: Statements in this release looking forward in time involve known and unknown risks and uncertainties, which may cause Abraxas� actual results in future periods to be materially different from any future performance suggested in this release. Such factors may include, but may not be necessarily limited to, changes in the prices received by Abraxas for natural gas and crude oil. In addition, Abraxas� future natural gas and crude oil production is highly dependent upon Abraxas� level of success in acquiring or finding additional reserves. Further, Abraxas operates in an industry sector where the value of securities is highly volatile and may be influenced by economic and other factors beyond Abraxas� control. In the context of forward-looking information provided for in this release, reference is made to the discussion of risk factors detailed in Abraxas� filings with the Securities and Exchange Commission during the past 12 months.