Abraxas Petroleum Corp $AXAS

Company Summary

Abraxas Petroleum Corporation is an independent energy company primarily engaged in the acquisition, exploitation, development and production of oil and gas in the United States and Canada. As of December 31, 2011, the Company’s estimated net proved reserves were 29.0 million barrels of oil equivalent (MMBoe), (including reserves attributable to its 34.7% equity interest in the proved reserves of Blue Eagle), of which 53% were classified as proved developed, 54% were oil and natural gas liquids (NGL’s) and 94% by PV-10 were operated. Its daily net production during the year ended December 31, 2011, was 3,484 barrels of oil equivalent per day, of which 45% was oil or liquids. Its oil and gas assets are located in four operating regions in the United States, the Rocky Mountain, Mid-Continent, Permian Basin and onshore Gulf Coast, and in the province of Alberta, Canada.

Management

CEO – Robert L.G. Watson
Mr. Watson has served as Chairman of the Board, President, Chief Executive Officer and a director of Abraxas since founding the Company in 1977. Prior to forming Abraxas, Mr. Watson was associated with the independent reservoir engineering firm of DeGolyer and MacNaughton and Tesoro Petroleum Corporation in various engineering, operations, administrative and management positions, including Assistant to the President of Tesoro Exploration and Production Company. Mr. Watson received a Bachelor of Science degree in Mechanical Engineering from Southern Methodist University in 1972 and a Master of Business Administration degree from the University of Texas at San Antonio in 1974.

Director – Franklin A. Burke

Franklin A. Burke a director of Abraxas since June 1992, has served as President and Chief Executive Officer of Burke, Lawton, Brewer & Burke, a securities brokerage firm, since 1964, as President of Venture Securities Corporation since 1971, and as President, Director of Research and Portfolio Management of BLB&B Advisors, LLC, since 2006. Mr. Burke also serves as Trustee and Treasurer of The Williamson Free School of Mechanical Trades. Mr. Burke received a Bachelor of Science degree in Business Administration from Kansas State University in 1955, a Masters degree in Finance from University of Colorado in 1960 and studied at the graduate level at the London School of Economics from 1962 to 1963.

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