Abraxas Petroleum Corporation is an independent energy company engaged
primarily in the acquisition, development, exploitation and production of crude
oil and natural gas. Our principal means of growth has been through the
acquisition and subsequent development and exploitation of producing properties.
As a result of our historical acquisition activities, we believe that we have a
substantial inventory of low risk exploitation and development opportunities,
the successful completion of which is critical to the maintenance and growth of
our current production levels.

In this report, PV-10 means estimated future net revenue discounted at a
rate of 10% per annum, before income taxes and with no price or cost escalation
or de-escalation in accordance with guidelines promulgated by the Securities and
Exchange Commission. A Mcf is one thousand cubic feet of natural gas.  ... More..."http://secfilings.nasdaq.com/edgar_conv_html%2f2004%2f03%2f11%2f0000867665-04-000019.html#FIS_BUSINESS"