Abraxas Makes Management Changes in Canada

Abraxas Petroleum Corporation announced senior management changes in its Canadian operations that reflect the Company's acquisition of its now wholly owned subsidiary, Grey Wolf Exploration Inc., located in Calgary, Canada. "We're focusing our best people and talent on what we do best - finding and producing oil and natural gas - and preparing for our future growth. Promoting Vince Tkachyk and Bob Johnson will more closely align exploration and operations to facilitate Abraxas' goals for production and asset growth," said Abraxas' Chairman and Chief Executive Officer Robert L.G. Watson.

Vince Tkachyk is promoted to Executive Vice President and Chief Operating Officer of Grey Wolf. Tkachyk, who holds a Bachelor of Science degree in Mechanical Engineering and a Professional Engineer designation, joined Grey Wolf in 1997. His 30 years of oil and gas experience in both the United States and Canada has included employment with Amoco Canada Petroleum Company Ltd, Union Oil Company of Canada, Dekalb Energy Company and Pennant Petroleum Ltd. Tkachyk will report to Robert Watson.

Robert Johnson is named as Vice President, Exploration of Grey Wolf. He will assume responsibility for the Company's exploration and development operations in Canada. Mr. Johnson is a professional geologist with forty years of experience in all sectors of the western-Canadian sedimentary basin. He has held positions with Mobil Oil, Dekalb Energy, Atcor Resources and New Cache Petroleums Ltd., before beginning his association with Grey Wolf/Abraxas following the Abraxas acquisition of New Cache in January 1999.

Jim Wilson, Senior Vice President and CFO of Grey Wolf, has resigned and will be leaving the Company to pursue other interests.