U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
SEC File Number 0-19118
(Check one):
[X] Form 10-K [ ] Form 20-F [ ] Form 11-K [ ] Form 10Q [ ] Form N-SAR
For Period Ended December 31, 1998
[ ] Transition Report of Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:___________________
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Read Attached Instruction Sheet Before Preparing Form. Please Print or
Type. Nothing in this form shall be construed to imply that the Commission has
verified any Information contained herein.
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If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates.
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Part I - Registrant Information
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Abraxas Petroleum Corporation
(Full Name of Registrant)
500 North Loop 1604 East, Suite 100
San Antonio, TX 78232
(Address of Principal Executive Office)
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Part II Rules 12b-25 (b) and (c)
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If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks Relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate)
[ X ]
(a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without reasonable effort and
expense.
(b) The subject annual report, semi-annual report, transition report
of Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion thereof
will be filed on or before the fifteenth calendar day following
the prescribed due date; or the subject report or transition
report on Form 10-Q, or portion thereof will be filed on or before
the fifth calendar day following the prescribed due date; and
(c) The accountant's statement of other exhibit required by rule
12b-25(c) has been attached if applicable.
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Part III - Narrative
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The Company closed a private placement of Senior Secured Notes on Friday March
26, 1999. The timing of this debt placement does not allow the Company adequate
time to incorporate it's impact on the Company as reported in the Company's
Annual Report on Form 10-K without unreasonable effort or expense.
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Part IV - Other Information
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(1) Name and telephone number of person to contact in regard to this
notification
Chris Williford 210 490-4788
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under section 13 or 15(d) if
the Securities Exchange Act of 1934 or section 30 of the Investment
Company Act of 1940 during the preceding 12 months or for such shorter
period that the registrant was required to file such report(s) been
filed? If the answer is no, identify report(s). [X] Yes [ ] No
(3) Is it anticipated that any significant change in the results of
operations from the corresponding period for the last fiscal year will
be reflected by the earnings statements to be included in the subject
report or portion thereof [X] Yes [ ] No
For the year ended December 31, 1998 the Company incurred a non-cash
charge to earnings of $61.2 million relating to the impairment of its oil and
gas producing properties.
Abraxas Petroleum Corporation
(Name of Registrant as specified in charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date:March 30, 1999 By:/s/Chris Williford
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Chris Williford
Executive Vice President
Chief Finanacial Officer
