U.S. SECURITIES AND EXCHANGE COMMISSION
Washington D. C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
From 4 or Form 5 obligations may continue. See Instruction 1(b)
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
1. Name and Address of Reporting Person
Klegerg III, Richard M.
P.O. Box 17777
San Antonio, TX 78217
2. Issuer Name and Ticker or Trading Symbol
Abraxas Petroleum Corporation
AXAS
3. IRS or Social Security number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
March-99
5. If Amendment, Date of Original Month/Year
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X)Director ( )10% Owner ( )Officer (give title below) ( )Other
<TABLE>
<CAPTION>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock |3/25/ | A |V| 352 | A | 4.38 | 15696 |D | |
|1999 | | | | | | | | |
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Common Stock | | | | | | | 16688 |I | |
| | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
</TABLE>
<TABLE>
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Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2.Conver- |3.Trans-|4.Transac- |5.Number of Deriv-|6.Date |7.Title |8.Price |9.Number|10.Owner-|11.Nat-|
| siono or| action| tion Code| ative Securities| exerc- | and | of | of de-| ship | ure |
| Exercise| Date | (Instr 8)| acquired (A) or | isable | Amount | Deriv-| rivat-| Form | of |
| Price of| (Month/| | or Disposed of | and Ex- | of | ative | ive | of | Ind-|
| Deriv- | Day/ | | (D)(Instr. 3, 4,| pirat- | Under- | Secur-| Secu- | Der- | ire-|
| ative | Year)| | and 5) | ion | lying | ity | riti- | ivat- | ct |
| Security| | | | Date | Security| | es be-| ive | Ben-|
| | | | | | | | nefic-| Sec- | efi-|
| | | | | | | | ially | uri- | cial|
| | | | | | | | owned | ty: | Own-|
| | | | | | | | at end| Dir- | er- |
| | | | | | | | of | ect | ship|
| | | | | | | | Month | (D)or | |
| | |___________|__________________|__________|__________| | | indir-| |
| | | | | | |Date|Exp- | |Amo | | | ect(I)| |
| | |Code | V | (A) | (D) |Exer|irat |Title|unt-| | | | |
| | | | | | |able| ion | |or | | | | |
| | | | | | | |Date | |Num-| | | | |
| | | | | | | | |ber | | | | |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Director stock option | 2.06 |03/25/99| A | V | 2000 | A | (1)|03/25| | | | | | |
| | | | | | | | 2009| |2000| | 15000 | D | |
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</TABLE>
Explanation of responses:
(1) The option becomes exercisable in four equal annual installments
beginning on November 19, 1999
Signature of Reporting Person
_______________________________
Richard M. Kleberg III
May 18, 1999
