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
Powell, Paul A.
208 Honeysuckle Road
Salem, VA 24153
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
January-1999
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 |03/02/| P | | 2000 | A | 1.46 | 35389 |D | |
|99 | | | | | | | | |
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Common Stock |03/02/| P | | 5000 | A | 1.44 | 18470 |I |BY SELF AS TRUSTEE FOR |
|99 | | | | | | | |PAUL A. POWELL TRUST |
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Common Stock | | | | | | | 4228 |I |BY MECHANICAL DEVELOPMENT |
| | | | | | | | |CORPORATION |
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Common Stock | | | | | | | 51 |I |BY SELF AS TRUSTEE FOR PAUL|
| | | | | | | | | A. POWELL INDIVIDUAL TRUST|
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Common Stock | | | | | | | 522 |I |BY SALEM ENERGY PARTNERS |
| | | | | | | | | |
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Common Stock | | | | | | | 4989 |I |BY WEST POINT ASSOCIATES |
| | | | | | | | | |
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Common Stock | | | | | | | 63 |I |BY NAD PROPERTIES |
| | | | | | | | | |
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</TABLE>
<TABLE>
<CAPTION>
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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>
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of responses:
Signature of Reporting Person
_______________________________
Paul A. Powell
April 15, 1999
