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
Carter, Harold C.
5949 Sherry Lane, Suite 620
Dallas, TX 75225
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
December-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>
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
___________________________________________________________________________________________________________________________________
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 Ownershi |
| | | | 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>
| | | | | | | | | |
| | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | 13318 |D | |
| | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
</TABLE>
<TABLE>
<CAPTION>
___________________________________________________________________________________________________________________________________|
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
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 | 1.41 |11/18/99| A |V | 15000 | | (1)|11/18|Com. |15000| | 30000 | D | |
| | | | | | | |2009 |Stk. | | | | | |
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of responses:
(1) Exercisable on on before 11/18/09
Signature of Reporting Person
_______________________________
Harold D. Carter
January 28, 2000
