X0305 4 2012-03-08 0 0000867665 ABRAXAS PETROLEUM CORP AXAS 0001070022 BILLINGSLEY LEE T 18803 MEISNER DRIVE SAN ANTONIO TX 78258 0 1 0 0 VP - Exploration Abraxas Common Stock 2012-03-22 4 M 0 22000 .65 A 215037 D Abraxas Common Stock 2500 I Retirement account Abraxas Common Stock 2012-03-22 4 P 0 2714 A 30927 I 401-K Employee Stock Option .65 2012-03-22 4 D 0 22000 0.65 D 2006-11-22 2012-11-22 Abraxas Petroleum Common Stock 22000 0 D Employee Stock Option 3.74 2012-03-08 4 M 0 11300 3.74 A 2013-03-08 2026-03-08 Abraxas Petroleum Common Stock 11300 11300 D Employee Stock Option 4.72 2012-03-15 2021-03-15 Abraxas Petroleum Common Stock 30000 30000 D Employee Stock Option 2.09 2011-03-16 2020-03-16 Abraxas Common Stock 60000 60000 D Employee Stock Option 1.75 2010-10-05 2019-02-05 Abraxas Petroleum Common Stock 66937 66937 D Employee Stock Option .99 2010-03-17 2019-03-17 Abraxas Petroleum Common Stock 50000 50000 D Employee Stock Option 3.60 2011-08-28 2017-08-28 Abraxas Petroleum Common Stock 16543 16543 D Employee Stock Option 4.59 2009-09-13 2015-09-13 Abraxas Petroleum Common Stock 50000 50000 D Employee Stock Option .68 2007-04-24 2013-04-24 Abraxas Petroleum Common Stock 15000 15000 D Between January 1, 2012 and March 22, 2012, the reporting person acquired 2,714 shares of Abraxas Petroleum Common stock under the Abraxas 401-K plan. Options vest 25% per year beginning one year after date of grant. Lee T. Billingsley 2012-03-27