Abraxas Petroleum Corporation announced that in connection with the transactions contemplated by the Exchange Agreement, Mr. Ralph F. Cox and Dr. Angela A. Steffen Meyer tendered letters of resignation to the Board in which they resigned from their positions on the Board. In accordance with the terms of the Exchange Agreement, the resignations are effective at 8:00 a.m. Houston time on January 3, 2022 (the Closing"). In accordance with the terms of the Exchange Agreement, on January 3, 2022, the Board voted to increase the size of the Board from four to five directors and to appoint Todd Dittmann, Damon Putman and Daniel Baddeloo as members of the Board to fill the vacancies created by the resignations of Mr. Cox and Dr. Meyer and the expansion of the Board.

The appointments of Todd Dittmann and Damon Putman took effect immediately following completion of the Exchange on January 3, 2022, and Daniel Baddeloo's appointment will take effect following the mailing of a Schedule 14f-1 to the Company's stockholders and the expiration of a ten day waiting period following such mailing.