Form 4 ABRAXAS PETROLEUM CORP For: Jan 29 Filed by: BILLINGSLEY LEE T

March 28, 2016 12:53 PM EDT

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person ^*

BILLINGSLEY LEE T

(Last)

(First)

(Middle)

18803 MEISNER DRIVE

(Street)

SAN ANTONIO

78258

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
ABRAXAS PETROLEUM CORP [ AXAS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
VP - Exploration

3. Date of Earliest Transaction (Month/Day/Year)
01/29/2016

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Abraxas Petroleum Common Stock								328,399	D
Abraxas Petroleum Common Stock								2,500	I	Retirement Account
Abraxas Petroleum Common Stock	01/29/2016⁽¹⁾		A		8,138 ⁽¹⁾	A	$ 1.14	48,790	I	401-K

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option	$ 0.97	03/15/2016		A		197,000		03/15/2016⁽²⁾	03/15/2025	Abraxas Petroleum Common Stock	197,000	$ 0.97	197,000	D
Employee Stock Option	$ 3.16							03/03/2016	03/03/2025	Abraxas Petroleum Common Stock	200,000		200,000	D
Employee Stock Option	$ 3.74							03/08/2013	03/08/2022	Abraxas Petroleum Common Stock	11,300		11,300	D
Employee Stock Option	$ 4.72							03/15/2012	03/15/2021	Abraxas Petroleum Common Stock	30,000		30,000	D
Employee Stock Option	$ 2.09							03/16/2011	03/16/2020	Abraxas Petroleum Common Stock			60,000	D
Employee Stock Option	$ 0.99							03/17/2010	03/17/2019	Abraxas Petroleum Common Stock			50,000	D
Employee Stock Option	$ 2.39							05/14/2014	05/14/2023	Abraxas Petroleum Common Stock	23,500		23,500	D
Employee Stock Option	$ 3.15							03/11/2015	03/11/2024	Abraxas Petroleum Common Stock	25,000		25,000	D
Employee Stock Option	$ 3.6							08/28/2008	08/28/2017	Abraxas Petroleum Common Stock	16,543		16,543	D
Employee Stock Option	$ 1.75							10/05/2010	10/05/2019	Abraxas Petroleum Common Stock	66,937		66,937	D

Explanation of Responses:

1. 401-K shares acquired as a result of Abraxas Petroleum Corporations safe harbor match for calendar year 2015.

2. Options vest 25% per year beginning one year after grant date.

	Lee T. Billingsley	03/28/2016
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

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