FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

WATSON ROBERT L G
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)
President/CEO
(Last)          (First)          (Middle)

18803 MEISNER DRIVE
3. Date of Earliest Transaction (MM/DD/YYYY)

4/1/2019
(Street)

SAN ANTONIO, TX 78258
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
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. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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)
Code V Amount (A) or (D) Price
Abraxas Petroleum Common Stock   4/1/2019     A    97015   A $1.34   1616882   D    
Abraxas Petroleum Common Stock                  244603   I   401-K  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Performance-based Restricted Stock Unit   $2.37                    4/2/2021   4/2/2021   Abraxas Petroleum Common Stock   52511     0   D    
Employee Stock Option   $.97                    3/15/2017   3/15/2026   Abraxas Petroleum Common Stock   415000     415000   D    
Employee Stock Option   $3.16                    3/3/2016   3/3/2025   Abraxas Petroleum Common Stock   300000     300000   D    
Employee Stock Option   $3.15                    3/11/2016   3/11/2025   Abraxas Petroleum Common Stock   46000     46000   D    
Employee Stock Option   $2.39                    5/14/2014   5/14/2023   Abraxas Petroleum Common Stock   42000     42000   D    
Employee Stock Option   $3.74                    3/8/2013   3/8/2022   Abraxas Petroleum Common Stock   20000     20000   D    
Employee Stock Option   $4.72                    3/15/2012   3/15/2021   Abraxas Petroleum Common Stock   60000     60000   D    
Employee Stock Option   $2.09                    3/16/2011   3/16/2020   Abraxas Petroleum Common Stock   90000     90000   D    
Employee Stock Option   $1.75                    10/5/2010   10/5/2019   Abraxas Petroleum Common Stock   267750     267750   D    
Employee Stock Option   $3.60                    8/28/2011   8/28/2020   Abraxas Petroleum Common Stock   41624     41624   D    
Performance-based Restricted Stock Unit   $1.34   4/1/2019     M      97015   (1)        (2)   (2) Abraxas Petroleum Common Stock   97015   (1) $1.34   97015   (1) D    

Explanation of Responses:
(1)  Each performance-based restricted share represents the right to receive, following vesting, up to 200% of one share of Abraxas Petroleum Corporation common stock. The resulting number of shares of common stock acquired upon vesting of the performance-based restricted shares is contingent upon achievement of pre-established performance metrics, as approved by the Company's Compensation Committee, over a three-year performance period beginning on April 1, 2019 and ending on April 1, 2022.
(2)  Unless earlier forfeited under the terms of the performance-based restricted shares, each performance-based share vest and converts into no more than 200% of one share.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
WATSON ROBERT L G
18803 MEISNER DRIVE
SAN ANTONIO, TX 78258


President/CEO

Signatures
Robert L.G. Watson 4/3/2019
** 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 control number.
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