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 Burke, Franklin A. 516 North Bethlehem Pike Spring House, PA 19477 2. Issuer Name and Ticker or Trading Symbol Abraxas Petroleum Corporation ABP 3. IRS or Social Security number of Reporting Person (Voluntary) 480-34-3737 4. Statement for Month/Year February 2003 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 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 Ownership | | | | | Beneficially |(D)or | | | | | | | A/| | Owned at |Indir | | | Date |Code|V| Amount | D | Price | End of Month |ect(I)| | ___________________________________________________________________________________________________________________________________| Abraxas Common Stock |01-23-|P | | 319840 |K |0.67 |1687970 |D | | |2003 | | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | | | | | | | ----------------------------------------------------------------------------------------------------------------------------------- | | | | | | | | | | | | | | | | | | | | ----------------------------------------------------------------------------------------------------------------------------------- | | | | | | | | | | | | | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| Explaination: 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 | | | | | ___________________________________________________________________________________________________________________________________| Director Stock Option | | | | | | | | | | | |38900 | D | | ___________________________________________________________________________________________________________________________________ Explanation of Responses: Signature of Reporting Person _______________________________ Franklin A. Burke March 12, 2003