Sardar Biglari - Sep 14, 2022 Form 3 Insider Report for ABRAXAS PETROLEUM CORP (AXAS)

Role: Director
Signature: /s/ Sardar Biglari
Stock symbol: AXAS
Transactions as of: Sep 14, 2022
Transactions value $: $0
Form type: 3
Date filed: 9/23/2022, 06:23 PM
Previous filing: Jun 10, 2022
Next filing: Oct 27, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	AXAS	Series A Preferred Stock						686K	Sep 14, 2022	By Biglari Holdings, Inc.	F1
holding	AXAS	Common Stock						5	Sep 14, 2022	By The Lion Fund, L.P.	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	These securities are held of record by Biglari Holdings Inc. ("Biglari Holdings"). The reporting person is Chairman and Chief Executive Officer of Biglari Holdings and maintains investment and voting control of the securities held by Biglari Holdings. By virtue of this relationship, the reporting person may be deemed to beneficially own the securities held of record by Biglari Holdings. The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.
F2	These securities are held of record by The Lion Fund, L.P. (the "Lion Fund"). The reporting person is the sole member, Chairman and Chief Executive Officer of Biglari Capitol Corp., which is the general partner of the Lion Fund. By virtue of these relationships, the reporting person may be deemed to beneficially own the securities held of record by the Lion Fund. The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.

Content

These securities are held of record by Biglari Holdings Inc. ("Biglari Holdings"). The reporting person is Chairman and Chief Executive Officer of Biglari Holdings and maintains investment and voting control of the securities held by Biglari Holdings. By virtue of this relationship, the reporting person may be deemed to beneficially own the securities held of record by Biglari Holdings. The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.

These securities are held of record by The Lion Fund, L.P. (the "Lion Fund"). The reporting person is the sole member, Chairman and Chief Executive Officer of Biglari Capitol Corp., which is the general partner of the Lion Fund. By virtue of these relationships, the reporting person may be deemed to beneficially own the securities held of record by the Lion Fund. The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.