Sardar Biglari - Oct 26, 2022 Form 4 Insider Report for ABRAXAS PETROLEUM CORP (AXAS)

Role: Director, 10%+ Owner
Signature: /s/ Sardar Biglari
Stock symbol: AXAS
Transactions as of: Oct 26, 2022
Transactions value $: $0
Form type: 4
Date filed: 10/27/2022, 06:34 PM
Previous filing: Sep 23, 2022
Next filing: Aug 9, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AXAS	Series A Preferred Stock	Other		-686K	-100%		0	Oct 26, 2022	See footnote	F1, F2
transaction	AXAS	Common Stock	Other		+90.6M	+1812625740%		90.6M	Oct 26, 2022	See footnote	F1, F2

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

Explanation of Responses:

Id	Content
F1	On October 26, 2022, pursuant to an Exchange Agreement, dated September 27, 2022, by and among Biglari Holdings Inc. ("Biglari Holdings") and the Issuer, Biglari Holdings acquired 90,631,287 shares of Common Stock from the Issuer in exchange for 685,505 shares of Series A Preferred Stock.
F2	Following the transactions reported herein, includes (i) 90,631,287 shares of Common Stock held of record by Biglari Holdings and (ii) 5 shares of Common Stock held of record by The Lion Fund, L.P. ("The Lion Fund"). 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. The reporting person is also the sole member, Chairman and Chief Executive Officer of Biglari Capital Corp., which is the general partner of The Lion Fund. By virtue of these relationships, the reporting person may be deemed to share beneficial ownership of the securities reported herein, but disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.

Content

On October 26, 2022, pursuant to an Exchange Agreement, dated September 27, 2022, by and among Biglari Holdings Inc. ("Biglari Holdings") and the Issuer, Biglari Holdings acquired 90,631,287 shares of Common Stock from the Issuer in exchange for 685,505 shares of Series A Preferred Stock.

Following the transactions reported herein, includes (i) 90,631,287 shares of Common Stock held of record by Biglari Holdings and (ii) 5 shares of Common Stock held of record by The Lion Fund, L.P. ("The Lion Fund"). 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. The reporting person is also the sole member, Chairman and Chief Executive Officer of Biglari Capital Corp., which is the general partner of The Lion Fund. By virtue of these relationships, the reporting person may be deemed to share beneficial ownership of the securities reported herein, but disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.