Bret Jensen is an analyst (seekingalpha) that I respect and follow and he just recommended AXAS and has taken a position in the company.
Abraxas Petroleum is a solid pick up for growth orientated investors. The company has a solid balance sheet and has done a notable job in greatly increasing the amount of production coming from oil over the past three years and has a game plan and the financial flexibility for continuing to do so. Given its growth projections, the stock is cheap at less than 11x next year's projected earnings and just over 6x operating cash flow. It is selling at less than half the company's internally projected NAV. I look for the shares to hit the mean analyst price target of ~$3.40 a share held by the 9 analysts who cover the shares over the next 12-18 months.
Remember, this is not taking in the strong possibility of a buyout.