Item 2.01. Completion of Acquisition or Disposition of Assets.

On September 14, 2022, Biglari Holdings Inc. (the "Company") completed the purchase of 685,505 shares of Series A Preferred Stock (the "Preferred Shares") of Abraxas Petroleum Corporation ("Abraxas") for a purchase price of $80 million. The Preferred Shares were purchased pursuant to a Preferred Stock Purchase Agreement between the Company and AG Energy Funding, LLC. The Company's ownership of the Preferred Shares results in its beneficial ownership, both directly and indirectly, of approximately 85% of the voting securities of Abraxas. The Company used working capital and cash on hand to fund the purchase of the Preferred Shares.

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