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November 2011 Corporate Update – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Nov 15, 2011 · 25 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 1
    November 15, 2011
  2. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 2
    AXAS Highlights NASDAQ: AXAS Shares outstanding: 92.2 million 59% institutional 13% insider Average trading volume: 2.5 million shares per day Short position: 22 million shares Market capitalization: 400 million Long-term…
  3. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 3
    Unique to AXAS Portfolio of unconventional oil assets 50,000+ net acres: Bakken, Eagle Ford, Niobrara Acreage predominately held by production Operated operations in Bakken exclusively pad development Will continue non-op…
  4. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 4
    AXAS Hedges NYMEX-based fixed price swaps: 2011 2012 2013 AVE. OIL weighted average price 76.61 70.89 80.79 75.69 % OIL PDP(1) 77% 80% 67% GAS weighted average price 6.52 6.77 6.84 6.69 % GAS PDP(1) 82% 81% 66% (1) As of…
  5. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 5
    High Quality Assets Alberta Alberta Basin Abraxas Petroleum Corporation Bakken / Three Forks Bakken Play Proved Reserves (MMBoe)(1): 26.6 Play - Proved Developed: 49% - Oil/NGL: 42% MT ND - Operated: 81% SD WY Niobrara…
  6. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 6
    Reserve / Production Summary Proved Reserves(1) 26.6 MMBoe Production(2) 4,055 Boepd Canada Canada 1% 2% Onshore Gulf Rocky Onshore Gulf Rocky Coast Mountain Coast Mountain 41% 32% 32% 32% Mid- Continent 5% Mid-…
  7. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 7
    AXAS Production 5,500 5,000 Range of guidance 4,500 4,000 3,500 Boepd 3,000 2,500 Base production 2,000 Divestitures 1,500 Weather disruptions 1,000 500 - Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011(1) Q2 2011(1) Q3…
  8. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 8
    2011 Capital Budget Net Unrisked 2011 Drilling 2011 Net Capital Project Area Net Acres Locations(1) Program (MM) Gross Net Bakken / Three Forks 20,835 130 15.0 3.0 25.5 (2) Eagle Ford Shale 12,073 75 4.0 4.0 0.0 Niobrara Shale…
  9. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 9
    Bakken / Three Forks Nesson Carter 2,270 net acres 3,200 net acres Montana North Dakota Gross / Net Acres: Sheridan 109,658 / 20,835 2,340 net acres 100% held by production Drilling Inventory: 1,280 acre units 685 gross / 130…
  10. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 10
    Why Drilling Rig Economics: 3 year cost to wells Contract 29.6 MM Own 16.4 MM Payout 3 years Efficiency & Performance: In-house drilling rig management Company crews incentivized with company goals - not contractors Pad…
  11. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 11
    Bakken / Three Forks North Fork / Nesson Koeser (B) 3,540 net acres North Fork/Nesson: 3,540 net acres 2% WI 15% WI 1,280 acre units: 8 B/TF wells 64 gross (19.7 net) Stenehjem (B) Drilled: 4 gross (1.5 net) Locations: 60 gross…
  12. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 12
    Eagle Ford Shale Acreage: Lavaca County 12,155 net Atascosa, DeWitt, Lavaca and McMullen South Texas Counties, TX Drilling Inventory: 75 net JV locations 160 acre spacing Atascosa County AXAS: Grass Farms 1H Economics: D&C…
  13. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 13
    Eagle Ford Shale Drilling Inventory: Nordheim Prospect Nordheim Area - DeWitt County, TX 3,600 net acres 160 acre spacing 23 net wells T Bird 1H: 44% WI JV 100% WI Op: AXAS TMD 19,450 5,700 lateral 15-stage frac 75 days…
  14. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 14
    Niobrara Shale Converse / Niobrara Counties, Wyoming Gross / Net Acres: 20,720 / 17,800 Primarily in Converse and Niobrara Counties 90% held by production 2,100 net acres in Campbell County EOG Crossbow Area: 8 successful…
  15. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 15
    West Texas - Spires Ranch Economics: 5,600 net acres D&C Cost: 1.6 MM EUR: 160 MBoe 80 MBbl oil 200 MMcf sales gas 45 MBbl NGL Spires 126 1H: Cumulative production (225 days): 17,000 Boe 75% Oil & NGLs Spires 126 2H: Average…
  16. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 16
    West Texas - Wolfbone 3,000 net acres April 2011 TX GLO Lease Sale: 5,295 / acre offsetting AXAS Current Industry Activity: 3 CWEI-CHK wells offsetting AXAS (completed - w/o results) Reeves County AXAS leasehold…
  17. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 17
    Near-Term Drilling Catalysts AXAS OPERATED: OUTSIDE OPERATED: Bakken/Three Forks, North Dakota Bakken/Three Forks, North Dakota / Montana Stenehjem: on production Continental operated AXAS 79% 1 wells: w/o rig Horizontal drilling…
  18. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 18
    Business Plan 2011 Capital Program: 60 MM+ 2012 Capital Program: 70 MM oil development Bakken/TFS Accelerate with purchase of drilling rig Eagle Ford Accelerate with JV Target EOY 2011 50/50 oil/gas production mix Target EOY…
  19. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 19
    Appendix 20
  20. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 20
    Canada Oil Development Pekisko Alberta, Canada Gross / Net Acres: 9,120 (100% WI) Drilling Inventory: 10 gross / net locations Economics: D&C Cost: 2.0 MM EUR: 150 MBoe Historical Activity: 2 horizontal wells (2010) 2011…
  21. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 21
    Southern Alberta Basin Bakken Glacier / Toole Counties, Montana Gross / Net Acres: 10,000 net acres 800 net mineral acres Glacier and Toole Counties, Montana Leases have 5-10 year primary terms 2011 Activity: Continue to add to…
  22. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 22
    Rocky Mountain Overview Area of Operations 8.4 MMBoe of proved reserves Alberta Basin 53% proved developed Bakken Play Bakken / Three Forks Play 86% crude oil / NGL 1,307 Boepd of production MT ND 20.8 R/P ratio 896 gross (104…
  23. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 23
    Permian Basin Overview Area of Operations 5.6 MMBoe of proved reserves 79% proved developed 31% crude oil / NGL 1,215 Boepd of production Wolfberry Trend Wolfbone Play 12.3 R/P ratio 210 gross (156 net) producing wells TX Barnett…
  24. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 24
    Gulf Coast Overview Area of Operations 10.9 MMBoe of proved reserves 30% proved developed 17% crude oil / NGL 1,295 Boepd of production 32.0 R/P ratio TX 53 gross (47 net) producing wells Eagle Ford 23 PUD locations Shale…
  25. November 2011 Corporate Update – Abraxas Petroleum Corp. – slide 25
    NASDAQ: AXAS 26

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