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SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · May 10, 2013 · 63 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. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 1
    Exhibit 99.1 SunTrust PlaybyPlay Oil and Gas Conference May 2013
  2. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 2
    I. Abraxas Petroleum Overview 3
  3. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 3
    Corporate Profile NASDAQ: AXAS Headquarters......................... San Antonio EV/BOE(1,2,3) 12.06 Employees............................. 105 Proved Reserves(3)... 29.8 mmboe % Oil/Liquids.. 66% Shares outstanding(1)...... 93.3…
  4. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 4
    Abraxas Highlights Premier Exposure to core acreage in U.S. oil resource plays Position Significant, lowcost exposure to other emerging NAM oil resource plays Value + Low decline legacy production provides solid foundation Growth…
  5. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 5
    High Quality Assets Abraxas Petroleum Corporation Williston: Proved Reserves (mmboe)(1): 29.8 Bakken / Three Forks Proved Developed(1): 48% Liquids(1): 66% Powder River Basin: Uinta / Wind River / Niobrara, Turner Alberta,…
  6. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 6
    II. Western Bakken Data Mine Project 7
  7. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 7
    Western Bakken Data Mine Project Our Goal: identify best practices through inductive, resultsoriented data mining 8
  8. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 8
    Western Bakken Data Mine Project Learning opportunities: NDIC database Nonoperated participation 9
  9. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 9
    Western Bakken Data Mine Project The Variables: why induction is so important 10
  10. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 10
    Western Bakken Data Mine Project Steering effectiveness Lateral length Number of stages Size of stages Exit method Proppant/fluid selection Operational execution Geologic variation 11
  11. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 11
    Western Bakken Data Mine Project NESSON ANTICLINE ca 2000 ELM COULEE ELKHORN RANCH 12
  12. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 12
    Western Bakken Data Mine Project NESSON ANTICLINE ca 2004 ELM COULEE ELKHORN RANCH 13
  13. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 13
    Western Bakken Data Mine Project Today 14
  14. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 14
    Western Bakken Data Mine Project 2005 15
  15. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 15
    Western Bakken Data Mine Project 2006 16
  16. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 16
    Western Bakken Data Mine Project 2007 17
  17. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 17
    Western Bakken Data Mine Project 2008 18
  18. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 18
    Western Bakken Data Mine Project 2009 19
  19. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 19
    Western Bakken Data Mine Project 2010 20
  20. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 20
    Western Bakken Data Mine Project 2011 21
  21. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 21
    Western Bakken Data Mine Project 2012 22
  22. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 22
    Western Bakken Data Mine Project Study Area 23
  23. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 23
    Western Bakken Data Mine Project 4927 total wells 4223 in western Bakken 3076 in study area 634 wells with comprehensive frac data 24
  24. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 24
    Western Bakken Data Mine Project 25
  25. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 25
    Western Bakken Data Mine Project Measure of a Well: best month as a quality proxy 26
  26. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 26
    Western Bakken Data Mine Project 27
  27. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 27
    Western Bakken Data Mine Project 20000 bopm 28
  28. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 28
    Western Bakken Data Mine Project best month Best Month contour Contour CI = 2500 bopm 0 to 30,000 max 29
  29. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 29
    Western Bakken Data Mine Project ALL WELLS 2005 IP = 11,549 BOPM di = 98.0% b = 1.25 EUR = 281 MBO 30
  30. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 30
    Western Bakken Data Mine Project ALL WELLS 2009 IP = 13,488 BOPM di = 99.0% b = 1.60 EUR = 409 MBO 31
  31. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 31
    Western Bakken Data Mine Project Conclusion: results have improved with time 32
  32. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 32
    Western Bakken Data Mine Project 33
  33. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 33
    Western Bakken Data Mine Project 34
  34. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 34
    Western Bakken Data Mine Project y = 1.224x + 1112 35
  35. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 35
    Western Bakken Data Mine Project Conclusion: results improve with lateral length 36
  36. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 36
    Western Bakken Data Mine Project 37
  37. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 37
    Western Bakken Data Mine Project y = 253x +7779 38
  38. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 38
    Western Bakken Data Mine Project 39
  39. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 39
    Western Bakken Data Mine Project y = .002x +8880 40
  40. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 40
    Western Bakken Data Mine Project Conclusion: mass and stage number also matter 41
  41. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 41
    Western Bakken Data Mine Project Completion Strategy Comparison exit stgs best mo. di b eur 1 p&p 34 19840 99.9 1.9 528 2 slvs 30 16480 99.8 2.0 538 3 p&p 24 12494 99.0 1.5 370 4 p&p 18 8854 94.8 1.5 323 42
  42. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 42
    Western Bakken Data Mine Project Conclusion: number of stages seems to matter more than exit method 43
  43. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 43
    Western Bakken Data Mine Project avg = 13488 bopm 44
  44. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 44
    Western Bakken Data Mine Project Average Well Economics case cwc ip eur ror po pv10 mm bopm mboe % yrs mm avg 9.5 13488 465 17.8 4.3 2.34 *all eco nymex 95 / 3.50 adjusted for typical differentials 45
  45. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 45
    Western Bakken Data Mine Project Economic Strategy Comparison case cwc ip eur ror po pv10 mm bopm mboe % yrs mm 1 10.0 19840 621 25.5 3.4 4.98 2 8.0 12494 439 25.0 3.2 3.34 46
  46. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 46
    Western Bakken Data Mine Project Conclusion: the high and lowcost completion models seem to yield similar returns 47
  47. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 47
    Western Bakken Data Mine Project Abraxas TakeAways: 1. Drill the longest lateral possible 2. Save money on exit method 3. Dont scrimp on number of stages 4. Dont scrimp on prop mass 48
  48. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 48
    Appendix 49
  49. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 49
    Reserve / Production Summary Highquality, LongLived, Oil Weighted Assets Proved Reserves(1) 29.8 mmboe Production(2) 4,216 boepd Canada Canada Gulf Coast/ Gulf Coast/ 1% 3% Permian Eagle Ford Eagle Ford 24% 25% Permian 26%…
  50. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 50
    Refocusing on Oil and Liquids Production Net to AXAS(1) 4,500 4,000 3,500 3,000 81% Liquids Growth Since (Boepd) 2,500 1Q10 2,000 1,500 1,000 500 0 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12…
  51. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 51
    Strategic Plan Business Plan: As Outlined in September 2012 Presentation Focus portfolio and CAPEX on highest returning basins FOCUS Primarily Bakken, Eagle Ford, Powder River Basin, and Permian Actively pursue divestitures…
  52. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 52
    9/12 Strategic Plan Successful Execution Status: Status: Whats Changed Early 2012 Early 2013 Focus: Bakken, Eagle Ford, Permian Divested 25.6mm noncore 95% of budget focused on Core EF & Other focus: Niobrara, Canada, Texas,…
  53. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 53
    NonOp Bakken Divestiture Plan Overview Asset Map On February 20, 2013, Abraxas announced that it had retained ESpectrum Advisors (an affiliate of Energy Spectrum Advisors Inc.) to market its nonoperated Bakken and Three Forks…
  54. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 54
    Bakken / Three Forks Positioned in a Core Area (NorthFork) SM Abraxas Nelson 1511H Ravin 26351H 20 Stages 23 Stages 24hr IP rate: 994 bbl/d, 1,417 mcf/d 24hr IP rate: 1,008 bbl/d, 1,342 mcf/d Burlington XTO Morgan 2128MBH2NH Lund…
  55. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 55
    Bakken / Three Forks Positioned in a Core Area (Harding) Brigham (Statoil) Sundheim 26351H Whiting Recently Completed Miller 3481H Results Pending 12 stages 24hr IP Rate: 1,304 bopd, 1,023 mcfpd Brigham (Statoil) Sundheim 2635…
  56. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 56
    Bakken / Three Forks Focused on Execution The Lillibridge Completion in the North Fork Area Focused on successful execution of long lateral horizontals: Reducing costs with pad operations Maintain flexibility & consistency with…
  57. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 57
    Bakken / Three Forks Outperforming Type Curve (NorthFork) Single Well Economics EUR (Mboe) 462 Commodity 80% oil Split 8% NGLs 11% gas D&C Cost 8.5mm Type Curve Parameters di (%) 99 b 1.5 dm (%) 7 GOR (scf/bbl)…
  58. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 58
    Eagle Ford Positioned in a Core Area (WyCross) Carrizo Abraxas J Rayes 21H Corvette C 1H 22 Stages 19 Stages 24hr IP rate: 879 bopd, 276 mcfpd 24hr IP rate: 1,227bopd, 488 mcfpd EOG Abraxas San Miguel A Unit 4H Cobra 1H 24hr IP…
  59. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 59
    Eagle Ford Outperforming Type Curve (WyCross) Upcoming 40 Acre Pilot Drilled & Completed Scheduled Locations Incremental Locations Well Objective Lat. Length Stages 30day IP (boepd) Well Cost (mm) Status Cobra 1H Eagle Ford…
  60. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 60
    Eagle Ford Outperforming Type Curve Single Well Economics EUR (Mboe) 575 Commodity 70% oil Split 11% NGLs 20% gas D&C Cost 7.0mm Type Curve Parameters di (%) 99.11 b 1.3 dm (%) 7 GOR (scf/bbl) 1,000 61
  61. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 61
    Additional Development Areas Opportunity Overview Abraxas Assets Abraxas Development Stacked pay, liquidsrich horizontal 29,170 / 21,540 gross / net acres Historical: opportunities in Campbell, Primarily in Converse and Niobrara 13…
  62. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 62
    Abraxas Hidden Gas Portfolio Edwards (South Texas) PDP: 10.3 bcfe (net) Nordheim 2H: 7.0 bcfe gross Keuster 1H: 10.5 bcfe gross Previous risked offsetting PUD locations: 27.9 bcfe (net) 11 gross / 7 net locations dropped to PRUD…
  63. SunTrust Play By Play Oil and Gas Conference – Abraxas Petroleum Corp. – slide 63
    NASDAQ: AXAS 64

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