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November 2012 Corporate Update – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Nov 10, 2012 · 27 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 2012 Corporate Update – Abraxas Petroleum Corp. – slide 1
    November 2012 Stephens
  2. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 2
    Corporate Profile NASDAQ: AXAS Shares outstanding(1)....... 93.3 mm Proved Reserves(3)...... 30.8 mmboe Institutional.. 59% % Oil/Liquids 54% Insider Insider.. 13% 13% % Proved developed.. developed 49% 49% % Operated PV10 94%…
  3. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 3
    Investment Thesis Premier Exposure to core acreage in top U.S. oil resource plays A Acreage Significant Si ifi t exposure tot emerging i NAM oilil resource plays l Low decline legacy production Value + Manufacturing model in…
  4. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 4
    Business Plan Business Plan 2012 & Beyond FOCUS + DELEVER + GROW ReFOCUS Portfolio and CAPEX on Highest Returning Basins Currently: Williston, Eagle Ford, PRB, Permian DELEVER: Actively Pursue Divestitures Properties trading…
  5. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 5
    Low Risk Development Focus On Four Core Positions in Premier Oil Resource Plays Predominately HBP Williston: Willi t 23 000 23,000+ net acres; Bakken, Three Forks t B kk Th F k Eagle Ford: 7,300+ net acres: Eagle Ford, Buda PRB:…
  6. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 6
    High Quality Assets Alberta Abraxas Petroleum Corporation Williston: Bakken / Three Forks Proved Reserves (MMBoe)(1): 30.8 Proved Developed: 49% Liquids: 54% MT ND Operated (by PV10): 94% SD PRB: WY Niobrara, Turner UT…
  7. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 7
    Reserve / Production Summary Proved Reserves(1) 30.8 MMBoe Production(2) 4,172 Boepd Production Mix Revenue By Production Stream NGL Sales NGL Sales 8% 6% Gas Sales 15% Oil Sales 44% Gas Sales 48% Oil Sales 79% (1)…
  8. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 8
    AXAS Production Net to AXAS(1) Production Net to AXAS Production 61% Liquids Growth (Boepd) Since 1Q10 ( Oil/NGL % 34% 35% 36% 39% 43% 44% 48% 48% 52% 53% 53% (1) Includes AXAS share of Blue Eagles production…
  9. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 9
    2012 Capital Budget Net Unrisked 2012 Drilling 2012 Net Capital Project Area Net Acres Locations(1) Program (MM) Gross Net Bakken / Three Forks 23,320 146 32.0 4.8 34.0 (2) Eagle Ford Shale 7,306 91 3.0 0.75 6.1 PRB 17,800 54…
  10. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 10
    AXAS Hedges NYMEX-based fixed price swaps: 2012 2013 2014 2015 2016 OIL weighted average price 76.00 86.70 94.05 85.00 84.00 % of 3Q Oil Production 66% 71% 59% 50% 47% MM Revenue Protected 34mm 42mm 37mm 29mm 27mm 11
  11. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 11
    Acquisition/Dissolution Reserve Adds Total Reserve Adds: 4.3 MMBoe 39.3 MM PV10 Net Cost to AXAS: (.3) mm Post Acq Post Acq Proved: Proved: 30.8 MMBoe 30.8 MMBoe Blue Eagle Dissolution (2): 3.0 MMBoe 30 6 MM PV10…
  12. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 12
    Bakken / Three Forks 109,658 Gross/23,320 Net Acres 100% held by production yp Drilling Inventory: D&M Risked/Identified 409 gross / 64 net 34.0 MM budget Operated Paddrilling Company owned rig Company owned rig 7 gross…
  13. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 13
    Recent QEP/Helis Recent QEP/ Helis Transaction Approximately 5 Miles East of North Fork Transaction Transaction metrics metrics 1.38 bn for 27.6k net acres 10,500 boepd 80k/mboepd = 19,600/acre Assumed EUR: 1mmboe Abraxas…
  14. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 14
    Bakken / Three Forks North Fork 3,314 Net Acres 3 314 Net Acres D&M Risked Operated Locations: Drilled: 2 Gross / 1.4 Net Completing: 3 Gross / 1.7 Net Remaining: 26 Gross / 12 Net Recent Operated Activity: Ravin 2635 1H:…
  15. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 15
    Bakken / Three Forks Significant Long Term Investments: Raven Raven Drilling: Drilling: 2000 HP walking rig Dedicated AXAS crew Company owned man camp Allows for significant efficiency gains North Fork Water System y Will…
  16. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 16
    Bakken / Three Forks Economics: 462 mboe recovery 80% oil; 8% NGLs; 11% gas g 8.7mm D&C Parameters di 99.0 b 1.5 dm 7.0 GOR 1150 17
  17. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 17
    Eagle Ford Shale Blue Eagle Joint Venture: Dissolved as of September 1, 2012 WyCross McMullen County: 25% working interest 6,139 gross / 999 net(1) Eagle Ford: Volatile Oil Jourdantan: Atascosa County 100% working interest…
  18. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 18
    Eagle Ford Shale Core Area Eagle Ford Shale WyCross y Core of the volatile oil window 6,139 Gross/999 Net(1) Locations (assuming 80s) 77 Gross / 19 net Cobra 1H Cobra 1H Cum. production (7 mos): 120 MBoe 95% Oil / NGLs Cobra…
  19. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 19
    Eagle Ford WyCross Eagle Ford Economics: 575 mboe recovery 70% oil; 11% NGLs; 20% gas 8mm D&C 8 D&C Parameters di 99.11 b 1.3 dm 7.0 GOR 1000 20
  20. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 20
    PRB Stacked Pay Opportunities PRB Converse / Niobrara Counties, Wyoming Gross / Net Acres: 20,720 / 17,800 Primarily in Converse and Niobrara Brooks Draw: Counties Sage Grouse 3H: (Cum Oil 25 MBbl / 50 MBbl EUR) 2,100 net acres…
  21. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 21
    PRB Hedgehog State 16 PRB Hedgehog State 16 2H 22
  22. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 22
    Permian Basin Permian Basin Ward County Acq Ward County Acq.. Purchase Price 6.7mm(1) PDP PV 15 6.7mm(2) Assumes 5/1/12 Strip 5/1/12 2012 Strip = 2.29 Production... 1,440 mcfepd Reserves....... 7.613 bcfe Transaction…
  23. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 23
    Permian Basin Permian Basin Spires Ranch 5,600 net acres 5,600 Gross/Net Acres 2012 Activity: 3 gross / net wells Current Activity: Spires 891H Cum. Prod (1 mos): 7.8 mboe C P d (1 ) 78 b 86% oil; 9% NGLs Economics: D&C…
  24. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 24
    Permian Basin ermian Basin Emerging Hz Spires Ranch (Nolan County) Monitoring industry activity Geologic evaluation Logged shales through Spires 89 1H Millican Reef (Coke County) Reef (Coke County) Monitoring industry…
  25. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 25
    Canada Pekisko + Stealth Play Canada Alberta, Canada Pekisko Gross / Net Acres: 5,760 (100% WI) Pekisko : D&C Cost: 3.5 MM EUR: 150 MBoe 6 wells on production Planned Activity: Stealth Oil Play Continue to expand acreage…
  26. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 26
    NearTerm Drilling Catalysts Near Abraxas Operated Scheduled IP Month Formation Basin/Field/Well AXAS WI IP Date 24 Hour IP 30 Day IP Notes Williston Basin A il 2013 April 2013 B kk /TFS Bakken/TFS Lillib id 1H 4H Lillibridge 1H4H 47%…
  27. November 2012 Corporate Update – Abraxas Petroleum Corp. – slide 27
    NASDAQ: AXAS 28

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