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May 2012 Corporate Update – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · May 10, 2012 · 20 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. May 2012 Corporate Update – Abraxas Petroleum Corp. – slide 1
    May 10, 2012
  2. May 2012 Corporate Update – Abraxas Petroleum Corp. – slide 2
    AXAS Highlights NASDAQ: AXAS Shares outstanding: 92.3 million 59% institutional 13% insider Average trading volume(1): 1.2 million shares per day Short position: 16 million shares Market capitalization: 300 million Long-term…
  3. May 2012 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. May 2012 Corporate Update – Abraxas Petroleum Corp. – slide 4
    AXAS Hedges NYMEX-based fixed price swaps: 2012(1) 2013 2014(2) OIL weighted average price 78.23 88.03 100.71 % of PDP production 75% 75% 50% GAS weighted average price 6.77 % of PDP production 70% (1) 2012 gas hedges…
  5. May 2012 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): 29.0 Play - Proved Developed: 53% - Oil/NGL: 54% MT ND - Operated (by PV10): 94% SD WY…
  6. May 2012 Corporate Update – Abraxas Petroleum Corp. – slide 6
    Reserve / Production Summary Proved Reserves(1) 29.0 MMBoe Production(2) 3,815 Boepd Canada Canada 3% Onshore Gulf 2% Onshore Gulf Rocky Rocky Coast Mountain Coast Mountain 34% 37% 39% 26% Mid- Continent 3% Mid-…
  7. May 2012 Corporate Update – Abraxas Petroleum Corp. – slide 7
    Net Asset Value Possible: 69.7 MMBoe / 533.0 MM PV10 16.5 MMBoe 52.0 MM PV10 Probable: 24.2 MMBoe 154.7 MM PV10 Reserve Value(1) 533.0 MM Other Assets(2) 39.1 MM Proved: Long-Term Debt 126.7 MM 29.0 MMBoe Shares…
  8. May 2012 Corporate Update – Abraxas Petroleum Corp. – slide 8
    AXAS Production 4,500 4,000 3,500 3,000 Boepd 2,500 Base production 2,000 Divestitures 1,500 Weather disruptions 1,000 500 - Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 34% 35% 36%…
  9. May 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 20,835 130 23.0 5.7 54.2 (2) Eagle Ford Shale 12,177 75 1.0 0.4 - Niobrara Shale /…
  10. May 2012 Corporate Update – Abraxas Petroleum Corp. – slide 10
    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…
  11. May 2012 Corporate Update – Abraxas Petroleum Corp. – slide 11
    Bakken / Three Forks North Fork / Nesson Koeser (B) 3,540 net acres North Fork/Nesson: Bailey (B/TF) 3,540 net acres 2% WI 1,280 acre units: 8 B/TF wells Ravin (TF) 64 gross (19.7 net) Drilled: 4 gross (1.5 net) 50% WI Stenehjem…
  12. May 2012 Corporate Update – Abraxas Petroleum Corp. – slide 12
    Eagle Ford Shale Acreage: 12,177 net Lavaca County Atascosa, DeWitt, Lavaca and McMullen Counties, TX South Texas Drilling Inventory: 75 net JV locations 160 acre spacing Atascosa County Economics: AXAS: Grass Farms 1H D&C…
  13. May 2012 Corporate Update – Abraxas Petroleum Corp. – slide 13
    Niobrara / Turner Converse / Niobrara Counties, Wyoming Gross / Net Acres: 20,720 / 17,800 Primarily in Converse and Niobrara Sheridan Park Crook Big Horn Counties Campbell Teton Johnson Washakie 2,100 net acres in…
  14. May 2012 Corporate Update – Abraxas Petroleum Corp. – slide 14
    West Texas - Spires Ranch Economics: 5,600 net acres D&C Cost: 1.8 MM EUR: 160 MBoe 78% Oil / NGLs Recent Activity: 3 gross / net wells Performing as expected Planned Activity: 3 gross / net wells Nolan County AXAS…
  15. May 2012 Corporate Update – Abraxas Petroleum Corp. – slide 15
    West Texas - Wolfbone 2,886 net acres April 2011 TX GLO Lease Sale: 5,295 / acre offsetting AXAS Offsetting Industry Activity: 3 CWEI-CHK wells offsetting AXAS Current Activity: Geological evaluation Monitor industry…
  16. May 2012 Corporate Update – Abraxas Petroleum Corp. – slide 16
    Canada Pekisko Alberta, Canada Gross / Net Acres: 6,880 (100% WI) Economics: D&C Cost: 3.5 MM EUR: 150 MBoe Current Activity: 2 wells - w/o stimulation post Spring break-up 3 wells: On-line April 2012 Planned Activity:…
  17. May 2012 Corporate Update – Abraxas Petroleum Corp. – slide 17
    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 Planned Activity: Continue to…
  18. May 2012 Corporate Update – Abraxas Petroleum Corp. – slide 18
    Near-Term Drilling Catalysts AXAS OPERATED: OUTSIDE OPERATED: Bakken/Three Forks, North Dakota Bakken/Three Forks, North Dakota / Montana Horizontal drilling program Company owned drilling rig Various operators Pad development…
  19. May 2012 Corporate Update – Abraxas Petroleum Corp. – slide 19
    Business Plan 2012 Capital Program: 70 MM oil development Potential Divestitures Eagle Ford, Pekisko Bakken/TF Accelerate with Company owned drilling rig 2012 Continue to increase percentage of oil / NGLs 20
  20. May 2012 Corporate Update – Abraxas Petroleum Corp. – slide 20
    NASDAQ: AXAS 21

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