Skip to main content October 2010 IPAA OGIS – Abraxas Petroleum Corp. Investor Presentation | Shale Experts
Loading...
Pm

October 2010 IPAA OGIS – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Oct 14, 2010 · 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. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 1
    October 12 - 14, 2010
  2. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 2
    Bakken (Industry) Montana North Dakota CTL, MRO, DNR: Nesson Anticline BEXP: EOG, WLL: Rough Parshall & Rider Sanish XOM: Elm Coulee LEGEND: Bakken producers Bakken permits EXISTING ABRAXAS WELLS (VARIOUS…
  3. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 3
    Bakken (AXAS) Montana North Dakota Carter 20,000 net acres+ Nesson 3,200 net acres 2,600 net acres 17% average WI Sheridan 2 (WI range of 2 - 50%) 3,000 net acres 4,9 = 100 gross (1280 acre) units 3 Numerous opportunities…
  4. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 4
    Bakken Net Acres per EV Net Bakken Acres per 1 Million of Enterprise Value 300 250 200 150 100 50 0 Source: Pritchard Capital estimates 5
  5. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 5
    Eagle Ford Shale Blue Eagle JV: August 18, 2010 PXD: Eagle Ford Discovery South Texas AXAS 8,333 net acres 25 million equity investment in JV EOG: 43% oil window Eagle Ford Oil Discoveries 35% gas/condensate window 22% gas…
  6. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 6
    Niobrara Shale Converse / Niobrara AXAS: Counties, Wyoming 14,000 gross / net acres HBP 3,800 gross (1,700 net) acres leased ****** 11 producing wells / 1 SI (7 horizontal / 5 vertical) 5 producing formations (light gravity…
  7. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 7
    Canada - Pekisko CANAXAS ****** Alberta - Pekisko fairway ****** Horizontal development of conventional vertical fields ****** Drill 2 wells to earn 6,400 gross / net acres CANAXAS 100% WI 1st producing 2nd completing…
  8. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 8
    Peer Group Analysis TEV / Proved Boe TEV / Boepd 50.00 195,000 45.00 175,000 40.00 155,000 35.00 135,000 30.00 115,000 25.00 95,000 20.00 75,000 15.00 10.00 55,000 5.00 35,000 - 15,000 27% undervalued compared to E&P in…
  9. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 9
    Peer Group Analysis G&A / Boe LOE / Boe 20.00 20.00 15.00 15.00 10.00 10.00 5.00 5.00 - - 67% under average of E&P in analysis 8% over average of E&P in analysis LTD / Proved P dBBoe 20.00 15.00 10.00…
  10. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 10
    Net Asset Value Simplistic NAV Calculation: NAV / Share Proved Reserves Only 3.31 Proved PLUS Identified Reserves in 13.51 Bakken, Eagle Ford, Niobrara Proved PLUS Identified PLUS Resource 31.35 Reserves in Bakken, Eagle Ford,…
  11. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 11
    AXAS Highlights NASDAQ: AXAS Fully diluted shares outstanding: 76 76 million 50% institutional 10% insider Current average trading volume: 500,000 shares per day Market capitalization: 200 million Total long-term debt: 135…
  12. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 12
    AXAS Hedges NYMEX-based fixed price swaps: 2H 2010 2011 2012 2013 AVE. ** OIL - weighted average price 73.28 81.33 70.89 80.79 75.69 % OIL PDP * 79% 84% 84% 69% GAS weighted average price 5 73 5.73 6 52 6.52 6 77 6.77 6 84…
  13. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 13
    Operational Highlights Predictable, long-lived production R/P ratio of 15.3 years Conventional and unconventional reservoirs 1,828 gross (405 net) producing wells: average working interest 22% 690 690 g gross oss ((250 50 net)…
  14. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 14
    High Quality Assets Alberta Abraxas Petroleum Corporation Bakken / Three Forks Play y Proved Reserves (MMBoe): 24.9 - Proved Developed: 56% - Gas/Oil %: 65/35% MT ND - Operated: 82% SD WY UT CO OK Wolfberry Trend…
  15. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 15
    Reserve / Production Summary Proved Reserves 24.9 MMBoe Production 4,065 Boepd Gulf Rocky Gulf Rocky Coast Mountain Coast Mountain 36% 29% 26% 25% Mid- Continent 13% Mid- Continent Permian 17% Permian Basin Basin 32%…
  16. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 16
    AXAS Reserves YE 2008 Proved Reserves: 25.1 MMBOE Production*: -1.7 MMBOE Discoveries: +3 7 MMBOE +3.7 2.48 / BOE Price F&D 14.43 / BOE Revisions: +2.0 MMBOE F&D Performance Revisions: +2.7 MMBOE SEC Rule…
  17. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 17
    Near--Term Drilling Catalysts Near AXAS OPERATED: OUTSIDE OPERATED: Bakken/Three Forks, North Dakota Bakken/Three Forks, North Dakota 2 horizontal h i t l oilil wells ll Continental C ti t l operated t d st 1 well w/o completion…
  18. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 18
    Business Plan Bakken a e Prudence ude ce Eagle Ford Acceleration with JV Non-core asset sales: 40 MM principally non-op Pay down debt Accelerate CapEx: 1/2 of sales above 10 MM Target 50/50 oil/gas production mix by end of 2010…
  19. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 19
    NASDAQ: AXAS 20
  20. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 20
    Appendix 21
  21. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 21
    NAV Appendix 1 Identified Upside (Probable): Net Well Net Est. Well Per Well Reserve Oil % D&C Cost Undeveloped Spacing / Locations Cost (M) Reserves Potential (/BOE) Acres Acre (Net MBOE) (Net MBOE) (1) Bakken 20,000 1,280 15.6…
  22. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 22
    NAV Appendix 2 Asssumptions: Annual G&A Costs (MM) 7.0 Average Reserve Life (06/10: 15.7 years) 10 yrs Average D&C Costs (/BOE) (Identified) 11 11.46 46 (Resource) 13.26 Average Lifting Costs (/BOE) 17.50 Future Oil Price…
  23. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 23
    Rocky Mountain Overview Area of Operations 7.2 MMBoe of proved reserves North Fork / Nesson Fields McKenzie / Williams Co Co., ND Bakken Play y / Three Forks / Sanish 63% proved developed 21 PUD Bakken: 10,000 Operator: Abraxas…
  24. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 24
    Mid--Continent Mid Overview Area of Operations 3.1 MMBoe of proved reserves Pittsburg County CBM 72% proved developed Pittsburg Co., OK 53 PUD 84% natural gas Granite Wash Hartshorne Coal: 3,000 Operator: Chesapeake / AXAS Play…
  25. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 25
    Permian Basin Overview Area of Operations 5.6 MMBoe of proved reserves ROC Complex Beulah Coleman 66% proved developed Ward Co., TX Midland Co., TX 8 PUD 2 PUD Wolfberry: 9,000 70% natural gas Devonian: 13,000 Montoya: 14,000…
  26. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 26
    Gulf Coast Overview Area of Operations 9.0 MMBoe of proved reserves 38% proved developed 91% natural gas 1,015 Boepd of production 24.5 R/P ratio TX 74 gross (48 net) producing wells Eagle Ford 17 PUD locations Shale Play…
  27. October 2010 IPAA OGIS – Abraxas Petroleum Corp. – slide 27
    NASDAQ: AXAS 28

From the store

Browse maps, data & reports in the Shale Experts store