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October 2011 Corporate Presentation – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Oct 12, 2011 · 29 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 2011 Corporate Presentation – Abraxas Petroleum Corp. – slide 1
    October 12 -13,, 2011 Miami, Florida
  2. October 2011 Corporate Presentation – Abraxas Petroleum Corp. – slide 2
    AXAS Highlights NASDAQ: AXAS Shares outstanding: g 92.1 million 40% institutional 10% insider Average g trading g volume: 2.5 million shares p per dayy Short position: 23 million shares (09-15-11) Market capitalization: 275…
  3. October 2011 Corporate Presentation – Abraxas Petroleum Corp. – slide 3
    Unique to AXAS Portfolio of unconventional oil assets 50,000+ net acres: Bakken, Eagle Ford, Niobrara Acreage c eage predominately p edo ate y held e d by p production oduct o Operated operations in Bakken exclusively pad…
  4. October 2011 Corporate Presentation – 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 6.52 6 77 6.77 6 84 6.84 6 69 6.69 % GAS PDP(1)…
  5. October 2011 Corporate Presentation – 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. October 2011 Corporate Presentation – Abraxas Petroleum Corp. – slide 6
    Reserve / Production Summary Proved Reserves(1) 26.6 MMBoe Production(2) 3,845 Boepd Canada Canada 1% 2% Onshore Gulf Rocky Onshore Gulf Rocky Coast Mountain Coast Mountain 41% 32% 37% 26% Mid- Continent 5% Mid-…
  7. October 2011 Corporate Presentation – Abraxas Petroleum Corp. – slide 7
    AXAS Production 5,500 5,000 R Range off guidance id 4,500 4,000 3,500 pd 3,000 Boep 2,500 Base production 2,000 Divestitures 1,500 Weather disruptions 1,000 500 - (1) (1) (1) Q1 2010 Q2 2010 Q3 2010 Q4…
  8. October 2011 Corporate Presentation – 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. October 2011 Corporate Presentation – 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% 100% held by production Drilling Inventory: 1,280 acre units 685 gross /…
  10. October 2011 Corporate Presentation – 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. October 2011 Corporate Presentation – 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 1 280 acre units: 8 B/TF wells 64 gross (19.7 net) Stenehjem (B) Drilled: 4 gross (1.5 net) Locations: 60…
  12. October 2011 Corporate Presentation – Abraxas Petroleum Corp. – slide 12
    Eagle Ford Shale Acreage: Lavaca County 12,073 net Atascosa,, DeWitt,, Lavaca and McMullen South Texas Counties, TX Drilling Inventory: 75 net JV locations 160 acre spacing Atascosa County y AXAS: Grass Farms 1H Economics:…
  13. October 2011 Corporate Presentation – Abraxas Petroleum Corp. – slide 13
    Eagle Ford Shale Drilling Inventory: Nordheim Prospect Nordheim Area - DeWitt County, TX 3,600 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 y…
  14. October 2011 Corporate Presentation – Abraxas Petroleum Corp. – slide 14
    Niobrara Shale 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 90% held by production Hot…
  15. October 2011 Corporate Presentation – 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 IRR: 160% Spires 126 1H: Cumulative production (190 days): 16,000 Boe 75% Oil & NGLs Spires 126…
  16. October 2011 Corporate Presentation – Abraxas Petroleum Corp. – slide 16
    West Texas - Wolfbone 3,000 net acres April 2011 TX GLO Lease Sale: 5 5,295 295 / acre offsetting AXAS Current Industry Activity: 2 CWEI-CHK wells offsetting AXAS (completed - w/o results) AXAS Lindemann 24-1 (w/o frac)…
  17. October 2011 Corporate Presentation – Abraxas Petroleum Corp. – slide 17
    Near--Term Drilling Catalysts Near AXAS OPERATED: OUTSIDE OPERATED: Bakken/Three Forks, North Dakota Bakken/Three Forks, North Dakota / Montana Stenehjem: on production Continental operated AXAS 79% 5 wells: 4 on production (2-TF,…
  18. October 2011 Corporate Presentation – Abraxas Petroleum Corp. – slide 18
    Business Plan 2011 Capital Program: 60 MM+ oil development Bakken/TFS Accelerate with p purchase of drilling g rig g Eagle Ford Accelerate with JV Target 50/50 oil/gas production mix Target 90% operated 19
  19. October 2011 Corporate Presentation – Abraxas Petroleum Corp. – slide 19
    Appendix 20
  20. October 2011 Corporate Presentation – Abraxas Petroleum Corp. – slide 20
    Net Asset Value Net Asset Value per Share(1) Proved Reserves Only 2.46 Proved PLUS Probable Reserves 13.82 Proved PLUS Probable PLUS 28.54 Possible Reserves Proved NAV 2P NAV Potential 3P NAV Potential Total 3P NAV Potential…
  21. October 2011 Corporate Presentation – Abraxas Petroleum Corp. – slide 21
    NAV Undiscounted Proved 2010 PV10 at Current Pricing (100/4.50) 313,084,390 PV10 of Hedges (1,572,205) Net Cash 2,000,000 Less Outstanding Debt (90,000,000) Proved NAV/Share 2.46 Probable Net Undeveloped Well Spacing / Per Well…
  22. October 2011 Corporate Presentation – Abraxas Petroleum Corp. – slide 22
    NAV PV Equivalent Proved 2010 PV10 at Current Pricing (100/4.50) 313,084,390 PV10 of Hedges (1,572,205) Net Cash 2,000,000 Less Outstanding Debt (90,000,000) Proved NAV/Share 2.46 Probable Net Undeveloped Well Spacing / Per Well…
  23. October 2011 Corporate Presentation – Abraxas Petroleum Corp. – slide 23
    Low Risk Oil Development West Texas Spires Ranch Gross / Net Acres: 5,600 (100% WI) County: Nolan Formation: Strawn Locations: 10 Spires Ranch - D&C: 1.6 MM / EUR: 160 MBoe Nolan County 2011 Capex / Activity: 4.8 MM to drill 3.0…
  24. October 2011 Corporate Presentation – Abraxas Petroleum Corp. – slide 24
    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…
  25. October 2011 Corporate Presentation – Abraxas Petroleum Corp. – slide 25
    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…
  26. October 2011 Corporate Presentation – Abraxas Petroleum Corp. – slide 26
    Rocky Mountain Overview Area of Operations 8.4 MMBoe of proved reserves Alberta Alb t Basin B i 53% proved developed Bakken Play Bakken / Three Forks Play 86% crude oil / NGL 1,004 Boepd of production MT ND 20.8 R/P ratio 896…
  27. October 2011 Corporate Presentation – Abraxas Petroleum Corp. – slide 27
    Permian Basin Overview Area of Operations 5.6 MMBoe of proved reserves 79% proved developed 31% crude oil / NGL 1,201 Boepd of production Wolfberry Trend Wolfbone Play 12.3 R/P ratio 210 gross (156 net) producing wells TX Barnett…
  28. October 2011 Corporate Presentation – Abraxas Petroleum Corp. – slide 28
    Gulf Coast Overview Area of Operations 10.9 MMBoe of proved reserves 30% proved developed 17% crude oil / NGL 1,398 Boepd of production 32.0 R/P ratio TX 53 gross (47 net) producing wells Eagle Ford 23 PUD locations Shale…
  29. October 2011 Corporate Presentation – Abraxas Petroleum Corp. – slide 29
    NASDAQ: AXAS 30

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