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May 2011 Corporate Updates – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · May 10, 2011 · 28 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 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 1
    May 10 - 11, 2011 Robert W. Baird & Co. 2011 Growth Stock Conference
  2. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 2
    AXAS Highlights NASDAQ: AXAS Shares outstanding: 91.6 million 50% institutional (1) 10% insider Average trading volume: 1 1.5 5 million shares per day Market capitalization: 400 million Total long-term revolving bank debt: 80…
  3. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 3
    AXAS Assets 50,000+ net acres in unconventional oil plays Large inventory of unconventional and conventional drilling locations Undeveloped leasehold has been largely de-risked by industry and offset operator activity Undeveloped…
  4. May 2011 Corporate Updates – 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. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 5
    Net Asset Value Net Asset Value per Share(1) Proved Reserves Only 2.57 Proved PLUS Probable Reserves 16.37 Proved PLUS Probable PLUS 32.71 Possible Proved NAV 2P NAV Potential 3P NAV Potential Total 3P NAV Potential (182.5…
  6. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 6
    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…
  7. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 7
    Reserve / Production Summary Proved Reserves(1) 26.6 MMBoe Production(2) 3,670 Boepd Canada Canada 1% 1% Onshore Gulf Rocky Onshore Gulf Rocky Coast Mountain Coast Mountain 41% 32% 36% 26% Mid- Continent 5% Mid-…
  8. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 8
    AXAS Production 4,500 4,000 3,500 3,000 pd Boep 2,500 2,000 Base production Divestitures 1,500 Weather disruptions 1,000 500 - (1) Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 34% 35% 36% 39% 42% Oil/NGL % (1)…
  9. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 9
    AXAS Reserves 379% Reserve YE 2009 Proved Reserves: 24.9 MMBOE Replacement Production: -1.4 MMBOE 5.11 / BOE Discoveries: +4.2 MMBOE F&D 15 Revisions: +1.2 MMBOE Divestitures: -2.3 MMBOE YE 2010 Proved…
  10. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 10
    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 9,586 60 4.0 4.0 0.0 Niobrara Shale…
  11. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 11
    Bakken / Three Forks Nesson Carter 2,270 net acres 3,200 net acres Montana North Dakota Gross / Net Acres: 109,658 / 20,835 Sheridan 2,340 net acres 100% held by production Drilling Inventory: 1,280 acre units 685 gross / 130…
  12. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 12
    Bakken / Three Forks North Fork / Nesson Koeser (B) 3,540 net acres Economics: 2% WI 15% WI D&C Cost: 8.5 MM EUR: 500 MBoe 390 MBbl oil Stenehjem (B) 425 MMcf sales gas 45 MBbl NGL Ravin (TF) IRR: 36% (no acreage) 79% WI 59% WI…
  13. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 13
    Eagle Ford Shale Drilling Inventory: Nordheim Area - 160 acre spacing 3,600 net acres 23 net wells 44% WI T Bird 1H: JV 100% WI Op: AXAS TMD 19,450 5,700 lateral 15 stage frac 75 days (spud to on-line) Matejek GU 1:…
  14. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 14
    Eagle Ford Shale Economics: D&C Cost: 8.5 MM T Bird 1H EUR: EUR 1,100 1 100 MBoe 200 MBbl condensate 3,500 MMcf sales gas 315 MBbl NGL IRR: 84% T Bird 1H: Cumulative production (45 days): 69,000 Boe 13,900 Bbl condensate…
  15. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 15
    West Texas - Spires Ranch 5,600 net acres Economics: 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 (30 days): 5,900 Boe 3,000 Bbl oil 7.3 MMcf sales…
  16. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 16
    Business Plan Expanded 2011 CapEx: 60 MM oil development Bakken/TFS Prudence Eagle Ford Acceleration with JV Completed divestiture program: 32 32 MM non-core, predominately non-operated pay down debt & accelerate CapEx Target…
  17. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 17
    Appendix 18
  18. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 18
    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 (80,000,000) Proved NAV/Share 2.57 Probable Net Undeveloped Well Spacing / Per Well…
  19. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 19
    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 (80,000,000) Proved NAV/Share 2.57 Probable Net Undeveloped Well Spacing / Per Well…
  20. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 20
    Eagle Ford Shale Acreage: 9,586 net Lavaca County Atascosa, DeWitt, and Lavaca Counties, TX Drilling D illi IInventory: t South Texas 60 net JV locations 160 acre spacing Economics: Atascosa Countyy IP Rates: D&C Cost: 8.5 MM…
  21. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 21
    Low Risk Oil Development West Texas Spires Ranch Gross / Net Acres: 5,600 (100% WI) ROR%: Spires Ranch: 160% County: Nolan Shallow Howe: 1 1,000% 000% Formation: Strawn Portilla: 646% Locations: 10 Spires Ranch - D&C: 1.6 MM /…
  22. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 22
    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 Recent Activity: Drilled two horizontal wells to earn…
  23. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 23
    Niobrara Shale Converse / Niobrara Counties, Wyoming Gross / Net Acres: 20,720 / 17,800 Primarily in Converse and Sheridan Park Crook Big Horn Niobrara Counties Campbell Teton Johnson Washakie 90% held by production Hot…
  24. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 24
    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 Planned Activity: Continue to…
  25. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 25
    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 948 Boepd of production MT ND 20.8 R/P ratio 896…
  26. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 26
    Permian Basin Overview Area of Operations 5.6 MMBoe of proved reserves 79% proved developed 31% crude oil / NGL 1,168 Boepd of production Wolfberry Trend Wolfbone Play 12.3 R/P ratio 210 gross (156 net) producing wells TX Barnett…
  27. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 27
    Gulf Coast Overview Area of Operations 10.9 MMBoe of proved reserves 30% proved developed 17% crude oil / NGL 1,328 Boepd of production 32.0 R/P ratio TX 53 gross (47 net) producing wells Eagle Ford 23 PUD locations Shale…
  28. May 2011 Corporate Updates – Abraxas Petroleum Corp. – slide 28
    NASDAQ: AXAS 29

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