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July 2011 Corporate Update – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Jul 17, 2011 · 32 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. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 1
  2. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 2
    Presentation This presentation is available on our website in the Investor Relations section under Webcasts/Presentations for this event. www.abraxaspetroleum.com 2
  3. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 3
    AXAS Highlights NASDAQ: AXAS Shares outstanding: 91.7 million 40% institutional 10% insider Average trading volume: 2 2.0 0 million shares per day Market capitalization: 400 million Total long-term revolving bank debt: 90…
  4. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 4
    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…
  5. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 5
    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)…
  6. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 6
    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…
  7. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 7
    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…
  8. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 8
    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-…
  9. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 9
    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)…
  10. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 10
    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…
  11. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 11
    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…
  12. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 12
    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…
  13. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 13
    Bakken / Three Forks North Fork / Nesson Koeser (B) North Fork/Nesson: 3,540 net acres 3,540 net acres 1,280 acre units: 8 B/TF wells 2% WI 15% WI 64 ggross ((19.7 net)) Drilled: 4 gross (1.5 net) Locations: 60 gross (18.2 net)…
  14. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 14
    South Texas Eagle Ford Shale Drilling Inventory: Nordheim Prospect Nordheim Area - DeWitt County County, TX 3,600 3 600 net acres 160 acre spacing 23 net wells 44% WI T Bird 1H: JV 100% WI Op: AXAS TMD 19,450 5,700 lateral…
  15. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 15
    Eagle Ford Shale Economics: EUR: 1,100 MBoe T Bird 1H 200 MBbl condensate 3,500 MMcf sales gas 315 MBbl NGL IRR: 84% (D&C Cost: 8.5 MM) T Bird 1H: Cumulative production (150 days): 200,000 Boe 37,500 Bbl condensate 579.6 MMcf…
  16. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 16
    West Texas - Spires Ranch 5,600 net acres Economics: D&C Cost: 1.6 MM EUR: 160 MBoe 80 MBbl oilil 200 MMcf sales gas 45 MBbl NGL IRR: 160% Spires 126 1H: C Cumulative l i production d i (90 d days): ) 10,000 Boe 4,800 Bbl…
  17. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 17
    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 permits offsetting AXAS AXAS Lindemann 24-1 Current Activity: (w/o frac) AXAS…
  18. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 18
    Near--Term Drilling Catalysts Near AXAS OPERATED: OUTSIDE OPERATED: Bakken/Three Forks, North Dakota Bakken/Three Forks, North Dakota / Montana Stenehjem: frac flowing back Continental operated AXAS 79% 5 wells: 4 on-production (2-TF,…
  19. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 19
    Business Plan Expanded 2011 CapEx: 60 MM oil development Bakken/TFS Accelerate with purchase of drilling rig Eagle Ford Acceleration with JV Completed divestiture program: 32 32 MM non-core, predominately non-operated pay down…
  20. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 20
    Presentation This presentation is available on our website in the Investor Relations section under Webcasts/Presentations for this event. www.abraxaspetroleum.com 21
  21. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 21
    Appendix 22
  22. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 22
    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…
  23. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 23
    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…
  24. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 24
    Eagle Ford Shale Acreage: 12,073 net Lavaca County Atascosa, DeWitt, Lavaca and McMullen Counties, TX South Texas Drilling Inventory: 75 net JV locations 160 acre spacing Atascosa Countyy IP Rates: Economics: EOG: Peeler 2H: 605…
  25. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 25
    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 /…
  26. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 26
    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…
  27. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 27
    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…
  28. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 28
    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…
  29. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 29
    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…
  30. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 30
    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…
  31. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 31
    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…
  32. July 2011 Corporate Update – Abraxas Petroleum Corp. – slide 32
    NASDAQ: AXAS 33

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