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September 2013 Corporate Update – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Sep 10, 2013 · 41 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. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 1
    Abraxas Petroleum Corporate Update September 2013
  2. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 2
    I. Abraxas Petroleum Overview 3
  3. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 3
    Corporate Profile NASDAQ: AXAS Headquarters.......................... San Antonio EV/BOE(1,2,3)... 13.66 Employees............................... 105 Proved Reserves(4)...... 24.8 mmboe % Oil/Liquids 65% Shares…
  4. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 4
    Abraxas Highlights Premier Exposure to core acreage in U.S. oil resource plays Position Significant, low-cost exposure to other emerging NAM oil resource plays Value + Low decline legacy production provides solid foundation…
  5. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 5
    Reserve / Production Summary High-quality, Long-Lived, Oil Weighted Assets Proved Reserves(1) 24.8 mmboe Production(2) 4,109 boepd Canada Canada 1% 2% Gulf Coast/ Permian Gulf Coast/ Eagle Ford 27% Eagle Ford 28% Permian 29%…
  6. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 6
    Refocusing on Oil and Liquids Production Net to AXAS(1) 6,000 5,000 4,000 57% Liquids Growth (Boepd) 3,000 1Q11-2Q13 2,000 1,000 0 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 AUG13E Liquids Gas…
  7. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 7
    High Quality Assets Abraxas Petroleum Corporation Williston: Proved Reserves (mmboe)(1): 24.8 Bakken / Three Forks Proved Developed(1): 55% Liquids(1): 65% Powder River Basin: Uinta / Wind River / Niobrara, Turner Alberta,…
  8. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 8
    II. Strategic Plan 9
  9. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 9
    Strategic Plan Business Plan: As Outlined in September 2012 Presentation Focus portfolio and CAPEX on highest returning basins FOCUS Primarily Bakken, Eagle Ford, Powder River Basin and Permian Actively pursue divestitures…
  10. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 10
    9/12 Strategic Plan - Successful Execution Status: Status: Whats Changed Early 2012 8/2013 Focus: Bakken, Eagle Ford, Permian Divested 71.3mm(1) in non- 94% of budget focused on Core EF, Other focus: Niobrara, Canada, Texas, core…
  11. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 11
    Budget Changes ( in millions) Post non-operated Bakken sale, Company elected to raise CAPEX budget from 70 to 85 million Incremental CAPEX being deployed to accelerate growth in core regions Continue to target 2.0x debt/EBITDA(1)…
  12. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 12
    III. Asset Base Overview 13
  13. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 13
    Bakken / Three Forks Positioned in Core Areas North Fork Area McKenzie County, ND Lillibridge Area McKenzie County, ND Fairview/Harding Area McKenzie County, ND Fairview Richland County, MT Harding Lillibridge North Fork…
  14. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 14
    Bakken / Three Forks Positioned in a Core Area (NorthFork) North Fork 5 completed wells 700 boepd (8/5/13) 21 wells to drill Pershing Field (Lillibridge) 4 new completions 4,000 bopd, 5.7 mmcfd (8/11/13) 4 drilled, prepping…
  15. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 15
    Bakken / Three Forks Focused on Execution Well Objective Lat. Length Stages 30-day IP (boepd) Well Cost (mm) Status Ravin 26-35 1H Three Forks 10,000 23 391 13.0 Producing Stenehjem 27-34 1H Middle Bakken 6,000 17 688 11.5 Producing…
  16. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 16
    Bakken / Three Forks Outperforming Type Curve (NorthFork) 17
  17. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 17
    Abraxas Eagle Ford Properties Jourdanton Area Atascosa County Jourdanton Area WyCross Area McMullen County Cave Area McMullen County Index Map: Eagle Ford Trend WyCross Area Cave Area 18
  18. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 18
    Eagle Ford Positioned in a Core Area (WyCross) 14 Abraxas-operated wells 13 producing 1 waiting on completion 25% WI in 5,986 gross/4,809.5 net acres Abraxas wells continue to be the best in the area, even on restricted chokes…
  19. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 19
    Eagle Ford Positioned in a Core Area (WyCross) Well Objective Lat. Length Stages 30-day IP (boepd) Well Cost (mm) Status Cobra 1H Eagle Ford 5,000 18 957 10.1 Producing Cobra B 1H Eagle Ford 5,000 19 592 6.6 Producing Mustang 1H…
  20. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 20
    Eagle Ford WyCross Outperforming Type Curve 21
  21. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 21
    Eagle Ford Jourdanton 4,000 acre lease block, 100% WI Hunt Area First Abraxas well, Sept 2011 Recent Activity Shot new 3D seismic Abraxas Grass Farm 1H Next well Q4 2013 1st Prod: 9-1-11 Improved geosteering with 3D seismic…
  22. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 22
    Eagle Ford Cave Area 410 acre lease block, 100% WI 4 potential locations (red) 9,000+ lateral length Offset operators include Chesapeake, EOG, & Marathon Best month cumulative oil shown in green Range 14-23 MBO 23
  23. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 23
    Permian Basin Spires Ranch Vertical Wells (15) Average production: 55.3 MBO 388.4 MMCF DEVON Abraxas Horizontal Wells Wallace M 1H Recent Cline Shale Four drilled (green) Completion Open hole completions Average rate (June…
  24. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 24
    Additional Development Areas Opportunity Overview Abraxas Assets Abraxas Development Stacked pay, liquids-rich horizontal 29,170 / 21,540 gross / net acres Historical: opportunities in Campbell, Primarily in Converse and Niobrara 13…
  25. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 25
    We Will Show You the Money 1. Experienced, proven team in Bakken and Eagle Ford 2. Just-in-Time drilling and completion inventory 3. Rate-of-Return driven growth 4. Improved financial discipline and focus 26
  26. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 26
    Appendix 27
  27. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 27
    Bakken / Three Forks Positioned in a Core Area (Fairview) Brigham (Statoil) Sundheim 26-35-1H Whiting Recently Completed Miller 34-8-1H Results Pending 12 stages 24-hr IP Rate: 1,304 bopd, 1,023 mcfpd Brigham (Statoil) Sundheim…
  28. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 28
    Bakken / Three Forks Positioned in a Core Area (Fairview) Fairview 4 operated units 2,324 net acres 15 Gross/ 7.3 net operated Middle Bakken locations Three Forks activity limited to date Whiting, most active operator 29
  29. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 29
    Powder River Basin Campbell & Converse Co., WY Turner Sand Stone Porcupine Field 26/9 gross/net wells Abraxas Hedgehog State 16-2H Cum Prod. (3/2012-8/2013) Gross/net 45/38 MBO Gross/net 623/526 MMCF Daily average 60 bopd,…
  30. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 30
    Portilla Field San Patricio County, TX Cum Production 100% Surface Ownership 80 MMBO + 92 BCFG from Frio sands Current Production: 275-300 bopd Annual Capex of 1 million to maintain flat decline rate Numerous infill and work…
  31. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 31
    Permian Basin Spires Ranch Nena Lucia Field: Discovered in 1955 Reef build-up currently on waterflood Cum Prod: 38.7 MMBO 114.7 BCF Abraxas Spires Ranch: Acreage located West of Nena Lucia Horizontal wells targeting algal…
  32. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 32
    Permian Basin Millican Reef Millican Reef & NE Millican: 44 total well locations: 20 Gunsight sand locations 13 King sand locations 11 Gunsight & King sand locations NE Millican Millican Reef DEVON Price C 1H Recent…
  33. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 33
    Permian Basin Millican Reef W EXAMPLE ABRAXAS E WELL LOCATIONS Millican Reef Coke County, TX 34
  34. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 34
    Permian Basin Spires and Millican Emerging Horizontal Spires Ranch (Nolan County) 5,640 gross/net acres; 920 HBPd Monitoring industry activity Geologic evaluation Logged shales through Spires 89 1H Millican Reef (Coke…
  35. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 35
    Permian Basin Bell, Cherry and Brushy Canyon Production 30 Active Wells, 3 zones 254 boepd Gross 177 boepd Net 36
  36. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 36
    Permian Basin Waterflood Potential Abraxas Cherry Canyon Field 27 active wells 8 Proposed Injection Wells 37
  37. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 37
    Permian Basin Howe Deep Montoya 1 active well 1.5 Bcf Gross 198 mcefpd Devonian 5 active wells 60 Bcf Gross 781 mcfepd 38
  38. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 38
    Permian Basin R.O.C. Deep Montoya 6 active Devonian 4 active Ellenburger 1 active 138 Bcf Gross 1,766 mcfepd 39
  39. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 39
    Abraxas Hidden Gas Portfolio Edwards (South Texas) PDP: 10.3 bcfe (net) Nordheim 2H: 7.0 bcfe gross Keuster 1H: 10.5 bcfe gross Previous risked offsetting PUD locations: 27.9 bcfe (net) 11 gross / 7 net locations dropped to PRUD…
  40. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 40
    Canada Duvernay Alberta, Canada: Eastern Shale Basin EOG Strikes Oil in Duvernay's East Shale Basin New public data for EOGs Duvernay horizontal at 1-20-38-28W4 showed a peak calendar- day rate to date of 239 boe/d for December. Oil…
  41. September 2013 Corporate Update – Abraxas Petroleum Corp. – slide 41
    NASDAQ: AXAS 42

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