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September 2011 OGIS – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Sep 26, 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. September 2011 OGIS – Abraxas Petroleum Corp. – slide 1
    September 26, 26 2011
  2. September 2011 OGIS – Abraxas Petroleum Corp. – slide 2
    AXAS Highlights NASDAQ: AXAS Shares outstanding: 92.1 92.1 million 40% institutional 10% insider Average A erage trading volume: ol me 2.52 5 million shares per day da Short position: 22 million shares (08-31-11) Market…
  3. September 2011 OGIS – Abraxas Petroleum Corp. – slide 3
    Unique to AXAS Portfolio of unconventional oil assets 50,000+ net acres Acreage c eage predominately p edo ate y held e d by p production oduct o Operated operations in Bakken exclusively pad development Will continue non…
  4. September 2011 OGIS – 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. September 2011 OGIS – Abraxas Petroleum Corp. – slide 5
    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…
  6. September 2011 OGIS – 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. September 2011 OGIS – Abraxas Petroleum Corp. – slide 7
    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-…
  8. September 2011 OGIS – Abraxas Petroleum Corp. – slide 8
    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…
  9. September 2011 OGIS – Abraxas Petroleum Corp. – slide 9
    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…
  10. September 2011 OGIS – Abraxas Petroleum Corp. – slide 10
    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…
  11. September 2011 OGIS – Abraxas Petroleum Corp. – slide 11
    Why Drilling Rig Economics: 3 year cost to wells Contract 29.6 MM Own 16.4 MM Payout 3 years Efficiency & Performance: Company crews incentivized with company goals - not contractors Pad drilling allows semi-permanent man camp…
  12. September 2011 OGIS – Abraxas Petroleum Corp. – slide 12
    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)…
  13. September 2011 OGIS – Abraxas Petroleum Corp. – slide 13
    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…
  14. September 2011 OGIS – Abraxas Petroleum Corp. – slide 14
    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…
  15. September 2011 OGIS – Abraxas Petroleum Corp. – slide 15
    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…
  16. September 2011 OGIS – Abraxas Petroleum Corp. – slide 16
    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 (170 days): 15,000 Boe 75% Oil & NGLs Spires 126…
  17. September 2011 OGIS – 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 wells offsetting AXAS (completed - w/o results) AXAS Lindemann 24-1 (w/o frac)…
  18. September 2011 OGIS – 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: on production Continental operated AXAS 79% 5 wells: 4 on production (2-TF,…
  19. September 2011 OGIS – Abraxas Petroleum Corp. – slide 19
    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 20
  20. September 2011 OGIS – Abraxas Petroleum Corp. – slide 20
    Appendix 21
  21. September 2011 OGIS – 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. September 2011 OGIS – 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. September 2011 OGIS – 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. September 2011 OGIS – 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. September 2011 OGIS – 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. September 2011 OGIS – 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. September 2011 OGIS – 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. September 2011 OGIS – 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. September 2011 OGIS – Abraxas Petroleum Corp. – slide 29
    NASDAQ: AXAS 30

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