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October 2014 Corporate Update – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Oct 1, 2014 · 40 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 2014 Corporate Update – Abraxas Petroleum Corp. – slide 1
    Abraxas Petroleum Corporate Update October 2014
  2. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 2
    I. Abraxas Petroleum Overview 3
  3. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 3
    Corporate Profile NASDAQ: AXAS Headquarters.......................... San Antonio EV/BOE(2,3,4)... 20.25 Employees............................... 114 Proved Reserves(7)...... 31.0 mmboe % Oil.. 67% Shares outstanding(1).........…
  4. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 4
    Abraxas Highlights Premier Exposure to core acreage in top U.S. oil resource plays Position Targeted acreage acquisitions in geologically controlled areas of core basins Value + Low decline legacy production provides solid…
  5. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 5
    Reserve / Production Summary High-quality, Long-Lived, Oil Weighted Assets Proved Reserves(1) 31.0 mmboe Production(2) 4,987 boepd Canada Canada 1% 1% Permian Permian 19% Gulf Coast/ 18% Eagle Ford 31% Gulf Coast/ Eagle…
  6. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 6
    Prudent Growth Growing Oil Volumes while Prudently Managing the Balance Sheet Daily Oil Production vs. Debt/TTM Recurring EBITDA (3) 4,500 6.0x 3,750 (Debt/TTM Recurring EBITDA) 3,000 4.0x (Bopd) 2,250 1,500…
  7. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 7
    Core Regions Abraxas Petroleum Corporation Williston: Proved Reserves (mmboe)(1): 31.0 Bakken / Three Forks Proved Developed(1): 44% Liquids(1): 74% Powder River Basin: Turner Legend Rocky Mountain Gulf Coast Permian…
  8. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 8
    II. Strategic Plan 9
  9. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 9
    Strategic Plan 2014+ Business Plan: 2014 and Beyond Focused, high quality drilling inventory FOCUSED Add individual units in Bakken and Eagle Ford in specific geologic areas DEVELOPMENT Better match of cash flow to CAPEX and…
  10. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 10
    III. Abraxas Petroleum Financial Overview 11
  11. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 11
    2014 Operating and Financial Guidance 3Q14E 2014E Production Low High Low High Total (Boepd) 6,900 7,000 5,800 6,000 % Oil 72% 70% To Be Updated % NGL 7% 7% Post 3Q14 % Natural Gas 21% 23% Close Targeted Exit Rate (Boepd) NA 8,000…
  12. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 12
    Strong Financial Performance Return on Total Assets (%) (1,3) Return on Stockholders Equity (%) (1, 2) 40 50 40 30 30 20 20 10 10 0 0 Co 1. AXAS Co 2. Co 3. Co 4. Co 5. Co 6. Co 7. Co 8. Co 9. AXAS Co 1. Co 2. Co 3. Co 4. Co…
  13. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 13
    IV. Asset Base Overview 14
  14. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 14
    Abraxas Eagle Ford Properties 10,692 Net Acres Jourdanton Area Jourdanton Area Atascosa County Black oil 7,433 net acres Cave Area McMullen County Black oil 411 net acres Dilworth East Area McMullen County Oil/condensate 940 net acres…
  15. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 15
    Eagle Ford Jourdanton Jourdanton Abraxas Hunt Area 7,433 net acre lease block, 100% WI Eagle Eyes 1H Recent Activity 90+ well Eagle Ford potential Abraxas Spanish Eyes 1H EOG Area Recent Austin Chalk and Buda also prospective Activity…
  16. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 16
    Eagle Ford Jourdanton North Fault Block North HBP 43+ potential well locations Fault Block South Fault Block 48+ potential well locations 1st well spuds 3Q14 Total 90+ potential well locations 7,433 net acres South Fault Block 17
  17. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 17
    Eagle Ford Jourdanton Performance/Economics Jourdanton Area: Type Curve Assumptions Jourdanton Area: ROR vs CAPEX (1) 50 300 gross MBoe curve 40 87% oil ROR (%) 30 Initial rate: 11,500 bopm 20 di: 97.00% 10 dm: 7%…
  18. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 18
    Eagle Ford Cave Cave 411 net acre lease block, 100% WI Additional locations (red) Two 9,000 lateral locations Best month cumulative oil shown in green Offset operators : 8-10 mbo Abraxas Dutch 2H: 29 mbo Dutch 2H 30 day IP: 1,093 boepd…
  19. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 19
    Eagle Ford Cave Area Performance/Economics Cave Area: Type Curve Assumptions Cave Area: ROR vs CAPEX (1) 584 MBoe gross type curve 60 83% oil 50 40 ROR (%) Initial rate: 22,100 bopm 30 di: 98.0% 20 10 dm: 7.0% 0…
  20. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 20
    Eagle Ford Dilworth East Dilworth East 940 acre lease block, 100% WI 9 additional locations (red) 5,000+ lateral length Best month cumulative oil shown in green Offset operators: 9-22 mbo R. Henry 2H 30 day IP: 780…
  21. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 21
    Eagle Ford Focused on Execution Well Area Lat. Length Stages 30-day IP (boepd) Status T-Bird 1H Nordheim 5,102 15 1,202 (2) Sold 13 WyCross Wells WyCross 5,000 7,500 18 29 466 1,184 (1,2) Sold Blue Eyes 1H Jourdanton 5,000 22…
  22. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 22
    Bakken / Three Forks Positioned in Core Areas 4,457 Net Acres North Fork Area McKenzie County, ND Lillibridge Area McKenzie County, ND South Elm Coulee Lillibridge South Elm Coulee Area Richland County, MT North Fork 23
  23. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 23
    Bakken / Three Forks Positioned in a Core Area (North Fork/Lillibridge) North Fork 12 completed wells 3 wells drilling 15 wells to drill on current spacing Potential 23 additional locations if downspacing is successful Pershing Field…
  24. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 24
    Bakken / Three Forks Increased Density (North Fork/Lillibridge) Potential North Fork Downspacing Downspace to 660 feet between wells in same reservoir Planned nine multi-well pads First downspacing test on production (Ravin 5H-7H) 48…
  25. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 25
    Bakken / Three Forks North Fork/Lillibridge Performance/Economics Middle Bakken: Type Curve Assumptions Middle Bakken: ROR vs CAPEX (1) 60.0 D&M/Booked Assumptions Abraxas Internal Assumptions 434 MBOE gross type curve 539 MBOE…
  26. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 26
    Bakken / Three Forks Focused on Execution Well Objective Lat. Length (1) Stages (1) 30-day IP (boepd) (2) Status Ravin 1H Three Forks 10,000 23 391 Producing Stenehjem 1H Middle Bakken 6,000 17 688 Producing Jore Federal 3H…
  27. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 27
    Why Abraxas Low Risk Bakken and Eagle Ford Development Substantial Unbooked Potential Upside Strong Rate of Return Driven Production Growth Prudent Financial Management 28
  28. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 28
    Appendix 29
  29. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 29
    Additional Assets Opportunity Overview Abraxas Assets 2014 Development Stacked pay, liquids-rich horizontal 21,733 net acres Exploring swap opportunities opportunities in Campbell, Primarily in Converse and Campbell Powder…
  30. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 30
    Additional Assets Opportunity Overview Abraxas Assets 2014 Development Appraised value approximately 6.1 24,924 square foot office building in No capital budgeted for 2014 Building million secured against 4.6 million San Antonio,…
  31. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 31
    Abraxas Hidden Gas Portfolio Edwards (South Texas) PDP: 8.3 bcfe (net)(3) Previous risked offsetting PUD locations: 27.9 bcfe (net) (4) 11 gross / 7 net locations dropped to PRUD (SEC 5 year rule) 7 gross / 5 net locations drilled /…
  32. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 32
    Powder River Basin Turner Sandstone Horizontal Play Powder River Basin: Turner Sandstone Isopach of Turner thickness Multiple producing vertical wells, tight sandstone Horizontal exploitation with multi-stage fracs recently 33
  33. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 33
    Powder River Basin Campbell & Converse Co., WY Powder River Basin: Turner Sandstone Porcupine Field 26/9 gross/net wells Hedgehog State 16-2H Cum Production (1): 204 mboe Gross/net: 58/49 mbo Gross/net: 875/740 mmcf Current…
  34. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 34
    Portilla Field San Patricio County, TX 100% Surface Ownership Portilla Field Annual CAPEX of 1 million to maintain flat decline rate Infill and work over opportunities 100% WI ownership Abraxas owns 1,769 surface acres Ideal CO2…
  35. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 35
    Permian Basin Bell, Cherry and Brushy Canyon Production Abraxas Cherry Canyon Field: 30 Active Wells, three zones Waterflood potential 27 active wells Eight Proposed Injection Wells Horizontal potential Cum production (1) 5 mmboe Gross…
  36. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 36
    Permian Basin Howe Deep Howe Deep: One active Montoya well Five active Devonian wells Horizontal Wolfcamp Potential Cum production (1) 62 bcf Gross Current production (2) 1,325 mcfepd Net (1) Cum production estimated through 12/31/13.…
  37. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 37
    Permian Basin R.O.C. Deep R.O.C. Deep: Six active Montoya wells Four active Devonian wells One active Ellenburger well Cum production (1) 138 bcf Gross Current production (2) 1,290 mcfepd Net (1) Cum production estimated through…
  38. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 38
    Permian Basin Sharon Ridge - Westbrook: Clearfork Trend Sharon Ridge/Westbrook: Clearfork Trend 89 active wells San Andres, Glorietta, Clearfork Cooperative water flood on some leases 114 potential new, direct offset and down-spaced…
  39. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 39
    Abraxas Hedging Profile Crude Oil Percentage Hedged per PDP Natural Gas Percentage Hedged per PDP 2014 2015 2016 2017 2014 2015 2016 2017 Argus LLS 101.26 NYMEX Henry Hub 4.086 4.084 - - IPE Brent 96.78 NYMEX WTI 90.73 85.00…
  40. October 2014 Corporate Update – Abraxas Petroleum Corp. – slide 40
    NASDAQ: AXAS 41

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