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Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Dec 8, 2015 · 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. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 1
    Abraxas Petroleum Corporate Update December 2015 Raven Rig 1; McKenzie County, ND
  2. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 2
    I. Abraxas Petroleum Overview 3
  3. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 3
    Corporate Profile NASDAQ: AXAS Headquarters.......................... San Antonio EV/BOE(3,4,5)... 6.92 Employees(1)............................ 91 Proved Reserves(8)...... 42.4 mmboe % Oil.. 69% Shares outstanding(2).........…
  4. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 4
    Reserve / Production Summary High-quality, Long-Lived, Oil Weighted Assets Proved Reserves(1) 42.4 mmboe Production(2) 6,004 boepd NGL Permian Gulf Coast/ 9% 14% Eagle Ford 24% Gas 22% Oil 69% Rockies 62% Reserve…
  5. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 5
    Prudent Growth Growing Oil Volumes while Prudently Managing the Balance Sheet Daily Oil Production vs. Debt/TTM Recurring EBITDA (1) 4,500 6.0x 4,000 5.0x 3,500 (Debt/TTM Recurring EBITDA) 3,000 4.0x 2,500 (Bopd)…
  6. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 6
    Core Regions Abraxas Petroleum Corporation Williston: Proved Reserves (mmboe)(1): 42.4 Bakken / Three Forks Proved Developed(1): 41% Oil(1): 69% Powder River Basin: Turner Legend Rocky Mountain Gulf Coast Permian…
  7. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 7
    II. Strategic Plan 8
  8. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 8
    Operating Plan for Current Environment Operating Plan for Current Environment: September re-affirmation of 165 million fully conforming Borrowing Base PRESERVE FAVORABLE 2016 CAPEX projected to be within cash flow LIQUIDITY…
  9. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 9
    III. Financial Overview 10
  10. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 10
    Abraxas Reserve Conservatism Example: Seaport Global recently conducted a study titled Perception versus Reality. In this report Seaport Global compared actual results to projected well results. Abraxas scored in the top three of…
  11. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 11
    Despite How Our Stock Is Trading Where We Stand Today.. Recently re-affirmed fully conforming Borrowing Base of 165 million Calculated by banks using a more conservative price deck and an advance rate 3Q15 interest rate averaged…
  12. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 12
    2015 Operating and Financial Guidance 2016E Production Low High Total (Boepd) 5,900 6,300 % Oil 64% % NGL 11% % Natural Gas 25% Operating Costs Low High LOE (/BOE) 9.50 11.50 Production Tax (% Rev) 9.5% 10.0% Cash G&A (mm)…
  13. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 13
    IV. Asset Base Overview 14
  14. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 14
    Bakken / Three Forks Positioned in Core Areas 5,209 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 15
  15. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 15
    Bakken / Three Forks North Fork/Lillibridge Potential North Fork/Lillibridge 30 operated completed wells 6 operated wells drilling Nine planned multi-well pads at 660 foot spacing 46 additional operated wells at 660 foot spacing…
  16. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 16
    Bakken / Three Forks North Fork/Lillibridge Performance/Economics Middle Bakken: Type Curve Assumptions Middle Bakken: ROR vs CAPEX (1) 30 D&M/Booked Assumptions 25 533 MBOE gross type curve 20 ROR (%) 78% Oil 15…
  17. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 17
    Bakken / Three Forks Focused on Execution Well Objective Lat. Length (1) Stages (1) 30-day IP (boepd) (1,2) Status Ravin 1H Three Forks 10,000 23 391 Producing Stenehjem 1H Middle Bakken 6,000 17 688 Producing Jore Federal 3H…
  18. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 18
    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 Cum…
  19. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 19
    Portilla Field Potential MEOR Structure Map, Frio 7400 Sd 3 thick, permeable reservoirs Frio 7400 Sd 47 MMBO prod 28 MMBO left Frio 7300 Sd 13 MMBO prod 12 MMBO left Frio 8100 Sd 10 MMBO prod 10 MMBO left 20
  20. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 20
    Portilla Field Potential MEOR Injection Production Well Well Concept Residual oil resides as strands or stringers Indigenous microbes activated by nutrients Surface tension between oil and water is altered Oil freed in…
  21. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 21
    Why Abraxas Low Risk Bakken Development Substantial Unbooked Potential Upside Significant Operational and Financial Flexibility Strong Rate of Return Driven Production Growth Prudent Financial Management 22
  22. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 22
    Appendix 23
  23. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 23
    Additional Assets Opportunity Overview Abraxas Assets 2015 Development Stacked pay, liquids-rich horizontal Primarily in Converse and Campbell counties No capital budgeted for 2015 opportunities in Campbell, Appx 2,088 net acres at…
  24. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 24
    Abraxas Eagle Ford Properties 10,819 Net Acres Jourdanton Area Jourdanton Area Atascosa County Black oil 7,352 net acres Cave Area McMullen County Black oil 411 net acres Dilworth East Area McMullen County Oil/condensate…
  25. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 25
    Eagle Ford Jourdanton Jourdanton 7,352 net acre lease block, 100% WI 90+ well Eagle Ford potential Austin Chalk and Buda also prospective North Fault Block Held by production Eight wells drilled 36+ additional potential…
  26. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 26
    Eagle Ford Dilworth East Dilworth East 1,148 acre lease block, 100% WI 11 additional locations (red) Eight, 5,000-5,500 lateral locations Three, 8,500 lateral locations R. Henry 2H 30 day IP: 780 boepd (1) On production…
  27. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 27
    Eagle Ford Cave Cave 411 net acre lease block, 100% WI Lower Eagle Ford fully developed Four 9,000 lateral locations Best month cumulative oil shown in green Offset operators : 8-10 mbo Abraxas Dutch 2H: 29 mbo Dutch 1H…
  28. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 28
    Eagle Ford Focused on Execution Well Area Lat. Length (1) Stages (1) 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 (2,3) Sold Blue Eyes 1H Jourdanton…
  29. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 29
    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…
  30. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 30
    Powder River Basin Campbell & Converse Co., WY Powder River Basin: Turner Sandstone Porcupine Field 26/9 gross/net wells Approximately 2,300 net acres Permitting two additional locations Hedgehog State 16-2H Cum Production…
  31. Cowen and Co Annual Ultimate Energy – 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. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 32
    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 110 potential (1) new-drills, recompletes…
  33. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 33
    Permian Basin Reeves/Ward County Bone Spring/Wolfcamp Potential Ward County Ward County 2,592/2,196 gross/net prospective (1) acres 413/340 gross/net prospective (1) acres 28 potential (1) gross Wolfcamp locations 3 potential (1)…
  34. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 34
    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…
  35. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 35
    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) 952 mcfepd Net (1) Cum production estimated…
  36. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 36
    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) 1,351 mcfepd Net (1) Cum production estimated…
  37. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 37
    Abraxas Hedging Profile Remainder 2015 2016 2017 Oil Swaps (bbls/day) 948 608 NYMEX WTI (1) 84.10 78.55 Oil Collars (bbls/day) 2000 (2) 1000 Average WTI Ceiling 70.00 71.00 Average WTI Floor 55.00 60.00 Average WTI Sub-Floor…
  38. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 38
    EBITDA Reconciliation EBITDA is defined as net income plus interest expense, depreciation, depletion and amortization expenses, deferred income taxes and other non-cash items. The following table provides a reconciliation of EBITDA and…
  39. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 39
    TTM EBITDA Reconciliation EBITDA is defined as net income plus interest expense, depreciation, depletion and amortization expenses, deferred income taxes and other non-cash items. The following table provides a reconciliation of EBITDA…
  40. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 40
    Standardized Measure Reconciliation PV-10 is the estimated present value of the future net revenues from our proved oil and gas reserves before income taxes discounted using a 10% discount rate. PV-10 is considered a non-GAAP financial…
  41. Cowen and Co Annual Ultimate Energy – Abraxas Petroleum Corp. – slide 41
    NASDAQ: AXAS 42

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