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Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Apr 18, 2016 · 28 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. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 1
    Abraxas Petroleum Corporate Update April 2016 Raven Rig 1; McKenzie County, ND
  2. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 2
    Corporate Profile NASDAQ: AXAS Headquarters.......................... San Antonio EV/BOE(3,4,5)... 5.57 Employees(1)............................ 89 Proved Reserves(8)...... 43.2 mmboe Shares outstanding(2)......... 106.3 mm…
  3. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 3
    Reserve / Production Summary High-quality, Long-Lived, Oil Weighted Assets Proved Reserves(1) 43.2 mmboe Production(2) 5,841 boepd NGL Permian Gulf Coast/ 15% 15% Eagle Ford 19% Gas Oil 29% 56% Rockies 66%…
  4. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 4
    Efficient Production Base Maintaining Volumes on Limited CAPEX Daily Production vs Yearly CAPEX(1) 7,000 250,000 6,000 200,000 Yearly Capex (M) 5,000 150,000 (Boepd) 4,000 3,000 100,000 2,000 50,000…
  5. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 5
    Core Regions Abraxas Petroleum Corporation Williston: Proved Reserves (mmboe)(1): 43.2 Bakken / Three Forks Proved Developed(1): 32% Oil(1): 56% Powder River Basin: Turner Legend Rocky Mountain Gulf Coast Permian…
  6. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 6
    Operating Plan for Current Environment Operating Plan for Current Environment: 2016 CAPEX projected to be within cash flow ENHANCE FINANCIAL Stable production - limit growth capital expenditures PROFILE 5,227 net acre Ward/Reeves…
  7. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 7
    2016 Operating and Financial Guidance 2016E Production Low High Total (Boepd) 5,800 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)…
  8. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 8
    Bakken / Three Forks North Fork/Lillibridge Potential North Fork/Lillibridge 30 operated completed wells 6 operated wells waiting on completion 1 non-operated well waiting on completion Nine planned multi-well pads at 660 foot…
  9. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 9
    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…
  10. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 10
    Bakken / Three Forks Exceptional Well Performance versus Type Curve 12/31/14 Type Curve = 420 MBO/well 12/31/15 Type Curve = 440 MBO/well 15
  11. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 11
    Austin Chalk Jourdanton Jourdanton 7,352 net acre lease block, 100% WI 90+ well Austin Chalk potential North Fault Block Held by production 44+ potential well locations South Fault Block One unit held by production 42+…
  12. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 12
    Abraxas Reeves/Ward County Assets Potential Wolfcamp & Bone Spring Divestiture 5,227 net HBP acres located on eastern edge of Delaware basin and western edge of central basin platform (CBP) Bone Spring through Wolfcamp interval…
  13. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 13
    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 injection…
  14. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 14
    Additional Assets Opportunity Overview Abraxas Assets 2016 Development Stacked pay, liquids-rich horizontal Primarily in Converse and Campbell counties No capital budgeted for 2016 opportunities in Campbell, Appx 2,088 net acres at…
  15. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 15
    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…
  16. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 16
    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…
  17. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 17
    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…
  18. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 18
    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…
  19. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 19
    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…
  20. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 20
    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…
  21. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 21
    Abraxas Hidden Gas Portfolio Edwards (South Texas) PDP: 6.9 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…
  22. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 22
    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…
  23. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 23
    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) 1,365 mcfepd Net (1) Cum production estimated…
  24. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 24
    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) 715 mcfepd Net (1) Cum production estimated…
  25. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 25
    Abraxas Hedging Profile Q2 2016 Q3 2016 Q4 2016 2017 2018 Oil Swaps (bbls/day) 1948 1948 2500 1908 1500 NYMEX WTI (1) 39.04 39.04 43.25 55.39 46.39 (1) Straight line average price. 32
  26. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 26
    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…
  27. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 27
    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…
  28. Abraxas Petroleum Corporate Update – Abraxas Petroleum Corp. – slide 28
    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…

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