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Q2 2016 Earnings Presentation – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Aug 9, 2016 · 34 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. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 1
    Abraxas Petroleum Corporate Update August 2016 Raven Rig 1; McKenzie County, ND
  2. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 2
    I. Abraxas Petroleum Overview 3
  3. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 3
    Corporate Profile NASDAQ: AXAS Headquarters.......................... San Antonio EV/BOE(3,4,5)... 5.91 Employees(1)............................ 89 Proved Reserves(8)...... 43.2 mmboe Shares outstanding(2)......... 135.1 mm…
  4. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 4
    Core Regions Abraxas Petroleum Corporation Williston: Proved Reserves (mmboe)(1): 43.2 Bakken / Three Forks Proved Developed(1): 32% Oil(1): 56% Current Prod (boe/d) (2): 5,916 Powder River Basin: Turner Legend Rocky…
  5. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 5
    Key Investment Highlights 5,227 net HBP acres prospective for the Wolfcamp A & Bone Spring intervals Emerging Delaware Basin Recent Wolfcamp A & Bone Spring offset results demonstrate +1,500 boe/d 24-hour average rates and Austin…
  6. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 6
    2016 Operating and Financial Guidance 2016 Capex Budget Allocation 2016 Operating Guidance Capital % of Gross Net Low High Area Operating Costs (MM) Total Wells Wells Case Case Permian - Delaware 10.0 25.0% 2.0 1.0 LOE (/BOE) 8.0…
  7. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 7
    Asset Base Overview 8
  8. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 8
    Abraxas Delaware Basin Assets Wolfcamp & Bone Spring Potential 5,227 net HBP acres located on the eastern edge of the Delaware Basin in Reeves/Ward County 42 gross / 27 net geologically risked potential horizontal locations…
  9. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 9
    Wolfcamp Overpressure A Well along strike to AXAS leases A A A Contours are amount of overpressure in MPa (10 MPa = 1450 psi) Luo et al 1994 10
  10. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 10
    3rd Bone Spring and Wolfcamp Comparison of Abraxas Leases to WC/BS Horizontal Activity 3rd Bone Spring and Wolfcamp A thickness similar to basinal wells Horizontals target top of Wolfcamp Lower Wolfcamp interval much thicker in…
  11. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 11
    3rd Bone Spring and Wolfcamp Abraxas Lease Areas: 3rd Bone Spring and Wolfcamp A present, relatively consistent Lower Wolfcamp and underlying Penn. interval, variable 12
  12. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 12
    3rd Bone Spring-Wolfcamp A Thickness Isopach (Thickness) Map of 3rd Bone Felix Energy Holdings II, LLC Recent Permits Spring & Wolfcamp A with Wolfcamp/Bone Spring wells drilled Pyote Flats 98-34-1H (Jagged Peak) 11 mos Oil / Gas…
  13. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 13
    Strong Offset Operator Results Abraxas acreage is located on the eastern platform of the play Jagged Peak has been the most active operator in the area to date achieving attractive results in both the Wolfcamp and Bone Spring 3…
  14. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 14
    Bakken / Three Forks North Fork/Lillibridge Potential 3,902 net HBP acres located in the core of the Williston Basin in Mckenzie County, ND de-risked Bakken and Three Forks 30 operated completed wells 6 operated wells completing…
  15. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 15
    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…
  16. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 16
    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 17
  17. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 17
    Austin Chalk Jourdanton 7,776 total net acres located in the Jourdanton Field perspective for the Austin Chalk in Atascosa County, TX 90+ wells of Austin Chalk potential 5.0 million D&C costs for 5,000 laterals Targeted EURs…
  18. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 18
    Atascosa Trough Vertical Chalk Production (Cumulative Oil) Jourdanton Lease Block Karnes Trough Atascosa Trough 19
  19. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 19
    Karnes Trough Vertical and Horizontal Austin Chalk Production (Cumulative Oil) Blackbrush Kolodziej-Pawelek Unit 102H CUM Production Oil: 208 MBO Gas: 389 MMCF 7 Months Blackbrush Annie Trail/Yanta 11 14 Months EOG…
  20. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 20
    Key Investment Highlights 5,227 net HBP acres prospective for the Wolfcamp A & Bone Spring intervals Emerging Delaware Basin Recent Wolfcamp A & Bone Spring offset results demonstrate +1,500 boe/d 24-hour average rates and Austin…
  21. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 21
    Appendix 22
  22. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 22
    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…
  23. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 23
    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…
  24. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 24
    Eagle Ford Jourdanton Jourdanton 7,352 net acre lease block, 100% WI 90+ well Eagle Ford potential North Fault Block Held by production Eight wells drilled 36+ additional potential well locations South Fault Block One…
  25. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 25
    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…
  26. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 26
    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…
  27. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 27
    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…
  28. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 28
    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…
  29. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 29
    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…
  30. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 30
    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…
  31. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 31
    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
  32. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 32
    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…
  33. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 33
    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…
  34. Q2 2016 Earnings Presentation – Abraxas Petroleum Corp. – slide 34
    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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