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September 2016 Corporate Presentation – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Sep 23, 2016 · 30 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 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 1
    Abraxas Upcoming Catalysts September 2016 Raven Rig 1; McKenzie County, ND
  2. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 2
    Corporate Profile NASDAQ: AXAS Headquarters.......................... San Antonio EV/BOE(3,4,5)... 6.81 Employees(1)............................ 85 Proved Reserves(8)...... 43.2 mmboe Shares outstanding(2)......... 135.1 mm…
  3. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 3
    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): 4,883 Powder River Basin: Turner Legend Rocky…
  4. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 4
    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 1.5 LOE (/BOE) 8.0…
  5. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 5
    Upcoming Catalysts 6
  6. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 6
    Catalyst 1 Bakken / Three Forks 3,902 net HBP acres located in the core of the Williston Basin in Mckenzie County, ND de-risked Bakken and Three Forks 36 operated completed wells 1 non-operated well waiting on completion Expected…
  7. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 7
    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 8
  8. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 8
    Catalyst 2 Austin Chalk 7,776 total net acres located in the Jourdanton Field perspective for the Austin Chalk in Atascosa County, TX 5.0 million D&C costs for 5,000 laterals Targeted EURs of 400 mbo for 5,000 lateral Fist…
  9. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 9
    Atascosa Trough Vertical Chalk Production (Cumulative Oil) Jourdanton Lease Block Karnes Trough Atascosa Trough 10
  10. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 10
    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…
  11. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 11
    Catalyst 3 Permian Basin Wolfcamp & Bone Spring Ward/Reeves 5,248 net HBP acres located on the eastern edge of the Delaware Basin in Reeves/Ward County Four identified potential zones (Bone Spring, Wolfcamp) Potential gross…
  12. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 12
    Additional Delaware Acreage Permian Basin Wolfcamp & Bone Spring Pecos 563 net acres located in Pecos County Held by Production Four potential gross locations (Wolfcamp A) 13
  13. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 13
    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…
  14. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 14
    3rd Bone Spring and Wolfcamp Abraxas Lease Areas: 3rd Bone Spring and Wolfcamp A present, relatively consistent Lower Wolfcamp and underlying Penn. interval, variable 15
  15. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 15
    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…
  16. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 16
    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 Felix area to date achieving attractive results in both the Rock of Ages Four Mile…
  17. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 17
    Catalyst 4 Additional Assets 2016 to date, Abraxas has monetized approximately 24.2 million(1) of non-core assets. Abraxas is currently marketing several additional non-core assets. If successful, proceeds will be used to further…
  18. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 18
    Abraxas Hedging Profile Q3 2016 Q4 2016 2017 2018 Oil Swaps (bbls/day) 1948 2500 2401 1796 NYMEX WTI (1) 39.04 43.25 54.53 47.48 (1) Straight line average price. 19
  19. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 19
    Appendix 20
  20. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 20
    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…
  21. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 21
    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…
  22. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 22
    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…
  23. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 23
    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…
  24. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 24
    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…
  25. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 25
    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…
  26. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 26
    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…
  27. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 27
    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…
  28. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 28
    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…
  29. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 29
    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…
  30. September 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 30
    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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