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December 2016 Corporate Presentation – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Dec 7, 2016 · 27 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. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 1
    Exhibit 99.1 Abraxas Sprinting Into 2017. December 2016 Raven Rig 1; McKenzie County, ND
  2. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 2
    Corporate Profile NASDAQ: AXAS Headquarters.......................... San Antonio EV/BOE(3,4,5)... 8.98 Employees(1)............................ 83 Proved Reserves(8)...... 43.2 mmboe Shares outstanding(2)......... 135.1 mm…
  3. December 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): 5,955 Powder River Basin: Turner Legend Rocky…
  4. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 4
    2017 Operating and Financial Guidance 2017 Capex Budget Allocation 2017 Operating Guidance Capital % of Gross Net Low High Area Operating Costs (MM) Total Wells Wells Case Case Permian - Delaware 11.0 18.3% 2.0 2.0 LOE (/BOE) 6.00…
  5. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 5
    Upcoming Catalysts 6
  6. December 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 37 operated completed wells 1 non-operated well waiting on completion Expected…
  7. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 7
    Bakken / Three Forks Stenehjem 10H-15H Completion Old Design New Design 2400 bbls / 165k prop 3500 bbls / 185k prop 30 BPM 45 BPM Xlink gel Ramped & diverted HCFR 8
  8. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 8
    Bakken / Three Forks North Fork Economics Middle Bakken: Type Curve Assumptions Middle Bakken: ROR vs CAPEX (1) Abraxas Booked Assumptions Abraxas Updated Assumptions 533 MBOE gross type curve 728 MBOE gross type curve 78% Oil…
  9. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 9
    Catalyst 2 Permian Basin Wolfcamp & Bone Spring Ward/Reeves 5,811 net HBP acres located on the eastern edge of the Delaware Basin in Reeves/Ward/Pecos County (Pecos not shown) Four identified potential zones (Bone Spring,…
  10. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 10
    3rd Bone Spring-Wolfcamp A Thickness Isopach (Thickness) Map of 3rd Bone Felix Energy Holdings II, LLC Recently drilled Spring & Wolfcamp A with Wolfcamp/Bone Spring wells drilled Pyote Flats 98-34-1H (Jagged Peak) 11 mos Oil / Gas…
  11. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 11
    Wolfcamp Caprito 99-101H Completion Design Completion Design Treating Plot Example Stages: 25 Total Prop: 10.5mm lb (2400 lbs/ft) Total Fluid: 358,000 bbls (80 bbls/ft) Avg PPA: 0.71 ppg Avg Rate: 80 BPM Diversions:…
  12. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 12
    Catalyst 3 Austin Chalk 7,642 total net acres located in the Jourdanton Field perspective for the Austin Chalk in Atascosa County, TX 5.25 million D&C costs for 5,000 laterals 2017 Capex plans call for drilling 2 net (2 gross)…
  13. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 13
    Catalyst 4 Potential Asset Sales 2016 to date, Abraxas has monetized or has under contract approximately 35.5 million(1) of non- core assets. Abraxas is currently marketing several additional non-core assets. If successful, proceeds…
  14. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 14
    Abraxas Hedging Profile Q4 2016 2017 2018 2019 Oil Swaps (bbls/day) 2500 2401 1796 1200 NYMEX WTI (1) 43.25 54.53 47.48 54.54 (1) Straight line average price. 15
  15. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 15
    Appendix 16
  16. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 16
    Abraxas Eagle Ford Properties 11,109 Net Acres Jourdanton Area Jourdanton Area Atascosa County Black oil 7,642 net acres Cave Area McMullen County Black oil 411 net acres Dilworth East Area McMullen County Oil/condensate…
  17. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 17
    Eagle Ford Jourdanton Jourdanton 7,642 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…
  18. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 18
    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…
  19. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 19
    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…
  20. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 20
    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…
  21. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 21
    Powder River Basin Turner Sandstone Horizontal Play Porcupine Area: Turner Sandstone 2,088 net acres (100% HBP) in an active area of Campbell and Converse counties 30% state / 70% federal Current producing wells: 5 (3 operated)…
  22. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 22
    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…
  23. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 23
    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…
  24. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 24
    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…
  25. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 25
    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…
  26. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 26
    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…
  27. December 2016 Corporate Presentation – Abraxas Petroleum Corp. – slide 27
    NASDAQ: AXAS 28

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