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February 2017 Corporate Update – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Feb 6, 2017 · 19 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. February 2017 Corporate Update – Abraxas Petroleum Corp. – slide 1
    Abraxas Petroleum Corporate Update February 2017 Raven Rig 1; McKenzie County, ND
  2. February 2017 Corporate Update – Abraxas Petroleum Corp. – slide 2
    Corporate Profile NASDAQ: AXAS Headquarters.......................... San Antonio EV/BOE(2,3) 10.07 Employees(1)............................ 85 Proved Reserves(4).. 43.2 mmboe Shares outstanding(2)......... 163.9 mm PV-10(4)…
  3. February 2017 Corporate Update – Abraxas Petroleum Corp. – slide 3
    Core Regions Abraxas Petroleum Corporation Williston: Proved Reserves (mmboe)(1): 43.2 Bakken / Three Forks Proved Developed: 40% Oil: 56% Current Prod (boe/d) (2): 5,955 Legend Rocky Mountain South Texas Permian Basin…
  4. February 2017 Corporate Update – 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 52.5 47.7% 7.0 6.0 LOE (/BOE) 6.00…
  5. February 2017 Corporate Update – Abraxas Petroleum Corp. – slide 5
    Key Investment Highlights 5,853(1) net HBP acres prospective for the Wolfcamp A & Bone Spring intervals Plan to test multiple prospective zones in 2017 Delaware Basin Exposure Continue to actively lease and pursue acquisitions in the…
  6. February 2017 Corporate Update – Abraxas Petroleum Corp. – slide 6
    Asset Base Overview 7
  7. February 2017 Corporate Update – Abraxas Petroleum Corp. – slide 7
    Catalyst 1 Permian Basin Wolfcamp & Bone Spring Ward/Reeves 5,882 (1) net HBP acres located on the eastern edge of the Delaware Basin in Reeves/Ward/Pecos County (Pecos not shown) Up to five identified potential zones (Bone Spring,…
  8. February 2017 Corporate Update – Abraxas Petroleum Corp. – slide 8
    Wolfcamp Caprito 99-101H Completion Design Completion Design Treating Plot Example Stages: 25 Total Prop: 10.5mm lb (2,400 lbs/ft) Total Fluid: 358,000 bbls (80 bbls/ft) Avg PPA: 0.71 ppg Avg Rate: 80 BPM Diversions:…
  9. February 2017 Corporate Update – Abraxas Petroleum Corp. – slide 9
    Delaware Wolfcamp Wolfcamp A2 Well Economics Wolfcamp: Type Curve Assumptions Wolfcamp: ROR vs CAPEX (1) Abraxas Booked Assumptions Abraxas Updated Assumptions 588 MBOE gross type curve 650 MBOE gross type curve 82% Oil 92% Oil…
  10. February 2017 Corporate Update – Abraxas Petroleum Corp. – slide 10
    Catalyst 2 Bakken / Three Forks 4,013 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…
  11. February 2017 Corporate Update – Abraxas Petroleum Corp. – slide 11
    Bakken / Three Forks Stenehjem 10H-15H Completion Old Design New Design 2,400 bbls / 165k prop 3,500 bbls / 185k prop 30 BPM 45 BPM Xlink gel Ramped & diverted HCFR 12
  12. February 2017 Corporate Update – Abraxas Petroleum Corp. – slide 12
    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…
  13. February 2017 Corporate Update – Abraxas Petroleum Corp. – slide 13
    Catalyst 3 Austin Chalk 7,685 total net acres located in the Jourdanton Field prospective for the Austin Chalk in Atascosa County, TX 5.5 million D&C costs for 5,000 laterals 2017 Capex plans call for drilling 2 net (2 gross)…
  14. February 2017 Corporate Update – Abraxas Petroleum Corp. – slide 14
    Catalyst 4 Potential Asset Sales Since January 1, 2016, Abraxas has monetized approximately 26.9 million of non-core assets. Abraxas is currently marketing several additional non-core assets. If successful, proceeds will be used to…
  15. February 2017 Corporate Update – Abraxas Petroleum Corp. – slide 15
    Appendix 16
  16. February 2017 Corporate Update – Abraxas Petroleum Corp. – slide 16
    Abraxas Hedging Profile 2017 2018 2019 Oil Swaps (bbls/day) 2,401 1,796 1,200 NYMEX WTI (1) 54.53 47.48 54.54 WTI Midland / WTI CMA (bbls/day) 500 Differential (/bbl) (0.65) Henry Hub Costless Collar (mmbtu/day) 5,000 Ceiling…
  17. February 2017 Corporate Update – Abraxas Petroleum Corp. – slide 17
    Adjusted EBITDA Reconciliation Adjusted 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…
  18. February 2017 Corporate Update – Abraxas Petroleum Corp. – slide 18
    TTM Adjusted EBITDA Reconciliation Adjusted 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…
  19. February 2017 Corporate Update – Abraxas Petroleum Corp. – slide 19
    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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