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April 2017 Corporate Update – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Apr 4, 2017 · 20 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. April 2017 Corporate Update – Abraxas Petroleum Corp. – slide 1
    Abraxas Petroleum Corporate Update April 2017 Raven Rig 1; McKenzie County, ND
  2. April 2017 Corporate Update – Abraxas Petroleum Corp. – slide 2
    Corporate Profile NASDAQ: AXAS Headquarters.......................... San Antonio EV/BOE(2,3) 7.64 Employees(1)............................ 84 Proved Reserves(4).. 44.7 mmboe Shares outstanding(2)......... 163.9 mm NBV Non-Oil &…
  3. April 2017 Corporate Update – Abraxas Petroleum Corp. – slide 3
    Core Regions Abraxas Petroleum Corporation Williston: Proved Reserves (mmboe)(1): 44.7 Bakken / Three Forks Proved Developed: 31% Oil: 54% Current Prod (boe/d) (2): 7,953 Legend Rocky Mountain South Texas Permian Basin…
  4. April 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. April 2017 Corporate Update – Abraxas Petroleum Corp. – slide 5
    Key Investment Highlights 5,749(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. April 2017 Corporate Update – Abraxas Petroleum Corp. – slide 6
    Asset Base Overview 7
  7. April 2017 Corporate Update – Abraxas Petroleum Corp. – slide 7
    Catalyst 1 Permian Basin Wolfcamp & Bone Spring Ward/Reeves 5,749(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. April 2017 Corporate Update – Abraxas Petroleum Corp. – slide 8
    Delaware Basin Caprito Development Plan First Pad Caprito 98-201H & Caprito 98-301HR Caprito 201H target window Wolfcamp A1 wine rack spacing Caprito 301HR target window Wolfcamp A2 (same as 99-302H) Section 83 Pad Two Well Pad…
  9. April 2017 Corporate Update – Abraxas Petroleum Corp. – slide 9
    Delaware Basin Wine Rack Drilling and Completion Phantom Field Spacing 1320 between wells same zone 330 between wells Pattern repeats for additional targets Drilling Targets include 4 benches 3rd Bone Spring Upper Wolfcamp A1…
  10. April 2017 Corporate Update – Abraxas Petroleum Corp. – slide 10
    Delaware Wolfcamp Wolfcamp A2 Well Economics Wolfcamp: Type Curve Assumptions Wolfcamp: ROR vs CAPEX (1) Abraxas EOY16 Assumptions 604 MBOE gross type curve 77% Oil Initial rate: 1266 boepd di: 99.95% dm: 6.0% b-factor: 1.3…
  11. April 2017 Corporate Update – Abraxas Petroleum Corp. – slide 11
    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 4 operated wells waiting on completion 1…
  12. April 2017 Corporate Update – Abraxas Petroleum Corp. – slide 12
    Middle Bakken North Fork Economics Middle Bakken: Type Curve Assumptions Middle Bakken: ROR vs CAPEX (1) Abraxas EOY16 Assumptions 845 MBOE gross type curve 76% Oil Initial rate: 1120 boepd di: 98.5% dm: 8.0% b-factor: 1.5…
  13. April 2017 Corporate Update – Abraxas Petroleum Corp. – slide 13
    Three Forks North Fork Economics Three Forks: Type Curve Assumptions Three Forks: ROR vs CAPEX (1) Abraxas EOY16 Assumptions 723 MBOE gross type curve 73% Oil Initial rate: 1000 boepd di: 98.5% dm: 8.0% b-factor: 1.5 CWC: 6.0…
  14. April 2017 Corporate Update – Abraxas Petroleum Corp. – slide 14
    Jourdanton Eagle Ford/Austin Chalk 7,685 total net acres located in the Jourdanton Field prospective for the Eagle Ford and Austin Chalk in Atascosa County, TX 5.5 million D&C costs for 5,000 laterals 2017 Capex plans call for…
  15. April 2017 Corporate Update – Abraxas Petroleum Corp. – slide 15
    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…
  16. April 2017 Corporate Update – Abraxas Petroleum Corp. – slide 16
    Appendix 17
  17. April 2017 Corporate Update – Abraxas Petroleum Corp. – slide 17
    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…
  18. April 2017 Corporate Update – Abraxas Petroleum Corp. – slide 18
    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. April 2017 Corporate Update – Abraxas Petroleum Corp. – slide 19
    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…
  20. April 2017 Corporate Update – Abraxas Petroleum Corp. – slide 20
    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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