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July 2017 Corporate Update – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Jul 31, 2017 · 22 slides

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Slides

  1. July 2017 Corporate Update – Abraxas Petroleum Corp. – slide 1
    Abraxas Petroleum Corporate Update July 2017 Raven Rig 1; McKenzie County, ND
  2. July 2017 Corporate Update – Abraxas Petroleum Corp. – slide 2
    Corporate Profile NASDAQ: AXAS Headquarters.......................... San Antonio EV/BOE(2,3) 6.55 Employees(1)............................ 84 Proved Reserves(4).. 44.7 mmboe Shares outstanding(2)......... 163.9 mm NBV Non-Oil &…
  3. July 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 (boepd) (2): 6,820 Legend Rocky Mountain South Texas Permian Basin…
  4. July 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 71.3(1) 59.4% 7.0 6.0 LOE (/BOE)…
  5. July 2017 Corporate Update – Abraxas Petroleum Corp. – slide 5
    Key Investment Highlights 8,497(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. July 2017 Corporate Update – Abraxas Petroleum Corp. – slide 6
    Asset Base Overview 7
  7. July 2017 Corporate Update – Abraxas Petroleum Corp. – slide 7
    Catalyst 1 Permian Basin Wolfcamp & Bone Spring Ward/Reeves 8,497 (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. July 2017 Corporate Update – Abraxas Petroleum Corp. – slide 8
    Delaware Basin Caprito Development Plan First Pad Caprito 98-201H & Caprito 98-301HR Wolfcamp A1 Caprito 201H flowing back Wolfcamp A2 Caprito 301HR flowing back Second Pad Section 83 Pad Two Well Pad (1) Wolfcamp A2 Caprito…
  9. July 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. July 2017 Corporate Update – Abraxas Petroleum Corp. – slide 10
    Delaware Wolfcamp Wolfcamp A2 Well Economics Wolfcamp: Type Curve Assumptions Wolfcamp: ROR vs WTI Abraxas EOY16 Assumptions 604 MBOE gross type curve 77% Oil Initial rate: 1266 boepd di: 99.95% dm: 6.0% b-factor: 1.3 Booked…
  11. July 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 41 operated completed wells 3 operated wells drilling 5 non-operated wells…
  12. July 2017 Corporate Update – Abraxas Petroleum Corp. – slide 12
    Bakken/Three Forks Completion Design Highlights Metrics Cemented liners and high density perf Prop - 870 lbs/ft clusters o create more frac points Fluid 15 bbls/ft o enhance SRV o help localize the stimulation. Fluid type -…
  13. July 2017 Corporate Update – Abraxas Petroleum Corp. – slide 13
    Middle Bakken North Fork Economics Middle Bakken: Type Curve Assumptions Middle Bakken: ROR vs WTI Abraxas EOY16 Assumptions 845 MBOE gross type curve 76% Oil Initial rate: 1120 boepd di: 98.5% dm: 8.0% b-factor: 1.5 CWC: 6.0…
  14. July 2017 Corporate Update – Abraxas Petroleum Corp. – slide 14
    Three Forks North Fork Economics Three Forks: Type Curve Assumptions Three Forks: ROR vs WTI 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…
  15. July 2017 Corporate Update – Abraxas Petroleum Corp. – slide 15
    Jourdanton Eagle Ford/Austin Chalk 9,360 net acres located in Atascosa County, TX prospective for the Eagle Ford and Austin Chalk 2017 Capex plans call for drilling 1 net 6,700 lateral well and leasing Shut Eye 1H EF Test…
  16. July 2017 Corporate Update – Abraxas Petroleum Corp. – slide 16
    Eagle Ford Enhanced Completion Design Highlights Metrics Employing high density clusters and Prop - 2000 lbs/ft diverters for first time o create more frac points Fluid 40 bbls/ft o increase cluster efficiency o enhance SRV Fluid…
  17. July 2017 Corporate Update – Abraxas Petroleum Corp. – slide 17
    Catalyst 4 Potential Asset Sales Since January 1, 2016, Abraxas has monetized approximately 40.1 million(1) of non-core assets. Abraxas is currently marketing several additional non-core assets. If successful, proceeds will be used…
  18. July 2017 Corporate Update – Abraxas Petroleum Corp. – slide 18
    Appendix 19
  19. July 2017 Corporate Update – Abraxas Petroleum Corp. – slide 19
    Abraxas Hedging Profile 3Q17 4Q17 2018 2019 Oil Swaps (bbls/day) 2,392 2,555 1,960 1,200 NYMEX WTI (1) 54.48 54.48 48.04 54.54 WTI Midland / WTI CMA 500 500 (bbls/day) Differential (/bbl) (0.65) (0.65) Henry Hub Costless…
  20. July 2017 Corporate Update – Abraxas Petroleum Corp. – slide 20
    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…
  21. July 2017 Corporate Update – Abraxas Petroleum Corp. – slide 21
    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…
  22. July 2017 Corporate Update – Abraxas Petroleum Corp. – slide 22
    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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