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September 2017 Corporate Presentation – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Sep 8, 2017 · 25 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 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 1
    Abraxas Petroleum Corporate Update September2017 Raven Rig 1; McKenzie County, ND
  2. September 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 2
    Corporate Profile NASDAQ: AXAS Headquarters.......................... San Antonio EV/BOE(2,3) 8.06 Employees(1)............................ 86 Proved Reserves(4).. 44.7 mmboe Shares outstanding(2)......... 165.9 mm NBV NonOil &…
  3. September 2017 Corporate Presentation – 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): 5,172 Legend Rocky Mountain South Texas Permian Basin…
  4. September 2017 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 71.3(1) 59.4% 7.0 6.0 LOE (/BOE) 5.00…
  5. September 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 5
    Abraxas CAPEX & Production Outlook (1) 20172019 in Boepd Assumes one rig in the Bakken/Three Forks and one rig in the Delaware 16,000 Incremental Eagle Ford/Austin Chalk (2) 14,000 Barrels of Equivalent per Day (Boepd)…
  6. September 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 6
    Key Investment Highlights 8,368 (1) net HBP acres prospective for the Wolfcamp A, B & Bone Spring intervals Plan to test multiple prospective zones in 2017 Delaware Basin Exposure Continue to actively lease and pursue acquisitions…
  7. September 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 7
    Asset Base Overview 8
  8. September 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 8
    Delaware Basin Permian Basin Wolfcamp & Bone Spring Ward/Reeves 8,368 (1) net HBP acres located in the eastern core of the Delaware Basin Up to five identified potential zones (Bone Spring, Wolfcamp) Favorable net revenue…
  9. September 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 9
    Delaware Basin Caprito Development Plan First Pad Caprito 98201H & Caprito 98301HR Wolfcamp A1 Caprito 201H producing Wolfcamp A2 Caprito 301HR producing Second Pad Section 83 Pad Two Well Pad (1) Wolfcamp A2 Caprito 83304H…
  10. September 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 10
    Delaware Basin Downspacing Example Phantom Field Spacing 1320 between wells same zone 660 downspacing potential Pattern repeats for additional targets Drilling Targets include 4 benches 3rd Bone Spring Upper Wolfcamp A1 Upper…
  11. September 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 11
    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% bfactor: 1.3 Booked…
  12. September 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 12
    Bakken/Three Forks Bakken / Three Forks 4,013 net HBP acres located in the core of the Williston Basin in McKenzie County, ND derisked Bakken and Three Forks 41 operated completed wells Estimated 35 additional operated wells…
  13. September 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 13
    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 HCFR…
  14. September 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 14
    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% bfactor: 1.5 CWC: 6.0…
  15. September 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 15
    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% bfactor: 1.5 CWC: 6.0…
  16. September 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 16
    Three Forks Cum Oil vs. Pressure Performance Three Forks: Type Curve Assumptions 17
  17. September 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 17
    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…
  18. September 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 18
    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…
  19. September 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 19
    Focusing the Portfolio Executed Asset Sales Since January 1, 2016, Abraxas has monetized approximately 40.1 million(1) of noncore assets. Abraxas is currently marketing additional noncore assets. If successful, proceeds will be used…
  20. September 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 20
    Appendix 21
  21. September 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 21
    Abraxas Hedging Profile 3Q17 4Q17 2018 2019 Oil Swaps (bbls/day) 2,417 4,063 2,651 1,200 NYMEX WTI (1) 54.60 52.82 48.53 54.54 WTI Midland / WTI CMA (bbls/day) 500 500 Differential (/bbl) (0.65) (0.65) Henry Hub Costless…
  22. September 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 22
    Adjusted EBITDA Reconciliation Adjusted EBITDA is defined as net income plus interest expense, depreciation, depletion and amortization expenses, deferred income taxes and other noncash items. The following table provides a…
  23. September 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 23
    TTM Adjusted EBITDA Reconciliation Adjusted EBITDA is defined as net income plus interest expense, depreciation, depletion and amortization expenses, deferred income taxes and other noncash items. The following table provides a…
  24. September 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 24
    Standardized Measure Reconciliation PV10 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. PV10 is considered a nonGAAP financial…
  25. September 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 25
    NASDAQ: AXAS 26

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