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November 2017 Corporate Presentation – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Nov 9, 2017 · 22 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. November 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 1
    Abraxas Petroleum Corporate Update November 2017 Raven Rig 1; McKenzie County, ND
  2. November 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 2
    Corporate Profile NASDAQ: AXAS Headquarters.......................... San Antonio EV/BOE(2,3) 9.76 Employees(1)............................ 86 Proved Reserves(4).. 44.7 mmboe Shares outstanding(2)......... 165.9 mm NBV NonOil &…
  3. November 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 3
    Key Investment Highlights 8,131 net HBP acres prospective for the Wolfcamp A, B & Bone Spring intervals Multi-zone development across acreage position Delaware Basin Exposure Continue to actively lease and pursue acquisitions recent…
  4. November 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 4
    2018 Operating and Financial Guidance 2018 Capex Budget Allocation 2018 Operating Guidance Capital % of Gross Net Low High Area Operating Costs (MM) Total Wells Wells Case Case Permian Delaware 51.0(1) 56.6% 10.0 7.0 LOE (/BOE)…
  5. November 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 Incremental Eagle Ford/ 14,000 Austin Chalk (2) Barrels of Equivalent per Day (Boepd) 12,000…
  6. November 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 6
    Implied Value Per Acre(1,2) 60,000 50,000 40,000 Update 30,000 20,000 10,000 0 Peer 1 (1) Peer 2 (1) Peer 3 (1) Peer 4 (1) Peer 5 (1) Peer 6 (1) Peer 7 (1) Peer 8 (1) Peer 9 (1) Peer 10 (1) Average AXAS (3) (1)…
  7. November 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 7
    Asset Base Overview 8
  8. November 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 8
    Delaware Basin Permian Basin Wolfcamp & Bone Spring Ward/Reeves 8,131 net HBP acres located in the eastern core of the Delaware Basin Up to five identified potential zones (Bone Spring, Wolfcamp) 160+ gross operated identified…
  9. November 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 9
    Surrounding Delaware Activity 1 19 Sealy Ranch 9301H Sealy Ranch 7703H Halcon Halcon LL: 10,000 LL: 10,000 2 Univ Lands Beldin 4H 18 Jagged Peak Sealy Ranch 7701H LL: 10,000 Halcon LL: 10,000 3 Caprito 82 202H 17 Abraxas…
  10. November 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 10
    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 Wolfcamp A2 Caprito 83304H flowing…
  11. November 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 Assumed…
  12. November 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 32 gross additional operated…
  13. November 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. November 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 14
    Jourdanton Eagle Ford/Austin Chalk 9,360 net acres located in Atascosa County, TX prospective for the Eagle Ford and Austin Chalk Shut Eye 1H EF Test Flowing back Enhanced completion design Evaluating options to maximize…
  15. November 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 15
    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…
  16. November 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 16
    Focusing the Portfolio Executed Asset Sales Since January 1, 2016, Abraxas has monetized approximately 41.6 million(1) of noncore assets. Abraxas is currently marketing additional noncore assets. If successful, proceeds will be used…
  17. November 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 17
    Appendix 18
  18. November 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 18
    Abraxas Hedging Profile 4Q17 2018 2019 Oil Swaps (bbls/day) 4,063 2,651 1,200 NYMEX WTI (1) 52.82 48.53 54.54 WTI Midland / WTI CMA (bbls/day) 500 Differential (/bbl) (0.65) Henry Hub Costless Collar (mmbtu/day) 5,000 Ceiling…
  19. November 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 19
    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…
  20. November 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 20
    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…
  21. November 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 21
    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…
  22. November 2017 Corporate Presentation – Abraxas Petroleum Corp. – slide 22
    NASDAQ: AXAS 23

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