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January 2018 Corporate Update – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Jan 31, 2018 · 21 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. January 2018 Corporate Update – Abraxas Petroleum Corp. – slide 1
    Abraxas Petroleum Corporate Update January 2018 Raven Rig 1; McKenzie County, ND
  2. January 2018 Corporate Update – Abraxas Petroleum Corp. – slide 2
    Corporate Profile NASDAQ: AXAS Headquarters.......................... San Antonio EV/BOE(1,2) 11.46 Shares outstanding(1)......... 165.9 mm Proved Reserves(3).. 44.7 mmboe Market cap(1) .... 409.7 mm NBV NonOil & Gas Assets(4)…
  3. January 2018 Corporate Update – Abraxas Petroleum Corp. – slide 3
    Key Investment Highlights 9,208(1) 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…
  4. January 2018 Corporate Update – 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 71.2 50.9% 12.0 9.0 LOE (/BOE) 4.00…
  5. January 2018 Corporate Update – Abraxas Petroleum Corp. – slide 5
    Abraxas D&C CAPEX & Production Outlook(1) 20172019 in Boepd Assumes one rig in the Bakken/Three Forks and one rig in the Delaware 16,000 14,000 Barrels of Equivalent per Day (Boepd) 12,000 10,000 Incremental Wolfcamp…
  6. January 2018 Corporate Update – Abraxas Petroleum Corp. – slide 6
    Implied Value Per Acre(1,2) 70,000 60,000 Update if DVN successful 50,000 40,000 30,000 20,000 10,000 0 Peer 5 (1) Peer 2 (1) Peer 3 (1) Peer 4 (1) Peer 6 (1) Peer 10 (1) Peer 1 (1) Peer 9 (1) Peer 8 (1) Peer 7…
  7. January 2018 Corporate Update – Abraxas Petroleum Corp. – slide 7
    Asset Base Overview 8
  8. January 2018 Corporate Update – Abraxas Petroleum Corp. – slide 8
    Delaware Basin Permian Basin Wolfcamp & Bone Spring Ward/Reeves 9,208(1) net acres located in the eastern core of the Delaware Basin Up to five identified potential zones (Bone Spring, Wolfcamp) 160+ gross operated identified…
  9. January 2018 Corporate Update – Abraxas Petroleum Corp. – slide 9
    Surrounding Delaware Activity 1 22 Sealy Ranch 9301H Sealy Ranch Halcon 7 Permitted Wells LL: 10,000 Halcon 9 LL: 10,000 2 Univ Lands Beldin 4H 2 21 Jagged Peak University Land 1H, 3H, & 4H 1 Felix LL: 10,000 LL: 10,000…
  10. January 2018 Corporate Update – 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 producing…
  11. January 2018 Corporate Update – Abraxas Petroleum Corp. – slide 11
    Delaware Wolfcamp Wolfcamp A1 & 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…
  12. January 2018 Corporate Update – 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 44 operated completed wells Est. 28 gross additional operated Bakken/…
  13. January 2018 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% bfactor: 1.5 Assumed…
  14. January 2018 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% bfactor: 1.5 Assumed CWC: 7.0…
  15. January 2018 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 Shut Eye 1H EF Test Producing Enhanced completion design Encouraging early performance…
  16. January 2018 Corporate Update – Abraxas Petroleum Corp. – slide 16
    Appendix 17
  17. January 2018 Corporate Update – Abraxas Petroleum Corp. – slide 17
    Abraxas Hedging Profile 2018 (1) 2019 2020 Oil Swaps (bbls/day) 3,885 2,383 1,200 NYMEX (1) 52.51 55.44 54.33 (1) 2018 daily volumes indicated for February December 2018. January 2018 volumes equate to 3,050 Bopd hedged at…
  18. January 2018 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 noncash items. The following table provides a…
  19. January 2018 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 noncash items. The following table provides a…
  20. January 2018 Corporate Update – Abraxas Petroleum Corp. – slide 20
    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…
  21. January 2018 Corporate Update – Abraxas Petroleum Corp. – slide 21
    NASDAQ: AXAS 22

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