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August 2018 Corporate Pretroleum – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Aug 11, 2018 · 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. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 1
    Abraxas Caprito 98 201H; Ward Cty., TX Abraxas Petroleum Corporation August 2018
  2. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 2
    Corporate Profile NASDAQ: AXAS Headquarters.......................... San Antonio EV/BOE(1,3)... 7.55 Shares outstanding(1)......... 166.7 mm Proved Reserves(4).. 61.6 mmboe Market cap(1) .... 378.4 mm NBV Non-Oil & Gas Assets(5)…
  3. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 3
    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…
  4. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 4
    The Abraxas Advantage Capital Structure Benefit RBL represents only meaningful form of leverage, no other balance sheet dilutives Lead underwriter has recently requested increase to 200MM Provides ample liquidity to carry out current…
  5. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 5
    Asset Base Overview 6
  6. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 6
    Delaware Basin Permian Basin Wolfcamp & Bone Spring Map Source: Investor presentations, Drilling Info and management estimates. 7
  7. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 7
    Delaware Basin Inventory Abraxas has identified 361 potential drilling locations assuming 1,320 (160-acre spacing), and 730 potential locations assuming 660 (80-acre) spacing per 1 mile DSU across our leasehold (1) Approximately 32%…
  8. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 8
    Evolution in the Delaware Basin Brick by Brick 2012 2015 Current Abra xa s Operated Acreage Abra xa s Operated Acreage Abra xa s Operated Acreage Abra xa s Non-Operated Acreage Abra xa s Non-Operated Acreage Abra xa s…
  9. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 9
    Recent WTX M&A relative to AXAS leasehold A&D Market Update Delaware A&D Transactions Heat Map(1) Chaves Chaves Gaines Gaines Dawson Dawson Eddy Eddy Lea Lea CONCHO / RSP 103K / Acre 1.7MM / Location Andrews Andrews…
  10. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 10
    Delaware Basin Caprito Development 11
  11. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 11
    Delaware Basin Caprito 99-202H & 211H, Wolfcamp A1 Wolfcamp A1: Type Curve Assumptions Wolfcamp A1: ROR vs WTI Abraxas EOY17 Assumptions 680 MBOE gross type curve 77% Oil Initial rate: 860 boepd di: 95.0% dm: 7.0% b-factor:…
  12. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 12
    Delaware Basin Caprito 99-301H & 311H, Wolfcamp A2 Wolfcamp A2: Type Curve Assumptions Wolfcamp A2: ROR vs WTI Abraxas EOY17 Assumptions 650 MBOE gross type curve 82% Oil Initial rate: 650 boepd di: 95.0% dm: 7.0% b-factor:…
  13. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 13
    Delaware Basin Caprito 82-101H, 3RD Bone Spring 3RD Bone Spring: Type Curve Assumptions 3RD Bone Spring: ROR vs WTI Abraxas EOY17 Assumptions 660 MBOE gross type curve 84% Oil Initial rate: 1100 boepd di: 99.9% dm: 6.0%…
  14. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 14
    Delaware Basin Caprito 83-404H, Wolfcamp B Wolfcamp B: Type Curve Assumptions Wolfcamp B: ROR vs WTI Abraxas EOY17 Assumptions 535 MBOE gross type curve 85% Oil Initial rate: 580 boepd di: 95.0% dm: 7.0% b-factor: 1.4 Assumed…
  15. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 15
    Bakken/Three Forks Bakken / Three Forks (1) The 30-day average rates represent the highest 30 days of production and do not include the impact of natural gas liquids and shrinkage at the processing plant and include flared gas. 16
  16. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 16
    Yellowstone - Middle Bakken North Fork Field Middle Bakken: Type Curve Assumptions Middle Bakken: ROR vs WTI Abraxas EOY17 Assumptions 845 MBOE gross type curve 76% Oil Initial rate: 1120 boepd di: 98.5% dm: 8.0% b-factor:…
  17. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 17
    Yellowstone - Three Forks North Fork Field YELLOWSTONE 6H THREE FORKS 6H-PURPLE; TYPE-BLACK; GEN 1-BLUE; GEN 2-RED; GEN 3-GREEN BOEPD
  18. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 18
    Lillibridge - Middle Bakken Pershing Field Middle Bakken: Type Curve Assumptions Middle Bakken: ROR vs WTI Abraxas EOY17 Assumptions 845 MBOE gross type curve 76% Oil Initial rate: 1120 boepd di: 98.5% dm: 8.0% b-factor: 1.5…
  19. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 19
    Lillibridge - Three Forks Pershing Field LILLIBRIDGE 9H & 11H THREE FORKS 9H-GOLD; 11H-PURPLE; TYPE-BLACK; GEN 1-BLUE; GEN 2-RED; GEN 3-GREEN BOEPD
  20. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 20
    Oil and Gas Marketing & Takeaway Delaware Basin Bakken/Three Forks Oil Marketing and Takeaway Caprito Area: North Fork/Pershing Area: Caprito oil production on pipe in May/June 2018 All oil production on pipe Agreement with third…
  21. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 21
    Abraxas Hedging Profile 2018 (1) 2019 2020 Oil Swaps (bbls/day) 4,238 2,800 2,200 NYMEX (2) 53.70 55.66 54.34 (1) 2018 daily volumes indicated for July December 2018. (2) Straight line average price. Includes 3,984 Bopd and…
  22. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 22
    Appendix 23
  23. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 23
    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…
  24. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 24
    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…
  25. August 2018 Corporate Pretroleum – Abraxas Petroleum Corp. – slide 25
    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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