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December 2014 Corporate Update – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Dec 10, 2014 · 39 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. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 1
    Abraxas Petroleum Corporate Update December 2014
  2. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 2
    I. Abraxas Petroleum Overview 3
  3. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 3
    Corporate Profile NASDAQ: AXAS Headquarters.......................... San Antonio EV/BOE(2,3,4)... 14.37 Employees............................... 114 Proved Reserves(7)...... 31.0 mmboe % Oil.. 67% Shares outstanding(1).........…
  4. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 4
    Abraxas Highlights Premier Exposure to core acreage in Bakken, Eagle Ford and Permian Position Targeted acreage acquisitions in geologically controlled areas of core basins Value + Disciplined, ROR focused development model…
  5. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 5
    Reserve / Production Summary High-quality, Long-Lived, Oil Weighted Assets Proved Reserves(1) 31.0 mmboe Production(2) 7,076 boepd Canada Canada 1% Permian 1% Permian 13% 19% Gulf Coast/ Eagle Ford 34% Gulf Coast/ Eagle…
  6. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 6
    Prudent Growth Growing Oil Volumes while Prudently Managing the Balance Sheet Daily Oil Production vs. Debt/TTM Recurring EBITDA (3) 7,000 6.0x 6,000 5.0x (Debt/TTM Recurring EBITDA) 5,000 4.0x 4,000 (Bopd) 3.0x…
  7. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 7
    Core Regions Abraxas Petroleum Corporation Williston: Proved Reserves (mmboe)(1): 31.0 Bakken / Three Forks Proved Developed(1): 44% Liquids(1): 74% Powder River Basin: Turner Legend Rocky Mountain Gulf Coast Permian…
  8. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 8
    II. Strategic Plan 9
  9. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 9
    2015 Capital Budget Flexibility Current 2015 Plan Potential Adjustments Potential Adjusted 2015 Plan Continuous one rig drilling Current commodity price collapse Will continue to monitor without program throughout 2015 leading to a…
  10. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 10
    Strategic Plan 2015+ Considering Potential 2015 Capital Plan Adjustments Business Plan: 2015 and Beyond Focused, high quality drilling inventory Add individual units in Bakken and Eagle Ford in specific geologic areas FOCUSED…
  11. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 11
    III. Abraxas Petroleum Financial Overview 12
  12. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 12
    Current 2014/15 Operating and Financial Guidance(1) 4Q14E 2014E 2015E Production Low High Low High Low High Total (Boepd) 7,700 8,000 6,000 6,100 8,900 9,200 % Oil 70% 68% 71% % NGL 9% 9% 7% % Natural Gas 21% 23% 22% Targeted…
  13. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 13
    Strong Financial Performance Return on Total Assets (%) (1,3) Return on Stockholders Equity (%) (1, 2) 40 50 40 30 30 20 20 10 10 0 0 Co 1. AXAS Co 2. Co 3. Co 4. Co 5. Co 6. Co 7. Co 8. Co 9. AXAS Co 1. Co 2. Co 3. Co 4. Co…
  14. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 14
    IV. Asset Base Overview 15
  15. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 15
    Abraxas Eagle Ford Properties 10,611 Net Acres Jourdanton Area Jourdanton Area Atascosa County Black oil 7,352 net acres Cave Area McMullen County Black oil 411 net acres Dilworth East Area McMullen County Oil/condensate…
  16. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 16
    Eagle Ford Jourdanton Jourdanton 7,352 net acre lease block, 100% WI 90+ well Eagle Ford potential Austin Chalk and Buda also prospective North Fault Block Held by production Six wells drilled 37+ additional potential well…
  17. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 17
    Eagle Ford Jourdanton Performance/Economics Jourdanton Area: Type Curve Assumptions Jourdanton Area: ROR vs CAPEX (1) 20 300 gross MBoe curve 87% oil 15 ROR (%) Initial rate: 11,500 bopm 10 di: 97.00% 5 dm: 7% 0…
  18. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 18
    Eagle Ford Cave Cave 411 net acre lease block, 100% WI Additional locations (red) Two 9,000 lateral locations Best month cumulative oil shown in green Offset operators : 8-10 mbo Abraxas Dutch 2H: 29 mbo Dutch 2H 30 day…
  19. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 19
    Eagle Ford Cave Area Performance/Economics Cave Area: Type Curve Assumptions Cave Area: ROR vs CAPEX (1) 30 584 MBoe gross type curve 83% oil 20 ROR (%) Initial rate: 22,100 bopm 10 di: 98.0% dm: 7.0% 0 b-factor: 1.3…
  20. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 20
    Eagle Ford Dilworth East Dilworth East 940 acre lease block, 100% WI 9 additional locations (red) 5,000+ lateral length R. Henry 2H 30 day IP: 780 boepd (1) On production Additional 2014 Activity R. Henry 1H: drilling…
  21. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 21
    Eagle Ford Focused on Execution Well Area Lat. Length Stages 30-day IP (boepd) Status T-Bird 1H Nordheim 5,102 15 1,202 (2) Sold 13 WyCross Wells WyCross 5,000 7,500 18 29 466 1,184 (1,2) Sold Blue Eyes 1H Jourdanton 5,000 22…
  22. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 22
    Bakken / Three Forks Positioned in Core Areas 4,457 Net Acres North Fork Area McKenzie County, ND Lillibridge Area McKenzie County, ND South Elm Coulee Lillibridge South Elm Coulee Area Richland County, MT North Fork 23
  23. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 23
    Bakken / Three Forks North Fork/Lillibridge Potential North Fork 12 completed wells 3 wells completing Planned nine multi-well pads at 660 foot spacing 42 additional wells at 660 foot spacing Additional 2nd and 3rd Bench Three…
  24. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 24
    Bakken / Three Forks North Fork/Lillibridge Performance/Economics Middle Bakken: Type Curve Assumptions Middle Bakken: ROR vs CAPEX (1) 40 D&M/Booked Assumptions Abraxas Internal Assumptions 434 MBOE gross type curve 536 MBOE…
  25. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 25
    Bakken / Three Forks Focused on Execution Well Objective Lat. Length (1) Stages (1) 30-day IP (boepd) (2) Status Ravin 1H Three Forks 10,000 23 391 Producing Stenehjem 1H Middle Bakken 6,000 17 688 Producing Jore Federal 3H…
  26. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 26
    Permian Basin Sharon Ridge - Westbrook: Clearfork Trend Sharon Ridge/Westbrook: Clearfork Trend 89 active wells San Andres, Glorietta, Clearfork Cooperative water flood on some leases 110 potential new-drills, recompletes or…
  27. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 27
    Permian Basin Reeves/Ward County Bone Spring/Wolfcamp Potential Ward County Ward County 2,592/2,196 gross/net prospective (1) acres 413/340 gross/net prospective (1) acres 28 potential (1) gross Wolfcamp locations 3 potential (1)…
  28. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 28
    Why Abraxas Low Risk Bakken and Eagle Ford Development Substantial Unbooked Potential Upside Significant Operational and Financial Flexibility Strong Rate of Return Driven Production Growth Prudent Financial…
  29. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 29
    Appendix 30
  30. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 30
    Additional Assets Opportunity Overview Abraxas Assets 2014 Development Stacked pay, liquids-rich horizontal Primarily in Converse and Campbell Marketing portion of assets: opportunities in Campbell, counties Appx 2,088 net acres at…
  31. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 31
    Abraxas Hidden Gas Portfolio Edwards (South Texas) PDP: 8.3 bcfe (net)(3) Previous risked offsetting PUD locations: 27.9 bcfe (net) (4) 11 gross / 7 net locations dropped to PRUD (SEC 5 year rule) 7 gross / 5 net locations drilled…
  32. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 32
    Powder River Basin Turner Sandstone Horizontal Play Powder River Basin: Turner Sandstone Isopach of Turner thickness Multiple producing vertical wells, tight sandstone Horizontal exploitation with multi-stage fracs recently…
  33. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 33
    Powder River Basin Campbell & Converse Co., WY Powder River Basin: Turner Sandstone Porcupine Field 26/9 gross/net wells Approximately 2,300 net acres Hedgehog State 16-2H Cum Production (1): 260 mboe Gross/net: 68/58 mbo…
  34. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 34
    Portilla Field San Patricio County, TX 100% Surface Ownership Portilla Field Annual CAPEX of 1 million to maintain flat decline rate Infill and work over opportunities 100% WI ownership Abraxas owns 1,769 surface acres Ideal…
  35. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 35
    Permian Basin Bell, Cherry and Brushy Canyon Production Abraxas Cherry Canyon Field: 30 Active Wells, three zones Waterflood potential 27 active wells Eight Proposed Injection Wells Horizontal potential Cum production (1) 5…
  36. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 36
    Permian Basin Howe Deep Howe Deep: One active Montoya well Five active Devonian wells Horizontal Wolfcamp Potential Cum production (1) 62 bcf Gross Current production (2) 1,325 mcfepd Net (1) Cum production estimated…
  37. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 37
    Permian Basin R.O.C. Deep R.O.C. Deep: Six active Montoya wells Four active Devonian wells One active Ellenburger well Cum production (1) 138 bcf Gross Current production (2) 1,290 mcfepd Net (1) Cum production estimated…
  38. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 38
    Abraxas Hedging Profile Crude Oil Percentage Hedged per 12/31/13 PDP Natural Gas Percentage Hedged per 12/31/13 PDP 2014 2015 2016 2017 2014 2015 2016 2017 Argus LLS 101.26 NYMEX Henry Hub 4.10 4.08 NYMEX WTI 90.74 85.04 84.10…
  39. December 2014 Corporate Update – Abraxas Petroleum Corp. – slide 39
    NASDAQ: AXAS 40

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