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May 2014 Corporate Update – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · May 1, 2014 · 38 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. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 1
    Abraxas Petroleum Corporate Update May 2014
  2. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 2
    I. Abraxas Petroleum Overview 3
  3. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 3
    Corporate Profile NASDAQ: AXAS Headquarters.......................... San Antonio EV/BOE(2,3,4)... 18.77 Employees............................... 108 Proved Reserves(7)...... 31.0 mmboe % Oil/Liquids 74% Shares…
  4. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 4
    Abraxas Highlights Premier Exposure to core acreage in top U.S. oil resource plays Position Targeted acreage acquisitions in geologically controlled areas of core basins Value + Low decline legacy production provides solid…
  5. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 5
    Reserve / Production Summary Highquality, LongLived, Oil Weighted Assets Proved Reserves(1) 31.0 mmboe Production(2) 4,189 boepd Canada Canada 1% 2% Permian Gulf Coast/ 19% Permian Eagle Ford 23% 24% Gulf Coast/ Eagle Ford…
  6. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 6
    Growing Oil and Liquids 6,000 Production Net to AXAS 5,000 4,000 63% Oil & Liquids Growth 3,000 1Q121Q14 (Boepd) 2,000 1,000 0 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Liquids Gas Oil/NGL % 51% 52% 52%…
  7. May 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): 42% Liquids : 74% (1) Powder River Basin: Turner Legend Rocky Mountain Gulf Coast…
  8. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 8
    II. Abraxas Petroleum Financial Overview 9
  9. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 9
    2014 Operating and Financial Guidance 2Q14E 2014E Production Low High Low High Total (Boepd) 4,600 4,750 5,200 5,300 % Oil 65% 64% % NGL 7% 9% % Natural Gas 28% 27% Operating Costs Low High Low High LOE (/BOE) 14.00 15.00…
  10. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 10
    III. Strategic Plan 11
  11. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 11
    Strategic Plan 2014+ Business Plan: 2014 and Beyond Focused, high quality drilling inventory FOCUSED Add individual units in Bakken and Eagle Ford in specific geologic areas DEVELOPMENT Better match of cash flow to CAPEX and…
  12. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 12
    IV. Asset Base Overview 13
  13. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 13
    Abraxas Eagle Ford Properties 9,901 Net Acres Jourdanton Area Jourdanton Area Atascosa County Black oil 7,142 net acres Cave Area McMullen County Black oil 411 net acres Dilworth East Area McMullen County Oil/condensate…
  14. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 14
    Eagle Ford Jourdanton Jourdanton Hunt Area 7,142 net acre lease block, 100% WI Recent Activity Abraxas EOG Area Recent 90+ well Eagle Ford potential Grass Farm 1H Activity 1st Prod: 9111 Austin Chalk and Buda also…
  15. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 15
    Eagle Ford Jourdanton North Fault Block HBP by Mid2014 44+ potential well locations North South Fault Block Fault Block 48+ potential well locations 1st well spuds Mid2014 Total 90+ potential well locations 7,142 net…
  16. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 16
    Eagle Ford Blue Eyes Economics Blue Eyes 1H Assumptions: 282/218 MBO gross/net type curve Initial rate: 12,800 bopm di: 98.31% dm: 7% bfactor: 1.3 Uses strip pricing as of April 1, 2014 Blue Eyes 1H Production Blue Eyes 1H…
  17. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 17
    Impact of Jourdanton Potential Production Impact if Successful One Rig Two Rigs (mm) (mm) Incremental Yearly CAPEX Requirement (1) 84 168 Production Scenarios (1,2) 11,000 Yearly Avereage Production 10,000 9,000…
  18. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 18
    Eagle Ford Cave Cave 411 net acre lease block, 100% WI First well Dutch 2H 30 day IP: 1,093 boepd (1) Currently shut in to drill Dutch 1H 3 additional locations (red) 9,000+ lateral length Best month cumulative oil shown…
  19. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 19
    Eagle Ford Dilworth East Dilworth East 440 acre lease block, 100% WI First well waiting on completion 3 additional locations (red) 5,000+ lateral length Best month cumulative oil shown in green Offset operators: 922…
  20. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 20
    Eagle Ford Focused on Execution Jourdanton Well Area Lat. Length Stages 30day IP (boepd) (1) Status Blue Eyes 1H Jourdanton 5,000 22 527 (2) Producing Snake Eyes 1H Jourdanton 5,000 18 NA Producing Spanish Eyes 1H Jourdanton…
  21. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 21
    Bakken / Three Forks Positioned in Core Areas 4,935 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 22
  22. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 22
    Bakken / Three Forks Positioned in a Core Area (North Fork) North Fork 5 completed wells 3 wells waiting on completion 4 wells drilling Potential 23 additional locations if downspacing is successful 13 wells to drill on…
  23. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 23
    Bakken / Three Forks Increased Density (North Fork) Potential North Fork Downspacing Downspace to 660 feet between wells in same reservoir Planned nine multiwell pads 48 total wells vs 26 wells at current spacing Application…
  24. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 24
    Bakken / Three Forks Focused on Execution Well Objective Lat. Length Stages 30day IP (boepd) (1) Status Ravin 2635 1H Three Forks 10,000 23 391 Producing Stenehjem 2734 1H Middle Bakken 6,000 17 688 Producing Jore Federal 211 3H…
  25. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 25
    Bakken / Three Forks Outperforming Type Curve (NorthFork) Abraxas Bakken Wells, McKenzie ND Ravin 26351H 13 Well Actual vs Type Stenehjem 27341H Jore Fed 2113H 2000 Ravin 26352H Ravin 26353H 1500 Lillibridge 2017 1H BOPD…
  26. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 26
    Why Abraxas Low Risk Bakken and Eagle Ford Development Substantial Unbooked Potential Upside Strong Rate of Return Driven Production Growth Prudent Financial Management 27
  27. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 27
    Appendix 28
  28. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 28
    Additional Assets Opportunity Overview Abraxas Assets 2014 Development Stacked pay, liquidsrich horizontal 21,733 net acres No capital budgeted in 2014 opportunities in Campbell, Primarily in Converse and Campbell Powder…
  29. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 29
    Additional Assets Opportunity Overview Abraxas Assets 2014 Development Appraised value approximately 6.1 24,924 square foot office building in No capital budgeted for 2014 Building million secured against 4.6 million San Antonio,…
  30. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 30
    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…
  31. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 31
    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 multistage fracs recently…
  32. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 32
    Powder River Basin Campbell & Converse Co., WY Powder River Basin: Turner Sandstone Porcupine Field 26/9 gross/net wells Hedgehog State 162H Cum Production (1): 204 mboe Gross/net: 58/49 mbo Gross/net: 875/740 mmcf Current…
  33. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 33
    Portilla Field San Patricio County, TX 100% Surface Ownership Portilla Field Annual CAPEX of 1 million to maintain flat decline rate Numerous infill and work over opportunities 100% WI ownership Abraxas owns 1,769 surface…
  34. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 34
    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…
  35. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 35
    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…
  36. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 36
    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…
  37. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 37
    Abraxas Hedging Profile (1) On March 19, 2013 Abraxas entered Brent vs WTI spread to better reflect actual realized pricing for the companys Eagle Ford volumes. The weighted average price for WTI was calculated by taking out the…
  38. May 2014 Corporate Update – Abraxas Petroleum Corp. – slide 38
    NASDAQ: AXAS 39

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