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February 2014 Corporate Update – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Feb 12, 2014 · 36 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. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 1
    Abraxas Petroleum Corporate Update February 2014
  2. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 2
    I. Abraxas Petroleum Overview 3
  3. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 3
    Corporate Profile NASDAQ: AXAS Headquarters.......................... San Antonio EV/BOE(2,3,4)... 17.15 Employees............................... 109 Proved Reserves(7)...... 21.1 mmboe % Oil/Liquids 61% Shares…
  4. February 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. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 5
    Reserve / Production Summary High-quality, Long-Lived, Oil Weighted Assets Proved Reserves(1) 21.1 mmboe Production(2) 4,781 boepd Canada Canada Gulf Coast/ Eagle 1% 2% Ford Gulf Coast/ 15% Permian Eagle Ford 21% 27% Permian…
  6. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 6
    Refocusing on Oil and Liquids 6,000 Production Net to AXAS 5,000 51% Liquids 4,000 Growth 1Q12-4Q13E 3,000 (Boepd) 2,000 1,000 0 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13E (1) Liquids Gas Divestitures Oil/NGL %…
  7. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 7
    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…
  8. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 8
    Core Regions Abraxas Petroleum Corporation Williston: Proved Reserves (mmboe)(1): 21.1 Bakken / Three Forks Proved Developed(1): 61% Liquids(1): 61% Powder River Basin: Turner Legend Rocky Mountain Gulf Coast Permian…
  9. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 9
    II. Strategic Plan 10
  10. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 10
    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…
  11. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 11
    Outcome of ROR Focused Strategy Abraxas is committed to focusing on full cycle ROR development drilling in its core basins. The results of this focus, in addition to an active 2013 divestiture campaign which removed numerous low…
  12. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 12
    III. Asset Base Overview 13
  13. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 13
    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 14
  14. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 14
    Bakken / Three Forks Positioned in a Core Area (North Fork) North Fork 5 completed wells 3 wells waiting on completion 4 wells drilling 13 wells to drill 193 boepd net (1) Pershing Field (Lillibridge) 8 new completions…
  15. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 15
    Bakken / Three Forks Focused on Execution Well Objective Lat. Length Stages 30-day IP (boepd) (1) Status Ravin 26-35 1H Three Forks 10,000 23 391 Producing Stenehjem 27-34 1H Middle Bakken 6,000 17 688 Producing Jore Federal…
  16. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 16
    Lillibridge Qis (30 days) BOOKED ACTUAL Well Oil Gas BOE Oil Gas BOE 1 13,500 13,500 15,750 31,000 42,500 38,000 Pete/Nancy Updating 2 13,500 13,500 15,750 24,400 32,000 29,700 3 13,500 13,500 15,750 32,200 47,000 40,000 4…
  17. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 17
    Bakken / Three Forks Outperforming Type Curve (NorthFork) Ravin 26-35-1H Abraxas Bakken Wells, McKenzie ND Stenehjem 27-34-1H 13 Well Actual vs Type Jore Fed 2-11-3H 2000 Ravin 26-35-2H 1800 Ravin 26-35-3H 1600 Lillibridge 20-17…
  18. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 18
    Abraxas Eagle Ford Properties 8,500 Net Acres Jourdanton Area Jourdanton Area Atascosa County Black oil Cave Area McMullen County Black oil Dilworth East Area McMullen County Oil/condensate Yoakum Area (not shown) Dewitt…
  19. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 19
    Eagle Ford Jourdanton Jourdanton Hunt Area 5,700 acre lease block, 100% WI Recent Activity EOG Area Recent 50 well potential Activity Abraxas Grass Farm 1H Blue Eyes 1H 1st Prod: 9-1-11 30 day IP 405 boepd (1) Now on…
  20. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 20
    Eagle Ford Cave Cave 410 acre lease block, 100% WI First well completing 4 potential locations (red) 9,000+ lateral length Offset operators include Chesapeake, EOG and Marathon Best month cumulative oil shown in green…
  21. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 21
    Eagle Ford Dilworth East Dilworth East 440 acre lease block, 100% WI First well waiting on completion 4 potential locations (red) 5,000+ lateral length Best month cumulative oil shown in green Range 9-22 mbo 22
  22. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 22
    Eagle Ford Focused on Execution Jourdanton Well Area Lat. Length Stages 30-day IP (boepd) (1) Status Blue Eyes 1H Jourdanton 5,000 22 405 Producing Snake Eyes 1H Jourdanton 5,000 NA NA Drilling Spanish Eyes 1H Jourdanton 5,000…
  23. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 23
    Abraxas Hidden Gas Portfolio Edwards (South Texas) PDP: 7.8 bcfe (net) Keuster 1H: 10.5 bcfe gross Previous risked offsetting PUD locations: 27.9 bcfe (net) 11 gross / 7 net locations dropped to PRUD (SEC 5 year rule) 7 gross / 5…
  24. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 24
    Additional Assets Opportunity Overview Abraxas Assets 2014 Development Stacked pay, liquids-rich horizontal 21,733 net acres No capital budgeted in 2014 opportunities in Campbell, Primarily in Converse and Campbell Powder…
  25. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 25
    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,…
  26. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 26
    Catalyst Rich First Quarter Upcoming Catalysts on High Working Interest Wells CATALYST LATE JANUARY Dutch 2H frac commences (AXAS 100%) LATE JANUARY R. Henry 2H reaches TD (AXAS 100%) FEBRUARY Blue Eyes 1H results announced…
  27. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 27
    Appendix 28
  28. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 28
    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…
  29. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 29
    Powder River Basin Campbell & Converse Co., WY Powder River Basin: Turner Sandstone Porcupine Field 26/9 gross/net wells Hedgehog State 16-2H Cum Production (1): 193 mboe Gross/net: 55/47 mbo Gross/net: 825/697 mmcf Current…
  30. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 30
    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…
  31. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 31
    Permian Basin Spires Ranch Nena Lucia Field: Discovered in 1955 Reef build-up currently on waterflood Cum production (1) 38.7 mmbo Gross 114.7 bcf Gross Abraxas Spires Ranch: Acreage located West of Nena Lucia Horizontal…
  32. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 32
    Permian Basin Millican Reef Millican Reef & NE Millican: Targeting Gunsight and King sand Additional exploratory opportunities Cum Production (1) 1 mmbo Current Production (2) 33 boepd net NE Millican Millican Reef…
  33. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 33
    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…
  34. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 34
    Permian Basin Howe Deep Howe Deep: One active Montoya well Five active Devonian wells Cum production (1) 62 bcf Gross Current production (2) 1,373 mcfepd Net Horizontal Wolfcamp Potential (1) Cum production estimated…
  35. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 35
    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) 1,429 mcfepd Net (1) Cum production estimated…
  36. February 2014 Corporate Update – Abraxas Petroleum Corp. – slide 36
    NASDAQ: AXAS 37

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