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March 2015 Corporate Update – Abraxas Petroleum Corp.

Abraxas Petroleum Corp. · Mar 5, 2015 · 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. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 1
    Abraxas Petroleum Corporate Update March 2015
  2. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 2
    I. Abraxas Petroleum Overview 3
  3. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 3
    Corporate Profile NASDAQ: AXAS Headquarters.......................... San Antonio EV/BOE(2,3,4)... 10.61 Employees............................... 123 Proved Reserves(7)...... 42.4 mmboe % Oil.. 69% Shares outstanding(1).........…
  4. March 2015 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. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 5
    Reserve / Production Summary High-quality, Long-Lived, Oil Weighted Assets Proved Reserves(1) 42.4 mmboe Production(2) 6,785 boepd Permian Permian 11% 13% Gulf Coast/ Gulf Coast/ Eagle Ford Eagle Ford 34% 34% Rockies…
  6. March 2015 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 (1) 6,000 6.0x 5,000 5.0x (Debt/TTM Recurring EBITDA) 4,000 4.0x (Bopd) 3,000 3.0x…
  7. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 7
    Core Regions Abraxas Petroleum Corporation Williston: Proved Reserves (mmboe)(1): 42.4 Bakken / Three Forks Proved Developed(1): 41% Oil(1): 69% Powder River Basin: Turner Legend Rocky Mountain Gulf Coast Permian…
  8. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 8
    II. Strategic Plan 9
  9. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 9
    Strategic Plan 2015+ Business Plan: 2015 and Beyond Focused, high quality drilling inventory Add individual units in Bakken and Eagle Ford in specific geologic areas FOCUSED Better match of cash flow to CAPEX and subsequent…
  10. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 10
    III. Abraxas Petroleum Financial Overview 11
  11. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 11
    2014/15 Operating and Financial Guidance 1Q15E 2015E Production Low High Low High Total (Boepd) 6,600 6,800 7,200 7,300 % Oil 67% 69% % NGL 9% 9% % Natural Gas 24% 22% Operating Costs Low High Low High LOE (/BOE) 10.00 12.00…
  12. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 12
    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…
  13. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 13
    IV. Asset Base Overview 14
  14. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 14
    Bakken / Three Forks Positioned in Core Areas 4,999 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 15
  15. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 15
    Bakken / Three Forks North Fork/Lillibridge Potential North Fork 15 completed wells 4 wells drilling Planned nine multi-well pads at 660 foot spacing 32 additional wells at 660 foot spacing Additional 2nd and 3rd Bench Three…
  16. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 16
    Bakken / Three Forks North Fork/Lillibridge Performance/Economics Middle Bakken: Type Curve Assumptions Middle Bakken: ROR vs CAPEX (1) 30 D&M/Booked Assumptions 25 533 MBOE gross type curve 20 ROR (%) 78% Oil 15 Initial…
  17. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 17
    Bakken / Three Forks Focused on Execution Well Objective Lat. Length (1) Stages (1) 30-day IP (boepd) (1,2) Status Ravin 1H Three Forks 10,000 23 391 Producing Stenehjem 1H Middle Bakken 6,000 17 688 Producing Jore Federal 3H…
  18. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 18
    Abraxas Eagle Ford Properties 10,819 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…
  19. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 19
    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 Seven wells drilled 36+ additional potential…
  20. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 20
    Eagle Ford Cave Cave 411 net acre lease block, 100% WI Lower Eagle Ford fully developed Four 9,000 lateral locations Best month cumulative oil shown in green Offset operators : 8-10 mbo Abraxas Dutch 2H: 29 mbo Dutch 1H…
  21. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 21
    Eagle Ford Dilworth East Dilworth East 1,148 acre lease block, 100% WI 11 additional locations (red) Eight, 5,000-5,500 lateral locations Three, 8,500 lateral locations R. Henry 2H 30 day IP: 780 boepd (1) On production…
  22. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 22
    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…
  23. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 23
    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…
  24. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 24
    Appendix 25
  25. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 25
    Additional Assets Opportunity Overview Abraxas Assets 2015 Development Stacked pay, liquids-rich horizontal Primarily in Converse and Campbell Continue to market portion of opportunities in Campbell, counties assets: Powder…
  26. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 26
    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…
  27. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 27
    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): 289 mboe Gross/net: 73/61 mbo…
  28. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 28
    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…
  29. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 29
    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…
  30. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 30
    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…
  31. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 31
    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)…
  32. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 32
    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…
  33. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 33
    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) 952 mcfepd Net (1) Cum production estimated…
  34. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 34
    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) 1,351 mcfepd Net (1) Cum production estimated…
  35. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 35
    Abraxas Hedging Profile (1) Straight line average price. 36
  36. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 36
    EBITDA Reconciliation 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 reconciliation of EBITDA and…
  37. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 37
    TTM EBITDA Reconciliation 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 reconciliation of EBITDA…
  38. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 38
    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…
  39. March 2015 Corporate Update – Abraxas Petroleum Corp. – slide 39
    NASDAQ: AXAS 40

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