Abraxas Petroleum — Investor Presentation (June 2019)
29 slides from Abraxas Petroleum's investor presentation, Jun 10, 2019
Slide 1: Abraxas Petroleum Corporation June 2019
‘Abraxas Caprito 9282031; Ward Cty., 1% Abraxas Petroleum Corporation June 2019
Slide 2: Forward-Looking Statements
Forward-Looking Statements ABRAXAS Renee The information presented herein may contain predictions, estimates and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the Company believes that
Slide 3: Corporate Profile
Corporate Profile ABRAGS OO NASDAQ: AXAS Headquarter San Antonio EV/BOE?).,. $6.16 Shares outstanding”... 167 mm Proved Reserves"... 67.2 mmboe Market cap"... $167 mm NBV Non-Oil & Gas Assets!)... $20.1mm Net debt) $181 mm Production’ ~11,000 boepd 2019E CAPEX... $87mm PV-1007) $689.3 ( Bencaanangaa
Slide 4: 2019 Operating and Financial Guidance
2019 Operating and Financial Guidance ABRAXAS 2019 Capex Budget Allocation 2019 Operating Guidance Capital — of feet ake Operating Costs Permian- Delaware 3469 Lo€ (8/808) eee. S600! Bakken/Three Forks 270 Production Tax (36 Rev) 8.0% 9.0% Acquisitions/Faciities/Other 128 Casha (Smm) 585 $125. Produ
Slide 5: The Abraxas Advantage
The Abraxas Advantage ABRAGS nn = Capital Structure Benefit = RBLrepresents only meaningful form of leverage, no other balance sheet dilutives + Currently $217.5MM after recent bank redetermination ® Provides ample liquidity to carry out current development plan and operate within cash flow Basin /
Slide 6: Asset Base Overview
Asset Base Overview ABRAXAS
Slide 7: Delaware Basin
Delaware Basin ABRAXAS Permian Basin — Wolfcamp & Bone Spring Faeeseneneanianee Canons [LeasenoLo oPERATors| Winkler CHEVRON Z SuNoOWN eneRey Map LecAcy PROD.
Slide 8: Delaware Basin Inventory
Delaware Basin Inventory ABRAGS Abraxas has identified 270 net potential drilling locations assuming 1,320’ (160-acre spacing), and 542 net potential locations assuming 660’ (80-acre) spacing per 1 mile DSU across our leasehold Approximately 32% of these locations could be combined in the future for
Slide 9: Evolution in the Delaware Basin
Evolution in the Delaware Basin TiAbraxs Opeateaacease: [avons Nonopented Aceage Bree (| Reeves [Bacmeciest [Bl Avraras Opeateccresse Bd Abraxas Non-Operstes Acroses
Slide 10: Historical Reserve & Production Growth
Historical Reserve & ProductionGrowth ABRAXAS = YE18 total proved reserves up 3% YoY il Proved ReservesSummeny ‘85% increase over last 3 years tee, # L4% CAGR since 2013 CT + YE1B production up 33% YoY nes esses ese gar = 64% increase over last 3 years 42278 ——sa03e as 5 689,297 Bl eee conan Hig tm
Slide 11: Delaware Basin
Delaware Basin ABRACAS = IS Caprito Development u
Slide 12: Delaware Basin — Bone Spring
Delaware Basin — 3 Bone Spring ABRAXAS 3'4 Bone Spring Average vs. Type BOED g 2
Slide 13: Delaware Basin — Wolfcamp A1
Delaware Basin — Wolfcamp A1 ABRAXAS Wolfcamp A1 Average vs. Type erence Shean 0 Cr a ee TD ee I -2a WELL COUNT 13
Slide 14: Delaware Basin — Wolfcamp A2
Delaware Basin — Wolfcamp A2 ABRAXAS Wolfcamp A2 Average vs. Type ‘BOED Eee 22 ei @ | Ld 14
Slide 15: Delaware Basin — Wolfcamp B
Delaware Basin — Wolfcamp B ABRAXAS Wolfcamp B Average vs. Type on 1 on a oo a> a ‘0 ° ° a 0 ‘° a 2 7 os i: a ° @ 7 ro 7 2 a 7% ro) 15
Slide 16: Delaware Basin Economics by Zone - EOY18 Model
Delaware Basin ABRAXAS Economics by Zone - EOY18 Model ‘AbroxasEOY18 Assumptions “AbroxasEOY18 Assumptions ‘AbroxasEOY18 Assumptions ‘AbroxasEOV18 Assumptions * 630 MBOE grosstypecurve + 610 ma0zgrosstypecive | | * 580 MB0EGrosstypecuve || = 525 MBOEgrosstypecurve + 86% oil = 88% Ol = 87% Ol + 87% o
Slide 17: Down-spacing Observations
Down-spacing Observations ABRAXAS Caprito 99 Down-Space Wells RATE vs TIME CUM BOE vs TIME 180 10000 aa e000 ‘ 20 ieee SUH. 650° ‘0 120000 bran. 900" soit. 1320 a 110000 7 100000 0000 2s § m $0 sozn porent wel 3 3 rx00 Ls] 0000 Ny ™ 50000 a 40000 x0 0000 2 20000 ww 10000 0 0 om © © 8 10 12 140 160 1
Slide 18: Bakken/Three Forks
Bakken/Three Forks ABRAXAS Bakken / Three Forks (McKenzie Cty., ND) Faeeseneneanianee Canons OO + Asset Highlights: 4 150N 97W | = ~3,500 net acres in the heart of McKenzie Cty. = 63 wells drilled by Abraxas (34MB /29TF1) = 59. completions, 4 DUC’s (Lillibridge DSU) = Cum Production ~ 10.5 MMbo / 14
Slide 19: Bakken/Three Forks Remaining Inventory
Bakken/Three Forks ABRAXAS eet ALS Remaining Inventory Three Forks 2"¢ Bench Remaining Locations (20 TF2 PRUD’s booked) (19 Total - 8 MB, 11 TF1) | | i = —— Jore Federal WI 75% (3M8, 7TF1) ‘+ AXASbook type curve= 555 BOE Yellowstone WI~S1.5% (4MB, 4TF1) + GaRresults>1,000 MBOE Ravin WI 48.6% (1. MB)
Slide 20: Bakken Completion Evolution: 2010 - 2019
Bakken Completion Evolution: 2010 - 2019 ABRAXAS Highlights — > Increase in prop mass and fluid volume > Increase in stages and adding diverters to drive cluster efficiency > Using thinner fluids to promote complexity GENT GEN2 GENS GEN GENS IPE EXIT METHOD SLEEVES PERF/SLEEVE YOR PERF/SLEEVE HYERO
Slide 21: Generational Uplift - Middle Bakken
Generational Uplift - Middle Bakken ABRAXAS aE SS North Fork Field Middle Bakken Completion Generations vs. Type Rav-Wiley 2h; Ravin 134 ~200Mboe Cum/Well First 180 days cae ‘ouscens a
Slide 22: Generational Uplift — Three Forks
Generational Uplift — Three Forks North Fork Field 1400 1300 1200 1100 1900 2
Slide 23: Bakken System Economics
Bakken System Economics Economics by Zone - EOY18 Model Middle Bakken ABRACS © bfactor: 1.3 = Assumed CWC: $7.6 million Abraxas EOY18 Assumptions Abraxas EOY18 Assumptions 975 MBOE gross type curve 791 MBOE gross type curve = 88% Oil © 87% Oil © Initial rate: 1,302 boepd © Initial rate: 1,066 boepd
Slide 24: Oil and Gas Marketing & Takeaway
Oil and Gas Marketing & Takeaway ABRAXAS nn Delaware Basi Bakken/Three Forks Oil Marketingand Takeaway | Caprito Area: North Fork/Pershing rea: + Caprit oiprodutiononpipe inMay/sune2018 Allolproductiononpipe + Agreementwiththirdpary on long termeontract + Agreementwiththirdpartiesonongtermcontract +
Slide 25: Abraxas Hedging Profile
Abraxas Hedging Profile ABRAXAS Oil Swaps (bbls/day) Swap Price ($/Bbl)” Mid-Cush Basis Swaps (bbls/day) Swap Price ($/Bbl)” 4,104 4,000 = $ 56.85 $ 55.25 $ 59.79 $ (3.00) $ (300) $_ - 3,026 2,051 4,000 = 25
Slide 26: Appendix
Appendix 26
Slide 27: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation ABRAXAS Renee ‘Adjusted EBITDA Is defined os net income plus interest expense, depreciation, depletion and amortization expenses, deferred income taxes and other non-cash items. The following table provides 0 reconciliation of Adjusted EBITDA to net income for the peri
Slide 28: TTM Adjusted EBITDA Reconciliation
TTM Adjusted EBITDA Reconciliation ABRAXAS Renee ‘Adjusted EBITDA Is defined os net income plus interest expense, depreciation, depletion and amortization expenses, deferred income taxes and other non-cash items. The following table provides 0 reconciliation of Adjusted EBITDA to net income for the
Slide 29: Standardized Measure Reconciliation
Standardized Measure Reconciliation ABRAXAS PV-10 isthe estimated present value ofthe future net revenues from our proved oll and gos reserves before income taxes discounted using a 10% discount rate. PV-I0is considered @ non-GAAP financial measure under SEC regulations becouse it does not include t
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