Attached files
file | filename |
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8-K - FORM 8-K - ABRAXAS PETROLEUM CORP | axas8k071811.htm |
EX-99.1 - NEWS RELEASE - ABRAXAS PETROLEUM CORP | nr071811.htm |
Exhibit 99.2
2
Presentation
This presentation is available on our website in the Investor
Relations section under Webcasts/Presentations for this event.
Relations section under Webcasts/Presentations for this event.
www.abraxaspetroleum.com
3
Forward-Looking Statements
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 its expectations are based on
reasonable assumptions, it can give no assurance that its goals will be
achieved.
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 its expectations are based on
reasonable assumptions, it can give no assurance that its goals will be
achieved.
Important factors that could cause actual results to differ materially from
those included in the forward-looking statements include the timing and
extent of changes in commodity prices for oil and gas, the need to develop
and replace reserves, environmental risks, competition, government
regulation and the ability of the Company to meet its stated business
goals.
those included in the forward-looking statements include the timing and
extent of changes in commodity prices for oil and gas, the need to develop
and replace reserves, environmental risks, competition, government
regulation and the ability of the Company to meet its stated business
goals.
4
AXAS Highlights
§ NASDAQ: AXAS
§ Shares outstanding: ~91.7 million
§ ~40% institutional
§ ~10% insider
§ Average trading volume: ~2.0 million shares per day
§ Market capitalization: ~$400 million
§ Total long-term revolving bank debt: ~$90 million
§ High quality assets
§ Unparalleled upside opportunities
§ Significant hedge position
§ Expanded 2011 CapEx: $60 million
§ Equity offering (Feb-11): 23.6 million shares at $4.40
§ (15.1 million primary and 8.5 million secondary)
5
AXAS Assets
§ 50,000+ net acres in unconventional oil plays
§ Large inventory of unconventional and conventional drilling locations
§ Undeveloped leasehold has been largely de-risked by industry and offset operator activity
§ Undeveloped leasehold is primarily held by production
§ Substantial base of MLP-like producing properties
§ 2011 expanded budget of $60 million is 100% oil or liquids weighted
§ Secondary component of equity offering eliminated overhang perception
§ 3.3 million shares(1) held by the MLP investors are freely tradable
(1) Excludes 5.2 MM shares held by Lehman and 2.4 MM shares subject to lock-ups that extend to January 2012
6
AXAS Hedges
|
|
2011
|
2012
|
2013
|
AVE.
|
OIL - weighted average price
|
|
$76.61
|
$70.89
|
$80.79
|
$75.69
|
% OIL PDP(1)
|
|
77%
|
80%
|
67%
|
|
|
|
|
|
|
|
GAS - weighted average price
|
|
$6.52
|
$6.77
|
$6.84
|
$6.69
|
% GAS PDP(1)
|
|
82%
|
81%
|
66%
|
|
NYMEX-based fixed price swaps:
(1) As of December 31, 2010
7
Net Asset Value
(1) Includes identified and resource potential on Bakken, Niobrara, Eagle Ford, Pekisko and Texas oil plays. Excludes identified and resource reserves in Alberta Basin Bakken
and $50MM value of Eagle Ford joint venture drilling carry. The probable and possible reserve estimates do not necessarily represent reserves defined under SEC rules.
and $50MM value of Eagle Ford joint venture drilling carry. The probable and possible reserve estimates do not necessarily represent reserves defined under SEC rules.
Net Asset Value per Share(1)
Proved Reserves Only
$ 2.46
Proved PLUS Probable Reserves
$ 13.82
Proved PLUS Probable PLUS
Possible Reserves
Possible Reserves
$ 28.54
8
ND
MT
WY
CO
UT
TX
OK
LA
Proved Reserves (MMBoe)(1):
26.6
26.6
- Proved Developed: 49%
- Oil/NGL %: 42%
- Operated: 81%
- Operated: 81%
Abraxas Petroleum Corporation
(1) Net proved reserves as of December 31, 2010, including
AXAS’ 50% share of Blue Eagle’s proved reserves
AXAS’ 50% share of Blue Eagle’s proved reserves
Bakken / Three Forks
Play
Barnett / Woodford
Shale Play
Wolfberry Trend
Rocky Mountain
Mid-Continent
Permian Basin
Gulf Coast
Eagle Ford Shale Play
High Quality Assets
Alberta
Niobrara Play
Alberta Basin
Bakken Play
Alberta
Wolfbone Play
9
Reserve / Production Summary
Proved Reserves(1) - 26.6 MMBoe
Production(2) - 3,670 Boepd
(1) Net proved reserves as of December 31, 2010, including AXAS’ 50% share of Blue Eagle’s proved reserves
(2) Daily net production for the quarter ended March 31, 2011, including AXAS’ 50% share of Blue Eagle’s production
Basin
21%
Rocky
32%
Onshore Gulf
Canada
1%
Canada
1%
10
AXAS Production
(1) Includes AXAS’ 50% share of Blue Eagle’s production
Base production
Divestitures
Weather disruptions
11
AXAS Reserves
(1) Includes AXAS’ 50% share of Blue Eagle’s proved reserves
12
2011 Capital Budget
§ Large inventory of drilling locations in unconventional and conventional oil plays
§ 1H:11 oil weighted drilling program focused on low-risk / high-return Texas conventional
oil projects
oil projects
§ 2H:11 accelerate operated drilling activity in the Bakken and Three Forks plays
§ Approximately 70% of undeveloped acreage is held by production
(1) Unrisked locations based on eight wells (four Bakken and four Three Forks) per 1,280 acre units; 160 acre spacing assumptions in the Eagle Ford Shale; 3-D identified locations in
the Niobrara Shale play
the Niobrara Shale play
(2) Eagle Ford Shale acreage and locations are gross to the Blue Eagle JV which Abraxas currently owns a 50% equity interest
Project Area
|
|
Net Acres
|
|
Net Unrisked
Locations(1) |
|
2011 Drilling
Program |
|
2011 Net Capital
($MM) |
|
|
|
|
|
|
|
Gross
|
Net
|
|
|
Bakken / Three Forks
|
|
20,835
|
|
130
|
|
15.0
|
3.0
|
|
$25.5
|
Eagle Ford Shale(2)
|
|
12,073
|
|
75
|
|
4.0
|
4.0
|
|
$0.0
|
Niobrara Shale
|
|
17,800
|
|
56
|
|
2.0
|
2.0
|
|
$8.0
|
Pekisko Fairway
|
|
9,120
|
|
10
|
|
2.0
|
2.0
|
|
$4.0
|
Alberta Bakken
|
|
10,000
|
|
-
|
|
-
|
-
|
|
-
|
Texas Oil Plays
|
|
8,700
|
|
65
|
|
20.0
|
20.0
|
|
$16.1
|
Other
|
|
n/a
|
|
n/a
|
|
4.0
|
4.0
|
|
$6.4
|
Total:
|
|
78,528
|
|
336
|
|
47.0
|
35.0
|
|
$60.0
|
13
Bakken / Three Forks
Nesson
2,270 net acres
Elm Coulee
440 net acres
Elkhorn Ranch / Lewis & Clark
2,035 net acres
Harding / Rough Rider
7,010 net acres
Carter
3,200 net acres
Sheridan
2,340 net acres
1
North Fork / Nesson
3,540 net acres
§ Gross / Net Acres:
§ 109,658 / 20,835
§ ~100% held by production
§ Drilling Inventory:
§ 1,280 acre units
§ ~685 gross / 130 net
§ 4 Bakken / 4 Three Forks wells
§ Recent Activity:
§ 1st operated Three Forks well
(Ravin 26-35 1H; 60% WI) -
1,705 boe/d unrestricted rate
§ 1st operated Middle Bakken well
(Stenehjem 27-34 1H; 79% WI) -
flowing back
(Stenehjem 27-34 1H; 79% WI) -
flowing back
§ 19 gross / 1.02 net non-operated
wells
wells
§ 2011 Planned Activity:
§ $25.5 MM budget
§ 5.0 gross / 2.5 net operated wells
§ 10.0 gross / 0.5 net non-operated
wells
wells
§ Long-term arrangements:
§ Drilling rig (purchased)
§ Completion services
Ravin 26-35 1H - TFS
1,705 boe/d
Stenehjem 27-34 1H
Bakken - flowing back
14
AXAS operated wells
Three Forks Bakken
AXAS non-operated wells location location
Bakken / Three Forks
§North Fork/Nesson:
§ 3,540 net acres
§ 1,280 acre units: 8 B/TF wells
§ 64 gross (19.7 net)
§ Drilled: 4 gross (1.5 net)
§ Locations: 60 gross (18.2 net)
§Economics:
§ D&C Cost: $8.5 MM
§ EUR: 500 MBoe
§ 390 MBbl oil
§ 425 MMcf sales gas
§ 45 MBbl NGL
§ IRR: 36% (no acreage)
§Ravin 26-35 1H:
§ Cumulative production (120 days):
§ 51,000 Boe
§ 38,100 Bbl oil
§ 41.1 MMcf sales gas
§ 6,200 Bbl NGL
2-4 Bakken
2-4 Three Forks
North Fork / Nesson
3,540 net acres
79% WI
59% WI
2% WI
15% WI
6% WI
48% WI
7% WI
30% WI
Koeser (B)
Stenehjem (B)
Ravin (TF)
Johnson (B)
15
Drilling Inventory:
Nordheim Area -
§ 3,600 net acres
§ 160 acre spacing
§ 23 net wells
T Bird 1H:
§ JV - 100% WI
§ Op: AXAS
§ TMD - 19,450’
§ 5,700’ lateral
§ 15-stage frac
§ 75 days (spud to on-line)
§ 1st 45 day avg:
1,500 Boepd
§ Current:
44% WI
AXAS owns a 50% equity interest in the Blue Eagle joint venture
oil window
gas window
DeWitt
County
County
Nordheim Prospect
DeWitt County, TX
South Texas - Eagle Ford Shale
16
Eagle Ford Shale
oil window
gas window
§ Economics:
§ EUR: 1,100 MBoe
§ 200 MBbl condensate
§ 3,500 MMcf sales gas
§ 315 MBbl NGL
§ IRR: 84% (D&C Cost: $8.5 MM)
§ T Bird 1H:
§ Cumulative production (150
days):
days):
§ 200,000 Boe
§ 37,500 Bbl condensate
§ 579.6 MMcf sales gas
§ 62,400 Bbl NGL
AXAS owns a 50% equity interest in the Blue Eagle joint venture
T Bird 1H
DeWitt
County
County
17
West Texas - Spires Ranch
§ Economics:
§ D&C Cost: $1.6 MM
§ EUR: 160 MBoe
§ 80 MBbl oil
§ 200 MMcf sales gas
§ 45 MBbl NGL
§ IRR: 160%
§ Spires 126 1H:
§ Cumulative production (90 days):
§ 10,000 Boe
§ 4,800 Bbl oil
§ 13.3 MMcf sales gas
§ 3,000 Bbl NGL
§ Current Activity:
§ 2 wells - 1st @ TD (~9,000’ TMD)
5,600 net acres
AXAS owns 100% working interest in Spires Ranch leasehold
Nolan
County
County
18
West Texas - Wolfbone
§ April 2011 TX GLO Lease Sale:
§ $5,295 / acre -
offsetting AXAS
§ Current Industry Activity:
§ 2 CWEI-CHK permits -
offsetting AXAS
§ Current Activity:
§ AXAS Lindemann 24-1 -
w/o fracture stimulation
Movement of Wolfbone Trend Activity
AXAS’ leasehold at Nine Mile Draw
Reeves
County
County
3,000 net acres
AXAS
Lindemann 24-1
(w/o frac)
19
Near-Term Drilling Catalysts
AXAS OPERATED:
|
OUTSIDE OPERATED:
|
Bakken/Three Forks, North Dakota
• Stenehjem: frac - flowing back
• AXAS 79%
• Horizontal drilling program
• Purchased drilling rig
• Spud 1st well: Fall 2011
Spires Ranch / NE Millican, West Texas
• 2 horizontal oil wells - 1st well: TD
• 2 vertical oil wells - 1st well: drilling
• AXAS 100%
Eagle Ford, South Texas
• Matejek 1H - completed (w/o pipeline)
• JV 44%(1)
• Grass Farms 1H - drilling
• JV 100%(1)
Portilla, South Texas
• 7 Frio wells - on-line (300 Boepd)
• AXAS 100%
Pekisko, Alberta, Canada
• 2 horizontal oil wells - 1st well: drilling
• CANAXAS 100%
Niobrara / Turner, Wyoming
• 2 horizontal oil wells - Fall 2011
• AXAS 100%
|
Bakken/Three Forks, North Dakota / Montana
• Continental operated
• 5 wells: 4 on-production (2-TF, 2-B), 1 w/o rig
• AXAS 4%
• Denbury operated
• 2 wells: flowing back
• AXAS 2-6%
• TAQA operated
• 1 well: w/o completion
• AXAS 36%
• Brigham operated
• 3 wells: 1 flowing back, 1 w/o completion
• AXAS 2-7%
• Whiting operated
• 1 well: w/o completion
• AXAS 13%
• Petro-Hunt operated
• 1 well: w/o drilling rig
• AXAS <1%
• XTO Energy operated
• 1 well: w/o drilling rig
• AXAS 1%
Mission Canyon, North Dakota
• True operated
• 2 horizontal wells: w/o production facilities
• AXAS 3-8%
|
(1) AXAS owns a 50% equity interest in the Blue Eagle joint venture
20
Business Plan
§ Expanded 2011 CapEx: $60 MM
§ oil development
§ Bakken/TFS - Accelerate with purchase of drilling rig
§ Eagle Ford - Acceleration with JV
§ Completed divestiture program: ~$32 MM
§ non-core, predominately non-operated
§ pay down debt & accelerate CapEx
§ Target 50/50 oil/gas production mix
§ Target greater than 90% operated
§ NOL preservation
§ Increase investor interest
§ recent equity offering (150+ accounts)
§ Increase analyst coverage
§ 9 equity analyst
21
Presentation
This presentation is available on our website in the Investor
Relations section under Webcasts/Presentations for this event.
Relations section under Webcasts/Presentations for this event.
www.abraxaspetroleum.com
22
Appendix
23
(1) Eagle Ford Shale acreage and locations are net to AXAS’ 50% equity interest in the Blue Eagle JV
(2) Possible Bakken/Three Forks locations are based on three additional Bakken and four additional Three Forks wells per 1,280 acre unit
Note: The probable and possible reserve estimates do not necessarily represent reserves defined under SEC rules
NAV - Undiscounted
2010 PV-10 at Current Pricing
($100/$4.50)
($100/$4.50)
$313,084,390
Net Cash
$2,000,000
Less Outstanding Debt
($90,000,000)
Basin
Net Undeveloped
Acres
Acres
Well Spacing /
Acre
Acre
Net Locations
Per Well Reserves
(BOE)
(BOE)
Reserve Potential
(BOE)
(BOE)
Bakken / Three Forks
20,835
1280
16.3
500,000
8,138,672
Eagle Ford Shale(1)
6,037
160
37.7
500,000
18,864,094
Pekisko Fairway
9,120
10.0
150,000
1,500,000
Texas Oil Plays
8,700
65.0
57,423
3,732,500
Probable Reserve Value @$30 Netback
$1,387,057,969
Probable Reserve Value/Share (Unrisked)
$15.15
2P NAV/Share (Risked)
$13.82
Possible
Net Undeveloped
Acres
Acres
Well Spacing /
Acre
Acre
Per Well Reserves
(BOE)
(BOE)
Reserve Potential
(BOE)
(BOE)
Eagle Ford Shale(1)
6,037
80
37.7
500,000
18,864,094
Possible Reserve Value @$30 Netback
$2,695,043,906
3P NAV/Share (Risked)
$28.54
24
(1) Eagle Ford Shale acreage and locations are net to AXAS’ 50% equity interest in the Blue Eagle JV
(2) Possible Bakken/Three Forks locations are based on three additional Bakken and four additional Three Forks wells per 1,280 acre unit
Note: The probable and possible reserve estimates do not necessarily represent reserves defined under SEC rules
NAV - PV Equivalent
2010 PV-10 at Current Pricing
($100/$4.50)
($100/$4.50)
$313,084,390
Net Cash
$2,000,000
Less Outstanding Debt
($90,000,000)
Basin
Net Undeveloped
Acres
Acres
Well Spacing /
Acre
Acre
Net Locations
Per Well Reserves
(BOE)
(BOE)
Reserve Potential
(BOE)
(BOE)
Bakken / Three Forks
20,835
1280
16.3
500,000
8,138,672
Eagle Ford Shale(1)
6,037
160
37.7
500,000
18,864,094
Pekisko Fairway
9,120
10.0
150,000
1,500,000
Texas Oil Plays
8,700
65.0
57,423
3,732,500
Probable Reserve Value @$15 Netback
$693,528,984
Probable Reserve Value/Share (Unrisked)
$7.57
2P NAV/Share (Risked)
$8.14
Possible
Net Undeveloped
Acres
Acres
Well Spacing /
Acre
Acre
Per Well Reserves
(BOE)
(BOE)
Reserve Potential
(BOE)
(BOE)
Eagle Ford Shale(1)
6,037
80
37.7
500,000
18,864,094
Possible Reserve Value @$10 Netback
$898,347,969
3P NAV/Share (Risked)
$13.04
25
Eagle Ford Shale
§ Acreage:
§ 12,073 net
§ Atascosa, DeWitt, Lavaca and McMullen
Counties, TX
Counties, TX
§ Drilling Inventory:
§ 75 net JV locations
§ 160 acre spacing
§ Economics:
§ D&C Cost: $8.5 MM
§ EUR: 500 MBoe(1)
§ Blue Eagle Joint Venture:
§ AXAS operator
§ AXAS contributed 8,333 net acres
§ 50% equity interest
§ Rock Oil contributed $25 MM at closing
§ Rock Oil committed additional $50 MM
§ Upon full funding, AXAS equity interest - 25%
§ Recent Activity:
§ 1st well: T Bird 1H - On-line
§ 1st 45 day avg: 1,500 Boe/d
§ 2nd well: Matejek Gas Unit 1 - completed
§ 3rd well: Grass Farms 1H - drilling
§ 2011 Planned Activity(1):
§ $34 MM to drill 4.0 wells
§ Funded 100% by Rock Oil
Lavaca County
Atascosa County IP Rates:
EOG: Peeler 2H: 605 bo/d
EOG: Peeler 10H: 342 bo/d
EOG: Hundley 2H: 493 bo/d
DeWitt County IP Rates:
Enduring: Keach GU 1: 3,633 boe/d
TLM: Halepeska Gas Unit 1: 2,665 boe/d
PXD: Charles Riedesel GU 1: 2,616 boe/d
HK: Oliver B 1H: 1,968 boe/d
HK: Krause 1H: 1,667 boe/d
HK: Lanik 1H: 1,404 boe/d
AXAS: T-Bird 1H: 1,500 boe/d (45 days)
oil window
gas window
gas/condensate
window
(1) 1st JV Eagle Ford well - 1,100 MBoe of proved reserves
McMullen County
26
Low Risk Oil Development
West Texas - Spires Ranch
§ Gross / Net Acres: 5,600 (100% WI)
§ County: Nolan
§ Formation: Strawn
§ Locations: 10
§ D&C: $1.6 MM / EUR: 160 MBoe
§ 2011 Capex / Activity:
§ $4.8 MM to drill 3.0 wells
West Texas - Shallow Howe
§ Gross / Net Acres: 2,000 (100% WI)
§ County: Ward
§ Formation: Yates
§ Locations: 40
§ D&C: $400K / EUR: 40 MBoe
§ 2011 Capex / Activity:
§ $1.6 MM to drill 4.0 wells
South Texas - Portilla
§ Gross / Net Acres: 1,100 (100% WI)
§ County: San Patricio
§ Formation: Frio 7,400 and 8,100 sands
§ Locations: 15
§ D&C: $700K - $900K / EUR: 47 - 88 MBoe
§ 2011 Capex / Activity:
§ $9.7 MM to drill 13.0 infill wells
Portilla -
San Patricio County
Spires Ranch -
Nolan County
Shallow Howe -
Ward County
ROR%:
Spires Ranch: 160%
Shallow Howe: >1,000%
Portilla: 646%
27
Canada Oil Development - Pekisko
§ Gross / Net Acres:
§ 9,120 (100% WI)
§ Drilling Inventory:
§ 10 gross / net locations
§ Economics:
§ D&C Cost: $2.0 MM
§ EUR: 150 MBoe
§ Recent Activity:
§ Drilled two horizontal wells to earn
leasehold position
leasehold position
§ 1 on-line:
§ 1st 18 day avg: 108 Boepd
(73% oil)
(73% oil)
§ 1 shut-in pending re-completion
§ 2011 Planned Activity:
§ $4.0 MM to drill 2.0 gross / net
horizontal wells
horizontal wells
§ 1st well - drilling
§ Other:
§ Horizontal development of
conventional field
conventional field
§ 5,400’ vertical depth / 4,000’
lateral length
lateral length
Tomahawk
Twining
Pekisko Trend
Alberta, Canada
28
Campbell
Converse
Niobrara
Weston
Niobrara Shale
Converse / Niobrara Counties, Wyoming
CHK / EOG:
Niobrara Permit
activity
activity
§ Gross / Net Acres:
§ 20,720 / 17,800
§ Primarily in Converse and
Niobrara Counties
Niobrara Counties
§ ~90% held by production
§ ~2,100 net acres in Campbell
County directly offsetting EOG
producing well
County directly offsetting EOG
producing well
§ Drilling Inventory:
§ 90 gross / 56 net locations
§ 3-D identified
§ Economics:
§ D&C Cost: $4.0 MM
§ EUR: 250 MBoe
§ Recent Activity:
§ 12 wells drilled to date
(7 horizontal / 5 vertical)
(7 horizontal / 5 vertical)
§ 1 vertical Niobrara
§ 2011 Planned Activity:
§ $8.0 MM to drill 2.0 gross/net wells
§ Spud - Fall 2011
§ Other:
§ 23 sq. miles proprietary 3D
seismic data
seismic data
§ Full-diameter core data
EOG Crossbow Area:
3-19H: (Cum Oil 34 MBbl / Gas 145 MMcf)
2-18H: (Cum Oil 57 MBbl / Gas 428 MMcf)
8 successful horizontal wells
1-rig program
SWN / Samson / Helis:
10 Hrz. Permits;
1 completion
1 completion
AXAS Activity:
Sage Grouse 3H:
(Cum Oil 25 MBbl / 50 MBbl EUR)
CHK:
Sims 15-26H:
(Cum Oil 19 MBbl / Gas 634 MMcf)
29
Southern Alberta Basin - Bakken
§ Gross / Net Acres:
§ >10,000 net acres
§ 800 net mineral acres
§ Glacier and Toole Counties, Montana
§ Leases have 5-10 year primary terms
§ 2011 Planned Activity:
§ Continue to add to leasehold position in
geologically specific areas
geologically specific areas
§ Monitor industry drilling activity
AXAS Leasing Area
Blackfoot Nation Territory
Newfield Wells
Rosetta & Others Wells
Toole
Glacier
Glacier / Toole Counties, Montana
30
Rocky Mountain
Ø 8.4 MMBoe of proved reserves
Ø 53% proved developed
Ø 86% crude oil / NGL
Ø 948 Boepd of production
Ø 20.8 R/P ratio
Ø 896 gross (104 net) producing wells
Ø 72 PUD locations
Ø 81,990 net acres
Ø Primary producing basins include:
§ Williston Basin (MT and ND)
§ Powder River & Green River Basins (WY)
§ Uinta Basin (UT)
Ø Bakken / Three Forks - HBP
Rocky Mountain
ND
SD
MT
WY
CO
UT
Area of Operations
Overview
Net proved reserves, well count and acreage as of December 31, 2010
Daily net production for the quarter ended March 31, 2011
Alberta Basin
Bakken Play
Bakken / Three Forks
Play
Niobrara Play
31
Permian Basin
Permian Basin
Ø 5.6 MMBoe of proved reserves
Ø 79% proved developed
Ø 31% crude oil / NGL
Ø 1,168 Boepd of production
Ø 12.3 R/P ratio
Ø 210 gross (156 net) producing wells
Ø 5 PUD locations
Ø 38,951 net acres
Ø Primary producing sub-basins:
§ Delaware Basin
§ Eastern Shelf
TX
Area of Operations
Overview
Barnett / Woodford
Shale Play
Wolfberry Trend
Net proved reserves, well count and acreage as of December 31, 2010
Daily net production for the quarter ended March 31, 2011
Wolfbone Play
32
Gulf Coast
Gulf Coast
Ø 10.9 MMBoe of proved reserves
Ø 30% proved developed
Ø 17% crude oil / NGL
Ø 1,328 Boepd of production
Ø 32.0 R/P ratio
Ø 53 gross (47 net) producing wells
Ø 23 PUD locations
Ø 7,776 net acres
Ø Primary producing sub-basin:
§ Onshore Gulf Coast
TX
Area of Operations
Overview
Eagle Ford
Shale Play
Net proved reserves, well count and acreage as of December 31, 2010
Net proved reserves, R/P ratio, PUD locations and daily net production include AXAS’ share of Blue Eagle
Daily net production for the quarter ended March 31, 2011
33
NASDAQ: AXAS