Exhibit 99.1
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. 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.
4th Annual Small-Cap
Oil & Gas Conference
“Building Blocks”
February 21-22, 2008
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AMEX: ABP
Company Overview
Abraxas Petroleum Corporation
AMEX:ABP
Market capitalization ~ $180 million
Total enterprise value ~ $172 million
$0 debt & $8 million in cash
Options: CBOE and PCX
Fully diluted shares outstanding ~ 50 million
Ownership ~ 15% insider
~ 28% institutional
Average trading volume ~ 235,000 shares per day
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Abraxas Energy Partners, L.P.
Properties
Abraxas Operating, LLC
Private Investors
6.0 million common units
Abraxas General Partner, LLC
227,232 general partner units
Abraxas Energy
Investments, LLC
5.13 million common units
100%
100%
100%
100%
45%
2%
53%
Lehman Fiduciary
Citigroup Merrill Lynch
Third Point Tortoise
Others
No incentive distribution rights or
subordinated units !
11.36 million units
outstanding
AMEX: ABP
Contributed
$100 million
Contributed 65
Bcfe
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St. Mary Land & Exploration Property Acquisition
Closed: January 31, 2008
Rockies & Mid-Continent
~1,500 gross (240 net) wells
Top 80% PV: 196 gross (94 net)
82% PDP / 52% Oil
R/P Ratio: ~14 years
Swaps: $87.50 / $8.27
Abraxas Energy
$126.0 million
Net Reserves: 57.2 Bcfe (9,525 MBOE)
Net Production: 11.7 MMcfepd
Abraxas Petroleum
$5.6 million
Net Reserves: 4.3 Bcfe (725 MBOE)
Net Production: 0.6 MMcfepd
AMEX: ABP
Recent Events
ND
SD
MT
WY
CO
UT
NM
TX
NE
KS
OK
AR
LA
AL
MS
Net proved reserves as of December 1, 2007
Estimated daily net production for January, 2008
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Northern Rockies
Southern Rockies
Mid-Continent
ARK-LA-TEX
Gulf Coast
Permian
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AMEX: ABP
‘Do the Math’
Original MLP
St. Mary
Acquisition
MLP pro-forma
% PDP
63%
82%
73%
% Oil
10%
52%
32%
R/P Ratio
10 years
14 years
12 years
Transaction Value / Mcfe
$3.43
$2.28
~$3.00
Cash Distributions / Unit
$1.50
Accretive
?
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Property Overview
AMEX: ABP
ND
SD
MT
WY
CO
UT
NM
TX
NE
KS
OK
AR
LA
AL
MS
Proved Reserves (Bcfe): 37.7
- Proved Developed: 29%
- Natural Gas: 67%
Daily Production (Mcfepd): 3,500
- Operated ~95%
Abraxas Petroleum Corporation
Proved Reserves (Bcfe): 115.2
- Proved Developed: 74%
- Natural Gas: 68%
Daily Production (Mcfepd): 25,000
- Operated ~75%
Abraxas Energy Partners, L.P.
ABP net proved reserves as of December 31, 2006
Abraxas Energy original net proved reserves as of June 30, 2007
St. Mary net proved reserves as of December 1, 2007
Estimated daily net production for January 2008, incl. St. Mary
Abraxas Petroleum
Abraxas Energy
ABE & ABP
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Quality assets
High ownership interest (79% WI)
Operational control (~95%)
Large acreage positions
Substantial upside
Product balanced (~60% gas)
Operations in Texas, Mid-Continent & Rockies
> 10 year inventory of projects on existing leasehold
High impact projects
AMEX: ABP
Asset Base
Feb-08 reflects the MLP formation & St. Mary acquisition
and includes 47% of the MLP’s proved reserves
Dec 31,
Acquisitions:
< $0.65 / Mcfe
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ABP Share of MLP Debt
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AMEX: ABP
ABP (Stand-Alone) Valuation
ABP Assets
Multiple Range
Valuation Range
($MM)
Valuation
Midpoint ($MM)
In-Ground Value
Proved Reserves (Bcfe):
37.7
$ 2.00 - $3.00
$ 75 - $ 113
$ 94
Undeveloped Acreage (inc. seismic):
Price Per Acre
- Mowry Shale
- Woodford Shale
- Wilcox Exploratory
46,50
0
15,00
0
2,500
$ 300 - $ 700
$ 800 - $ 1,200
$ 400 - $ 700
$ 14 – $ 33
$ 12 – $ 18
$ 1 – $ 2
$ 23
$ 15
$ 1
Price Per Unit
Abraxas MLP units (MM)
5.36
$ 16.66
$ 89
$ 89
Cash and other assets (1)
$ 15
$ 15
Total Value:
$ 207 – $ 270
$ 238
Less: Debt
$ 0
$ 0
Total ABP Equity
Value:
$ 207 – $ 270
$ 238
Shares Outstanding
(MM)
49.0
Value Per Share
$ 4.22 - $ 5.51
$ 4.86
(1)
Cash, GWE common stock
workover rigs, vehicles, and
surface acreage / yards
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AMEX: ABP
Upside Potential
Number of
potential /
identified
projects
Upside
Potential
Bcfe (1)
Value Matrix ($MM)
$0.50
per Mcfe
$1.00
per Mcfe
$1.50
per Mcfe
Total
559
1,256
$ 628
$ 1,256
$ 1,884
Upside Potential
Value per Share
$ 13
$ 25
$ 38
(1) Capital required $1.8 billion – volumes and resultant values are mid-point of range
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Drill Bit Growth
targeting Conventional Reservoirs
& emerging Resource Plays
Increase Shareholder Value
through……
AMEX: ABP
Operational Goals
Reserve Ratio Improvement
by converting
proved undeveloped and un-booked reserves
to the proved developed category
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Accretive Acquisitions
Abraxas Energy
Joint (Abraxas Energy / Abraxas Petroleum)
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AMEX: ABP
Conventional Reservoirs
Developing Existing Proved Reserves
Projects for 2008 and beyond…
“the low hanging fruit”
Edwards
Wilcox
Delaware
Mississippian / Devonian / Montoya
IRA
Clearfork / Spraberry / Strawn Reef
Oates SW
Devonian
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Oates SW Field
Wellbores available for re-entry
Pecos Co.
~15,000 acres
AMEX: ABP
> 75 sq. miles of 3-D
Hudgins 11-1:
Woodford
La Escalera 5-1:
Lower Wolfcamp
Manzanita 1H:
2007 Devonian
La Escalera 2:
Atoka
ABP retained wells
ABP retained the following:
Surface rights
Mineral rights
Executive rights
All formations from MLP
wells w/o proved reserves
Hudgins 37-1H:
Devonian
Elsinore Cattle 56:
Devonian
Hudgins 34-2H:
Devonian
La Escalera 1AH:
Devonian
Wells contributed to MLP
(plus 3 Devonian PUDs &
2 Montoya PUD completions)
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Pecos
ABP: Oates SW Field
~ 15,000 acres
(gained valuable reservoir knowledge &
producing small amount of dry gas from the
Woodford)
CHK 50% / Petro-Hunt 50%
~100,000 acres
3-D seismic swap
1 flowing gas)
Petro-Hunt
(2 permitted &
Reliance / CHK / PXD
3-D seismic & data swap
PXD
(1 drilled &
1 permitted)
AMEX: ABP
Woodford Shale Play
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AMEX: ABP
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Mowry Shale Oil Play
ABP: Brooks Draw
10 wells
(5 horizontal / 5 vertical)
4 vertical wells producing from
Mowry
(commingled with other zones)
23 sq. miles proprietary 3-D seismic survey
(1) Gross acres (>92% MI), >12,000 HBP
AEZ/BEXP: Krejci
Horizontal Mowry Shale
~ 15 to the SE of Brooks Draw
Brooks Draw
~50,000 acres (1)
Converse & Niobrara Counties, Wyoming
Map of leasehold in Converse & Niobrara Counties, Wyoming
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AMEX: ABP
Exploratory Plays
Potentially High Impact
Targeting the Wilcox Formation
Tuleta Prospect,
Bee County
Janssen Prospect,
Karnes County
(completing)
Plummer Prospect,
Bee County
(producing)
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Capital Expenditure Budget:
ABP: $35 million
ABE: $20 million
$55 million
Single well impact to guidance !
Historically, $ 4,500 of capital expended = 1 Mcfepd
$ 3,300 of capital expended = 1 Mcfepd for ABE properties
AMEX: ABP
2008
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Niche exploration and production company
Exceptional balance sheet - no debt, cash on-hand
High quality assets with substantial upside
Control of Abraxas Energy for accretive acquisitions & future drop-downs
Goals:
Drill Bit Growth
Reserve Ratio Improvement
Accretive Acquisitions
AMEX: ABP
Summary
CONTINUE TO INCREASE SHAREHOLDER VALUE
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www.abraxaspetroleum.com
Manzanita 1H
Hudgins Ranch,
Delaware Basin, West
Texas
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