Filed by Abraxas Petroleum Corporation
(Commission File No. 0-19118)
Pursuant to Rule 425 Under the Securities Act of 1933,
as amended,
And Deemed Filed Pursuant to Rule 14a-12
Under the Securities Exchange Act of 1934,
as amended.
Subject Company: Grey Wolf Exploration Inc
(no Commission File No.)
File No. 333-62934
This Company will be making this presentation at various energy conferences.
Slide Number 1:
Abraxas Petroleum Corporation
July 2001
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.
Picture of Henson Gas Unit #2H in South Texas as background.
Slide Number 2:
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS
THAT WILL BE INCLUDED IN THE REGISTRATION STATEMENT ON FORM S-4 FILED WITH THE
SEC IN CONNECTION WITH THE PROPOSED MERGER. ABRAXAS PETROLEUM CORPORATION
("ABRAXAS") AND GREY WOLF EXPLORATION INC. ("GREY WOLF EXPLORATION") HAVE FILED
THE PROXY STATEMENT/PROSPECTUS WITH THE SEC. Investors and security holders may
obtain a fee copy of the proxy statement/prospectus (when available) and other
documents filed by Abraxas and Grey Wolf Exploration with the SEC at the SEC's
web site at www.sec.gov.
Abraxas, its directors, executive officers and certain members of management and
employees may be considered "participants in the solicitation" of proxies from
Abraxas' shareholders in connection with the merger. Information regarding such
persons and a description of their interests in the merger is contained in the
Registration Statement on Form S-4. Abraxas, its directors, executive officers
and certain members of management and employees may be considered "participants
in the solicitation" in connection with the merger. Information regarding such
persons and a description of their interest in the merger is contained in the
Registration Statement on Form S-4.
Slide Number 3:
oAMEX: ABP
oMarket capitalization: $119 mm
oEnterprise value: $386 mm
oQ1 2001 average volume:
206,500 shares per day
Graph reflecting the following data:
ABP XNG DJI
3-Jan-00 1.063 100% 122.9 100% 11357.51 100%
4-Jan-00 1.125 106% 121.07 99% 10997.93 97%
5-Jan-00 1.5 141% 122.7 100% 11122.65 98%
6-Jan-00 1.5 141% 129.19 105% 11253.26 99%
7-Jan-00 1.375 129% 130.32 106% 11522.56 101%
10-Jan-00 1.25 118% 127.8 104% 11572.2 102%
11-Jan-00 1.25 118% 128.11 104% 11511.08 101%
12-Jan-00 1.25 118% 128.22 104% 11551.1 102%
13-Jan-00 1.25 118% 130.8 106% 11582.43 102%
14-Jan-00 1.25 118% 133.09 108% 11722.98 103%
18-Jan-00 1.438 135% 139.93 114% 11560.72 102%
19-Jan-00 1.375 129% 139.87 114% 11489.36 101%
20-Jan-00 1.313 124% 144.08 117% 11351.3 100%
21-Jan-00 1.375 129% 146.23 119% 11251.71 99%
24-Jan-00 1.406 132% 141.82 115% 11008.17 97%
25-Jan-00 1.406 132% 140.65 114% 11029.89 97%
26-Jan-00 1.344 126% 139 113% 11032.99 97%
27-Jan-00 1.313 124% 135.3 110% 11028.02 97%
28-Jan-00 1.313 124% 133.65 109% 10738.87 95%
31-Jan-00 1.344 126% 136.45 111% 10940.53 96%
1-Feb-00 1.375 129% 138.61 113% 11041.05 97%
2-Feb-00 1.313 124% 137.02 111% 11003.2 97%
3-Feb-00 1.375 129% 138.2 112% 11013.44 97%
4-Feb-00 1.438 135% 135.44 110% 10963.8 97%
7-Feb-00 1.406 132% 136.64 111% 10905.79 96%
8-Feb-00 1.406 132% 135.36 110% 10957.6 96%
9-Feb-00 1.406 132% 131.26 107% 10699.16 94%
10-Feb-00 1.5 141% 135.05 110% 10643.63 94%
11-Feb-00 1.406 132% 132.66 108% 10425.21 92%
14-Feb-00 1.438 135% 135.2 110% 10519.84 93%
15-Feb-00 1.313 124% 140.57 114% 10718.09 94%
16-Feb-00 1.344 126% 140.4 114% 10561.41 93%
17-Feb-00 1.5 141% 138.75 113% 10514.57 93%
18-Feb-00 1.5 141% 133.26 108% 10219.52 90%
22-Feb-00 1.5 141% 130.82 106% 10304.84 91%
23-Feb-00 1.438 135% 127.01 103% 10225.73 90%
24-Feb-00 1.375 129% 125.73 102% 10092.63 89%
25-Feb-00 1.375 129% 123.79 101% 9862.12 87%
28-Feb-00 1.375 129% 127.3 104% 10038.65 88%
29-Feb-00 1.375 129% 133.32 108% 10128.31 89%
1-Mar-00 1.438 135% 136.91 111% 10137.93 89%
2-Mar-00 1.625 153% 141.52 115% 10164.92 89%
3-Mar-00 2 188% 138.78 113% 10367.2 91%
6-Mar-00 2.25 212% 139.9 114% 10170.5 90%
7-Mar-00 3 282% 149.44 122% 9796.03 86%
8-Mar-00 2.625 247% 149.26 121% 9856.53 87%
9-Mar-00 2.25 212% 147.58 120% 10010.73 88%
10-Mar-00 2.563 241% 147.27 120% 9928.82 87%
13-Mar-00 2.25 212% 143.82 117% 9947.13 88%
14-Mar-00 2.125 200% 143.54 117% 9811.24 86%
15-Mar-00 2.375 223% 143.88 117% 10131.41 89%
16-Mar-00 2.25 212% 148.88 121% 10630.6 94%
17-Mar-00 2.188 206% 147.57 120% 10595.23 93%
20-Mar-00 1.938 182% 145.77 119% 10680.24 94%
21-Mar-00 2 188% 149.05 121% 10907.34 96%
22-Mar-00 2 188% 150.36 122% 10866.7 96%
23-Mar-00 1.938 182% 149.65 122% 11119.86 98%
24-Mar-00 2.063 194% 150.05 122% 11112.72 98%
27-Mar-00 2.031 191% 151.37 123% 11025.85 97%
28-Mar-00 2 188% 151.38 123% 10936.11 96%
29-Mar-00 2.031 191% 160.97 131% 11018.72 97%
30-Mar-00 2.063 194% 167.15 136% 10980.25 97%
31-Mar-00 2.25 212% 167.84 137% 10921.92 96%
3-Apr-00 2.25 212% 169.25 138% 11221.93 99%
4-Apr-00 2.438 229% 162.55 132% 11164.84 98%
5-Apr-00 2.375 223% 161.48 131% 11033.92 97%
6-Apr-00 2.1 198% 164.75 134% 11114.27 98%
7-Apr-00 1.938 182% 164.97 134% 11111.48 98%
10-Apr-00 1.875 176% 160.11 130% 11186.56 98%
11-Apr-00 1.719 162% 161.15 131% 11287.08 99%
12-Apr-00 1.625 153% 165.21 134% 11125.13 98%
13-Apr-00 1.625 153% 166.04 135% 10923.55 96%
14-Apr-00 1.688 159% 160.98 131% 10305.77 91%
17-Apr-00 1.688 159% 157.89 128% 10582.51 93%
18-Apr-00 1.688 159% 160.2 130% 10767.42 95%
19-Apr-00 1.688 159% 163.9 133% 10674.96 94%
20-Apr-00 1.75 165% 165.12 134% 10844.05 95%
24-Apr-00 1.688 159% 166.76 136% 10906.1 96%
25-Apr-00 1.688 159% 169.73 138% 11124.82 98%
26-Apr-00 1.688 159% 168.06 137% 10945.5 96%
27-Apr-00 1.75 165% 171.34 139% 10888.1 96%
28-Apr-00 1.688 159% 171.74 140% 10733.91 95%
1-May-00 1.688 159% 176.25 143% 10811.78 95%
2-May-00 1.688 159% 177.54 144% 10731.12 94%
3-May-00 1.688 159% 173.98 142% 10480.13 92%
4-May-00 1.688 159% 180.97 147% 10412.49 92%
5-May-00 1.688 159% 184.24 150% 10577.86 93%
8-May-00 1.688 159% 186.43 152% 10603.63 93%
9-May-00 1.656 156% 185.43 151% 10536.75 93%
10-May-00 1.625 153% 186.58 152% 10367.78 91%
11-May-00 1.625 153% 193.56 157% 10545.97 93%
12-May-00 1.625 153% 195.31 159% 10609.37 93%
15-May-00 1.656 156% 197.81 161% 10807.78 95%
16-May-00 1.6 151% 193.13 157% 10934.57 96%
17-May-00 1.531 144% 195.03 159% 10769.74 95%
18-May-00 1.531 144% 194.4 158% 10777.28 95%
19-May-00 1.625 153% 195.5 159% 10626.85 94%
22-May-00 1.625 153% 196.04 160% 10542.55 93%
23-May-00 1.563 147% 195.23 159% 10422.27 92%
24-May-00 1.531 144% 192.1 156% 10535.35 93%
25-May-00 1.375 129% 191.45 156% 10323.92 91%
26-May-00 1.375 129% 194.72 158% 10299.24 91%
30-May-00 1.5 141% 199.74 163% 10527.13 93%
31-May-00 1.5 141% 206.07 168% 10522.33 93%
1-Jun-00 1.5 141% 205.32 167% 10652.2 94%
2-Jun-00 1.5 141% 196.98 160% 10794.76 95%
5-Jun-00 1.406 132% 194.25 158% 10815.3 95%
6-Jun-00 1.375 129% 199.18 162% 10735.57 95%
7-Jun-00 1.375 129% 197.99 161% 10812.86 95%
8-Jun-00 1.344 126% 198.93 162% 10668.72 94%
9-Jun-00 1.375 129% 197.25 160% 10614.06 93%
12-Jun-00 1.375 129% 201.08 164% 10564.21 93%
13-Jun-00 1.469 138% 202.17 164% 10621.84 94%
14-Jun-00 1.531 144% 201.01 164% 10687.95 94%
15-Jun-00 1.5 141% 198.83 162% 10714.82 94%
16-Jun-00 1.5 141% 203.42 166% 10449.3 92%
19-Jun-00 1.5 141% 199.53 162% 10557.84 93%
20-Jun-00 1.406 132% 198.21 161% 10435.16 92%
21-Jun-00 1.469 138% 205.01 167% 10497.74 92%
22-Jun-00 1.438 135% 201.36 164% 10376.12 91%
23-Jun-00 1.5 141% 201.4 164% 10404.75 92%
26-Jun-00 1.438 135% 199.46 162% 10542.99 93%
27-Jun-00 1.469 138% 196.92 160% 10504.46 92%
28-Jun-00 1.438 135% 198.31 161% 10527.79 93%
29-Jun-00 1.438 135% 200.91 163% 10398.04 92%
30-Jun-00 1.5 141% 196.25 160% 10447.89 92%
3-Jul-00 1.531 144% 197.8 161% 10560.67 93%
5-Jul-00 1.5 141% 184.68 150% 10483.6 92%
6-Jul-00 1.406 132% 183.79 150% 10481.47 92%
7-Jul-00 1.406 132% 186.71 152% 10635.98 94%
10-Jul-00 1.406 132% 186.93 152% 10646.58 94%
11-Jul-00 1.438 135% 195.03 159% 10727.19 94%
12-Jul-00 1.469 138% 192.94 157% 10783.41 95%
13-Jul-00 1.563 147% 189.93 155% 10788.71 95%
14-Jul-00 2.313 218% 190.52 155% 10812.75 95%
17-Jul-00 2.188 206% 188.84 154% 10804.27 95%
18-Jul-00 2 188% 191.06 155% 10739.92 95%
19-Jul-00 2 188% 189.83 154% 10696.08 94%
20-Jul-00 2.031 191% 187.3 152% 10843.87 95%
21-Jul-00 2.031 191% 183.92 150% 10733.56 95%
24-Jul-00 1.875 176% 180.21 147% 10685.12 94%
25-Jul-00 1.844 173% 178.26 145% 10699.97 94%
26-Jul-00 2 188% 178.7 145% 10516.48 93%
27-Jul-00 2 188% 184.37 150% 10586.13 93%
28-Jul-00 2.094 197% 183.77 150% 10511.17 93%
31-Jul-00 1.938 182% 182.84 149% 10521.98 93%
1-Aug-00 1.875 176% 189.15 154% 10606.95 93%
2-Aug-00 1.875 176% 192.45 157% 10687.53 94%
3-Aug-00 1.719 162% 190.94 155% 10706.58 94%
4-Aug-00 1.75 165% 192.94 157% 10767.75 95%
7-Aug-00 2.188 206% 197.61 161% 10867.01 96%
8-Aug-00 2.031 191% 197.04 160% 10976.89 97%
9-Aug-00 2.313 218% 199.9 163% 10905.83 96%
10-Aug-00 2.5 235% 201.67 164% 10908.76 96%
11-Aug-00 2.75 259% 201.7 164% 11027.8 97%
14-Aug-00 2.625 247% 208.47 170% 11176.14 98%
15-Aug-00 2.688 253% 207.05 168% 11067 97%
16-Aug-00 2.875 270% 210.64 171% 11008.39 97%
17-Aug-00 2.813 265% 216.81 176% 11055.64 97%
18-Aug-00 3 282% 213.28 174% 11046.48 97%
21-Aug-00 2.875 270% 213.9 174% 11079.81 98%
22-Aug-00 2.938 276% 216.07 176% 11139.15 98%
23-Aug-00 2.813 265% 222.47 181% 11144.65 98%
24-Aug-00 2.75 259% 217.3 177% 11182.74 98%
25-Aug-00 2.938 276% 219.01 178% 11192.63 99%
28-Aug-00 3.125 294% 220.5 179% 11252.84 99%
29-Aug-00 3.063 288% 223.74 182% 11215.1 99%
30-Aug-00 3.5 329% 220.84 180% 11103.01 98%
31-Aug-00 3.625 341% 221.31 180% 11215.1 99%
1-Sep-00 4 376% 225.43 183% 11238.78 99%
5-Sep-00 3.625 341% 224.17 182% 11260.61 99%
6-Sep-00 3.875 365% 229.59 187% 11310.64 100%
7-Sep-00 3.688 347% 231.57 188% 11259.87 99%
8-Sep-00 3.375 317% 229.28 187% 11220.65 99%
11-Sep-00 3.188 300% 237.43 193% 11195.49 99%
12-Sep-00 3.188 300% 235.73 192% 11233.23 99%
13-Sep-00 3.25 306% 231.87 189% 11182.18 98%
14-Sep-00 3.313 312% 231.64 188% 11087.47 98%
15-Sep-00 4 376% 236.89 193% 10927 96%
18-Sep-00 4 376% 233.97 190% 10808.52 95%
19-Sep-00 3.875 365% 227.29 185% 10789.29 95%
20-Sep-00 3.813 359% 226.99 185% 10687.92 94%
21-Sep-00 3.563 335% 217.72 177% 10765.52 95%
22-Sep-00 3.75 353% 216.04 176% 10847.37 96%
25-Sep-00 3.625 341% 214.91 175% 10808.15 95%
26-Sep-00 3.75 353% 221.29 180% 10631.32 94%
27-Sep-00 3.688 347% 223.82 182% 10628.36 94%
28-Sep-00 3.813 359% 222.43 181% 10824.06 95%
29-Sep-00 3.875 365% 224.96 183% 10650.92 94%
2-Oct-00 3.938 370% 227.37 185% 10700.13 94%
3-Oct-00 3.75 353% 226.53 184% 10719.74 94%
4-Oct-00 3.75 353% 221.48 180% 10784.48 95%
5-Oct-00 3.625 341% 218.11 177% 10724.92 94%
6-Oct-00 3.5 329% 218.18 178% 10596.54 93%
9-Oct-00 3.75 353% 222.3 181% 10568.43 93%
10-Oct-00 3.625 341% 230.89 188% 10524.4 93%
11-Oct-00 3.5 329% 235.25 191% 10413.79 92%
12-Oct-00 3.875 365% 238.95 194% 10034.58 88%
13-Oct-00 3.688 347% 235.4 192% 10192.18 90%
16-Oct-00 3.625 341% 232.93 190% 10238.8 90%
17-Oct-00 3.625 341% 232.62 189% 10089.71 89%
18-Oct-00 3.563 335% 230.12 187% 9975.02 88%
19-Oct-00 3.313 312% 229.36 187% 10142.98 89%
20-Oct-00 3.5 329% 233.88 190% 10226.59 90%
23-Oct-00 3.5 329% 232.1 189% 10271.72 90%
24-Oct-00 3.438 323% 223.97 182% 10393.07 92%
25-Oct-00 3.438 323% 213.86 174% 10326.48 91%
26-Oct-00 3.375 317% 216.61 176% 10380.12 91%
27-Oct-00 3.313 312% 214.88 175% 10590.62 93%
30-Oct-00 3.188 300% 216.68 176% 10835.77 95%
31-Oct-00 3 282% 218.62 178% 10971.14 97%
1-Nov-00 3.125 294% 225.12 183% 10899.47 96%
2-Nov-00 3.375 317% 220.27 179% 10880.51 96%
3-Nov-00 3.25 306% 216 176% 10817.95 95%
6-Nov-00 3.25 306% 216.58 176% 10977.21 97%
7-Nov-00 3.313 312% 218.3 178% 10952.18 96%
8-Nov-00 3.438 323% 219.64 179% 10907.06 96%
9-Nov-00 3.5 329% 217.63 177% 10834.25 95%
10-Nov-00 3.438 323% 217.61 177% 10602.95 93%
13-Nov-00 3.313 312% 213.85 174% 10517.25 93%
14-Nov-00 3.438 323% 217.24 177% 10681.06 94%
15-Nov-00 3.375 317% 226.27 184% 10707.6 94%
16-Nov-00 3.438 323% 229.51 187% 10656.03 94%
17-Nov-00 3.438 323% 230.04 187% 10629.87 94%
20-Nov-00 3.438 323% 229.09 186% 10462.65 92%
21-Nov-00 3.438 323% 233.57 190% 10494.5 92%
22-Nov-00 3.25 306% 231.34 188% 10399.32 92%
24-Nov-00 3.438 323% 234.25 191% 10470.23 92%
27-Nov-00 3.438 323% 234.74 191% 10546.07 93%
28-Nov-00 3.375 317% 232.78 189% 10507.58 93%
29-Nov-00 3.125 294% 221.18 180% 10629.11 94%
30-Nov-00 2.813 265% 210.72 171% 10414.49 92%
1-Dec-00 3 282% 218.14 177% 10373.54 91%
4-Dec-00 3.375 317% 223.27 182% 10560.1 93%
5-Dec-00 3.375 317% 223.16 182% 10898.72 96%
6-Dec-00 3.5 329% 226.03 184% 10664.38 94%
7-Dec-00 3.313 312% 227.67 185% 10617.36 93%
8-Dec-00 3.375 317% 230.52 188% 10712.91 94%
11-Dec-00 3.625 341% 236.86 193% 10725.8 94%
12-Dec-00 3.688 347% 236.84 193% 10768.27 95%
13-Dec-00 3.625 341% 236.32 192% 10794.44 95%
14-Dec-00 3.875 365% 229.44 187% 10674.99 94%
15-Dec-00 3.875 365% 235.11 191% 10434.96 92%
18-Dec-00 3.875 365% 243.13 198% 10645.42 94%
19-Dec-00 4.5 423% 242.58 197% 10584.37 93%
20-Dec-00 4.563 429% 237.8 193% 10318.93 91%
21-Dec-00 4.375 412% 238.05 194% 10487.29 92%
22-Dec-00 4.375 412% 242.73 198% 10635.56 94%
26-Dec-00 4.438 417% 264.44 215% 10692.44 94%
27-Dec-00 4.313 406% 265.49 216% 10803.16 95%
28-Dec-00 4.375 412% 272.39 222% 10868.76 96%
29-Dec-00 4.375 412% 264.93 216% 10786.85 95%
2-Jan-01 4.063 382% 255.91 208% 10646.15 94%
3-Jan-01 4.125 388% 244.76 199% 10945.75 96%
4-Jan-01 4.125 388% 234.67 191% 10912.41 96%
5-Jan-01 4.188 394% 240.79 196% 10662.01 94%
8-Jan-01 4.063 382% 245.24 200% 10621.35 94%
9-Jan-01 3.75 353% 240.55 196% 10572.55 93%
10-Jan-01 3.688 347% 242.59 197% 10604.27 93%
11-Jan-01 3.75 353% 241.59 197% 10609.55 93%
12-Jan-01 3.75 353% 240.18 195% 10525.38 93%
16-Jan-01 3.875 365% 242.91 198% 10652.66 94%
17-Jan-01 3.813 359% 236.56 192% 10584.34 93%
18-Jan-01 3.938 370% 228.62 186% 10678.28 94%
19-Jan-01 3.813 359% 230 187% 10587.59 93%
22-Jan-01 4.063 382% 233.39 190% 10578.24 93%
23-Jan-01 4.5 423% 239.97 195% 10649.81 94%
24-Jan-01 4.75 447% 240.03 195% 10646.97 94%
25-Jan-01 4.938 465% 247.26 201% 10729.52 94%
26-Jan-01 5 470% 242.21 197% 10659.98 94%
29-Jan-01 5.08 478% 238.75 194% 10702.19 94%
30-Jan-01 5.02 472% 235.41 192% 10881.2 96%
31-Jan-01 4.93 464% 234.85 191% 10887.36 96%
1-Feb-01 4.9 461% 231.61 188% 10983.63 97%
2-Feb-01 4.83 454% 237.98 194% 10864.1 96%
5-Feb-01 4.85 456% 242.54 197% 10965.85 97%
6-Feb-01 4.75 447% 246.4 200% 10957.42 96%
7-Feb-01 4.8 452% 250.22 204% 10946.72 96%
8-Feb-01 4.89 460% 248.64 202% 10880.55 96%
9-Feb-01 4.94 465% 252.96 206% 10781.45 95%
12-Feb-01 4.9 461% 253.18 206% 10946.77 96%
13-Feb-01 4.75 447% 256.73 209% 10903.32 96%
14-Feb-01 4.8 452% 255.36 208% 10795.41 95%
15-Feb-01 4.69 441% 250.12 204% 10891.02 96%
16-Feb-01 4.93 464% 250.42 204% 10799.82 95%
20-Feb-01 4.85 456% 249.94 203% 10730.88 94%
21-Feb-01 4.87 458% 246.49 201% 10526.58 93%
22-Feb-01 4.69 441% 244.03 199% 10526.81 93%
23-Feb-01 4.7 442% 241.26 196% 10441.9 92%
26-Feb-01 4.63 436% 242.11 197% 10642.53 94%
27-Feb-01 4.63 436% 240.6 196% 10636.88 94%
28-Feb-01 4.55 428% 238.23 194% 10495.28 92%
1-Mar-01 4.55 428% 239.82 195% 10450.14 92%
2-Mar-01 4.5 423% 245.1 199% 10466.31 92%
5-Mar-01 4.5 423% 247.71 202% 10562.3 93%
6-Mar-01 4.5 423% 249.18 203% 10591.22 93%
7-Mar-01 4.9 461% 265.06 216% 10729.6 94%
8-Mar-01 5.09 479% 268.36 218% 10858.25 96%
9-Mar-01 5.1 480% 266.62 217% 10644.62 94%
12-Mar-01 4.97 468% 253.29 206% 10208.25 90%
13-Mar-01 5.03 473% 250.71 204% 10290.8 91%
14-Mar-01 4.95 466% 248.07 202% 9973.46 88%
15-Mar-01 5.15 484% 247.41 201% 10031.28 88%
16-Mar-01 5.32 500% 245.01 199% 9823.41 86%
19-Mar-01 5.25 494% 250.82 204% 9959.11 88%
20-Mar-01 5.08 478% 251.96 205% 9720.76 86%
21-Mar-01 4.87 458% 242.24 197% 9487 84%
22-Mar-01 4.75 447% 232.21 189% 9389.48 83%
23-Mar-01 4.83 454% 238.05 194% 9504.78 84%
26-Mar-01 4.96 467% 240 195% 9687.53 85%
27-Mar-01 4.91 462% 239.76 195% 9947.54 88%
28-Mar-01 5.24 493% 236.32 192% 9785.35 86%
29-Mar-01 5.1 480% 230.47 188% 9799.06 86%
Picture reflecting scene of Caroline, Alberta, Canada rig.
Slide Number 4
Strategy
oFocus
oNatural gas
oTechnology
oResults
Picture reflecting gas flare at Brooks Draw, Wyoming.
Slide Number 5
Focus
oExploitation
oGeography
oLarge projects
oHigh ownership interests
oHigh quality reserves with upside
oImpact exploration
Picture of elk standing in front of a rig in Brooks Draw, Wyoming.
Slide Number 6:
FOCUS
Exploitation Projects
(Map of the United States and Canada with Alberta, Texas, and Wyoming
highlighted to show the areas of exploitation.)
Brooks Draw, Wyoming
- --------------------
o 62,000 acres
o Ownership 100%
Montoya, Texas
- --------------
o 26,000 acres
o Ownership:
o EOG JV 25%
o Other 100%
Caroline/Pouce Coupe, Alberta
- ------------------------------
o 77,000 acres
o Ownership 100% (includes gas plants and gathering systems)
Edwards Trend, Texas
- ---------------------
o 11,000 acres
o Ownership 100%
Slide Number 7:
FOCUS
Impact Exploration
(Map of Canada with Alberta and Northwest Territories highlighted)
Norman Wells, Northwest Territories
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o 290,000 net acres
o Ownership 50-100%
o Farmout to large company for deep test
o Adjoins 4th largest oil field in Canada
o Significant, recent offset leasing activity
Ladyfern, British Columbia
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o 11,000 net acres oOwnership 33-100%
o 53 sq mile 3D indicates locations on our blocks
o Ladyfern "quite possibly, on a gross basis in North America, is the largest
thing we've ever found ... keep your eyes on B. C. and Northern Alberta."
Apache 2/2/01
o Acreage adjoins successful Murphy/Apache block
o Each successful well could add $1/share to NAV and 15% to current production
Slide Number 8:
Natural Gas
o Demand
o Gas fired electric capacity growing 4 percent per year
o Supply
o North American supply increasing 1-2% per year at best
o Rigs and other services near capacity
o Storage crisis - withdrawal season end + 500 Bcf
o Strong price environment
ABRAXAS 78% NATURAL GAS
o Current gas production 51 MMcfpd
o 20 MMcfpd hedged @$2.75/Mcf
Slide Number 9:
Technology:
Mission Statement
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Use horizontal drilling technology aided by 3D seismic, to exploit known
hydrocarbon sources in heterogeneous reservoirs.
Advantages
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o Attractive economics
o Optimal exploitation
o 3D seismic guidance
o Large acreage blocks
o Multiple replication
o Low dry hole risk
Slide Number 10:
Horizontal Exploitation Concept
Hand drawn picture showing the Devonian, Montoya, and Ellenburger formations in
different colors. Each layer contains small vertical lines representing
fractures in the earth. Porosity pods are represented by stippled ovals drawn in
the layers. A vertical well is drawn through the layers to show that it missed
all of the porosity pods and fractures. A horizontal well is drawn to represent
the ability to penetrate numerous porosity pods and fractures throughout the
formation thereby optimizing the well.
Slide Number 11:
Results of Exploitation Projects
Map of the United States and Canada with Alberta, Wyoming and Texas highlighted.
Brooks Draw (Horizontal)
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Since late 1999
o 6 wells drilled
o 4 wells on production
o 1 well completing
o 1 well mechanical failure
o April production 160 Bopd
o + 200 potential locations
Montoya (Horizontal)
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Since December 2000
EOG Joint Venture
o ABP 25%
o 2 well producing 17 MMcfpd
o 21 additional identified locations
Oates SW Field
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o ABP 100%
o First well this year
o 9 identified locations
Caroline/Pouce Coupe, Alberta
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Since Mid 2000
o Drilled 10 wells
o 9 gas wells
o 1 temporarily abandoned
o 15.2 MMcfpd new production
o 2 wells drilling
o 51+ additional identified locations
o Continuing to upgrade infrastructure
Edwards (Horizontal)
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Since late 1997
o 13 wells
o 12 wells on production
o 1 well non-commercial
o 9.7 MMcfpd April production
o 3 additional identified locations
Slide Number 12
Stock is Undervalued
(Millions except ratios) 2000 1H '01E2 2001E2 2002E2
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Production (BCFE) 25.7 12 24 30
CAPEX $64.9 $29 $49 $40
EBITDA $50.2 $36 $72 $66
Cash Flow $20.7 $20 $41 $36
Earnings $(26.4) $(2) $1 $(4)
TEV 1 /EBITDA 5X3 5.1X3 5.1X 5.5X
EBITDA/Interest 1 .6X 2.4X 2.4X 2.7X
P/C 4.6X3 2.4X3 2.4X 2.7X
P/E NM NM NM NM
1 Assumes TEV of $365 MM.
2 Analysts' estimates based on commodity prices of $5/$26.50 for 2001 and
$3.50/$25 for 2002. Assumes GWX merger completed in 3Q 2001.
3 Annualized.
Slide Number 13:
Stock is Undervalued
Net Asset Value (3/31/01) Pro Forma GWX
$MM2
Proved Reserves - PV10 1 (244 Bcfe) $488
Gas Plants3 58
Acreage4 53
Working Capital -14
Debt -268
Net Asset Value $317
Shares Outstanding 29.9
Net Asset Value Per Share5 $10.60
Notes:
1 Year-end 2000 reserves, $5.25/$25 price deck, flat includes future hedging
losses.
2 Excludes third party engineered probable reserves of 154 Bcfe @ 12/31/00 and
recent asset sales.
3 Value based on total through put (equity plus third party) of 57 MMcfpd; $0.35
avg. fee per Mcf and an 8 multiple
4 Based onthird party valuations ($75/acre)
5 NAV sensitivity + $0.25 per $.10 change in gas prices
Slide Number 14
Summary Highlights
o Focused natural gas story
o Operational success
o High impact exploration upsideo
o Shares represent real value with growth
Picture of scenic rig in Carolina, Alberta, Canada
Slide Number 15:
Last page has picture of rig with www.abraxaspetroleum.com across it.