TSX, NYSE MKT: BXE
CALGARY, April 2, 2014 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix"
or the "Company") (TSX, NYSE MKT: BXE) is pleased to announce that
Bellatrix has completed a 1.6 km river bore and a 7 km pipeline in
conjunction with Blaze Energy Ltd. ("Blaze") completing a 55 km
pipeline to tie-in Bellatrix natural gas for processing in the Blaze
gas plant located at 04-31-048-12W5. Bellatrix has secured firm
processing capacity of 100 MMcf/d in the plant. The pipeline was
commissioned on April 1, 2014 at 11:00am reaching 35 MMcf/d in the
first day of operation. In the fourth quarter of 2013 and in the first
quarter of 2014, Bellatrix installed a total of 8 field booster
compressors located at 13-5-45-9W5 (tie-in point to the Blaze pipeline)
with capacity of 97 MMcf/d. As the pipeline is ramped up to full
capacity and current constraints are removed over the next couple of
weeks Bellatrix expects that the previously announced production
restrictions in west central Alberta will be alleviated.
Bellatrix continues to focus on growth by development of its core
Cardium and Notikewin/Falher assets utilizing its large inventory of
geological prospects. The Company has developed an inventory of 742 net
remaining Cardium locations, 381 net Notikewin/Falher and 128 Mannville
locations representing a net remaining investment of $4.97 billion
(based on current costs). Bellatrix has approximately 416,631 net
undeveloped acres and including all opportunities of approximately
2,000 net exploitation drilling opportunities identified, with capital
requirements of $10.1 billion representing over 30 years of drilling
inventory based on current annual cash flow and costs. The Company
continues to focus on adding Cardium and Notikewin prospective lands.
The Company's current corporate presentation is available at www.bellatrixexploration.com.
Bellatrix Exploration Ltd. is a Western Canadian based growth oriented
oil and gas company engaged in the exploration for, and the
acquisition, development and production of oil and natural gas reserves
in the provinces of Alberta, British Columbia and Saskatchewan. Common
shares of Bellatrix trade on the Toronto Stock Exchange ("TSX") and on
the NYSE MKT under the symbol BXE.
All amounts in this press release are in Canadian dollars unless
otherwise identified.
Forward looking statements: Certain information set forth in this news
release, including management's assessments of the future plans and
operations, expectations that production restrictions will be
alleviated, drilling inventory and capital costs and time to develop,
may contain forward-looking statements, and necessarily involve risks
and uncertainties, certain of which are beyond Bellatrix's control,
including risks associated with oil and gas exploration, development,
exploitation, production, marketing and transportation, loss of markets
and other economic and industry conditions, volatility of commodity
prices, currency fluctuations, imprecision of reserve estimates,
environmental risks, competition from other producers, inability to
retain drilling services, incorrect assessment of value of acquisitions
and failure to realize the benefits therefrom, delays resulting from or
inability to obtain required regulatory approvals, the lack of
availability of qualified personnel or management, stock market
volatility and ability to access sufficient capital from internal and
external sources and economic or industry condition changes. Actual
results, performance or achievements could differ materially from those
expressed in, or implied by, these forward-looking statements and,
accordingly, no assurance can be given that any events anticipated by
the forward-looking statements will transpire or occur, or if any of
them do so, what benefits that Bellatrix will derive therefrom.
Additional information on these and other factors that could affect
Bellatrix are included in reports on file with Canadian securities
regulatory authorities and the United States Securities and Exchange
Commission and may be accessed through the SEDAR website (www.sedar.com), the SEC's website (www.sec.gov) or at Bellatrix's website www.bellatrixexploration.com. The forward looking statements contained in this press release are
made as of the date hereof and Bellatrix undertakes no obligations to
update publicly or revise any forward looking statements or
information, whether as a result of new information, future events or
otherwise, unless so required by applicable securities laws.
Conversion: The term barrels of oil equivalent ("boe") may be
misleading, particularly if used in isolation. A boe conversion ratio
of six thousand cubic feet of natural gas to one barrel of oil
equivalent (6 mcf/bbl) is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not represent a
value equivalency at the wellhead. Given that the value ratio based on
the current price of crude oil as compared to natural gas is
significantly different from the energy equivalency of six to one,
utilizing a conversion on asix to one basis may be misleading as an
indication of value. All boe conversions herein are derived from
converting gas to oil in the ratio of six thousand cubic feet of gas to
one barrel of oil.
SOURCE Bellatrix Exploration Ltd.
Raymond G. Smith, P.Eng., President and CEO (403) 750-2420
or
Edward J. Brown, CA, Executive Vice President, Finance and CFO (403) 750-2655
or
Brent A. Eshleman, P.Eng., Executive Vice President (403) 750-5566
or
Troy Winsor, Investor Relations (800) 663-8072
Bellatrix Exploration Ltd.
1920, 800 - 5th Avenue SW
Calgary, Alberta, Canada T2P 3T6
Phone: (403) 266-8670
Fax: (403) 264-8163
www.bellatrixexploration.com
Copyright CNW Group 2014
Source: Canada Newswire
(April 2, 2014 - 12:39 PM EDT)
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