TSX, NYSE MKT: BXE
CALGARY, Sept. 11, 2014 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix"
or the "Company") (TSX, NYSE MKT: BXE) has been put on notice that two
third party operated gas plants in the Ferrier / Willesden Green area
are going offline during the third week of September 2014.
Assuming the plants are offline for the expected timeframe, these
temporary plant outages are expected to result in an aggregate net
production restriction of 30,000 boe which is estimated to have an
average impact on Bellatrix's net production of 1,000 boe/d for the
month of September.
After giving effect to the aforementioned and continued tightness in
available processing capacity, Bellatrix's daily production is
anticipated to average approximately +/- 40,500 boe/d in the third
quarter of 2014. This would represent an 11% increase over second
quarter 2014 production volumes of 36,342 boe/d and an 85% increase over third quarter 2013 volumes of 21,852 boe/d. Current daily production is estimated at +/- 42,000 boe/d. In addition
the Company has +/- 5,000 boe/d behind pipe that is expected to come
on-stream in Q4 2014.
The Company plans to employ eight rigs throughout the fourth quarter of
2014.
Based on the timing of proposed expenditures, normal production
declines, and execution of the 2014 capital budget the Company
reaffirms its unchanged exit rate guidance of approximately +/- 48,000
boe/d. The Company is in the process of installing additional compression and
gas gathering infrastructure that will enable Bellatrix to increase
production to existing and access additional midstream gas plants.
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.
Bellatrix Exploration Ltd.
1920, 800 - 5th Avenue SW
Calgary, Alberta, Canada T2P 3T6
Phone: (403) 266-8670
Fax: (403) 264-8163
www.bellatrixexploration.com
Forward looking statements: Certain information set forth in this news
release, including management's assessments of the future plans and
operations, the expectation that behind pipe production will come
on-stream in fourth quarter 2014, the expectation that certain gas
plants will be offline, the timing and impact thereof, resulting
expected third quarter average 2014 production volumes, the
expectations about 2014 exit rate production and the expectation that
the Company will employ 8 rigs during the fourth quarter of 2014, 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. To the
extent such estimates constitute a financial outlook, they were
approved by management on date hereof and are included herein to
provide readers with an understanding of management's expectations and
assumptions about future activities and results and readers are
cautioned that the information may not be appropriate for other
purposes. 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 a six 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 and COO (403) 750-5566
or
Troy Winsor, Investor Relations (800) 663-8072