Bellatrix to Present at the Upcoming 2015 TD Securities Calgary Energy Conference and Announces Updated Commodity Risk Management Contracts
TSX, NYSE: BXE
CALGARY, July 2, 2015 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix" or
the "Company") (TSX, NYSE: BXE) is pleased to announce it will be
attending the 2015 TD Securities Calgary Energy Conference on Wednesday
July 8, 2015.
Bellatrix maintains a strong risk management program in 2015, with
approximately 90% of forecast natural gas volumes hedged with fixed
price contracts through the summer season (April through October)
compared with the mid-point of our annual average production guidance
range.
In addition to these previously announced 2015 hedges, Bellatrix has
recently added longer term risk management contracts in 2016 and 2017
through a mix of fixed price and basis swap hedging contracts.
Bellatrix has methodically begun adding longer term risk management
contracts as part of its strategy to mitigate natural gas price
volatility and exposure, and to provide increased predictability of
revenue and cash flow beyond the current calendar year. By employing
both fixed price and basis swap risk management contracts, Bellatrix
maintains fixed price protection on a portion of its forecast natural
gas volumes, and retains upside potential on U.S. based natural gas
prices in the future while mitigating potential adverse movements in
the AECO basis differential over the 2016 to 2017 timeframe.
Bellatrix's hedging program is part of its overall risk management
strategy focused on providing reduced price risk volatility, and
greater assurance of future revenue and cash flow which drive the
capital and reinvestment decisions within our business.
As at March 31st, 2015 Bellatrix had the following natural gas and crude oil commodity
price risk management contracts in place:
Product
|
Financial Contract
|
Period
|
Volume
|
Average Price
|
Natural gas
|
Fixed price swap
|
April 1, 2015 to October 31, 2015
|
157 MMcf/d
|
$2.93/Mcf
|
Natural gas
|
Fixed price swap
|
November 1, 2015 to December 31, 2015
|
50 MMcf/d
|
$2.95/Mcf
|
Crude oil
|
Fixed price swap
|
April 1, 2015 to December 31, 2015
|
3,000 bbl/d
|
$70.34/bbl
|
Subsequent to March 31st, 2015 Bellatrix has entered into commodity price risk management
arrangements as follows:
Product
|
Financial Contract
|
Period
|
Volume
|
Average Price
|
Natural gas
|
Fixed price swap
|
January 1, 2016 to December 31, 2017
|
44 MMcf/d
|
$3.38/Mcf
|
Natural gas
|
AECO basis swap
|
January 1, 2016 to December 31, 2016
|
35 MMcf/d
|
US$0.70/Mcf
|
Natural gas
|
AECO basis swap
|
January 1, 2017 to December 31, 2017
|
16 MMcf/d
|
US$0.70/Mcf
|
Natural gas hedges have been converted from $/GJ to $/Mcf based on an
assumed average corporate heat content of 40.8 Mj/m3 in 2015 and 40.0
Mj/m3 in 2016 & 2017. Oil hedges are Canadian dollar WTI equivalent.
All hedges are denominated in Canadian dollars unless otherwise noted.
A copy of Bellatrix's updated corporate presentation is available on our
website at http://www.bellatrixexp.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 and on the New
York Stock Exchange under the symbol BXE.
SOURCE Bellatrix Exploration Ltd.
PDF available at: http://stream1.newswire.ca/media/2015/07/02/20150702_C9062_DOC_EN_43953.pdf
Steve Toth, CFA, Vice President, Investor Relations (403) 750-1270
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 2015
Source: Canada Newswire
(July 2, 2015 - 7:30 AM EDT)
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