Bellatrix Exploration Ltd. (TSX/NYSE: BXE)

Company Overview

Bellatrix is a western Canadian focused intermediate oil and natural gas producer currently producing approximately 35,000 boe/d.  The company is known for its high-quality asset base located in the Deep Basin of Alberta with multi-zone potential for light sweet oil in the Cardium and high impact liquids-rich natural gas in the Spirit River formation.

Bellatrix Exploration Presenting at The Oil and Gas Conference

Bellatrix Assets; Source: Bellatrix

Bellatrix has invested over $350 million in strategic facilities including a 25% owned deep cut gas plant with 230 MMcf/d of capacity, major group lines, compression facilities and oil batteries.  Infrastructure control creates significant barriers to competition within our core area.

Bellatrix has firm transportation and long-term fractionation agreements in place for all of its current volumes.  In addition, Bellatrix maintains a long-term market diversification in place through 2020 providing access to premium priced markets for approximately 50% of its current natural gas volumes.


  • Q1-2018 Revenue: $63 million
  • Q1-2018 Production: 37 MBOEPD
  • Total Common Stock Outstanding: 62 million
  • Enterprise Value: $490 million
  • Total Debt: $412 million
  • 1P Reserves: 171 MMBOE
  • Operating Margin: +5.82%

Management Team

Brent A. Eshleman, PE – President, CEO

Maxwell (Max) A. Lof – Executive Vice President, CFO

Charles R. Kraus – Executive Vice President, General Counsel & Corporate Secretary

Garrett K. Ulmer – COO

Steve G. Toth – Vice President, CFA

Message for The Conference

There exists significant value in the Canadian energy industry.

Canadian energy prices, and more specifically natural gas prices remain at levels below supply cost for the industry.  Bellatrix’s position in one of the lowest supply cost plays and its leading finding and development costs provide significant upside potential to a recovery in natural gas prices.

Operational Highlight

Well results year to date have outperformed expectations, and its well costs have been reduced significantly down to $3.4 million to drill, complete, equip and tie-in.

Vision of the Company

Bellatrix has built a substantial infrastructure presence in its core area and management believes it has the capability to grow volumes to over 60,000 boe/d (from 35,000 boe/d currently) with minimal capital investment in future facilities.

With over 560 identified development locations in the Spirit River and Cardium formations alone, this equates to approximately 35 years of inventory compared with the estimated 15 net wells per year required to hold production volumes flat.

The Oil and Gas Conference®

Bellatrix Exploration is presenting at EnerCom’s The Oil & Gas Conference® at the Denver Downtown Westin Hotel, Denver, Colo. Aug. 19-22, 2018. EnerCom expects to have more than 80 presenting oil and gas companies and more than 2000 financial professionals attending this year’s conference.

To learn more about the conference and presenter schedule please visit the conference website here.

Legal Notice