Current BXE Stock Info

Bellatrix Exploration LTD (ticker: BXE) is a leader in liquids-rich gas production in Canada. Its core operations are in West Central Alberta, in the Spirit River formation.

Bellatrix’s Spirit River assets—which total approximately 92,160 acres—are divided between the Ferrier, Willesden Green, Greater Pembina, and other smaller plays.  The Spirit River assets as a whole make up 94% of corporate production—which averaged 34,500 BOEPD in total as of May, 2017. Within the Spirit River production, which was 32,430 BOEPD as of May, 2017, the Ferrier and Willesden Green fields made up the lion’s share at 92%, or approximately 29,836 BOEPD.

Bellatrix Exploration: Stability in the Spirit River

Source: Bellatrix Exploration LTD

The Ferrier and Willesden Green fields boasted 629 net drilling locations, as compared to 63 in the Greater Pembina, and 95 locations in various other acreage. The Greater Pembina made up 2% of the total Spirit River production, at approximately 649 BOEPD, and the remaining unassociated acreage made up 6%, at approximately 1,946 BOEPD.

Spirit River: liquids, light crude oil, low water, stacked pay

The Spirit River formation is desirable for its liquids-rich natural gas, light gravity crude oil, lack of formation water, and stacked pay zones. In 2016, the Spirit River accounted for approximated 33% of the total hydrocarbons produced in Western Canada and approximately 50% of total natural gas from new, 2016 wells.

Bellatrix’s gains in efficiency have spurred growth for the company, with a 27% reduction in drilling time from 2014 to 2017; and a 37% reduction in drill cost from 2014 to 2017.

During Q1, 2017, Bellatrix drilled 9 gross wells in the Spirit River, 2 in the Ellerslie, and 2 in the Cardium—resulting in 10.6 net wells total. Through 2020, the company hopes to drill approximately 14 net wells in the Spirit River to maintain a low-to-mid 30 MBOEPD production profile.

Bellatrix Exploration: Stability in the Spirit River

Source: Bellatrix Exploration LTD

Outside of its Spirit River plays, Bellatrix has assets within the Cardium light oil resource play, which totals approximately 76,800 net acres and has produced, to date, approximately 1.9 billion barrels of oil. Within the Cardium, Bellatrix holds 107 proved wells, 37 probable wells, and 95 unbooked wells.

Within the next few years, Bellatrix expects that it will experience a decrease in plant-based expenditures as compressor stations, pipelines and the Alder Flats gas plant projects come to completion. This will allow Bellatrix to direct a greater proportion of its capital to drilling—the company is targeting 93% by 2019.

Bellatrix Exploration: Stability in the Spirit River

Source: Bellatrix Exploration LTD

Bellatrix Exploration LTD is presenting at EnerCom’s The Oil & Gas Conference® 22

Bellatrix will be a presenting company at the upcoming EnerCom conference in Denver, Colorado—The Oil & Gas Conference® 22.

The conference is EnerCom’s 22nd Denver-based oil and gas focused investor conference, bringing together publicly traded E&Ps and oilfield service and technology companies with institutional investors.  The conference will be at the Denver Downtown Westin Hotel, August 13-17, 2017. To register for The Oil & Gas Conference® 22 please visit the conference website.



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