Bellatrix Exploration Ltd. (ticker: BXE) had a net loss of CDN$13.1 million, or $(0.26) per share. For 2017, the company reported a net loss of $91.4 million, or $(1.85) per share.
Bellatrix produced approximately 37.1 MBOEPD in Q4 2017. The company drilled and/or participated in 2 gross (1.9 net) Spirit River wells during the fourth quarter of 2017. Completion and tie-in operations during the fourth quarter included 7 gross (4.6 net) Spirit River wells and 1 gross/net Cardium well.
BXE Spirit River Play, Mar. 2018
For 2017, the company produced on average about 36.9 MBOEPD. In 2017, Bellatrix drilled and/or participated in 26 gross (19.3 net) Spirit River liquids rich natural gas wells, 3 gross/net Cardium wells and 4 gross (1.6 net) Ellerslie wells. In 2017, Bellatrix averaged 13.5 days from spud to rig release, an 8% improvement year-over-year.
Exploration and development capital expenditures were $25.8 million in the fourth quarter of 2017 and $120.7 million for the year-ended December 31, 2017, which was in line with total net capital expenditure full year corporate guidance.
Total 1P gross reserves were 171,198 MBOE at December 31, 2017, an increase of 8% compared to 158,400 MBOE at the end of 2016. The company’s 2P gross reserves were 235,330 MBOE at December 31, 2017.
2018
Bellatrix approved a 2018 capital budget of $65 to $80 million on December 14, 2017. The company aims for average production volumes of 35,000 to 37,000 BOEPD.
Due to a series of incremental improvements and operational measures, all-in average Spirit River well costs (drill, complete, equip and tie-in) have been reduced to under $3.5 million in the first quarter of 2018 (down from $3.8 million in 2017).
