CapEx funded by operating cash flow
Bellatrix Exploration (stock ticker: BXE) announced fourth quarter production and 2019 plans, offering an example of how a micro-cap producer deals with the current oil and gas environment in Alberta.

Bellatrix produced about 35.1 MBOEPD in Q4, giving the company an overall 2018 output of 35.6 MBOEPD. This surpasses expectations, as the company’s 2018 guidance estimated yearly production of between 35 and 35.5 MBOEPD.

Bellatrix has announced conservative capital plans for 2019, targeting stable production. The company predicts production will be between 34 and 36 MBOEPD while spending between $40 and $50 million. This budget will be funded primarily through operating cash flows, assuming $65 WTI an...

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