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CORPORATE PRESENTATION – Bellatrix Exploration Ltd.

Bellatrix Exploration Ltd. · Mar 14, 2014 · 32 slides

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Slides

  1. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 1
    CORPORATE PRESENTATION March 14, 2014 TSX: BXE NYSE MKT: BXE
  2. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 2
    BELLATRIX STRATEGY Drill bit driven growth oriented company Focus on profit Employ modern not product technology coupled with innovation Bellatrix Low cost finder Strong balance sheet and operator Targeted Accretive…
  3. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 3
    CORPORATE SNAPSHOT Liquidity (past 3 months) +/- 1.7 mm shares/d Annual Average Production guidance (2014e) 42,500 43,500 boe/d Exit rate guidance (2014e) +/- 47,000 boe/d Oil / liquids weighting (2014e) +/- 37 % Capital structure…
  4. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 4
    TRACK RECORD OF PRODUCTION GROWTH 50000 +/-43,000 45000 AVERAGE ANNUAL PRODUCTION INCREASE Average Production (boe/d) 40000 35000 30000 554% Production per mm Shares 25000 21,830 30% 20000 16,686 33% 15000 11,954…
  5. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 5
    OPERATING EXPENSES TOTAL OPERATING EXPENSE (/BOE) 20 18 16 14 59% 12 10 8 6 4 2 0 Q4 2008 2009 2010 2011 2012 2013 2014e 5 Bellatrix Corporate Presentation
  6. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 6
    REVENUE (mms) 700 670 62% Liquids 600 500 515% 400 300 292 60% 219 Liquids 202 200 69% 71% Liquids Liquids 109 118 100 48% 52% Liquids Liquids 0 2009 2010 2011 2012 2013 2014e 6 Bellatrix Corporate Presentation
  7. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 7
    CASH FLOW / BASIC SHARE 2.50 2.00 2.10 1.50 438% 1.27 1.00 1.03 0.91 0.50 0.57 0.39 0.00 2009 2010 2011 2012 2013 2014e 7 Bellatrix Corporate Presentation
  8. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 8
    RESERVES GROWTH 220 212 Oil and liquids 200 Natural Gas 37% 180 160 140 722% mmboe 124 120 36% 104 100 30% 80 67.6 60 38% 55.5 42.4 41.8 35% 40 25.8 24.8 40% 37% 20 16.5 28% 38% 29% 0 Proved P+P Proved P+P…
  9. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 9
    INDUSTRY LEADING OPERATIONS METRICS December 31, 2013 (P&P) FD&A costs (including FDC) 9.67/boe Reserve life index (P&P) (as at December 31, 2013) 13.7 years December 31, 2013 Recycle ratio (excluding FDC and Acquisitions, P&P) 2.90x…
  10. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 10
    TOTAL RETURN COMPARISON 800 Bellatrix Exploration Ltd. S&P/TSX Energy Index 700 Value of a 100 Investment S&P/TSX Composite Index 600 500 400 300 200 100 0 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12…
  11. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 11
    2014 ESTIMATED FINANCIAL FORECAST 2013 2014e Variance Cash from operations 143 +/- 360 +152% (mm) Cash per share 1.27 +/- 2.10 +65% Net Cash Capital 303 +/- 370 +22% expenditures (mm) Total Net Debt (mm) 395 +/- 400 - Debt Capacity…
  12. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 12
    GROWING BELLATRIX 2014 ESTIMATED NET BXE CAPITAL BUDGET (+/- 370 MM) 27% Facilities 5% Drilling and Completions Land and Seismic 68% (+/- 610 Million Gross including JV Partner Capital) 12 Bellatrix Corporate…
  13. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 13
    COMMODITY RISK MANAGEMENT Oil Jan. 1 Dec. 31, 2014 6,000 bbls/d 97.07 CDN/bbl Gas* Feb. 1 Dec. 31, 2014 95.7 mmcfd 4.21 CDN/mcf o * Assumes conversion of a /GJ to /mcf is based on an average corporate heat content of 40.8…
  14. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 14
    FORMULA FOR GROWTH o Inventory of low risk development locations 2,000 net locations o Extensive undeveloped land base of 416,631 net acres o Stacked Hydrocarbon Bearing Reservoirs in WCA: Belly River +/- 1,300 m Cardium +/- 2,100…
  15. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 15
    BALANCED RESOURCE PLAY INVENTORY Net Remaining Cost per well ( mm) Net Remaining Inventory Investment (mm) Belly River (HZ) 23 2.5 58 Second White Specks (Vrt) 200 0.25 50 Cardium (HZ) 742 3.6 2,671 Viking (HZ) 80 4.2 338…
  16. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 16
    CARDIUM LIGHT OIL RESOURCE PLAY o Largest accumulation of light oil in the WCSB o Approximately 20,000 square miles Edson o Approximately 1.8 Billion bbls produced to date o Currently producing 155,000 bbl/d & 1.31 bcf/d o LOE <…
  17. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 17
    Net Cardium Sections 0 100 200 300 400 Penn West 938 338 Bellatrix Bonavista 300 295 Lightstream 275 Pengrowth ConocoPhillips 204 194 Bonterra 149 Vermilion 134 ARC 110 Tamarack Valley Santonia 102…
  18. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 18
    CARDIUM FOCUS AREAS Ferrier Strachan Harmattan 18 Bellatrix Corporate Presentation
  19. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 19
    HORIZONTAL PLACEMENT IN CARDIUM SECTION GR SP ML 19 Bellatrix Corporate Presentation
  20. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 20
    CARDIUM OIL TYPE CURVE HORIZONTAL 800 CARDIUM OIL WELL PRODUCTION 100 Cardium Type Economics Drill, Case, Complete & Tie-In 3.6M 90 700 NPVBT 10% 6.1M Rate of Return 159% 80 600 Payout 0.8 yr Weekly Average Production (boed)…
  21. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 21
    CARDIUM TYPE CURVES 600 500 Cumulative Production, mboe 400 300 200 100 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Ferrier Cardium, 30% Liquids Cardium High GOR, 65% liquids Cardium Low GOR, 77%…
  22. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 22
    NOTIKEWIN/FALHER LIQUIDS RICH GAS o BXE Land Sections 181 Gross 91 Net o BXE Drilling Inventory 750 Gross 381 Net o Regional Stacked Mannville Channels deposited in broad valleys o 64 BXE and industry Notikewin/Falher gas wells…
  23. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 23
    NOTIKEWIN/FALHER LIQUIDS RICH GAS 12000 NEW FRAC TECHNIQUE 10000 7.5 Bcf Performance Curve: Monthly Average Gas Production (mcf/d) NPV 10% BIT = 15.4 MM 8000 IRR = 500% Payout = 0.4 Years 6000 5 Bcf Performance Curve NPV…
  24. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 24
    LOWER MANNVILLE LIQUIDS RICH GAS GR Porosity o Stacked play potential o BXE Drilling Inventory 110 Gross 100 Net o BXE Land Sections 311 Gross 287 Net o Liquids-rich gas plays; approximately 200 bbls/mmcf o 31 horizontal…
  25. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 25
    DUVERNAY UNCONVENTIONAL RESOURCE o BXE Land Sections 122 Gross 120 Net o BXE Inventory 415 600+ locations o Potential BXE resource: over 10 Tcf OGIP o Estimated 4 to 6 BCFE recoverable per well o BXE 09-24 HZ highest recorded IP3 at…
  26. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 26
    BXE FERRIER INFRASTRUCTURE Access to 9 plants o Total capacity 1,162 mmcf/d Planned BXE Gas plant o 110 mmcf/d capacity o C3+ Recovery 99% o C4+ Recovery 100% o In service July 1, 2015 o Cost +/- 90 MM 26 Bellatrix…
  27. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 27
    GRAFTON JV 244 MM Joint Venture o 58 Net Notikewin/Falher and Cardium horizontal wells o BXE contribution - 44 MM o Grafton contribution - 200 MM o Effective July 1, 2013 June 21, 2015 JV Partner earning terms: o Pay 82% to earn 54%…
  28. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 28
    TROIKA JV 240 MM Joint Venture o 63 Gross Cardium horizontal wells o BXE contribution - 120 MM o Effective January 1, 2013 December 31, 2014. o 20 additional Cardium wells planned in 2013; 43 Cardium Hz wells in 2014 JV Partner…
  29. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 29
    SUMMARY o Knowledgeable management team with a long history and proven track record of growing companies through the drill bit o Prudent business management focused on per share growth, hedging and debt maintenance o Top tier asset…
  30. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 30
    CORPORATE INFORMATION BOARD OF DIRECTORS OFFICERS BANKERS W.C. (Mickey) Dunn Raymond G. Smith, P.Eng. National Bank of Canada Chairman President & CEO Alberta Treasury Branches HSBC Bank Canada Doug N. Baker, FCA Edward J. Brown, C.A.…
  31. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 31
    ANALYST COVERAGE Analyst Firm Jeremy McCrea AltaCorp Capital Steve Toth Canaccord Genuity Adam Gill CIBC Brian Kristjansen Dundee Capital Grant Daunheimer GMP Securities Christina Lopez Macquarie Capital Dan Payne National…
  32. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 32
    1920, 800 5th Avenue SW Calgary, Alberta Canada T2P 3T6 Tel: (403) 266-8670 Fax: (403) 264-8163 www.bellatrixexploration.com 34 Bellatrix Corporate Presentation

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