Skip to main content ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. Investor Presentation | Shale Experts
Loading...
Pm

ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd.

Bellatrix Exploration Ltd. · Aug 8, 2013 · 32 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 1
    CORPORATE PRESENTATION August 8, 2013 TSX: BXE NYSE MKT: BXE
  2. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 2
    REAL GROWTH WITH THE DRILL BIT TOP TIER PERFORMANCE Production Growth 254% (2009-2012) Liquids Production Growth 335% (2009-2012) Reserve Growth 405% (2009-2012) Cash Flow Growth per Share 392% (2009-2013) Years of high…
  3. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 3
    CORPORATE SNAPSHOT Liquidity (past 4 months) +/- 844,333 shares/d Production guidance (2013e) 23,000 24,000 boe/d Exit rate guidance (2013e) 30,000 31,000 boe/d Oil / liquids weighting (2013e) +/-30 % Capital structure Common shares -…
  4. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 4
    INDUSTRY LEADING OPERATIONS METRICS December 31, 2012 (P&P) FD&A costs (including FDC) 6.95/boe Reserve life index (P&P) (as at December 31, 2012) 12.4 years December 31, 2012 Recycle ratio (excluding FDC, P&P) 5.02x December 31, 2012…
  5. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 5
    BELLATRIX STRATEGY Drill bit driven growth oriented company Employ modern technology coupled Focus on profit with innovation not product Bellatrix Strong Low cost finder balance sheet and operator 5 Bellatrix Corporate…
  6. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 6
    BELLATRIXS FINANCIAL FORECASTS 2012 2013E Year over Year Cash from operations 111 160 - 170 +49% Cash per share 1.03 1.48 - 1.57 +49% Avg annual production (boe/d) 16,686 23,000 24,000 +41% Exit Rate (boe/d) 19,500 30,000 - 31,000…
  7. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 7
    GROWING BELLATRIX 2013 ESTIMATED CAPITAL BUDGET 19% Facilities 75% 5% Land and Seismic Drilling and Completions 1% Maintenance +/- 235 Million* * Not including JV Partner capital 7 Bellatrix Corporate Presentation
  8. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 8
    TRACK RECORD OF PER SHARE GROWTH AVERAGE PRODUCTION UP 357% 35,000 240 AVERAGE LIQUIDS UP 429% 30,500 30,000 Exit Rate 190 Average Production Production per share 25,000 % Liquids rating 23,500 Production per mm Shares 30%…
  9. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 9
    OPERATING EXPENSES TOTAL OPERATING EXPENSE (/BOE) 20 18 16 14 12 10 8 57% 6 4 2 0 Q4 2008 2009 2010 2011 2012 2013e 9 Bellatrix Corporate Presentation
  10. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 10
    REVENUE AND CASH FLOW PER BASIC SHARE REVENUE (MMS) CASH FLOW / BASIC SHAREIAA 297% 350 392% Natural Gas Contribution Natural Gas 324 1.60 Oil and Liquids Contribution 300 Oil and Liquids 68% 1.53 Liquids 1.40 250 1.20 219 202…
  11. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 11
    RESERVES GROWTH RESERVES (Mboe) RESERVES / SHARE (boe/share) 110,000 405% 1.2 Oil and liquids Oil and liquids 100,000 Natural gas Natural gas 90,000 294% 1.0 80,000 33% 70,000 0.8 60,000 33% 0.6 50,000 38% 40,000 36% 38%…
  12. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 12
    COMMODITY RISK MANAGEMENT Oil* Aug.1 Dec. 31, 2013 4,000 bbls/d 98.27 CDN/bbl Jan. 1 Dec. 31, 2014 3,000 bbls/d 94.61 CDN/bbl Apr. 1 Oct. 31, 2013 47.8 mmcfd 3.52 CDN/mcf Gas** Nov. 1 Dec. 31, 2013 21.7 mmcfd 3.51 CDN/mcf Jan. 1…
  13. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 13
    FORMULA FOR GROWTH o Inventory of low risk development locations 1,093 net locations (Cardium & Notikewin) 1,699 net locations total o Extensive undeveloped land base of 201,891 net acres o Stacked Hydrocarbon Bearing Reservoirs in…
  14. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 14
    CARDIUM PAD DRILLING EVOLUTION DEVELOPMENT OF PAD HORIZONTAL WELL DRILLING o 8 well Pads are capital efficient for down- spacing: o 8 wells will fully develop a section o 8 single laterals required to achieve the same well density o…
  15. ENERCOM OIL & GAS CONFERENCE – 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) 692 3.6 2,491 Notikewin/Falher (HZ) 401…
  16. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 16
    CARDIUM LIGHT OIL RESOURCE PLAY CANADAS LARGEST ACCUMULATION OF LIGHT OIL IN THE WESTERN CANADIAN SEDIMENTARY BASIN o Approximately 20,000 BELLATRIX WEST CENTRAL ALBERTA square miles o Approximately 1.8 Billion bbls Pembina produced to…
  17. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 17
    HORIZONTAL PLACEMENT IN CARDIUM SECTION 17 Bellatrix Corporate Presentation
  18. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 18
    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)…
  19. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 19
    COMPARATIVE HZ CARDIUM OIL PRODUCTION 60 50 Cumulative Oil Production, mbbl 40 Volume to Payout (varies by well GOR/liquids production and depth) 30 20 BXE (42 Wells) Industry (98 Wells) 10 0 0 4 8 12 16 20…
  20. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 20
    CARDIUM TYPE CURVES 600 500 400 Cumulative Production mboe 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%…
  21. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 21
    NOTIKEWIN/FALHER LIQUIDS RICH GAS Conoco O Chiese Conoco Alder Flats Keyera MBL BXE Land Sections 185 Gross 93 Net BXE Drilling Inventory 721 Gross 401 Net West Pembina Brazeau o Regional Stacked Mannville Channels deposited in…
  22. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 22
    NOTIKEWIN/FALHER LIQUIDS RICH GAS Bellatrix Horizontal Notikewin Gas Production DELIVERABILITY PROFILES 12000 1200 NEW TECHNOLOGY Monthly Average Liquid Production (boe/d) NPV 10% BIT = 13.7 mm 10000 1000 IRR = 500% Monthly…
  23. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 23
    DUVERNAY: UNCONVENTIONAL RESOURCE PLAY o 17 Duvernay wells drilled to date at Ferrier o 5 Duvernay wells currently on production o BXE 09-24 HZ highest recorded IP90 at 3.7 mmcf/d, cum to date 0.57 Bcf o Currently producing at 1.4…
  24. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 24
    BXE FERRIER INFASTRUCTURE Access to 7 plants Total capacity 965 mmcf/d Available capacity 350 mmcf/d Current through put 615 mmcf/d 24 Bellatrix Corporate Presentation
  25. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 25
    GRAFTON JV 122 MM Joint Venture o 29 Net Notikewin/Falher and Cardium horizontal wells o BXE contribution - 22 MM o Grafton contribution - 100 MM o Effective July 1, 2013 June 21, 2015 JV Partner earning terms: o Pay 82% to earn 54%…
  26. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 26
    DAEWOO / DEVONIAN JV 52.5 million asset sale with 200 million Joint Venture (JV). Assets sold +/- 268 boed (67% Gas) 3,858 net acres Cardium rights 1,119 net acres Mannville rights The JV effective July 1, 2013 will encompass a…
  27. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 27
    PEER GROUP COMPARISON P+P F&D COSTS (INCL. FDC & EXC. ACQUISITIONS) 30.00 25.00 24.00 22.72 23.32 21.62 20.00 20.94 Average 17.41/P+P 15.00 10.00 11.56 8.17 6.95 5.00 0.00 Exploration Bellatrix Ltd 27…
  28. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 28
    PEER GROUP COMPARISON 3 YEAR AVERAGE P+P F&D COSTS (INCL. FDC & EXC. ACQUISITIONS) 35.00 30.00 30.09 25.00 20.00 Average 18.18/P+P 21.16 21.36 21.38 17.92 15.00 16.59 15.08 10.00 11.03 9.04 5.00 0.00…
  29. ENERCOM OIL & GAS CONFERENCE – 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. ENERCOM OIL & GAS CONFERENCE – 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. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 31
    ANALYST COVERAGE Analyst Firm Jeremy McCrea AltaCorp Capital Omid Ameri Byron Securities Steve Toth Canaccord Genuity Arthur Grayfer CIBC Vic Vallance Fraser Mackenzie Grant Daunheimer GMP Securities Christina Lopez…
  32. ENERCOM OIL & GAS CONFERENCE – Bellatrix Exploration Ltd. – slide 32
    2300, 530 8th Avenue SW Calgary, Alberta Canada T2P 3S8 Tel: (403) 266-8670 Fax: (403) 264-8163 www.bellatrixexploration.com 34 Bellatrix Corporate Presentation

From the store

Browse maps, data & reports in the Shale Experts store