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CORPORATE PRESENTATION – Bellatrix Exploration Ltd.

Bellatrix Exploration Ltd. · Oct 15, 2014 · 41 slides

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Slides

  1. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 1
    DELIVERING LONG TERM VALUE FOR SHAREHOLDERS CORPORATE PRESENTATION October 15, 2014 TSX: BXE NYSE: BXE
  2. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 2
    BELLATRIX STRATEGY Drill bit driven growth oriented company Employ modern technology coupled Focus on profit with innovation Bellatrix Low cost finder and Strong balance sheet operator Target accretive acquisitions 3…
  3. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 3
    BELLATRIX AT A GLANCE Overview and Footprint Key Stats o Market cap: 1.4 billion o Bellatrix (TSX / NYSE:BXE) is a growth-oriented (at Sept 30, 2014) oil and gas company with a large, concentrated o 1P reserves 1: 124 MMboe land base…
  4. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 4
    BELLATRIX STRATEGIC PRIORITIES Operational o Continue peer leading per share growth trajectory (reserves, production, cash flow, etc.) Excellence and o Maintain industry leading operations metrics (FD&A, RLI, Recycle ratios, etc.)…
  5. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 5
    PROVEN TRACK RECORD OF PRODUCTION AND RESERVES GROWTH Historical Production (boe/d) Historical Reserves (MMboe) Natural Gas Oil and Liquids 220 211.5 40,000 Oil and Liquids 35,699 200 Natural Gas 180 37% 30,000 12,524 160 140…
  6. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 6
    LOW COST OPERATOR Operating Expenses / boe1 Recycle Ratio2 18.00 Median 7.0x P+P 15.00 6.0x Proved 5.0x P+P Median 12.00 4.0x Proved Median 9.00 3.0x 6.00 2.0x 3.00 1.0x 0.00 0.0x LRE KEL NVA CR POU PPY TET ERF BNP BXE BIR PEY…
  7. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 7
    PEER LEADING HISTORICAL RESULTS Peer Leading Results... Have Driven Strong Share Price Performance4 Cash Flow per share Growth (2010-2013)1, 2 500 130% Bellatrix Exploration Ltd. 150% Peers 100% 74% S&P/TSX Energy Index 62%…
  8. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 8
    BELLATRIX COMPARES FAVORABLY TO ITS PEERS Total Debt / LTM Un-Adjusted EBITDA1 5.0x 4.9x Median 4.0x 3.0x 2.5x 2.2x 2.0x 1.7x 1.6x 1.6x 1.5x 1.5x 1.2x 1.1x 1.1x 1.0x 0.5x 0.0x 0.0x POU LRE TET NVA BIR KEL BNP PEY BXE AAV ERF…
  9. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 9
    PROVEN TRACK RECORD OF FINANCIAL GROWTH Historical Financial Metrics 750 Revenue (mm) 631.8 500 291.9 250 202.3 219.3 109.0 117.7 0 (2) 2009 2010 2011 2012 2013 YTD 2014 Operating Costs (/boe) 20 -11% CAGR (1) 14.64 15…
  10. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 10
    1 2014 ESTIMATED FINANCIAL FORECAST 2013 2014e Variance Cash from operations2 143 +/- 305 +113% (mm) Cash per share2 1.27 +/- 1.66 +31% Net Cash Capital 303 +/- 5303 +75% expenditures (mm) Total Net Debt (mm) 395 +/- 455 - Debt…
  11. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 11
    GROWING BELLATRIX 2014 ESTIMATED NET BXE CAPITAL BUDGET (+/- 530 MM) Facilities 37% 5% Land and Seismic 3% Tuck-in Acquisitions Drilling and Completions 55% (+/- 770 Million Gross including JV Partner Capital) 12…
  12. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 12
    INFRASTRUCTURE OVERVIEW Existing Infrastructure Access: Strategic Infrastructure Ownership o Infrastructure gives Bellatrix control of production and growth o Ferrier Infrastructure assets include: 10 plants with capacity 1,250 mmcf/d…
  13. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 13
    INFRASTRUCTURE ECONOMICS SUMMARY Third Party Facilities (1) Bellatrix Facilities (1) Combined Facilities (2) Price Yield Sales Revenue Yield Sales Revenue Yield Sales Revenue Bbl/MMcf 000s Bbl/MMcf 000s Bbl/MMcf 000s Dry Gas…
  14. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 14
    Focused Asset Base 15 Bellatrix Corporate Presentation
  15. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 15
    OPERATING AREAS (WEST CENTRAL AB) Ferrier West Central Alberta Strachan Production (boe/d): 27,543 Production (boe/d): 4,138 Land1 (net acres): 38,062 Land1 (net acres): 36,088 P+P Locations: 172 P+P Locations: 35 Unbooked locations: 597…
  16. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 16
    INVENTORY SUMMARY Acreage Drilling locations1 Net dev. Net undev. Proved Probable Unbooked Area Total Total locations sections sections locations locations locations Ferrier 46 59 105 119 53 597 769 Willesden Green 26 7 33 15 6…
  17. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 17
    CARDIUM LIGHT OIL RESOURCE PLAY o BXE Cardium Sections Cardium Marine Sand Distribution 453 Gross Cardium Oil and Gas Fields BXE land 338 Net Edson o BXE Drilling Inventory 163 proved 76 probable Pembina 503 unbooked o…
  18. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 18
    CARDIUM INDUSTRY LAND SUMMARY Net Cardium Sections Source: As publically available from Company disclosure, geoSCOUT and industry research Note: Land positions are approximates based on company disclosure and are not adjusted for…
  19. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 19
    CARDIUM TYPE CURVES Ferrier / Strachan High Gas/Oil Ratio (GOR) Type Curve 1 Cardium Type Curves1 EUR 341 Mboe / 64% oi l + l iq Ferrier / Strachan High GOR Ferrier Gas 500 Average Production (boe/d) IP30 582 boe/d 450 Ca pex…
  20. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 20
    NOTIKEWIN / FALHER LIQUIDS RICH GAS o BXE Land Sections 265 Gross1 147 Net1 o BXE Drilling Inventory 39 proved 17 probable 325 unbooked o Planned wells for 2014 45 Gross 21.49 Net o Regional Stacked Mannville Channels deposited in…
  21. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 21
    NOTIKEWIN / FALHER TYPE CURVES 7.5 Bcf Type Curve1 Notikewin / Falher Type Curves1 EUR 1,413 Mboe / 19% oi l + l iq. 1,400 7.5 Bcf Type Curve 5.0 Bcf Type Curve Average Production (boe/d) IP30 2,234 boe/d 1,200 Ca pex 4.3 MM…
  22. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 22
    NOTIKEWIN / FALHER GEOLOGY SUMMARY o Broad, thick, extensive sand rich valleys o Avg thickness 25-40m o Minimal risk in development of pools o 95 Bellatrix and industry wells drilled o 2 to 3 stacked channels per section o 2-6 wells…
  23. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 23
    JOINT VENTURE STRATEGY o To accelerate the growth and development of its core Cardium and Notikewin/Falher assets, Bellatrix has entered into a number of joint venture partnerships o These joint ventures have been structured to…
  24. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 24
    COMPELLING INVESTMENT OPPORTUNITY o Highly experienced and knowledgeable management team with a long history and proven track record of creating value o Peer-leading results and operating metrics driving peer-leading share price…
  25. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 25
    ANALYST COVERAGE Analyst Firm Jeremy McCrea AltaCorp Capital Jim Byrne BMO Capital Markets Yassen Bogoev Canaccord Genuity Adam Gill CIBC Garett Ursu Cormark Securities Inc. Brian Kristjansen Dundee Capital Grant Daunheimer…
  26. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 26
    CORPORATE INFORMATION OFFICERS BOARD OF DIRECTORS BANKERS Raymond G. Smith, P.Eng. W.C. (Mickey) Dunn National Bank of Canada President & CEO Chairman Alberta Treasury Branches HSBC Bank Canada Edward J. Brown, C.A. Doug N. Baker,…
  27. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 27
    Emerging Plays 28 Bellatrix Corporate Presentation
  28. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 28
    LOWER MANNVILLE: LIQUIDS-RICH GAS PLAY o Drill locations GR Porosity identified across three play types o 31 horizontal Ellerslie wells drilled by Angle/BXE at Harmattan to date o Drilling Inventory: 23 proved 53 probable 52…
  29. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 29
    DUVERNAY UNCONVENTIONAL RESOURCE o BXE Land Sections 130 Gross1 129 Net1 o BXE Drilling Inventory 415 unbooked o +95 Duvernay wells licensed in Greater Ferrier and Edson o 18 wells currently on production o BXE 09-24 HZ highest…
  30. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 30
    SECOND WHITE SPECKS: TIGHT OIL RESOURCE Second White Specks Resource Quality o Laterally continuous fairway: 6000sq miles o Thick: 75-225m o Over-pressured: 9-14KPa/m o Thermally mature for oil: Tmax 435-455C o High Organic Content (TOC):…
  31. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 31
    BELLY RIVER: REGIONAL OIL & GAS PLAY o Significant oil production in the Basal Belly River from extensive marine shoreface deposits o Gas & oil production from lower to upper Belly River fluvial channel deposits 32…
  32. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 32
    LOWER BELLY RIVER CHANNEL PLAY: FERRIER o Multiple, stacked channel trends including the A, B and C zones o The C (shown) and B trends have the greatest resource potential o Multi-well horizontal program needed to fully exploit the…
  33. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 33
    BASAL BELLY RIVER: NORBUCK o Horizontal development of BXE Basal BLRV unit o Laterally extensive tight shoreface deposits o 89.9% WI across unit o x5 horizontal well inventory o Core area: Gross sections: 3 Average BXE WI: 89.9%…
  34. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 34
    ROCK CREEK: WILLESDEN GREEN o Laterally extensive tight marine sandstone o Main core area identified o x10 horizontal well inventory o x16 vertical producers o Core area: Gross sections: 39 Average BXE WI: 55% Core Area BXE reserves:…
  35. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 35
    Firm Access to Processing Capacity 36 Bellatrix Corporate Presentation
  36. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 36
    BELLATRIX CONNECTED PLANT CAPACITIES 37 Bellatrix Corporate Presentation
  37. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 37
    BELLATRIX FACILITY YIELDS o Bellatrix Deep Cut Facilities (Phase I & II) Raw Gas (MMcf/d) 245 Shrinkage 10% Sales Gas 220 o NGL Yields1 Current Third Party Bellatrix Facilities Combined Facilities (2) Facilities Bbl/MMcf Bbl/MMcf…
  38. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 38
    Strategic Joint Ventures 39 Bellatrix Corporate Presentation
  39. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 39
    GRAFTON JV 1 244 MM Initial Joint Venture June 21, 2013 with 61 MM Extension Election April 9, 2014 o 58 Net Notikewin/Falher and Cardium o horizontal wells in initial program o 13 Net Mannville wells in extension o BXE contribution -…
  40. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 40
    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…
  41. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 41
    1920, 800 5th Avenue SW Calgary, Alberta Canada T2P 3T6 Tel: (403) 266-8670 Fax: (403) 264-8163 www.bellatrixexploration.com 42 Bellatrix Corporate Presentation

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