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CORPORATE PRSENTATION – Bellatrix Exploration Ltd.

Bellatrix Exploration Ltd. · Jan 6, 2014 · 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. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 1
    CORPORATE PRESENTATION January 6, 2014 TSX: BXE NYSE MKT: BXE
  2. CORPORATE PRSENTATION – 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…
  3. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 3
    CORPORATE SNAPSHOT Liquidity (past 4 months) +/- 2.3 mm shares/d Annual Average Production guidance (2014e) +/- 44,000 boe/d Exit rate guidance (2014e) +/- 47,000 boe/d Oil / liquids weighting (2014e) +/- 37 % Capital structure…
  4. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 4
    2014 ESTIMATED FINANCIAL FORECAST Cash from operations (mm) +/- 360 Cash per share +/- 2.10 Net Cash Capital expenditures (mm) +/- 370 Total Net Debt (mm) +/- 410 Debt Capacity (mm) 500 Light Oil & Condensate (CDN/bbl) 90.00 AECO…
  5. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 5
    REAL GROWTH WITH THE DRILL BIT TOP TIER PERFORMANCE Production Growth 670% (2009-2014e) Cash Flow Per Share 538% (2009-2014e) Reserve Growth 405% (2009-2012) Years of high ROR Drilling Inventory 30+ yrs APPLYING…
  6. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 6
    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…
  7. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 7
    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) 7 Bellatrix Corporate…
  8. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 8
    TRACK RECORD OF PER SHARE GROWTH 300 AVERAGE PRODUCTION UP 670% +/44,000 Average Production (boe/d) 250 Production per Share 200 Production per mm Shares 30% 150 +/ 22,000 33% 16,686 100 11,954 38% 8,519…
  9. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 9
    OPERATING EXPENSES TOTAL OPERATING EXPENSE (/BOE) 20 18 16 14 12 10 8 59% 6 4 2 0 Q4 2008 2009 2010 2011 2012 2013e 2014e 9 Bellatrix Corporate Presentation
  10. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 10
    COMMODITY RISK MANAGEMENT Oil Jan. 1 Dec. 31, 2014 6,000 bbls/d 97.07 CDN/bbl Gas* Jan. 1 Dec. 31, 2014 63.8 mmcfd 4.04 CDN/mcf o * Assumes conversion of a /GJ to /mcf is based on an average corporate heat content of 40.8…
  11. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 11
    FORMULA FOR GROWTH o Inventory of low risk development locations 2,000 net locations o Extensive undeveloped land base of 424,452 net acres o Stacked Hydrocarbon Bearing Reservoirs in WCA: Belly River +/- 1,300 m Cardium +/- 2,100…
  12. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 12
    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…
  13. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 13
    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 <…
  14. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 14
    Net Cardium Sections 0 100 200 300 400 Penn West 938 Bellatrix 338 Bonavista Lightstream 300 295 Pengrowth 275 ConocoPhillips 204 Bonterra 194 Vermilion 149 ARC 134 Tamarack Valley…
  15. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 15
    CARDIUM FOCUS AREAS Ferrier Strachan Harmattan 15 Bellatrix Corporate Presentation
  16. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 16
    HORIZONTAL PLACEMENT IN CARDIUM SECTION GR SP ML 16 Bellatrix Corporate Presentation
  17. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 17
    CARDIUM OIL TYPE CURVE HORIZONTAL 800 CARDIUM OIL WELL PRODUCTION 100 Cardium Type Economics Drill, Case, Complete & TieIn 3.6M 90 700 NPVBT 10% 6.1M Rate of Return 159% 80 600 Payout 0.8 yr Weekly Average Production (boed)…
  18. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 18
    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%…
  19. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 19
    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…
  20. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 20
    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…
  21. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 21
    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…
  22. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 22
    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…
  23. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 23
    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 23 Bellatrix…
  24. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 24
    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%…
  25. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 25
    DAEWOO / DEVONIAN PARTNERSHIP 200 MM Partnership o 52.5 MM asset sale o JV effective July 1, 2013 o Multi year commitment o Ferrier and Willesden Green areas o 70 Gross wells o BXE Capital Expenditure approximately 100 MM 25…
  26. CORPORATE PRSENTATION – Bellatrix Exploration Ltd. – slide 26
    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 earning…
  27. CORPORATE PRSENTATION – 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 11.56 10.00 8.17 6.95 5.00 0.00 Exploration Bellatrix Ltd…
  28. CORPORATE PRSENTATION – 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. CORPORATE PRSENTATION – 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 PRSENTATION – 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 PRSENTATION – 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 PRSENTATION – 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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