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November 2015 Corporate Presentation – Bellatrix Exploration Ltd.

Bellatrix Exploration Ltd. · Nov 10, 2015 · 37 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. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 1
    TSX: BXE NYSE: BXE Full Cycle Profitable Growth CORPORATE PRESENTATION NOVEMBER 2015
  2. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 2
    Bellatrix Differentiated Strategic Value TOP TIER ACREAGE POSITION AND RESULTS IN THE SPIRIT RIVER One of North Americas lowest supply cost natural gas plays Leading well results deliver superior economic returns and industry leading…
  3. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 3
    Corporate Profile MARKET SUMMARY Ticker Symbol TSX / NYSE: BXE Average Daily Volume1 Canada: 1.7 million / U.S.: 0.9 million Shares Outstanding 192.0 million basic / 205.2 million diluted Market Capitalization2 424 million Bank…
  4. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 4
    Concentrated Land Base FERRIER WEST CENTRAL ALBERTA STRACHAN Production1 (% of total): 73% Production1 (% of total): 7% Land2 (net acres): 74,785 Land2 (net acres): 44,510 P+P net locations: 178 P+P net locations: 33 Unbooked net…
  5. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 5
    Spirit River is the Growth Engine SPIRIT RIVER PRODUCTION GROWTH 20,000 2010 18,000 Average monthly production (boe/d) Spirit 16,000 River 14,000 Other 12,000 10,000 8,000 Sept 2015 6,000 4,000 Other Spirit 2,000 River…
  6. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 6
    Spirit River Productivity Results Consistently Rank Best in Canada 2015 YEAR TO DATE HIGHEST DELIVERABILITY WELLS IN CANADA 16.0 14.0 First month calendar day rate (Mmcfe/d) 12.0 10.0 8.0 6.0 4.0 Spirit River…
  7. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 7
    North American Supply Cost Comparison 4.00 3.50 3.00 Henry Hub (US/MMbtu) 2.50 2.00 1.50 1.00 0.50 0.00 Economics assume 15% Before tax IRR, assumes US0.83 = CDN1.00, US0.75/MMbtu AECO basis, and a 20:1…
  8. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 8
    Bellatrix Spirit River Competitiveness BXE SPIRIT RIVER COMPETITIVE WITH TOP TIER MARCELLUS OPERATOR F&D COSTS AND EFFICIENCIES BXE Marcellus Type Curves1 Blended SW PA Spirit River SW PA SW PA SW PA NE PA 40% Wet 5.2 Type Super…
  9. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 9
    Spirit River Geology Summary Broad, thick, extensive sand rich valleys in Notikewin, Falher and Wilrich members Tight sandstone: long life reserves with long term hyberbolic decline profile Average thickness 25-40m 2 to 3 stacked…
  10. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 10
    Spirit River Liquids Rich Gas BXE Land Sections FERRIER CORE SPIRIT RIVER PLAY 282 Gross1 163 Net1 BXE Net Drilling Inventory2 44 proved 15 probable 329 unbooked 388 total Formation depth 2,400 meters Currently drilling 1 mile…
  11. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 11
    Economic Comparisons FERRIER WILLESDEN FERRIER NOTIKEWIN & GREEN FALHER A FALHER B NOTIKEWIN DCE&T CAPEX 4.3 MM 3.85 MM 4.3 MM EUR 1,002 Mboe 1,050 Mboe 613 Mboe IP30 8.2 Mcfe/d 6.3 Mcfe/d 5.6 Mcfe/d GLR 55 bbl/MMcf 52 bbl/MMcf…
  12. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 12
    Spirit River All-In Profitability Full Cycle F&D costs Full cycle F&D costs /Mcfe (0.90) Drill 1.9MM Complete 1.7MM Equip & tie in 0.7MM Cash costs /Mcfe (1.72) Half cycle costs 4.3MM Land/seismic/facilities 1.1MM Full cycle costs…
  13. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 13
    2015 Spirit River Well Costs & Capital Efficiencies 2015 SPIRIT RIVER WELL COSTS AVERAGING 4.3 MILLION TO DATE (DCE&T) 6.0 5.0 Equip & Tie-in Costs (millions) 4.0 Complete 3.0 Drill 2.0 Average 1.0 0.0 2015 CAPITAL…
  14. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 14
    Spirit River Development Comparison COMPARATIVE 2014 & 2015 YTD NOTIKEWIN & FALHER COST & EFFICIENCY METRICS Frac stages 35 Number of completion days Average days per stage 20 2.5 30 Days per completion stage Days to complete…
  15. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 15
    Greater Ferrier Area Infrastructure Overview GREATER FERRIER EXISTING GREATER FERRIER AREA STRATEGIC INFRASTRUCTURE INFRASTRUCTURE ACCESS: Infrastructure gives Bellatrix control of production and growth Working interest or…
  16. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 16
    Significant Investment in Strategic Infrastructure OVER 300 MILLION INVESTED SINCE 2013 IN STRATEGIC INFRASTRUCTURE ASSETS 60% owner and operator of the BXE Alder Flats deep- cut gas plant 300MM BREAKDOWN Phase 1: 110 MMcf/d Phase…
  17. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 17
    Growing Firm Capacity Within Core Areas TOTAL BELLATRIX GROSS PROCESSING CAPACITY GREATER FERRIER 600 BXE Phase 2 deep Total cut incremental processing Total Gross Raw Gas Processing Capacity (MMcf/d) BXE Phase 1 deep 110…
  18. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 18
    Doing More with Less in 2015 REMAIN FIRMLY ON TRACK TO MEET GUIDANCE 2015 YTD average production of 41,689 boe/d and 8.18/boe operating costs remain on track to meet corporate guidance Majority of infrastructure expenditures have…
  19. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 19
    Focus on Continued Cost Reductions OPERATING COSTS G&A COSTS 13.00 3.50 12.00 3.00 11.00 2.50 Net G&A expense (/boe) 1 Operating cost (/boe) 10.00 2.00 9.00 1.50 8.00 1.00 7.00 6.00 0.50 5.00 0.00 2010…
  20. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 20
    Track Record of Production and Reserves Growth HISTORICAL PRODUCTION HISTORICAL RESERVES Natural Gas Oil and Liquids Production per share (right side) Natural Gas Oil and Liquids Reserves per share (right side) 45,000 90 260 250.1…
  21. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 21
    Modest Corporate Maintenance Capital INDUSTRY LEADING CAPITAL EFFICIENCY Spirit River 5.2 Bcf Type Curve generates an IP365 capital efficiency…
  22. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 22
    Balance Sheet & Financial Flexibility Bellatrix has liquidity and flexibility to manage through the cycle UNDRAWN BANK CAPACITY CREDIT FACILITY CONTAINS UNSECURED USD NOTES OF 259 MILLION AT Q3/151 ONE FINANCIAL COVENANT MATURE IN…
  23. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 23
    Commodity Price Risk Management NATURAL GAS HEDGES OIL HEDGES 60% 60% C70.34 % of total forecast 2015 gas volumes 2.94 3.38 3.38 3.38 3.38 3.38 3.38 3.38 3.38 50% 50% % of forecast 2015 oil & condi 40% 40% 30% 30% 20%…
  24. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 24
    Compelling Investment Opportunity Experienced management team Industry leading well results Low cost operator and finder A large inventory of high rate of return drilling locations Infrastructure and firm take-away capacity…
  25. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 25
    Supplemental Information
  26. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 26
    Peer Group Comparison 2014 OPERATING COSTS/ BOE1 3 YEAR AVG 2P FD&A (INCLUDING FDC)2 16.00 22.00 20.00 14.00 18.00 12.00 16.00 10.00 14.00 12.00 8.00 10.00 6.00 8.00 6.00 4.00 4.00 2.00 2.00 0.00 0.00 BXE BXE Low…
  27. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 27
    Top Quartile Historical Results PEER LEADING RESULTS 200% 179% CASH FLOW PER SHARE GROWTH (2010-2014)1,2 Peers 166% 160% 120% 106% 120% BXE 80% 31% 40% 14% 8% 0% (40%) (0%) (10%) (22%) (80%) (58%) 200% 153%…
  28. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 28
    Joint Ventures JOINT VENTURES Bellatrixs differentiated JV strategy Grafton JV (GJV) CNOR JV - 500 MM provides significant benefits 305 MM (Grafton managed co.) Accelerates development potential of our multi-billion dollar Effective…
  29. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 29
    Additional Long Term Opportunities
  30. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 30
    Cardium Light Oil Resource Play BXE Cardium Sections 464 Gross Edson 311 Net BXE Net Drilling Inventory1 157 proved 50 probable Pembina 270 unbooked Ferrier 477 total Lease Operate Expense < 9.00/boe Cardium Resource Play…
  31. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 31
    Cardium Proven Innovative Development Leading Cardium driller in 2013/2014 APPLYING CUTTING EDGE EXPLOITATION TECHNIQUES Horizontal well placement and applying cutting edge exploitation techniques results in top-tier well results…
  32. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 32
    Cardium (P-Mean Type Curve) Provides Long-Term Low Risk Optionality At Higher Oil Prices Base case (US70/bbl WTI) Full cycle F&D costs Drill 2.00MM WTI US40/bbl US50/bbl US60/bbl US70/bbl US80/bbl US90/bbl Complete 1.50MM Edm Par…
  33. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 33
    Lower Mannville: Liquids-rich Gas Play Drill locations identified across GR Porosity three play types 31 horizontal Ellerslie wells drilled by Angle/BXE at Harmattan to date Net Drilling Inventory: 12 proved 15 probable 77 unbooked…
  34. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 34
    Second White Specks: Tight Oil Resource Laterally continuous fairway: 6,000 sq miles Thick: 75-225m Over-pressured: 9-14KPA/m Thermally mature for oil: Tmax 435-455C High Organic Content (TOC): 1.5-4wt% Existing vertical production 15…
  35. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 35
    Belly River: Regional Oil & Gas Play Significant oil production in the Basal Belly River from extensive marine shoreface deposits Gas & oil production from lower to upper Belly River fluvial channel deposits 36
  36. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 36
    Rock Creek: Willesden Green Laterally extensive tight marine sandstone 10 horizontal well inventory 33 BXE gross sections Core Area 55% average BXE WI Numerous vertical industry producers 37
  37. November 2015 Corporate Presentation – Bellatrix Exploration Ltd. – slide 37
    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.…

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