Corporate Profile MARKET SUMMARY Ticker Symbol TSX / NYSE: BXE Average Daily Volume1 Canada: 2.1 million / U.S.: 0.5 million Shares Outstanding 2 246.3 million basic / 259.3 million diluted Market Capitalization3 315 million Bank…
Strategic Priorities FOCUSED ON PROFITABLE GROWTH & SHAREHOLDER RETURNS Current commodity prices drive strong forecast investment returns Top tier capital efficiencies and cost profile deliver full cycle sustainable profitability…
Capital Resource Management ENHANCED FINANCIAL FLEXIBILITY & LIQUIDITY 70% UNDRAWN ON CREDIT FACILITIES AT YEAR END 2016 MATERIAL COMMODITY PRICE RISK MANAGEMENT PROTECTION THROUGH 2018 90% REDUCTION IN BANK DEBT IN 2016 TOTAL…
Streamlined & Re-energized for Growth in 2017 HIGHLY CONCENTRATED PURE PLAY DEEP BASIN FOCUSED OPERATOR High impact natural gas growth from low cost Spirit River play Multi-zone potential with oil weighted opportunities in Cardium,…
2017 Outlook & Guidance 2017 GUIDANCE Production (boe/d) 2017 Exit production 35,000 2017 Average daily production 33,500 2017 Growth (2016 exit to 2017 exit) 11% Production mix (%) Natural gas 76 Crude oil, condensate and NGLs 24…
Three Year Development Plan THREE YEAR DEVELOPMENT PLAN DESIGNED TO DELIVER INTERNALLY FUNDED PRODUCTION VOLUME GROWTH OF 33% REPRESENTING A COMPOUND ANNUAL GROWTH RATE OF OVER 10% 45,000 Estimated Production Volumes (boe/d)…
Balance Sheet & Financial Flexibility Effective capital resource management, balancing liquidity and flexibility BANK DEBT 30 MILLION AT CREDIT FACILITY CONTAINS LONGER DATED TERM DEBT DECEMBER 31, 20161 ONE FINANCIAL COVENANT…
Material Torque to Improving Commodity Prices Annualized Funds Flow Sensitivity Analysis From Operations Based on Q3/16 Financial Results ( millions) Change of 0.10/Mcf 5.5 Change of US1/bbl 3.6 AECO Gas WTI Oil 3.50 60.00…
Highly Concentrated Land Base DOMINANT DEEP BASIN ACREAGE POSITION WEST CENTRAL ALBERTA CORE AREA Highly focused land base in the prolific Deep Basin of Alberta 90% of total corporate production and 100% of Alberta capital…
Spirit River is the Growth Engine SPIRIT RIVER PRODUCTION GROWTH 24,000 2010 22,000 20,000 Spirit Average monthly production (boe/d) River 18,000 Other 16,000 14,000 12,000 September 2016 10,000 8,000 6,000 4,000…
Spirit River Geology Summary SPIRIT RIVER STACKED SANDS Broad, thick, extensive sand rich valleys in Notikewin, Falher and Wilrich members Tight sandstone: long life reserves with long term hyperbolic decline profile Average…
Spirit River Liquids Rich Gas BXE Land Sections GREATER FERRIER AREA CORE SPIRIT RIVER PLAY 262 Gross1 153 Net1 BXE Net Drilling Inventory2 62 proved 28 probable 303 unbooked 393 total Formation depth 2,400 meters Currently…
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…
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 50% Wet Type Curve Super rich…
Spirit River All-In Profitability C2.50/GJ C3.00/GJ Full Cycle F&D costs Drill 1.7MM Full cycle F&D costs /Mcfe (0.85) (0.85) Complete 1.6MM Equip & tie in 0.7MM Half cycle costs 4.0MM Land/seismic/facilities 1.1MM Cash costs…
Spirit River Well Costs & Capital Efficiencies FOCUSED CAPITAL COST REDUCTIONS 6.0 Long reach Long reach 5.0 Equip & Tie-in 4.0 Costs (millions) 3.0 Complete 2.0 Drill 1.0 0.0 2015 - 24 wells 9M/2016 - 14 wells…
Spirit River Development Comparison COMPARATIVE 2015 & 2016 SPIRIT RIVER COST & EFFICIENCY METRICS Frac stages Number of completion days Avg proppant placed per stage 20 30 70 Proppant per stage (tonnes) 25 60 Number of…
Representative Spirit River Inventory Required to Maintain Production Volumes Approximately 14 net Spirit River wells1 per year maintains production in the low to mid 30 mboe/d range through 2020 Represents scenario of drilling of…
Strategic Land Position GREATER FERRIER/BRAZEAU/WILLESDEN GREEN AREAS OF WEST CENTRAL ALBERTA Pembina Brazeau Ferrier Willesden Green Bellatrix 22 Source: Accumap, company presentations and various public sources
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…
Significant Investment in Strategic Infrastructure OVER 330 MILLION INVESTED SINCE 2013 IN STRATEGIC INFRASTRUCTURE ASSETS Monetized approximately 187.5 million in facilities and plant working interest in 2016 representing…
BXE Alder Flats Superior Operational Performance in Core West Central AB Area SUPERIOR & CONSISTENT PLANT PERFORMANCE FUEL/DISPOSITION EFFICIENCY Bellatrix Alder Flats Highest Bellatrix Alder Flats Most efficient Utilization 3rd Party…
Compelling Investment Opportunity Experienced Unfettered growth Leadership management potential with firm Excellent Organic with a history of creating value processing capacity Growth Potential Large inventory World Class of…
Corporate Information BOARD OF DIRECTORS OFFICERS BANKERS W.C. (Mickey) Dunn Brent A. Eshleman, P.Eng. National Bank of Canada Chairman Interim President, CEO & COO Alberta Treasury Branches HSBC Bank Canada Doug N. Baker, FCA Edward J.…
SUPPLEMENTAL INFORMATION
2016 In Review: Material Deleveraging & Strategic Repositioning SUCCESSFULLY RAISED OVER 400 MILLION IN 2016 OVER MULTIPLE TRANSACTIONS WITH MINIMAL PRODUCTION DIVESTED Announcement Gross Proceeds Production sold Transaction Date MM…
Significant Debt Reduction Achieved 800 Sold US250MM Senior notes Sold 75MM 700 facilities Sold 35% of Plant for 112.5MM & 600 80MM Financings Debt (MM) 47MM Pembina & 80MM 500 Harmattan non- core asset sales 400…
Cardium Light Oil Resource Play BXE Net Drilling Inventory1 Willesden Green 101 proved 33 probable 105 unbooked Ferrier 239 total Average Lease Operate Expense 9.00/boe Cardium Resource Play Summary Strachan Largest accumulation of…
Loading...
