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September 2017 Analyst Update – Bellatrix Exploration Ltd.

Bellatrix Exploration Ltd. · Sep 8, 2017 · 87 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. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 1
    POSITIONED FOR SUSTAINABLE LONG TERM VALUE CREATION Analyst Update Presentation September 2017
  2. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 2
    Agenda TOPIC Introduction Corporate Strategy & Key Themes Excellent Organic The new Bellatrix Growth Potential Focused asset base Other key changes Financial Strategy Balance sheet and liquidity Long term managed debt & strategy…
  3. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 3
    Themes Excellent Organic INTRODUCING THE NEW BELLATRIX Growth Potential Competitive SPIRIT RIVER THE QUIET GIANT Economics De-risked BELLATRIXS COMPETITIVE ADVANTAGES Leading Well Results OUTLOOK Technically Astute 4
  4. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 4
    Introducing the New Bellatrix Excellent Organic Growth Potential De-risked BXE Leading Well Results Technically Astute 5
  5. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 5
    New Leadership Excellent Organic Growth Potential Competitive Economics De-risked Brent Eshleman Max Lof Garrett Ulmer Charles Kraus President & CEO Executive VP & CFO COO Executive VP, General Counsel & Corporate…
  6. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 6
    What Has Changed Excellent Organic Growth Potential Competitive Economics Strategic Vision De-risked Culture Leading Well Results Technically Relationships Transparency Astute 7
  7. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 7
    Other Key Changes BOARD OF DIRECTOR ADDITIONS Tom MacInnis Former Head of Financial Markets for National BankExcellent Organic Financial Growth Potential Lynn Kis - Member of the Board of Directors of Painted Pony Energy Ltd. JOINT…
  8. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 8
    Corporate Profile MARKET SUMMARY Ticker Symbol TSX / NYSE: BXE Average Daily Volume1 Canada: 165,000/ U.S.: 100,000 Shares Outstanding2 49.4 million basic / 51.2 million diluted Market Capitalization3 162 million Bank Debt4 13…
  9. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 9
    Investment Highlights HIGH QUALITY Dominant core acreage position in west central Alberta Spirit River represents one of North Americas lowest supply cost natural gas plays ASSETS & Consistently deliver top ranked well productivity…
  10. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 10
    Maintained Production Volumes While Achieving Significant Debt Reduction Production (boe/d) 40,000 Average 30,000 Production 20,000 Flat Q1/16 10,000 to Q2/17 0 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 800 700 600 Total…
  11. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 11
    Improving Cost Structure PRODUCTION EXPENDITURES DECREASED WITH MATERIAL FURTHER IMPROVEMENT EXPECTED IN 2018 Excellent Organic 11.00 Growth Potential 10.00 Production expense (/boe) Competitive 9.00 Economics 8.00…
  12. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 12
    Diversified Balance Sheet & Financial Flexibility Effective capital resource management, balancing liquidity and flexibility BANK DEBT 13MM CREDIT FACILITY CONTAINS LONG TERM DEBT AT JUNE 30, 2017 ONE FINANCIAL COVENANT MATURITIES…
  13. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 13
    Long Term Managed Debt Strategy Plan to actively Current call premium Excellent Organic manage long term debt on BXE US notes Growth Potential maturities drops in half May 2018 Competitive Economics BXE US notes due May Higher…
  14. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 14
    Management & Directors Buying Stock Management & Directors have more than doubled basic share ownership over past 18 months through open market purchases and systematic purchase plans Excellent Organic Growth Potential 800,000…
  15. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 15
    Risk Management & Marketing Strategy FINANCIAL RISK MANAGEMENT STRATEGY A pillar of Bellatrix's strategic planning is a board approved active risk managementExcellent Organic policy providing reduced commodity price volatility and…
  16. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 16
    Commodity Price & Currency Risk Management STRONG FIXED PRICE NATURAL GAS RISK MANAGEMENT PROTECTION 80% 3.19 70% % of total forecast 2017 gas volumes 3.33 60% 50% 3.06 3.06 3.06 3.06 40% 30% 20% 10% 0% Q3/17…
  17. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 17
    PREMIER ASSETS
  18. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 18
    Highly Concentrated Land Base DOMINANT ACREAGE POSITION WEST CENTRAL ALBERTA CORE AREA Highly focused land base in the prolific Deep Basin of FERRIER Alberta WILLESDEN GREEN 99% of total corporate GREATER PEMBINA production and…
  19. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 19
    The Spirit River Deep Basin Gas Play Fluvial Valleys 10-35 Km wide Excellent Organic 100 to 150Growth km in Potential length ELMWORTH Valley systems up to 50m in thickness Competitive Stacked valleyEconomics complexes…
  20. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 20
    Spirit River - The Quiet Giant WESTERN CANADA 2016 WELLS CALENDAR DAY PRODUCTION BY ZONE Spirit River Montney L Mannville Viking Bakken Glauconitic Cardium Duvernay Shaunavon Colorado Mississippian Charlie Lake 0 10,000…
  21. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 21
    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…
  22. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 22
    Top Wells in the Basin Spirit River wells represent 17 of top 20 best natural gas wells in Alberta Excellent Organic 25 Growth Potential Raw Gas Calendar Day Rate (MMcf/d) 20 Competitive Economics 15 De-risked 10 5…
  23. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 23
    What Makes a Profitable Horizontal Resource Play Lateral reservoir continuity and predictability Excellent Organic Repeatable results Growth Potential Moderate reservoir porosity and permeability Competitive Historical vertical…
  24. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 24
    Bellatrixs Spirit River Play BXE Land Sections1 GREATER FERRIER AREA CORE SPIRIT RIVER PLAY 204 Gross Spirit River producing well Horizontal well 112 Net BXE Net Drilling Inventory2 86 proved 30 probable 265 unbooked 381 total…
  25. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 25
    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 One square mile…
  26. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 26
    Spirit River Comparisons - Geographic Excellent Organic Growth Potential Ansell / Sundance Competitive Economics Wild River / Minehead De-risked Ferrier / Willesden Green Leading Well Results Brazeau Technically Astute…
  27. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 27
    What Differentiates Bellatrixs Spirit River Acreage Ferrier / Brazeau Ansell / Wild River / Willesden Sundance Minehead Excellent Organic Green Growth Potential EUR 6.0 Bcfe 3.2 Bcfe 2.9 Bcfe 4.6 Bcfe Liquids Yield Competitive 46…
  28. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 28
    Spirit River Area Average Well Performance Comparison 10 10 SPIRIT RIVER AREA SPIRIT RIVER AREA Organic Excellent 9 PERFORMANCE 9 PERFORMANCE Growth Potential 8 RATE vs. TIME 8 RATE vs. CUMULATIVE VOLUMES 7 7 Competitive 6…
  29. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 29
    Spirit River Comparisons - Profitability Ferrier / Ansell / Wild River Excellent / Organic Willesden Brazeau Sundance Minehead Growth Potential Green All-in Well costs 4.0 3.5 4.9 6.6 Competitive (DCE&T, MM) Economics Avg IP90…
  30. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 30
    Productivity Improvements BELLATRIX OPERATED AVERAGE SPIRIT RIVER WELL PERFORMANCE BY DATE 12 Excellent Organic Growth wells Potential Monthly average raw gas production (MMcf/d) 2017 10 2015-2016 wells Competitive…
  31. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 31
    Bellatrixs Evolution of the Spirit River Excellent Organic Growth Potential Bellatrix Spirit River Development Drilled a Competitive Economics total of 127 Notikewin operated Spirit River Drilled a Falher B wells total of 29…
  32. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 32
    Evolution of the Falher A 6 Monthly average raw gas production (MMcf/d) 2016 wells 2015 wells 5 2014 wells 4 3 2 De-risked 1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Months Average…
  33. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 33
    Drilling Inventory TOTAL INVENTORY OF 381 NET SPIRIT RIVER LOCATIONS FORMATIONAL BREAKOUT RESERVE BREAKOUT 116 Booked locations = 5 40 years low risk 112 drilling at Unbooked Booked current pace of 134 development 105…
  34. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 34
    What Has Driven Improved Corporate Performance in 2017 UNCHANGED FACTORS MODEST IMPROVEMENT FACTORS Excellent Organic The rock is the same Continuous drilling improvements Growth Potential Operational focus areas Continuous…
  35. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 35
    Drilling Performance Improvements Mud motors on Multi well surface pad sites Big capacity pumps Larger diameter drill pipe Single well pad sites Top drive rigs Kelly bar rigs Monobores Raised intermediate casing…
  36. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 36
    Completion Performance Improvements 160 m3 Drop N2 per stage 40T/stage 200 m3 60T/stage for per stage Falher A Fluid Dynamics 50T/stage Less water Slickwater per stage, fracing quicker 20T/stage Hybrid clean up Fluids Foam…
  37. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 37
    Enduring Efficiency Gains on Drill Times AVERAGE SPIRIT RIVER DRILLING CURVES 0 2014 Spirit River Average 500 2015 Spirit River Average 1,000 2016 Spirit River Average 1,500 2017 Spirit River Average Measured Depth (m)…
  38. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 38
    Reduced Drill Times Reduced Cost Structure DAYS SPUD TO RIG RELEASE BY YEAR DRILL COST BY YEAR 3.0 20 2.5 15 Days (Spud to Rig Release) 2.0 Drill Cost (MM) 10 1.5 1.0 5 0.5 0 0.0 2014 2015 2016 2017 2014…
  39. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 39
    Spirit River Well Costs & Capital Efficiencies FOCUSED CAPITAL COST REDUCTIONS 6.0 Long Reach 5.0 4.0 Costs (millions) Equip & Tie-in Long Reach Long Reach 3.0 Complete 2.0 Drill 1.0 0.0 2015 - 24 wells…
  40. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 40
    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…
  41. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 41
    Spirit River Type Curve Bellatrix Spirit River Economics SPIRIT RIVER 5.2 BCF TYPE CURVE Economic Assumptions 9 Excellent Organic4.0 Gross CAPEX (DCE&T, MM) Gross Natural GasGrowth Potential6.6 IP30 (MMcf/d) 8 Liquids yield…
  42. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 42
    Spirit River All-In Profitability Full Cycle F&D costs C2.50/GJ C3.00/GJ Drill 1.7MM Complete 1.6MM Full cycle F&D costs /Mcfe (0.85) (0.85) Equip & tie in 0.7MM Half cycle costs 4.0MM Land/seismic/facilities 1.1MM Cash costs…
  43. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 43
    Focused Spirit River Growth SPIRIT RIVER PRODUCTION GROWTH 75% 30,000 2010 Spirit 60% 24,000 River Spirit River % of Total Company Volumes Other Average Monthly Production (boe/d) 45% 18,000 30% 12,000 June 2017…
  44. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 44
    Delivering on our 2017 Objectives 2017 RESULTS OUTPERFORMING TYPE CURVE EXPECTATIONS 20 18 16 Producing day volumes (MMcf/d) 14 12 10 8 6 4 2 0 0 30 60 90 120 150 180 210 240 270 300 330 360 Days 2017 Wells…
  45. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 45
    Spirit River 2017 Development Balanced Drilling Across Our Acreage 46
  46. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 46
    Planned Spirit River 2018 Development More of the Same Excellent Organic Growth Potential Competitive Economics De-risked Leading Well Results Technically 2018 Planned drill locations Astute 2017 Planned drill…
  47. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 47
    COMPETITIVE ADVANTAGES
  48. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 48
    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…
  49. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 49
    Bellatrix Alder Flats Deep Cut Gas Plant Phase I - 110 MMcf/d design inlet capacity, Excellent Organic - 130 MMcf/d off design maxGrowth inlet capacity Potential - First Sales: May 22, 2015 Recoveries: Ethane C2 =…
  50. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 50
    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…
  51. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 51
    Alder Flats Plant Phase 2 Expansion Excellent Organic Growth Potential Competitive Economics De-risked Leading Well Results Technically Astute 52
  52. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 52
    Alder Flats Phase 2 Project Update MILESTONES COMPLETED TO DATE Majority of major equipment fabrication completed prior to start ofExcellent Organic construction Growth Potential Major contracts for construction activities completed…
  53. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 53
    Alder Flats Phase 2 Project Update NEAR TERM DELIVERABLES Excellent Organic Major mechanical construction is scheduled for completion by mid December 2017 Growth Potential Remaining major equipment delivered to site and prepared for…
  54. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 54
    Alder Flats Phase 2 Project Update Excellent Organic Growth Potential ID Task Name Start Finish Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 1 Piling Work 06/01/17 07/01/17 Mechanical Work (Equipment…
  55. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 55
    Alder Flats Phase 2 MAJOR IMPROVEMENTS EXPECTED UPON COMPLETION Excellent Organic Growth Potential Enhanced control Competitive Improved value through additional natural Economics gas liquids extraction De-risked Lower…
  56. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 56
    Drill Bit Focused PLANT INVESTMENT & CONSTRUCTION COMPLETE Q2/18 Major compressor stations, pipelines and Bellatrix Alder Flats Plant capital investment nearing completion Proportion of incremental capital to drilling & completion…
  57. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 57
    Ample Takeaway Capacity & Market Egress AMPLE FIRM TRANSPORTATION IN PLACE FOR ALBERTA NATURAL GAS MARKET EGRESS CURRENT & GROWTH VOLUMES Firm Transportation (FT) agreements in place ALBERTA representing 120% of current gross operated…
  58. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 58
    Ample Firm Takeaway Capacity 350 FIRMExcellent Organic TRANSPORTATION 300 Growth CAPACITY Potential A STRATEGIC ADVANTAGE Natural gas volumes (MMcf/d) 250 Provides the opportunity to manage long term volume 200 growth…
  59. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 59
    OUTLOOK
  60. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 60
    2017 Outlook & Guidance INITIAL PREVIOUSLY SET REVISED 2017 ANNUAL 2017 ANNUAL 2017 ANNUAL CHANGE GUIDANCE GUIDANCE GUIDANCE FROM INITIAL (JANUARY 5, 2017) (JUNE 26, 2017) (AUGUST 10, 2017) Production (boe/d) 2017 Average daily…
  61. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 61
    Compelling Investment Opportunity Excellent Organic SUSTAINABILITY Growth Potential Competitive Economics PROFITABILITY De-risked LONG TERM GROWTH Leading Well Results Technically Astute 62
  62. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 62
    ADDITIONAL RESOURCE OPPORTUNITIES
  63. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 63
    Concentrated Multi-Zone Acreage DEEP BASIN MULTI-ZONE ACREAGE Deep Basin is highly coveted for: Sweet, liquids rich natural gas 4,600 ft TVD Belly River 6,200 ft TVD Sweet, light gravity crude oil Cardium Multi-zone hydrocarbon…
  64. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 64
    Capital Allocation & Balanced Opportunities CAPITAL ALLOCATED TO HIGHEST EXPECTED RETURN PROJECTS Excellent Organic COMMODITY AGNOSTIC RETURNS DRIVE INVESTMENT NOT PRODUCT (OILPotential Growth OR GAS) Drill ready development…
  65. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 65
    Cardium Light Oil Resource Play BXE Land Sections1 155 Gross 99 Net BXE Net Drilling Inventory2 92 proved 29 probable 85 unbooked 206 total Cardium Resource Play Summary Largest accumulation of light oil in the WCSB…
  66. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 66
    Ferrier Cardium Re-Development Initial re-development of structurally enhanced Brazeau Excellent Organic Alder Flats trend Growth High GOR OilPotential Inventory of 83 booked, 19 unbooked locations BXE 1-30 Liquids rich gas at…
  67. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 67
    Bioturbated Cardium Type Log with Horizontal Placement Excellent Organic Growth Potential OIL SHALE SHALE Competitive Cardium Economics SAND SAND De-risked Leading Well OIL Cardium Results Base SHALE SHALE…
  68. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 68
    Ellerslie Ferrier / Willesden Green Ellerslie Isopach with Vertical Producers Excellent Organic Growth Potential Competitive Ferrier Economics De-risked Fluvial Valley Systems Gas charged reservoirs 101 industry vertical…
  69. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 69
    Rock Creek Ferrier Willesden Green Deltaic / shallow marine sandstones Net Rock Creek Sandstone, Vertical Producers Excellent Organic Gas and oil charged Growth Potential 491 vertical producers 346 Bcf Cum gas Competitive…
  70. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 70
    Strategic Land Position GREATER FERRIER/BRAZEAU/WILLESDEN GREEN AREAS OF WEST CENTRAL ALBERTA Pembina Brazeau Ferrier Willesden Green Bellatrix Peyto TAQA Cenovus Tourmaline Westbrick 71 Source: Accumap, company…
  71. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 71
    SUPPLEMENTAL INFORMATION
  72. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 72
    Material Deleveraging & Strategic Repositioning SUCCESSFULLY RAISED APPROXIMATELY 440 MILLION IN THE PAST 16 MONTHS OVER MULTIPLE TRANSACTIONS WITH MINIMAL PRODUCTION DIVESTED Announcement Gross Proceeds Production sold Transaction…
  73. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 73
    Bank Debt Summary Current bank debt consists of a 120 million revolving syndicated credit facility Excellent Organic Growth Potential 13 million drawn at June 30, 2017 Competitive CREDIT FACILITY DETAILS Economics Syndicated reserve…
  74. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 74
    Senior Unsecured Notes Summary US250 million of 8.50% senior unsecured notes maturing May 15, 2020 Excellent Organic US notes translated to Cdn quarterly. Q2/17 US notes were C315.3 Growthmillion Potential SENIOR NOTE DETAILS…
  75. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 75
    Convertible Debenture Summary 50 million of 6.75% extendible unsecured subordinated convertible debentures Excellent Organic Subordinated to bank credit facilities, senior notes and any other senior indebtedness Growth Potential…
  76. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 76
    Shareholders TOTAL SHAREHOLDER OWNERSHIP INSTITUTIONAL OWNERSHIP Excellent Organic BY GEOGRAPHY Growth Potential Identified Institutions 15% 14%Competitive Economics Other institutions / Canada 45% 43% family offices…
  77. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 77
    Strong Institutional Ownership 80% Identified Institutional Shareholder Ownership (%) Excellent Organic 70% Growth Potential Identified institutional ownership (%) 60% Competitive Economics 50% 40% De-risked 30% 20%…
  78. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 78
    Corporate Production Overview 45,000 40,000 Excellent Organic Growth Potential 35,000 Production (boe/d) 30,000 Competitive 25,000 Natural Gas Economics 20,000 15,000 De-risked 10,000 NGLs 5,000 Crude Oil & Condensate…
  79. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 79
    Corporate Liquids Volume Overview 100% Product % of total crude 80% Excellent Organic Condensate Oil & condensate Growth Potential 60% (bbl/d) 40% Competitive Economics 20% Crude Oil 0% Q1/16 Q2/16 Q3/16 Q4/16…
  80. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 80
    Corporate NGL Volume Overview 50 Excellent Organic (bbl/MMcf) 45 Growth Potential NGL Yield 40 Competitive Economics 35 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q2/17 NGLs Ethane Propane Butane Pentane 81
  81. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 81
    Premium Natural Gas BELLATRIXS NATURAL GAS SOLD HAS A HIGHER HEAT CONTENT THAN THE INDUSTRY AVERAGE, RESULTING IN A PREMIUM PRICE RECEIVED Excellent Organic Growth Potential 0.25 10% Competitive 0.20 Economics 8% Price Premium…
  82. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 82
    Oil & Condensate Realized Pricing BELLATRIXS OIL & CONDENSATE MIX HAS SHIFTED WITH MAJORITY OF PRODUCT (75%) NOW BEING CONDENSATE RESULTING IN IMPROVED PRICING Excellent RELATIVE TO Organic INDUSTRY LIGHT OIL PRICES Growth…
  83. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 83
    Representative Spirit River Inventory Required to Maintain Production Volumes Approximately 16 net Spirit River wells1 per year maintains production in the high 30 mboe/d range through 2021 Represents scenario of drilling only 22% of…
  84. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 84
    Strong Liability Management Bellatrixs Liability Management Rating is 10.4, more than double the industry average of Excellent Organic 4.6, and with a top decile LMR ratio ranking within industry. Growth Potential Alberta uses a…
  85. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 85
    Tax Pools BELLATRIX HOLDS APPROXIMATELY 1.32 BILLION IN TAX POOLS NO CASH TAXES FORECAST OVER THE NEAR TO MEDIUM TERM Excellent Organic Growth Potential TAX POOLS (000s) Rate (%) June 30 2017 Competitive Intangible resource pools:…
  86. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 86
    Community Relations A value based culture Bellatrixs culture starts with Excellent our stakeholders Organic Growth Potential Bellatrix believes in the importance of creating and fostering strong community relationships that are…
  87. September 2017 Analyst Update – Bellatrix Exploration Ltd. – slide 87
    Corporate Information BOARD OF DIRECTORS SENIOR OFFICERS BANKERS W.C. (Mickey) Dunn Brent A. Eshleman, P.Eng. National Bank of Canada Chairman President & CEO Alberta Treasury Branches The Bank of Nova Scotia Murray L. Cobbe Max Lof,…

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