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March 2018 Corporate Presentation – Bellatrix Exploration Ltd.

Bellatrix Exploration Ltd. · Mar 2, 2018 · 35 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. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 1
    Corporate Presentation MARCH 1, 2018 1
  2. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 2
    Bellatrix Investment Highlights Dominant core acreage position in west central Alberta Top tier capital efficiencies and cost Spirit River represents one of North profile deliver full cycle profitability Americas lowest supply cost…
  3. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 3
    Corporate Profile MARKET SUMMARY Ticker Symbol TSX / NYSE: BXE Average Daily Volume1 Canada: 660,000/ U.S.: 190,000 Shares Outstanding2 49.4 million basic / 51.2 million diluted Market Capitalization3 85 million Bank Debt4 52…
  4. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 4
    2017 Performance Recap INITIAL PREVIOUS PREVIOUS PREVIOUS ESTIMATED CHANGE 2017 ANNUAL 2017 ANNUAL 2017 ANNUAL 2017 ANNUAL 2017 ANNUAL FROM GUIDANCE GUIDANCE GUIDANCE GUIDANCE RESULTS INITIAL (JAN 5, 2017) (JUNE 26, 2017) (AUG 10,…
  5. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 5
    2018 Outlook & Guidance INITIAL 2018 BUDGET FOCUSED ON 2018 ANNUAL STRATEGIC OBJECTIVES GUIDANCE (DECEMBER 14, 2017) Completion of Phase 2 of the BXE Alder Flats Plant (Q2/18) Production (boe/d) Optimize forecast returns from…
  6. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 6
    Low Cost FD&A Performance 8.00 FD&A costs (/boe) 6.00 4.00 2.00 0.00 2017 2016 3 Year Avg 2017 2016 3 Year Avg ('15-'17) ('15-'17) FD&A Costs Including Plant Capital FD&A Costs Excluding Plant Capital PDP FD&A 1P FD&A 2P…
  7. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 7
    NAV of 1.16 Billion or 23.52 Per Share 2P NAV PER SHARE1 35.00 1.65 30.00 (8.52) 9.82 25.00 Value ( per basic share) 23.52 20.00 10.94 15.00 10.00 9.63 5.00 0.00 2 2 2 3 4 PDP 1P 2P Other Net debt 2P NAV…
  8. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 8
    Maintained Production Volumes While Achieving Significant Debt Reduction 40,000 Average Average Production (boe/d) 30,000 Production Production 20,000 Flat FlatQ1/16 Q1/16to 10,000 Q2/17 to Q4/17 0 Q1/16 Q2/16 Q3/16…
  9. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 9
    Diversified Balance Sheet & Financial Flexibility Effective capital resource management, balancing liquidity and flexibility BANK DEBT 52MM CREDIT FACILITY CONTAINS LONG TERM DEBT AT DECEMBER 31, 2017 ONE FINANCIAL COVENANT…
  10. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 10
    Commodity Price & Currency Risk Management NATURAL GAS HEDGING OIL HEDGING 60% 80% 3.13 % of total forecast 2018 oil & condi volumes 70% 70.14 70.14 70.14 70.14 50% % of total forecast 2018 gas volumes 60% 40% 50% 3.06…
  11. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 11
    Hedging & Market Diversification Market Diversification Contracts Market Start Date End Date Volume Chicago 01-Feb-18 31-Oct-20 15,000 MMBtu/d Chicago 01-Nov-18 31-Oct-20 15,000 MMBtu/d Dawn 01-Feb-18 31-Oct-20 15,000 MMBtu/d Dawn…
  12. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 12
    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…
  13. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 13
    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…
  14. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 14
    Bellatrixs Spirit River Play BXE Land Sections1 GREATER FERRIER AREA CORE SPIRIT RIVER PLAY 180 Gross Spirit River producing well 104 Net Horizontal well BXE Net Drilling Inventory2 102 proved 27 probable 225 unbooked 354 total…
  15. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 15
    Spirit River Geology Summary Broad, thick, extensive sand rich valleys in SPIRIT RIVER STACKED SANDS Notikewin, Falher and Wilrich members One square Tight sandstone: long life reserves with mile section long term hyperbolic decline…
  16. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 16
    Spirit River Type Curves Bellatrix Spirit River Economics SPIRIT RIVER 5.2 & 6.0 BCF TYPE CURVES Economic Assumptions 5.2 Bcf 6.0 Bcf 9 Gross CAPEX (DCE&T, MM) 3.8 3.8 Gross Natural Gas IP30 (MMcf/d) 6.6 6.3 8 EUR (mboe) 1,037 1,184…
  17. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 17
    Spirit River All-In Profitability 5.2 Bcf Type Curve Full Cycle F&D costs C1.50/GJ C2.50/GJ Drill 1.7MM Complete 1.5MM Full cycle F&D costs /Mcfe (0.77) (0.77) Equip & tie in 0.6MM Half cycle costs 3.8MM Land/seismic/facilities…
  18. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 18
    Delivered on our 2017 Objectives 2017 RESULTS OUTPERFORMED EXPECTATIONS 16 14 12 Producing Day Volumes (MMcf/d) 10 8 6 4 2 - 0 30 60 90 120 150 180 210 240 270 300 330 360 390 420 450 480 510 540 570 600 Days…
  19. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 19
    Enduring Efficiency Gains on Drill Times AVERAGE SPIRIT RIVER DRILLING CURVES DAYS SPUD TO RIG RELEASE BY YEAR 0 20 Days (Spud to Rig Release) 2014 Spirit River Average 500 15 2015 Spirit River Average 1,000 10 2016 Spirit…
  20. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 20
    Spirit River Well Costs & Capital Efficiencies FOCUSED CAPITAL COST REDUCTIONS 6.0 Long Reach Long Reach 5.0 4.0 Long Reach Costs (millions) Equip & Tie-in 3.0 Complete 2.0 Drill 1.0 0.0 2015 - 24 wells…
  21. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 21
    Focused Spirit River Growth SPIRIT RIVER PRODUCTION GROWTH 80% 32,000 2010 70% 28,000 Spirit River Spirit River % of Total Company Volumes 60% 24,000 Average Monthly Production (boe/d) Other 50% 20,000 40% 16,000…
  22. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 22
    Improving Cost Structure PRODUCTION EXPENDITURES REDUCED; FURTHER IMPROVEMENT EXPECTED IN 2018 11.00 Production expense (/boe) 10.00 9.00 8.00 7.00 6.00 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 2018E Completion of Phase 2 of…
  23. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 23
    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 operatorship…
  24. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 24
    Drill Bit Focused PLANT INVESTMENT PLANT INVESTMENT & CONSTRUCTION & CONSTRUCTION COMPLETE COMPLETE Q2/18 Q2/18 Major compressor stations, pipelines and Bellatrix Alder Flats Plant capital investment nearing completion Proportion…
  25. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 25
    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…
  26. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 26
    Ample Firm Takeaway Capacity FIRM TRANSPORTATION CAPACITY PROVIDES A STRATEGIC ADVANTAGE 350 Provides the opportunity to 300 enhance funds flow from operations through optimal Natural gas volumes (MMcf/d) 250 delivery of…
  27. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 27
    Compelling Investment Opportunity RETURN ON INVESTMENT SUSTAINABILITY PROFITABILITY 28
  28. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 28
    Supplemental Information 29
  29. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 29
    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…
  30. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 30
    Cardium Light Oil Resource Play BXE Land Sections1 144 Gross 84 Net BXE Net Drilling Inventory2 97 proved 21 probable 95 unbooked 213 total Cardium Resource Play Summary Largest WCSB light oil accumulation Approximately…
  31. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 31
    Strategic Land Position GREATER FERRIER/BRAZEAU/WILLESDEN GREEN AREAS OF WEST CENTRAL ALBERTA Pembina Brazeau Ferrier Willesden Green Bellatrix Peyto TAQA Cenovus Tourmaline Westbrick Source: Accumap, company…
  32. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 32
    Material Deleveraging & Strategic Repositioning SUCCESSFULLY RAISED OVER 450 MILLION IN THE PAST 18 MONTHS OVER MULTIPLE TRANSACTIONS WITH MINIMAL PRODUCTION DIVESTED Announcement Gross Proceeds Production sold Transaction Date MM…
  33. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 33
    Representative Spirit River Inventory Required to Maintain Production Volumes Approximately 15 net Spirit River wells1 per year maintains production in the high 30 mboe/d range through 2022 Represents scenario of drilling only 21% of…
  34. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 34
    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,…
  35. March 2018 Corporate Presentation – Bellatrix Exploration Ltd. – slide 35
    Return on Investment Sustainability Profitability www.bxe.com 36

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