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…
Corporate Profile MARKET SUMMARY Ticker Symbol TSX / NYSE: BXE Average Daily Volume1 Canada: 880,000/ U.S.: 150,000 Shares Outstanding2 61.8 million basic / 63.4 million diluted Market Capitalization3 78 million Bank Debt4 71…
2018 Outlook & Guidance 2018 CAPITAL GUIDANCE REDUCED BY 5MM NO CHANGE IN VOLUME GUIDANCE GIVEN STRONG RESULTS TO DATE CURRENT PREVIOUSLY SET 2018 BUDGET 2018 ANNUAL 2018 ANNUAL STRATEGIC OBJECTIVES GUIDANCE GUIDANCE (AUGUST 2,…
Diversified Balance Sheet & Financial Flexibility Actively exploring refinancing opportunities and additional sources of liquidity BANK DEBT 71MM CREDIT FACILITY CONTAINS LONG TERM DEBT AT JUNE 30, 2018 ONE FINANCIAL COVENANT…
Debt Refinancing Transaction STRENGTHENS LIQUIDITY AND INCREASES FINANCIAL FLEXIBILITY EXCHANGE NEW MONEY ADDITIONAL 2ND COMMITMENT LIEN CAPACITY Exchange US80 million of Existing New money commitment of Senior Unsecured Notes…
Commodity Price Risk Management NATURAL GAS FIXED PRICE SWAPS OIL FIXED PRICE SWAPS 60% 50% 2.89 % of total forecast 2018 oil & condi volumes 2.98 70.14 70.14 % of total forecast 2018 gas volumes 50% 40% 40% 30% 30%…
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…
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…
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…
Bellatrixs Spirit River Play BXE Land Sections1 GREATER FERRIER AREA CORE SPIRIT RIVER PLAY 180 Gross 104 Net BXE Net Drilling Inventory2 102 proved 27 probable 225 unbooked 354 total True vertical formation depth 2,250 meters…
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…
Spirit River Type Curves Bellatrix Spirit River Economics SPIRIT RIVER 5.2 & 6.0 BCF TYPE CURVES 9 Economic Assumptions 5.2 Bcf 6.0 Bcf Gross CAPEX (DCE&T, MM) 3.4 3.4 Liquids (bbl/MMcf) Gross Natural Gas IP30 (MMcf/d) 6.6 6.3 8…
Spirit River All-In Profitability 5.2 Bcf Type Curve Full Cycle F&D costs C1.50/GJ C2.50/GJ Drill 1.5MM Complete 1.4MM Full cycle F&D costs /Mcfe (0.71) (0.71) Equip & tie in 0.5MM Half cycle costs 3.4MM Land/seismic/facilities…
Enduring Efficiency Gains on Drill Times AVERAGE SPIRIT RIVER DRILLING CURVES DAYS SPUD TO RIG RELEASE BY YEAR 20 0 Days (Spud to Rig Release) 2014 Spirit River Average 500 2015 Spirit River Average 15 2016 Spirit River…
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…
Improving Cost Structure PRODUCTION EXPENDITURES REDUCED TO 7.55/BOE IN Q2/18 11.00 10.00 Production expense (/boe) 9.00 8.00 7.00 6.00 5.00 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Completion of Phase 2 of the…
Bellatrix Alder Flats Phase 2 PHASE 2 ON-STREAM MARCH 2018 Phase 2 brought on-stream safely, ahead of schedule, and approximately 5% under budget More than doubles throughput capacity at the plant to 230 MMcf/d (from 110 MMcf/d)…
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…
Drill Bit Focused PLANT INVESTMENT PLANT PHASE & CONSTRUCTION 2 CONSTRUCTION COMPLETE COMPLETE MARCH 2018 Q2/18 Major compressor stations, pipelines and Bellatrix Alder Flats Plant capital investment nearing completion Proportion…
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 for gross ALBERTA operated volumes at multiple…
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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