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Recapitalization Transaction – Bellatrix Exploration Ltd.

Bellatrix Exploration Ltd. · Mar 31, 2019 · 17 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. Recapitalization Transaction – Bellatrix Exploration Ltd. – slide 1
    Proposed Recapitalization Transaction MARCH 2019 1
  2. Recapitalization Transaction – Bellatrix Exploration Ltd. – slide 2
    Bellatrix Overview 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 natural Asset…
  3. Recapitalization Transaction – Bellatrix Exploration Ltd. – slide 3
    Macro Conditions Macro Current Situation Potential Improvements Conditions AECO basis Reflects changes initiated in July 2017 to Capacity expansions add over 2.1 the operating methodology used by the Bcf/d of incremental export capacity…
  4. Recapitalization Transaction – Bellatrix Exploration Ltd. – slide 4
    AECO Basis Differential 1.00 AECO Basis Differential (US/MMBtu) The AECO market continues to be 0.50 negatively impacted by the changes 0.00 initiated in July 2017 (0.50) This changed operating methodology (1.00) used by the…
  5. Recapitalization Transaction – Bellatrix Exploration Ltd. – slide 5
    AECO Natural Gas Expansion Projects Underway ADDITIONAL EXPORT CAPACITY BEING DEVELOPED OUT OF THE CANADIAN BASIN Effective Capacity (MMcf/d) 2017A 2018 2019E 2020E 2021E 2022E 2023E 2024E In Service Alliance 1,800 1,800 1,800 1,800…
  6. Recapitalization Transaction – Bellatrix Exploration Ltd. – slide 6
    Proposed Recapitalization Transaction Benefits DESIGNED TO STRENGTHEN FINANCIAL POSITION Total outstanding debt reduced by approximately 110 million (approximately 23%) Results in no maturity date of any non-revolving debt to 2023…
  7. Recapitalization Transaction – Bellatrix Exploration Ltd. – slide 7
    Proposed Recapitalization Transaction Overview STAKEHOLDER CURRENT OWNERSHIP PROFORMA OWNERSHIP US50MM Second Lien Notes due 2023 Senior US50MM US145.8MM unsecured notes Senior Notes due May 2020 and Third Lien Notes due 2023…
  8. Recapitalization Transaction – Bellatrix Exploration Ltd. – slide 8
    Transaction Benefits TRANSACTION REDUCES DEBT BY 110MM AND CASH INTEREST BY 12MM ANNUALLY Proforma Current Leverage Change Transaction Term Debt Senior Unsecured Notes MM 192.4 0.0 -192.4 Second Lien Notes MM 134.8 200.8 66.0…
  9. Recapitalization Transaction – Bellatrix Exploration Ltd. – slide 9
    Debt Maturity Profile MATURITY PROFILE - DEC 31, 2018 Credit Facilities 350 Second Lien Notes Senior Notes Principal Amount (Cmm) 134.8 Second Lien Note Matures in May 300 Convertible Debentures 2020 if Senior Unsecured…
  10. Recapitalization Transaction – Bellatrix Exploration Ltd. – slide 10
    Proposed Recapitalization Transaction Support Agreements Management & Board support The Company has been reviewing and exploring alternatives to address its debt levels and its upcoming debt maturities, and recommends the…
  11. Recapitalization Transaction – Bellatrix Exploration Ltd. – slide 11
    Other Key Terms of Recapitalization Transaction The Recapitalization Transaction will be implemented by way of a plan of arrangement under the Canada Business Corporations Act. Expected consolidation of common shares as part of…
  12. Recapitalization Transaction – Bellatrix Exploration Ltd. – slide 12
    Operational Performance Scorecard Operating cost reductions 38% reduction in production expenditures to a record low level of 6.59/boe in Q4/18 from 10.57/boe in Q4/16 Capital cost reductions 20% reduction in all-in well costs to…
  13. Recapitalization Transaction – Bellatrix Exploration Ltd. – slide 13
    2018 Guidance History - A Track Record of Delivering on Expectations PREVIOUS PREVIOUS PREVIOUS 2018 ACTUAL 2018 ANNUAL 2018 ANNUAL 2018 ANNUAL ANNUAL VERSUS GUIDANCE GUIDANCE GUIDANCE RESULTS PRIOR3 (APR 3, 2018) (AUG 2, 2018)…
  14. Recapitalization Transaction – Bellatrix Exploration Ltd. – slide 14
    Cost Reductions Achieved 38% REDUCTION IN PRODUCTION EXPENSES (/BOE) 11.00 Production expense 10.00 9.00 (/boe) 8.00 7.00 6.00 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 32% REDUCTION IN PRODUCTION EXPENSES…
  15. Recapitalization Transaction – Bellatrix Exploration Ltd. – slide 15
    A Track Record of Low Cost FD&A Performance 6.00 FD&A costs (/boe) 5.00 4.00 3.00 2.00 1.00 0.00 2018 2017 3 Year Avg 2018 2017 3 Year Avg ('16-'18) ('16-'18) FD&A Costs Including Plant Capital FD&A Costs Excluding Plant…
  16. Recapitalization Transaction – Bellatrix Exploration Ltd. – slide 16
    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,…
  17. Recapitalization Transaction – Bellatrix Exploration Ltd. – slide 17
    www.bxe.com 18

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