Natural Gas Represents the Bridge Fuel for the Future MATERIAL NATURAL GAS DEMAND GROWTH EXPECTED THROUGH 2040 (1.7% COMPOUNDED) OVERTAKES COAL AS 2ND LARGEST GLOBAL ENERGY SOURCE BY 2040 Source: BP Energy Outlook, 2019 edition 3
Canada is a Leader in Lower Emissions & Environmental Stewardship Global CO2 Emissions (2018) Canadian Natural Gas GHG Emissions & Production 58 16,000 Canadian Natural Gas Production (MMcf/d) Natural Gas Extraction GHG…
The Call on Canadian Natural Gas to Meet Increased Demand Five Year The call on WCSB natural gas Current Outlook Growth is estimated at 3 to 6 Bcf/d over the next five years Regional Canadian demand 5 Bcf/d 7 Bcf/d 2 Bcf/d This…
AECO Basis Differential Forecast Improvemment AECO Basis Differential (US/MMBtu) 1.00 0.50 Historical Forecast 0.00 (0.50) (1.00) (1.50) Historical average (Jan 2003 to July 2019) (2.00) US0.80/MMBtu (2.50) (3.00)…
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…
The World Needs More Canadian Natural Gas Canada has significant long term natural gas resources and is the fourth largest producing country globally1 Natural gas represents the bridge Canadian Natural Gas Industry Scorecard fuel…
Bellatrix Investment Highlights Dominant core acreage position in Top tier capital efficiencies and cost west central Alberta profile deliver full cycle profitability Spirit River represents one of North Asset portfolio provides…
Corporate Profile MARKET SUMMARY Ticker Symbol TSX : BXE Average Daily Volume1 130,000 Shares Outstanding2 40.9 million basic / 41.6 million diluted Market Capitalization3 27 million Bank Debt4 60 million Second Lien Notes due 20235…
2019 Guidance & First Half Results STRONG OPERATIONAL PEFORMANCE IN THE FIRST HALF OF 2019 RELATIVE TO ANNNUAL GUIDANCE EXPECTATIONS1 2019 INITIAL ACTUAL RESULTS FIRST HALF 2019 ANNUAL GUIDANCE VERSUS MIDPOINT RESULTS (JAN 15,…
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…
Commodity Price Risk Management & Diversification NATURAL GAS MARKET DIVERSIFICATION & FIXED PRICE HEDGING COVERAGE 80% 70% % of total forecast 2019 gas 60% 50% volumes 40% 30% 20% 10% 0% Q3/19 Q4/19 Q1/20 Q2/20 Q3/20…
Recapitalization Transaction COMPLETED JUNE 4, 2019 Total outstanding debt reduced by approximately 110 million (approximately 23%) Term debt maturities extended until 2023 Annual cash interests payments reduced by approximately 12…
Diversified Balance Sheet & Financial Flexibility Actively exploring refinancing opportunities and additional sources of liquidity BANK DEBT 60MM CREDIT FACILITY LONG TERM DEBT AT JUNE 30, 2019 FINANCIAL COVENANTS MATURITIES 5.0 300…
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…
Bellatrixs Spirit River Play BXE Land Sections1 GREATER FERRIER AREA CORE SPIRIT RIVER PLAY 198 Gross 118 Net BXE Net Drilling Inventory2 105 proved 27 probable 250 unbooked 382 total True vertical formation depth 2,250 meters…
Spirit River Geology Summary Broad, thick, extensive sand rich valleys SPIRIT RIVER STACKED SANDS in Notikewin, Falher and Wilrich members One square Tight sandstone: long life reserves with mile section long term hyperbolic decline…
Spirit River All-In Profitability 5.2 Bcf Type Curve C1.50/GJ C2.50/GJ Full Cycle F&D costs Drill 1.5MM Full cycle F&D costs /Mcfe (0.71) (0.71) Complete 1.4MM 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 0 20 Days (Spud to Rig Release) 2014 Spirit River Average 500 15 2015 Spirit River Average 1,000 10 2016 Spirit…
Spirit River Well Costs & Capital Efficiencies FOCUSED CAPITAL COST REDUCTIONS 6.0 Long Reach Long Reach 5.0 Long Reach 4.0 Costs (millions) Long Reach Equip & Tie-in 3.0 Complete 2.0 Drill 1.0 0.0…
Greater Ferrier Area Infrastructure Overview GREATER FERRIER AREA STRATEGIC INFRASTRUCTURE GREATER FERRIER EXISTING INFRASTRUCTURE ACCESS: Infrastructure gives Bellatrix control of production and growth Working interest or operatorship…
Drill Bit Focused PLANT PHASE 2 CONSTRUCTION COMPLETE MARCH 2018 Major compressor stations, pipelines and Bellatrix Alder Flats Plant capital investment completed Proportion of incremental capital to drilling & completion expected to…
Ample Takeaway Capacity & Market Egress ALBERTA NATURAL GAS MARKET EGRESS AMPLE FIRM TRANSPORTATION IN PLACE FOR CURRENT & GROWTH ALBERTA VOLUMES Firm Transportation (FT) agreements in place for gross operated volumes at multiple…
Operational Execution Scorecard Production expense reductions 40% reduction in production expenditures to 6.29/boe in H1/19 from 10.57/boe in Q4/16 Capital cost reductions 20% reduction in all-in well costs to under 3.4 million…
Corporate Information BOARD OF DIRECTORS SENIOR OFFICERS BANKERS Todd Dillabough, B.Sc. Brent A. Eshleman, P.Eng. National Bank of Canada Chairman President & CEO Alberta Treasury Branches Canadian Western Bank Cody Church, B.Econ Max…
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