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CORPORATE PRESENTATION – Bellatrix Exploration Ltd.

Bellatrix Exploration Ltd. · Sep 2, 2014 · 34 slides

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Slides

  1. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 1
    CORPORATE PRESENTATION September 2, 2014 TSX: BXE NYSE MKT: BXE
  2. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 2
    BELLATRIX STRATEGY Drill bit driven growth oriented company Focus on profit Employ modern not product technology coupled with innovation Bellatrix Low cost finder Strong balance sheet and operator Targeted Accretive…
  3. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 3
    CORPORATE SNAPSHOT Average Daily Trading Volume (past 3 months) +/- 3.3 mm shares/d Annual Average Production guidance (2014e) +/- 41,000 boe/d Exit rate guidance (2014e) +/- 48,000 boe/d Oil / liquids weighting (2014e) +/- 35 %…
  4. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 4
    TRACK RECORD OF PRODUCTION GROWTH AVERAGE ANNUAL PRODUCTION INCREASE +/- 41,000 Average Production (boe/d) 524% 21,830 16,686 11,954 8,519 6,572 Q4 2009 2010 2011 2012 2013 2014e 4 Bellatrix Corporate…
  5. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 5
    OPERATING EXPENSES TOTAL OPERATING EXPENSE (/BOE) 20 18 16 14 59% 12 10 8 6 4 2 0 Q4 2008 2009 2010 2011 2012 2013 2014e 5 Bellatrix Corporate Presentation
  6. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 6
    REVENUE (mms) 692 700 57% Liquids 600 500 535% 400 300 292 60% 219 Liquids 202 200 69% 71% Liquids Liquids 109 118 100 48% 52% Liquids Liquids 0 2009 2010 2011 2012 2013 2014e 6 Bellatrix Corporate Presentation
  7. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 7
    CASH FLOW / BASIC SHARE 2.00 1.80 1.90 1.60 1.40 387% 1.20 1.27 1.00 1.03 0.91 0.80 0.60 0.57 0.40 0.39 0.20 0.00 2009 2010 2011 2012 2013 2014e 7 Bellatrix Corporate Presentation
  8. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 8
    RESERVES GROWTH 220 212 Oil and liquids 200 Natural Gas 37% 180 160 140 722% mmboe 124 120 36% 104 100 30% 80 67.6 60 38% 55.5 42.4 41.8 35% 40 25.8 24.8 40% 37% 20 16.5 28% 38% 29% 0 Proved P+P Proved P+P…
  9. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 9
    INDUSTRY LEADING OPERATIONS METRICS December 31, 2013 (P&P) FD&A costs (including FDC) 9.67/boe Reserve life index (P&P) (as at December 31, 2013) 13.7 years December 31, 2013 Recycle ratio (excluding FDC and Acquisitions, P&P) 2.90x…
  10. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 10
    TOTAL RETURN COMPARISON 1,000 Bellatrix Exploration Ltd. 900 S&P/TSX Energy Index 800 S&P/TSX Composite Index 700 Value of a 100 Investment 600 500 400 300 200 100 0 31-Dec-08 31-Dec-09 31-Dec-10…
  11. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 11
    2014 ESTIMATED FINANCIAL FORECAST 2013 2014e Variance Cash from operations 143 +/- 350 +145% (mm) Cash per share 1.27 +/- 1.90 +50% Net Cash Capital 303 +/- 515 +70% expenditures (mm) Total Net Debt (mm) 395 +/- 390 - Debt Capacity…
  12. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 12
    GROWING BELLATRIX 2014 ESTIMATED NET BXE CAPITAL BUDGET (+/- 515 MM) 38% Facilities 5% Drilling and Completions Land and Seismic 57% (+/- 755 Million Gross including JV Partner Capital) 12 Bellatrix Corporate…
  13. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 13
    COMMODITY RISK MANAGEMENT Oil Jan. 1 Dec. 31, 2014 6,000 bbls/d 97.07 CDN/bbl Gas* Feb. 1 Dec. 31, 2014 95.7 mmcf/d 4.21 CDN/mcf o * Assumes conversion of a /GJ to /mcf is based on an average corporate heat content of 40.8…
  14. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 14
    FORMULA FOR GROWTH o Inventory of low risk development locations 1,800 net locations o Extensive undeveloped land base of 395,237 net acres o Stacked Hydrocarbon Bearing Reservoirs in WCA: Belly River +/- 1,300 m Cardium +/- 2,100…
  15. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 15
    BALANCED RESOURCE PLAY INVENTORY Net Remaining Cost per well ( mm) Net Remaining Inventory Investment (mm) Belly River (HZ) 23 2.5 58 Cardium 742 3.75 2,783 Second White Specks (Hz) 0 4.50 0 Viking (HZ) 80 4.2 338…
  16. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 16
    CARDIUM LIGHT OIL RESOURCE PLAY o Largest accumulation of light oil in the WCSB o Approximately 20,000 square miles Edson o Approximately 1.8 Billion bbls produced to date o Currently producing 135,000 bbl/d & 1.10 bcf/d o LOE <…
  17. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 17
    CARDIUM INDUSTRY LAND SUMMARY 938 400 338 300 Net Cardium Sections (1) 300 280 250 204 200 194 200 149 138 116 102 100 92 90 100 80 78 68 68 66 60 52 48 47 45 40 38 25 0 Tamarack NuVista Whitecap…
  18. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 18
    HORIZONTAL PLACEMENT IN CARDIUM SECTION GR SP ML 18 Bellatrix Corporate Presentation
  19. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 19
    CARDIUM OIL TYPE CURVE 19 Bellatrix Corporate Presentation
  20. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 20
    CARDIUM TYPE CURVES 400 ( 2% Wells Drilled) 350 Cumulative Production, mboe 300 ( 49% Wells Drilled) 250 (49% Wells Drilled) 200 150 100 50 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Ferrier Gas,…
  21. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 21
    NOTIKEWIN/FALHER LIQUIDS RICH GAS o BXE Land Sections 181 Gross 91 Net o BXE Drilling Inventory 750 Gross 381 Net o Regional Stacked Mannville Channels deposited in broad valleys o 85 BXE and industry Notikewin/Falher gas wells…
  22. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 22
    NOTIKEWIN/FALHER LIQUIDS RICH GAS 7.5 Bcf Performance Curve: NPV 10% BIT = 15.2 MM IRR = 500% Payout = 0.4 Years 5 Bcf Performance Curve NPV 10% BIT = 9.3 MM IRR = 228% Payout = 0.6 years 2014 3.90/GJ gas & 95 CDN/bbl C5+ *…
  23. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 23
    LOWER MANNVILLE LIQUIDS RICH GAS GR Porosity o Stacked play potential o BXE Drilling Inventory 110 Gross 100 Net o BXE Land Sections 311 Gross 287 Net o Liquids-rich gas plays; approximately 200 bbls/mmcf o 31 horizontal…
  24. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 24
    DUVERNAY UNCONVENTIONAL RESOURCE o BXE Land Sections 122 Gross 120 Net o BXE Inventory 415 600+ locations o Estimated 4 to 6 BCFE recoverable per well o BXE 09-24 HZ highest recorded IP3 at 3.7 mmcf/d; 0.75 Bcf cum to date o +95…
  25. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 25
    BXE FERRIER INFRASTRUCTURE Access to 10 plants o Total capacity 1,250 mmcf/d Planned BXE Gas Plants o C3+ Recovery 99% o C4+ Recovery 100% Phase I o 110 mmcf/d capacity o In service July 1, 2015 o Cost +/- 90 MM Phase II o…
  26. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 26
    BELLATRIX CONNECTED PLANT CAPACITIES 26 Bellatrix Corporate Presentation
  27. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 27
    BELLATRIX FACILITY YIELDS o Bellatrix Deep Cut Facilities (Phase I & II) Raw Gas (MMcf/d) 245 Shrinkage 10% Sales Gas 220 o NGL Yields (1) Current Third Party Bellatrix Facilities Combined Facilities (2) Facilities Bbl/MMcf…
  28. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 28
    BELLATRIX PROCESSING FEES Current Processing Fees 0.56/mcf Combined Facility BXE Wells Fees 0.38/mcf BXE Gas Plant Operating Costs Employ modern 0.20/mcfcoupled technology with innovation Operating Cost Profile Gas Plant I…
  29. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 29
    GRAFTON JV 244 MM Initial Joint Venture June 21, 2013 with 61 MM Extension Election April 9, 2014 o 58 Net Notikewin/Falher and Cardium o horizontal wells in initial program o 13 Net Mannville wells in extension o BXE contribution - 55…
  30. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 30
    TROIKA JV 240 MM Joint Venture o 63 Gross Cardium horizontal wells o BXE contribution - 120 MM o Effective January 1, 2013 December 31, 2014. o 20 additional Cardium wells planned in 2013; 43 Cardium Hz wells in 2014 JV Partner…
  31. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 31
    SUMMARY o Knowledgeable management team with a long history and proven track record of growing companies through the drill bit o Prudent business management focused on per share growth, hedging and debt maintenance o Top tier asset…
  32. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 32
    CORPORATE INFORMATION OFFICERS BOARD OF DIRECTORS BANKERS Raymond G. Smith, P.Eng. W.C. (Mickey) Dunn National Bank of Canada President & CEO Chairman Alberta Treasury Branches HSBC Bank Canada Edward J. Brown, C.A. Doug N. Baker,…
  33. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 33
    ANALYST COVERAGE Analyst Firm Jeremy McCrea AltaCorp Capital Jim Byrne BMO Capital Markets Steve Toth Canaccord Genuity Adam Gill CIBC Garett Ursu Cormark Securities Inc. Brian Kristjansen Dundee Capital Grant Daunheimer GMP…
  34. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 34
    1920, 800 5th Avenue SW Calgary, Alberta Canada T2P 3T6 Tel: (403) 266-8670 Fax: (403) 264-8163 www.bellatrixexploration.com 36 Bellatrix Corporate Presentation

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