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CORPORATE PRESENTATION – Bellatrix Exploration Ltd.

Bellatrix Exploration Ltd. · Feb 1, 2015 · 39 slides

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Slides

  1. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 1
    Full Cycle Profitable Growth CORPORATE PRESENTATION FEBRUARY 2015 TSX: BXE NYSE: BXE
  2. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 2
    Bellatrix Core Values Focus on per Technically strong Strategic direction Flexible financial share profitability & vision position Track record of Early stage adoption of 20+ years drilling Balance sheet production, reserve &…
  3. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 3
    Corporate Profile MARKET SUMMARY Ticker Symbol TSX / NYSE: BXE Average Daily Volume1 Canada: 2.7 million / U.S.: 0.5 million Shares Outstanding 192.0 million basic / 202.7 million diluted Market Capitalization2 576 million Net…
  4. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 4
    Doing More with Less in 2015 2015 2014 2015/2014 2013 2014/2013 FORECAST FORECAST CHANGE ACTUAL CHANGE Net Capital Budget (MM)1 200 515 -61% 281 +83% Infrastructure (MM) 70 195 -64% 58 +236% Drilling & Completions (MM) 120 280 -57%…
  5. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 5
    Commodity Price Risk Management NATURAL GAS HEDGES OIL HEDGES 60% 100% C2.93 C2.93 % of total forecast oil & condi volumes 90% C70.34 C70.34 C70.34 50% % of total forecast gas volumes 80% 70% 40% 60% C70.34 C2.95 50%…
  6. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 6
    Track Record of Production and Reserves Growth HISTORICAL PRODUCTION HISTORICAL RESERVES Natural Gas Oil and Liquids Production per share (right side) Natural Gas Oil and Liquids Reserves per share (right side) 220 211.5 2.0…
  7. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 7
    Track Record of Cash Flow and Earnings Growth CASH FLOW EARNINGS 250 1.40 120 0.60 Cash Flow Earnings CFPS 1.30 EPS 108 100 0.50 200 204 1.20 80 0.40 Cash Flow ( millions) Earnings ( millions) Cash Flow Per Share…
  8. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 8
    Peer Group Comparison OPERATING COSTS/ BOE1 2P FD&A (INCLUDING FDC)2 18.00 30.00 16.00 25.00 14.00 12.00 20.00 10.00 15.00 8.00 6.00 10.00 4.00 5.00 2.00 0.00 0.00 BXE BXE Low cost operator Best in class 3 year FD&A…
  9. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 9
    Peer Leading Historical Results PEER LEADING RESULTS 200% Peers 130% CASH FLOW PER SHARE GROWTH (2010-2013)1, 2 100% 74% 62% 50% BXE 15% 0% (10%) (21%) (30%) (42%) (100%) (52%) (67%) 150% 124% 103% PRODUCTION PER…
  10. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 10
    Concentrated Land Base FERRIER WEST CENTRAL ALBERTA STRACHAN Production1 (% of total): 74% Production1 (% of total): 8% Land2 (net acres): 37,582 Land2 (net acres): 35,928 P+P Locations: 172 P+P Locations: 35 Unbooked locations: 675…
  11. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 11
    Significant Drilling Inventory ACREAGE2 DRILLING LOCATIONS1 Net dev. Net undev. Proved Probable Unbooked Total Area sections sections Total locations locations locations locations Ferrier 46 59 105 119 53 675 847 Willesden Green 26 7…
  12. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 12
    Spirit River Liquids Rich Gas BXE Land Sections 265 Gross1 147 Net1 BXE Drilling Inventory 39 proved 17 probable 348 unbooked Spirit River Resource Play Summary Regional Stacked Mannville Channels deposited in broad valleys 113…
  13. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 13
    Consistently Strong Results Bellatrix drilled 46 gas wells in 2014 including four of the best 20 wells in the Western Canadian Sedimentary Basin TOP NATURAL GAS WELLS IN THE WCSB IN 2014 20 Peak month calendar day rate (MMcf/d)…
  14. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 14
    Low Supply Cost Bellatrix Spirit River wells compare favorably with other top plays across the Western Canadian Sedimentary Basin PAYOUT & IRR PLAY COMPARISON 5.0 70% 4.5 60% 4.0 3.5 50% 3.0 Payout (years) 40% IRR…
  15. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 15
    Spirit River Type Curves 7.5 BCF TYPE CURVE SPIRIT RIVER TYPE CURVES EUR 1,413 Mboe / 19% oil + liq. 2,500 7.5 Bcf Type Curve 5.0 Bcf Type Curve IP30 2,234 boe/d (13.4 MMcfe/d) Average Production (boe/d) Capex 4.6 MM 2,000 IRR…
  16. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 16
    Spirit River Geology Summary Broad, thick, extensive sand rich valleys in Notikewin and Falher members Average thickness 25-40m Minimal risk in development of pools 2 to 3 stacked channels per section 2-6 wells per pad 3 wells per zone…
  17. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 17
    Cardium Light Oil Resource Play BXE Cardium Sections 453 Gross 338 Net Edson BXE Drilling Inventory 163 proved 76 probable Pembina 528 unbooked Ferrier Lease Operate Expense < 9.00/boe Cardium Resource Play Summary Largest…
  18. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 18
    Proven Innovative Development The leading Cardium driller since 2013 APPLYING CUTTING EDGE EXPLOITATION TECHNIQUES Horizontal well placement and applying cutting edge exploitation techniques results in top-tier well results…
  19. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 19
    Cardium Type Curves FERRIER / STRACHAN HIGH GAS/OIL CARDIUM TYPE CURVES1 RATIO (GOR) TYPE CURVE1 900 Ferrier / Strachan High GOR Ferrier Gas Average Production (boe/d) EUR 341 Mboe / 64% oil + liq. 800 IP30 582 boe/d Capex 3.85…
  20. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 20
    Early Stage Adoption of Leading Technological Advancements 2009 Enhanced recovery using horizontal wells and Increased recoveries and 2010 multistage reduced per well costs frac technology 2011 Began to transfer technology…
  21. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 21
    Infrastructure Overview EXISTING INFRASTRUCTURE ACCESS: STRATEGIC INFRASTRUCTURE OWNERSHIP Infrastructure gives Bellatrix control of production and growth Working interest or operatorship in 2 major gas processing facilities 4…
  22. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 22
    Growing Firm Capacity Within Core Areas TOTAL BELLATRIX GROSS PROCESSING CAPACITY GREATER FERRIER 600 Total Gross Raw Gas Processing Capacity (MMcf/d) 500 400 300 200 100 0 Q1 - 2014 Q2 - 2014 Q3 - 2014 Q4 -…
  23. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 23
    Infrastructure Anchors Future Growth BELLATRIX PROJECTED NET PROCESSING CAPACITY 100 BXE Phase 2 deep cut incremental 110 MMcf/d 90 BXE estimated net processing capacity (boe/d) BXE Phase 1 deep cut 80 110 MMcf/d Twin Rivers…
  24. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 24
    Strategic Infrastructure Enhances Netbacks THIRD PARTY FACILITIES(1) BELLATRIX FACILITIES(1) COMBINED FACILITIES(2) Yield Revenue Yield Revenue Yield Revenue Price Bbl/MMcf Sales 000s Bbl/MMcf Sales 000s Bbl/MMcf Sales 000s Dry Gas…
  25. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 25
    Bellatrix Facility NGL Yield Uplift Bellatrix Deep Cut Facilities (Phase I & II) Raw Gas (MMcf/d) 245 Shrinkage 10% Sales Gas 220 NGL Yields1 Current Third Party Bellatrix Facilities Combined Facilities(2) Facilities Bbl/MMcf…
  26. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 26
    Financial Position 2015 A YEAR OF BALANCE SHEET PRESERVATION Updated 200 million CAPEX budget aligns spending closer with forecast cash flow Further capital reductions or transactions possible to reduce debt further Bank covenants are…
  27. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 27
    Differentiated Joint Venture Strategy Bellatrix has entered into a series of Joint Venture (JV) transactions providing up to 700 million in development cost funding This clearly differentiated strategy provides significant benefits:…
  28. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 28
    Joint Ventures & Strategic Partnerships JOINT VENTURES STRATEGIC PARTNERSHIPS Grafton JV (GJV) Troika JV (TJV) CNOR JV - 500 MM Daewoo/Devonian JV OChiese Partnership 305 MM 240 MM (Grafton managed co.) 200 MM Effective Date: July…
  29. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 29
    Compelling Investment Opportunity Experienced management team Industry leading well results Low cost operator and finder A large inventory of high rate of return drilling locations Unfettered growth potential with firm…
  30. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 30
    Appendix: Additional Long Term Opportunities
  31. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 31
    Lower Mannville: Liquids-rich Gas Play Drill locations identified across GR Porosity three play types 31 horizontal Ellerslie wells drilled by Angle/BXE at Harmattan to date Drilling Inventory: 23 proved 53 probable 52 unbooked…
  32. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 32
    Duvernay Unconventional Resource BXE Land Sections 130 Gross1 129 Net1 BXE Drilling Inventory 415 unbooked +95 Duvernay wells licensed in Greater Ferrier and Edson 18 wells currently on production BXE 09-24 HZ highest recorded…
  33. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 33
    Second White Specks: Tight Oil Resource Laterally continuous fairway: 6,000 sq miles Thick: 75-225m Over-pressured: 9-14KPA/m Thermally mature for oil: Tmax 435-455C High Organic Content (TOC): 1.5-4wt% Existing vertical production 15…
  34. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 34
    Belly River: Regional Oil & Gas Play Significant oil production in the Basal Belly River from extensive marine shoreface deposits Gas & oil production from lower to upper Belly River fluvial channel deposits 35
  35. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 35
    Lower Belly River Channel Play: Ferrier Multiple, stacked channel trends Vertical Belly River Producer Multi-well horizontal program needed to fully exploit the channel trends 1 horizontal planned for 2015 34 vertical Belly River…
  36. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 36
    Basal Belly River: Norbuck Horizontal development of BXE Basal BLRV unit Laterally extensive tight shoreface deposits 89.9% WI across unit 5 horizontal well inventory Pembina Norbuck Basal Belly River Unit 37
  37. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 37
    Rock Creek: Willesden Green Laterally extensive tight marine sandstone 10 horizontal well inventory 33 BXE gross sections Core Area 55% average BXE WI Numerous vertical industry producers 38
  38. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 38
    Corporate Information BOARD OF DIRECTORS OFFICERS BANKERS W.C. (Mickey) Dunn Raymond G. Smith, P.Eng. National Bank of Canada Chairman President & CEO Alberta Treasury Branches HSBC Bank Canada Edward J. Brown, C.A. Canadian Imperial…
  39. CORPORATE PRESENTATION – Bellatrix Exploration Ltd. – slide 39
    1920, 800 5th Avenue SW Calgary, Alberta Canada T2P 3T6 Tel: (403) 266-8670 Fax: (403) 264-8163 www.bellatrixexploration.com

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