Bellatrix Exploration Ltd. Provides Updated 2010 Guidance and an Update on
Commodity Price Risk Management Activities
TSX: BXE
2010 Guidance
On
The
As part of the 2010 capital expenditures budget the Corporation anticipates drilling 44 gross wells (31.6 net wells) primarily in the Pembina and Ferrier areas of Alberta, for an approximate cost of
In the first quarter of 2010, the Company plans to drill 8 gross (6.25 net) Cardium horizontal wells and 2 gross (1.85 net) Notikewin hortizontal wells. To date in
2010 Commodity Price Risk Management Update
As an added layer of protection of its cash flow forecast the Company's 2010 commodity price risk management contracts provide price protection on approximately 54% of its estimated natural gas production for 2010 that is forward sold for an average of
------------------------------------------------------------------------- Price Price Type Period Volume Floor Ceiling Index ------------------------------------------------------------------------- Natural Gas April 1, 2010 to 5,000 GJ/day $5.57 CDN $5.57 CDN AECO fixed Dec. 31, 2010 Natural Gas Feb. 1, 2010 to 5,000 GJ/day $5.52 CDN $5.52 CDN AECO fixed Dec. 31, 2010 Natural Gas Feb. 1, 2010 to 5,000 GJ/day $5.35 CDN $5.35 CDN AECO fixed Mar. 31, 2010 -------------------------------------------------------------------------
Bellatrix is a Western Canadian based growth oriented, oil and gas company engaged in the exploration for, and the acquisition, development and production of, oil and natural gas reserves in the provinces of Alberta, British Columbia and Saskatchewan. Bellatrix has a large inventory of high quality development and exploration opportunities along with a significant undeveloped land base, including more than 425,085 gross (258,506 net) acres of undeveloped land and more than 475 locations of identified drilling inventory.
An updated corporate presentation will be posted on www.bellatrixexploration.com.
Forward Looking Statements:
Certain information set forth in this news release, including management's assessments of the future plans and operations, drilling and completion plans and the timing thereof, 2010 capital expenditures, the nature of expenditures and the timing and method of funding thereof and anticipated average and exit production rates may contain forward-looking statements, and necessarily involve risks and uncertainties, certain of which are beyond Bellatrix's control, including risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets and other economic and industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling services, incorrect assessment of value of acquisitions and failure to realize the benefits therefrom, delays resulting from or inability to obtain required regulatory approvals, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources and economic or industry condition changes. Actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Bellatrix will derive therefrom. Production estimates are based upon certain assumptions as to the timing of proposed expenditures, downtime for anticipated plant turnarounds and normal production declines. In addition, there may be circumstances that are not known to Bellatrix at this time where revisions to expected plans relating to the 2010 capital expenditures budget may be advisable for business reasons that management believes are in the Company's best interests. Additional information on these and other factors that could affect Bellatrix are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or at Bellatrix's website (www.bellatrixexploration.com). Furthermore, the forward-looking statements contained in this news release are made as of the date of this news release, and Bellatrix does not undertake any obligation to update publicly or to revise any of the included forward looking statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities law.
Barrels of Oil Equivalent
Disclosure provided herein in respect of barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
For further information: BELLATRIX EXPLORATION LTD., Raymond G. Smith, President & CEO, (403) 750-2420; Edward Brown, Vice President, Finance & CFO, (403) 750-2655; Troy Winsor, Investor Relations, (800) 663-8072
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