Bellatrix Exploration reports year-end reserves, net asset value and land
holdings and industry leading FD&A costs

TSX: BXE

CALGARY, Feb. 22 /CNW/ - Bellatrix Exploration Ltd ("Bellatrix" or the "Company") announces the results of its 2009 year-end reserves as evaluated by GLJ Petroleum Consultants Ltd. ("GLJ"), the independent reserves evaluator, for 100% of Bellatrix's oil and gas properties prepared in accordance with National Instrument 51-101 ("NI 51-101").

As Bellatrix plans to announce its audited 2009 financial results on or about March 11, 2010, certain financial estimates have been made by Bellatrix in this release to facilitate the discussion with respect to the performance of our capital program. Readers are advised that these financial estimates are subject to audit and may be amended as necessary.

    
    FINDING, DEVELOPMENT AND ACQUISITION COSTS ("FD&A") HIGHLIGHTS
    -------------------------------------------------------------------------
    ($/boe)                                                        2007-2009
                                                  2009       2008    Average
    -------------------------------------------------------------------------
    Proved (excluding FDC)                       $6.01     $18.24     $16.07
    Proved (including FDC)                       $9.50     $20.86     $17.06

    Proved Plus Probable (excluding FDC)         $6.97     $31.46     $16.63
    Proved Plus Probable (including FDC)         $6.97     $36.06     $17.20
    -------------------------------------------------------------------------

    -   The Company established a recycle ratio, after commodity price risk
        management contracts and excluding future development costs, of 3.14x
        on a proved basis and 2.71x on a proved plus probable basis.

    -   The Company's reserves life index has extended to 6.5 years for
        proved reserves and is 9.6 years for proved plus probable reserves.
    

FIRST QUARTER DRILLING PROGRAM UPDATE

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 horizontal wells. To date the Company has drilled three Cardium horizontal wells (100% WI), at Norbuck and Pembina. Bellatrix has conducted a multi-staged completion on all three wells and is currently flowing back load oil on two of the wells. The third well (100% WI) in the Lodgepole area of Pembina is on production after recovering all of its load oil and is averaging 375 bopd. In the Ferrier area the Company has drilled and conducted a multi-staged completion on a Notikewin horizontal well (100% WI) and is in the process of testing the well prior to placing on production. The Company is currently drilling 3 gross (1.46 net) Cardium horizontal wells at Norbuck, West Pembina and Willesden Green.

OPERATING HIGHLIGHTS

Bellatrix's corporate thrust in 2009 was to improve the Company's balance sheet by reducing total outstanding debt and streamlining its operating cost structure. This strategy resulted in a reduced 2009 capital program of approximately $16 million, from $43 million in 2008, and strategic divestitures for proceeds of approximately $93 million which were expected to negatively impact reserves and production.

The consequence of this planned activity was total net debt levels decreasing by $108 million from $215 million at December 31, 2008 to $107 million at December 31, 2009 including the liability component of the convertible debentures and excluding unrealized commodity contract assets and liabilities, future income taxes and asset retirement obligations. The accompanying reduction posted in reserves and production was within the planned parameters.

Bellatrix continues to tighten its cost structure in the current economically challenging climate with forecasted reductions of approximately 22% to total operating expenses which includes general and administrative costs ("G&A") and lease operating costs in 2010. As stated in the press release dated January 29, 2010 Bellatrix has announced a $75 million capital expenditures budget for 2010. Based on the timing of proposed expenditures, downtime for anticipated plant turnarounds and normal production declines, execution of the 2010 budget is anticipated to provide 2010 average daily production of approximately 8,500 boe/d and an exit rate of approximately 10,000 boe/d. The 2010 capital budget is expected to be directed primarily towards horizontal drilling and completions activities in the Cardium and Notikewin resource plays.

As an added layer of protection of its cash flow forecast, Bellatrix has hedged approximately 54% of its estimated 2010 natural gas production for the balance of the year at an average fixed price of $6.56/mcf ($5.972 CAD per GJ).

Bellatrix reports the following highlights of the Company's reserves and undeveloped land at December 31, 2009 in comparison to the prior year end, including:

    
    -   100% drilling success rate in 2009 that consisted of 18 gross (11.68
        net) wells at Pembina, Willesden Green, Mantario and Irvine.

    -   Following securityholder and regulatory approval, on November 1,
        2009, the Company was converted (the "Reorganization") from an open-
        ended, unincorporated investment trust into a growth oriented, public
        exploration and production company. Strategically, the Reorganization
        re-positioned the Company, allowing Bellatrix to move forward with a
        corporate organic growth model and a strong balance sheet.

    -   Total net proceeds from the sale of properties in 2009 were $93
        million; the net proceeds from the dispositions were used to pay down
        debt.

    -   Company's total net debt including the liability component of its
        convertible debentures, excluding unrealized commodity contract
        assets and liabilities, future income taxes and asset retirement
        obligations, as at December 31, 2009 was $107 million, down from $215
        million as at December 31, 2008 and $250 million as at December 31,
        2007.

    -   The Company's credit facility was renewed on November 1, 2009 and
        consists of a $10 million demand operating facility provided by one
        Canadian bank and a $75 million extendible revolving term credit
        facility provided by one Canadian bank and one Canadian financial
        institution. The next borrowing base review is scheduled for March
        31, 2010.

    -   As at December 31, 2009, Bellatrix has approximately $28 million
        drawn on its extendible, revolving bank credit facility leaving $57
        million available to assist in managing our operations and capital
        program. On January 28, 2010, Bellatrix closed an equity issuance of
        13.64 million common shares on a bought deal basis at a price of
        $3.30 per share for gross proceeds of $45.0 million (net proceeds of
        $42.7 million after underwriter fees and before other closing costs).
        The net proceeds from this financing were used to temporarily reduce
        outstanding indebtedness.

    -   Bellatrix's net asset value, based on the GLJ evaluation at a 10%
        discount rate, equates to $3.76 per share on a basic and fully
        diluted basis as at December 31, 2009.

    -   Based on the reserves information and other data as at December 31,
        2009, the Company has performed ceiling test calculations in
        accordance with the requirements of CICA AcG 16 "Oil and Gas
        Accounting - Full Cost". No ceiling test impairment of oil and gas
        properties is anticipated for accounting purposes as at December 31,
        2009.

    -   The Company has approximately $400 million in tax pools available for
        deduction against future income.

    -   Bellatrix has over 258,500 net undeveloped acres in Alberta, British
        Columbia and Saskatchewan.
    

RESERVES

The Company has experienced several years of positive revisions to the reserve base as its assets continue to mature and expects this trend to continue. Additionally, reserves expected from the Company's developing Cardium and Notikewin resource plays remain largely unassigned due to the nascent development of the play and the horizontal drilling and completion technologies involved. Specifically, the reserve evaluation includes only one (net) undeveloped Notikewin horizontal gas location at Ferrier and two (net) undeveloped Cardium horizontal oil locations at Pembina. Focusing on the Cardium oil play, the Company is in the process of developing and proving reserves across 133 gross (81 net) sections of land, an average 61% working interest.

Bellatrix's average sales volumes for 2009 are estimated to be 8,426 boe/d. Fourth quarter 2009 sales volumes averaged 6,572 boe/d, weighted 75% toward natural gas, 17% toward light oil and natural gas liquids with the remaining 8% being heavy oil. Omitting properties subject to disposition in 2009, proved and probable company interest reserve additions in 2009 replaced 99% of production.

At December 31, 2009 the Company's proved and probable company interest reserves, using forecast prices and costs, were 25,872 mboe, a decrease of 34% compared to 39,488 mboe at December 31, 2008. Property dispositions accounted for 12,858 mboe or 94 % of the decrease. By commodity type, natural gas makes up 72%, light oil and natural gas liquids 21% and heavy oil 7% of total reserves. At December 31, 2009, the Company's total proved company interest reserves were 16,573 mboe, a decrease of 29% compared to 23,453 mboe at December 31, 2008; property dispositions accounted for 6,464 mboe or 94% of the decrease.

Exploration and development capital expenditures after drilling incentive credits but excluding acquisitions and dispositions were $15.8 million in 2009. During the fourth quarter of 2009, Bellatrix spent $9.6 million on capital projects, excluding corporate and asset acquisitions and dispositions, compared to $11.0 million in 2008. In 2009, Bellatrix drilled or participated in 18 (11.68 net) wells including 12 gross (7.62) net natural gas wells, and 4 gross (3.5 net) oil wells and 2 gross (0.56 net) awaiting completion.

PRODUCTION

For the 2009 year, sales volumes averaged 8,426 boe/d compared to 11,900 boe/d for the same period in 2008, representing a 29% decrease. The reduction in average sales volumes from the 2008 year to 2009 is a result of natural production decline, minimal 2009 capital spending and approximately 3,600 boe/d in dispositions during the first half of 2009.

As stated in the press release dated January 29, 2010 Bellatrix has announced a $75 million capital expenditures budget for 2010, which compares with the Company's $19 million 2009 capital expenditures budget. Based on the timing of proposed expenditures, downtime for anticipated plant turnarounds and normal production declines, execution of the 2010 budget is anticipated to provide 2010 average daily production of approximately 8,500 boe/d and an exit rate of approximately 10,000 boe/d. The 2010 capital budget is expected to be directed primarily towards horizontal drilling and completions activities in the Cardium and Notikewin resource plays.

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 $57.0 million. In addition, the Corporation anticipates spending approximately $4.0 million on land and seismic acquisitions, $6.25 million on well site equipping and field facilities, $0.75 million on geological and geophysical expenditures, $3.0 million on optimization and recompletions and $4.0 million on non-operated joint venture billings.

    
    CAPITAL EXPENDITURES
    -------------------------------------------------------------------------
                                                     Years ended December 31,
                                                           2009         2008
    ($000s)                                          (unaudited)
    -------------------------------------------------------------------------
    Lease acquisitions and retention                        649        1,244
    Geological and geophysical                               31          318
    Drilling and completion costs                        13,715       19,008
    Facilities and equipment                              3,616       16,129
    Drilling Incentive Credits                           (2,168)           -
    -------------------------------------------------------------------------
      Exploration and development                        15,843       36,699
    Corporate                                               644          589
    Property acquisitions                                     -        5,714
    -------------------------------------------------------------------------
      Total capital expenditures - cash                  16,487       43,002
    Property dispositions - cash                        (92,921)     (44,340)
    -------------------------------------------------------------------------
      Total net capital expenditures - cash             (76,434)      (1,338)
    -------------------------------------------------------------------------
    Other - non-cash(2)                                    (492)       3,710
    -------------------------------------------------------------------------
      Total capital expenditures(1)                     (76,926)       2,372
    -------------------------------------------------------------------------
    (1) Excludes capitalized costs related to asset retirement obligation
        expenditures incurred during the year.
    (2) Other includes current period's asset retirement obligations and unit
        based compensation capitalized.
    

DISPOSITIONS

The Company's focus in 2009 has been on the restructuring and strengthening of its balance sheet. The Company had two minor dispositions in the second quarter and successfully completed the divestiture of the majority of its petroleum and natural gas properties in Saskatchewan in the third quarter. Net proceeds from the dispositions were used to reduce the Company's bank indebtedness; these strategic accomplishments have allowed the Company to progress forward with substantially improved financial flexibility.

On June 30, 2009, Bellatrix sold 145 boe/d, including 0.63 mmcf/d of natural gas, in the Penhold Area of Central Alberta for $4.7 million, after purchase adjustments and closing costs. In addition, in June 2009, Bellatrix completed a disposition of certain royalty interests for approximately $3.7 million, after purchase adjustments and closing costs. The proceeds from these two dispositions were used to reduce Bellatrix's bank indebtedness.

On July 30, 2009, the Company successfully completed the divestiture of a majority of its oil and natural gas assets in Saskatchewan for net proceeds of $86 million (the "Saskatchewan Divestiture"). The Saskatchewan Divestiture excludes the Saskatchewan properties of Mantario and Cypress. Bellatrix's interests to the base Belly River in three sections in the Ferrier area of West Central Alberta were also included in the divestiture package. In the second quarter of 2009, the Company recorded a $114.2 million non-cash loss on the assets sold being the excess of the allocated net book value to these assets, compared to the total estimated net proceeds, after purchase adjustments and estimated closing costs.

TOTAL DEBT

Bellatrix's net debt, excluding unrealized commodity contract assets and liabilities, future income taxes and asset retirement obligations, as at December 31, 2009 was $107 million, representing $27.9 million outstanding on the credit facility, $81.7 million in convertible debentures (liability component) and the net balance of working capital.

On January 28, 2010, Bellatrix closed an equity issuance to sell 13.64 million common shares on a bought deal basis at a price of $3.30 per share for gross proceeds of $45.0 million (net proceeds of $42.7 million after underwriter fees and before other closing costs). The net proceeds from this financing will be used to temporarily reduce outstanding indebtedness, thereby freeing up borrowing capacity that may be redrawn to fund Bellatrix's ongoing capital expenditure program and for general purposes.

TAX POOLS

At December 31, 2009, the Company had $399.6 million in tax pools available for deduction against future income as follows:

    
    -------------------------------------------------------------------------
    ($000s)                                 Rate %         2009         2008
                                                     (unaudited)
    -------------------------------------------------------------------------
    Canadian exploration expenses              100       43,200       43,300
    Canadian development expenses               30      210,500      214,100
    Canadian oil and gas property
     expenses                                   10       15,100       63,300
    Foreign resource expenses                   10        1,100          700
    Attributed Canadian Royalty
     Income                          (Alberta) 100       16,100       16,100
    Undepreciated capital cost                6-55      100,600      128,300
    Non capital losses
     (expire through 2027)                     100       12,800       39,800
    Financing costs                         20 S.L          200        5,400
    -------------------------------------------------------------------------
    Total Tax Pools                                     399,600      511,000
    -------------------------------------------------------------------------
    

The reduction in tax pools from 2008 to 2009 is primarily due to the dispositions that closed during the year. As a result of the Reorganization, $1.7 million of tax pools related to financing costs were eliminated effective November 1, 2009.

Reserves, at December 31, 2009, as evaluated by GLJ, are summarized below and in the following tables.

    
    Summary of Oil and Gas Company Interest(1) Reserves(2)
    (Gross + Royalties Receivable)
    Forecast Prices and Costs
    -------------------------------------------------------------------------
                                   As At December 31, 2009             As at
                                                                     Dec. 31,
                                            Light                       2008
                                              and  Natural             Total
                        Natural    Heavy   Medium      Gas    Total
                          Gas(3)     Oil      Oil  Liquids    (mboe,   (mboe,
                          (mmcf)   (mbbl)   (mbbl)   (mbbl)     6:1)    6:1)
    -------------------------------------------------------------------------
    Proved
      Developed
       producing         55,438      759    1,057    1,289   12,345   17,465
      Developed non-
       producing          5,572        -       40       50    1,019    1,565
      Undeveloped         9,415      619      751      270    3,209    4,413
                       ------------------------------------------------------
    Total proved         70,425    1,378    1,848    1,610   16,573   23,453
    Probable             41,961      477      794    1,034    9,299   16,035
                       ------------------------------------------------------
    Proved plus
     probable,
     producing           73,459      943    1,458    1,755   16,399   23,135
                       ------------------------------------------------------
    Total proved plus
     probable           112,386    1,855    2,642    2,644   25,872   39,488
    -------------------------------------------------------------------------
    (1) "Company Interest" means Bellatrix's working interest (operated or
        non operated) share before deduction of royalties but after including
        any royalty interests of Bellatrix.
    (2) May not add due to rounding.
    (3) Includes 1,518 mmcf of total proved and 1,950 Gross mmcf total proved
        plus probable assigned to natural gas from coal bed methane reserves.



    Summary of Oil and Gas Working Interest(1) Reserves(2) (Gross)
    Forecast Prices and Costs
    -------------------------------------------------------------------------
                                   As At December 31, 2009             As at
                                                                     Dec. 31,
                                            Light                       2008
                                              and  Natural             Total
                        Natural    Heavy   Medium      Gas    Total
                          Gas(3)     Oil      Oil  Liquids    (mboe,   (mboe,
                          (mmcf)   (mbbl)   (mbbl)   (mbbl)     6:1)    6:1)
    -------------------------------------------------------------------------
    Proved
      Developed
       producing         55,173      741    1,057    1,278   12,272   17,336
      Developed
       non-producing      5,572        -       40       50    1,019    1,562
      Undeveloped         9,386      617      751      269    3,201    4,407
                       ------------------------------------------------------
    Total proved         70,131    1,358    1,848    1,597   16,492   23,306
    Probable             41,795      471      794    1,027    9,259   15,972
                       ------------------------------------------------------
    Proved plus
     probable,
     producing           73,170      919    1,457    1,743   16,315   22,963
                       ------------------------------------------------------
    Total proved plus
     probable           111,926     1,830   2,642    2,624   25,750   39,278
    -------------------------------------------------------------------------
    (1) "Working Interest" means Bellatrix's working interest (operated or
        non operated) share before deduction of royalties and without
        including any royalty interests of Bellatrix.. Also referred to as
        "Gross" reserves under NI 51-101.
    (2) May not add due to rounding.
    (3) Includes 1,518 mmcf of total proved and 1,950 Gross mmcf total proved
        plus probable assigned to natural gas from coal bed methane reserves.



    Summary of Oil and Gas Net Reserves(1),(2) (Net)
    Forecast Prices and Costs
    -------------------------------------------------------------------------
                                   As At December 31, 2009             As at
                                                                     Dec. 31,
                                            Light                       2008
                                              and  Natural             Total
                        Natural    Heavy   Medium      Gas    Total
                          Gas(3)     Oil      Oil  Liquids    (mboe,   (mboe,
                          (mmcf)   (mbbl)   (mbbl)   (mbbl)     6:1)    6:1)
    -------------------------------------------------------------------------
    Proved
      Developed
       producing         45,482      650      911      816    9,954   14,277
      Developed
       non-producing      4,548        -       27       32      817    1,231
      Undeveloped         7,335      489      627      178    2,516    3,559
                       ------------------------------------------------------
    Total proved         57,365    1,140    1,565    1,025   13,291   19,067
    Probable             33,741      384      597      659    7,263   12,915
                       ------------------------------------------------------
    Proved plus
     probable,
     producing           60,253      803    1,224    1,103   13,172   18,835
                       ------------------------------------------------------
    Total proved plus
     probable            91,106    1,524    2,162    1,684   20,555   31,982
    -------------------------------------------------------------------------
    (1) "Net" means Bellatrix's working interest (operated or non operated)
        share after deduction of royalty obligations, plus Bellatrix's
        royalty interests in reserves.
    (2) May not add due to rounding.
    (3) Includes 1.510 mmcf of total proved and 1,681 Gross mmcf total proved
        plus probable assigned to natural gas from coal bed methane reserves.



    RESERVES RECONCILIATION
    COMPANY INTEREST(1),(2) (Gross + Royalties Receivable)

                            Light and
                               Medium        Heavy        Total
                            Crude Oil    Crude Oil    Crude Oil        NGLs
                                (mbbl)       (mbbl)       (mbbl)      (mbbl)
    -------------------------------------------------------------------------
    PROVED PRODUCING
    Opening Balance(3)          1,240        4,550        5,790        1,122
      Discoveries                   0            0            -            4
      Extensions                   37            0           37          167
      Infill Drilling             203           57          260           10
      Improved Recovery             0            0            -            -
      Technical Revisions          (4)          68           64          258
      Acquisitions                  0           54           54            -
      Dispositions               (252)      (3,338)      (3,590)         (45)
      Economic Factors             (1)          15           14           (8)
      Production                 (167)        (646)        (813)        (237)
    Closing Balance(4)          1,057          759        1,817        1,289
    -------------------------------------------------------------------------
    TOTAL PROVED
    Opening Balance(3)          1,497        7,055        8,552        1,358
      Discoveries                   0            0            -            2
      Extensions                    0           19           19          219
      Infill Drilling             743            0          743           25
      Improved Recovery             0            0            -            -
      Technical Revisions          29          115          144          304
      Acquisitions                  0          106          106            -
      Dispositions               (253)      (5,272)      (5,525)         (45)
      Economic Factors             (1)           0           (1)         (17)
      Production                 (167)        (646)        (813)        (237)
    Closing Balance(4)           1848        1,378        3,226        1,610
    -------------------------------------------------------------------------
    PROBABLE
    Opening Balance(3)            792        6,170        6,963          965
      Discoveries                   0            0            0            9
      Extensions                    0            8            8           54
      Infill Drilling              98            0           98           10
      Improved Recovery             0            0            0            0
      Technical Revisions         (15)        (140)        (156)          22
      Acquisitions                  0           34           34            0
      Dispositions                (81)      (5,601)      (5,683)         (28)
      Economic Factors              0            7            7            3
      Production                    0            0            0            0
    Closing Balance(4)            794          477        1,271        1,034
    -------------------------------------------------------------------------
    PROVED PLUS PROBABLE
    Opening Balance(3)          2,289       13,226       15,515        2,322
      Discoveries                   0            0            -           11
      Extensions                    0           27           27          273
      Infill Drilling             842            0          842           34
      Improved Recovery             0            0            -            -
      Technical Revisions          13          (25)         (12)        3275
      Acquisitions                  0          140          140            -
      Dispositions               (334)     (10,873)     (11,207)         (73)
      Economic Factors             (1)           7            6          (14)
      Production                 (167)        (646)        (813)        (237)
    Closing Balance(4)          2,642        1,855        4,497        2,644
    -------------------------------------------------------------------------


                         Conventional  Natural Gas        Total          Oil
                          Natural Gas    from Coal  Natural Gas   Equivalent
                                (mmcf)       (mmcf)       (mmcf)       (mboe)
    -------------------------------------------------------------------------
    PROVED PRODUCING
    Opening Balance(3)         61,773        1,604       63,377       17,475
      Discoveries                 119            0          119           24
      Extensions                4,282            0        4,282          917
      Infill Drilling             245            0          245          311
      Improved Recovery             0            0            -            -
      Technical Revisions       5,268          171        5,439        1,247
      Acquisitions                  0            0            0           54
      Dispositions             (5,303)           0       (5,303)      (4,518)
      Economic Factors           (538)         (30)        (568)         (89)
      Production              (11,886)        (266)     (12,153)      (3,075)
    Closing Balance(4)         53,959        1,479       55,438       12,346
    -------------------------------------------------------------------------
    TOTAL PROVED
    Opening Balance(3)         79,606        1,656       81,261       23,453
      Discoveries                  67            0           67           13
      Extensions                5,628            0        5,628        1,176
      Infill Drilling             588            0          588          866
      Improved Recovery             0            0            -            -
      Technical Revisions       1,088          159        1,247          656
      Acquisitions                  0            0            -          106
      Dispositions             (5,365)           0       (5,365)      (6,464)
      Economic Factors           (817)         (31)        (848)        (158)
      Production              (11,886)        (266)     (12,153)      (3,075)
    Closing Balance(4)         68,907        1,518       70,425       16,573
    -------------------------------------------------------------------------
    PROBABLE
    Opening Balance(3)         48,210          435       48,645       16,035
      Discoveries                 234            0          234           48
      Extensions                1,300            0        1,300          278
      Infill Drilling             459            0          459          184
      Improved Recovery             0            0            0            0
      Technical Revisions      (4,436)          (4)      (4,440)        (873)
      Acquisitions                  0            0            0           34
      Dispositions             (4,101)           0       (4,101)      (6,394)
      Economic Factors           (137)           1         (136)         (13)
      Production                    0            0            0            0
    Closing Balance(4)         41,530          432       41,961        9,299
    -------------------------------------------------------------------------
    PROVED PLUS PROBABLE
    Opening Balance(3)        127,815        2,090      129,906       39,488
      Discoveries                 301            0          301           61
      Extensions                6,927            0        6,927        1,454
      Infill Drilling           1,047            0        1,047        1,050
      Improved Recovery             0            0            -            -
      Technical Revisions      (3,349)         156       (3,193)        (217)
      Acquisitions                  0            0            -          140
      Dispositions             (9,466)           0       (9,466)     (12,858)
      Economic Factors           (954)         (30)        (984)        (171)
      Production              (11,886)        (266)     (12,153)      (3,075)
    Closing Balance(4)        110,437        1,950      112,386       25,872
    -------------------------------------------------------------------------
    (1) "Company Interest" means Bellatrix's working interest (operated or
        non operated) share before deduction of royalties but after including
        any royalty interests of Bellatrix.
    (2) Based on forecast prices and costs.
    (3) As at December 31, 2008.
    (4) As at December 31, 2009.



    RESERVES RECONCILIATION
    WORKING INTEREST(1) (Gross)

                            Light and
                               Medium        Heavy        Total
                            Crude Oil    Crude Oil    Crude Oil        NGLs
                                (mbbl)       (mbbl)       (mbbl)      (mbbl)
    -------------------------------------------------------------------------
    PROVED PRODUCING
    Opening Balance(2)          1,235        4,529        5,764        1,110
      Discoveries                   0            0            0            4
      Extensions                   37            0           37          167
      Infill Drilling             203           57          260           10
      Improved Recovery             0            0            0            0
      Technical Revisions          (4)          68           64          272
      Acquisitions                  0           54           54            0
      Dispositions               (247)      (3,338)      (3,584)         (42)
      Economic Factors             (1)          15           14           (9)
      Production                 (166)        (644)        (811)        (234)
    Closing Balance(3)          1,057          741        1,798        1,278
    -------------------------------------------------------------------------
    TOTAL PROVED
    Opening Balance(2)          1,490        7,035        8,524        1,344
      Discoveries                   0            0            0            2
      Extensions                    0           18           18          219
      Infill Drilling             743            0          743           25
      Improved Recovery             0            0            0            0
      Technical Revisions          28          115          143          300
      Acquisitions                  0          106          106            0
      Dispositions               (247)      (5,271)      (5,518)         (42)
      Economic Factors              0            0            0          (17)
      Production                 (166)        (644)        (811)        (234)
    Closing Balance(3)          1,848        1,358        3,206        1,597
    -------------------------------------------------------------------------
    PROBABLE
    Opening Balance(2)            791        6,165        6,956          957
      Discoveries                   0            0            0            9
      Extensions                    0            8            8           54
      Infill Drilling              98            0           98           10
      Improved Recovery             0            0            0            0
      Technical Revisions         (15)        (140)        (156)          24
      Acquisitions                  0           34           34            0
      Dispositions                (80)      (5,601)      (5,681)         (27)
      Economic Factors              0            7            7            1
      Production                    0            0            0            0
    Closing Balance(3)            794          471        1,266        1,027
    -------------------------------------------------------------------------
    PROVED PLUS PROBABLE
    Opening Balance(2)          2,280       13,200       15,480        2,301
      Discoveries                   0            0            0           11
      Extensions                    0           25           25          273
      Infill Drilling             842            0          842           34
      Improved Recovery             0            0            0            0
      Technical Revisions          13          (25)         (12)         324
      Acquisitions                  0          140          140            0
      Dispositions               (326)     (10,872)     (11,199)         (69)
      Economic Factors              0            7            7          (16)
      Production                 (166)        (644)        (811)        (234)
    Closing Balance(3)          2,642        1,830        4,472        2,624
    -------------------------------------------------------------------------


                         Conventional  Natural Gas        Total          Oil
                          Natural Gas    from Coal  Natural Gas   Equivalent
                                (mmcf)       (mmcf)       (mmcf)       (mboe)
    -------------------------------------------------------------------------
    PROVED PRODUCING
    Opening Balance(2)         61,172        1,604       62,776       17,336
      Discoveries                 119            0          119           24
      Extensions                4,282            0        4,282          917
      Infill Drilling             245            0          245          311
      Improved Recovery             0            0            0            0
      Technical Revisions       5,193          171        5,364        1,230
      Acquisitions                  0            0            0           54
      Dispositions             (4,993)           0       (4,993)      (4,458)
      Economic Factors           (551)         (30)        (581)         (91)
      Production              (11,772)        (266)     (12,039)      (3,051)
    Closing Balance(3)         53,694        1,479       55,173       12,272
    -------------------------------------------------------------------------
    TOTAL PROVED
    Opening Balance(2)         78,969        1,656       80,624       23,306
      Discoveries                  67            0           67           13
      Extensions                5,628            0        5,628        1,175
      Infill Drilling             588            0          588          866
      Improved Recovery             0            0            0            0
      Technical Revisions       1,014          159        1,173          638
      Acquisitions                  0            0            0          106
      Dispositions             (5,050)           0       (5,050)      (6,401)
      Economic Factors           (830)         (31)        (860)        (160)
      Production              (11,772)        (266)     (12,039)      (3,051)
    Closing Balance(3)         68,613        1,518       70,131       16,492
    -------------------------------------------------------------------------
    PROBABLE
    Opening Balance(2)         47,923          435       48,358       15,972
      Discoveries                 234            0          234           48
      Extensions                1,300            0        1,300          277
      Infill Drilling             459            0          459          185
      Improved Recovery             0            0            0            0
      Technical Revisions      (4,431)          (4)      (4,434)        (870)
      Acquisitions                  0            0            0           34
      Dispositions             (3,982)           0       (3,982)      (6,372)
      Economic Factors           (141)           1         (140)         (16)
      Production                    0            0            0            0
    Closing Balance(3)         41,364          432       41,795        9,258
    -------------------------------------------------------------------------
    PROVED PLUS PROBABLE
    Opening Balance(2)        126,892        2,090      128,982       39,278
      Discoveries                 301            0          301           61
      Extensions                6,927            0        6,927        1,452
      Infill Drilling           1,047            0        1,047        1,050
      Improved Recovery             0            0            0            0
      Technical Revisions      (3,417)         156       (3,261)        (231)
      Acquisitions                  0            0            0          140
      Dispositions             (9,032)           0       (9,032)     (12,773)
      Economic Factors           (970)         (30)      (1,000)        (176)
      Production              (11,772)        (266)     (12,039)      (3,051)
    Closing Balance(3)        109,976        1,950      111,926       25,750
    -------------------------------------------------------------------------
    (1) "Working Interest" means Bellatrix's working interest (operated or
        non operated) share before deduction of royalties and without
        including any royalty interest of Bellatrix. Also referred to as
        "Gross" reserves under NI 51-101.
    (2) As at December 31, 2008.
    (3) As at December 31, 2009.
    

NET PRESENT VALUE OF FUTURE NET REVENUE

The forecast prices used in GLJ's reserve report effective December 31, 2009 (the "GLJ Report") were an average of the forecast prices published by GLJ, Sproule Associates Limited and McDaniel & Associates Consultants Ltd., as at January 1, 2010 (the "Consultants' Average Forecast Prices"). In the GLJ Report the forecast prices used were the average of the same firms' published forecast prices and cost inflation factors as at January 1, 2010 prior to provision for interest, debt service charges and general and administrative expenses. It should not be assumed that the net present values of future net revenues estimated by GLJ represent the fair market value of the reserves.

Estimated future net revenues are stated before deducting future estimated site restoration costs but are reduced for estimated future abandonment costs, the Saskatchewan Capital Tax and estimated capital for future development associated with the reserves. In the GLJ Report, the net total future capital over the life of the reserves associated with the proved reserves is $56.2 million ($45.9 million discounted at 10%) and $94.1 million ($75.4 million discounted at 10%) for the total proved plus probable reserves. The change in 2009 net total future capital (excluding dispositions) over the life of the reserves associated with the proved reserves is $9.2 million ($6.2 million discounted at 10%) and $0 (negative $1.8 million discounted at 10% due to extended future schedules for some projects) for the total proved plus probable reserves.

    
    Summary of Net Present Values of Future Net Revenue(1)
    Forecast Prices and Costs ($000s)
    Before Income Taxes, Discounted at (%/year)
    -------------------------------------------------------------------------
    As at December 31, 2009       0%        5%       10%       15%       20%
    -------------------------------------------------------------------------
    Proved
      Developed producing    307,573   248,416   209,215   181,494   160,930
      Developed
       non-producing          22,810    15,004    11,089     8,705     7,092
      Undeveloped             65,973    45,175    32,340    23,768    17,758
                       ------------------------------------------------------
    Total proved             396,356   308,595   252,644   213,966   185,780
    Probable                 256,020   155,145   104,696    75,817    57,688
                       ------------------------------------------------------
    Proved Plus Probable
     Producing               434,711   322,148   257,823   216,478   187,735
                       ------------------------------------------------------
    Total proved plus
     probable                652,375   463,740   357,340   289,783   243,468
    -------------------------------------------------------------------------
    (1) May not add due to rounding
    

The following table provides an estimate of the net present value of future net revenue on an after tax basis assuming that Bellatrix would be subject to corporate income tax on its income beginning in 2010. It should be noted that this estimate does not take into account any corporate tax deductions such as interest and general and administrative expenses or for any tax pools generated by capital expenditures beyond what exists in the GLJ forecast.

    
    Summary of Net Present Values of Future Net Revenue(1)
    Forecast Prices and Costs ($000s)
    After Income Taxes, Discounted at (%/year)
    -------------------------------------------------------------------------
    As at December 31, 2009       0%        5%       10%       15%       20%
    -------------------------------------------------------------------------
    Proved
      Developed producing    307,573   248,416   209,215   181,494   160,930
      Developed
       non-producing          22,810    15,004    11,089     8,705     7,092
      Undeveloped             62,682    43,953    31,824    23,530    17,642
                       ------------------------------------------------------
    Total proved             393,065   307,374   252,128   213,729   185,665
    Probable                 191,781   119,123    82,619    61,453    47,923
                       ------------------------------------------------------
    Proved Plus
     Probable Producing      421,825   317,238   255,764   215,552   187,296
                       ------------------------------------------------------
    Total proved
     plus probable           584,846   426,497   334,748   275,182   233,587
    -------------------------------------------------------------------------
    (1) May not add due to rounding

    The following is a summary of the Consultants' Average Forecast Prices as
at January 1, 2010:

                       OIL
            ----------------------------
                     Edmonton
                        Par     Hardisty  NATURAL
               WTI   Price 40   Heavy 12   GAS   NATURAL GAS           EXCH-
             Cushing  degrees   degrees    AECO   LIQUIDS at  INFLA-   ANGE
            Oklahoma    API       API     Price   Edmonton(3)  TION   RATE(2)
    Year      ($US/   ($Cdn/    ($Cdn/   ($Cdn/    ($Cdn/     RATES(1) ($US/
    Forecast   Bbl)     Bbl)      Bbl)    MMBtu)    Bbl)      %/Year    $Cdn)
    -------------------------------------------------------------------------
    2010         79.72    83.57    67.67     5.79    85.47      0.0     0.94
    2011         83.69    87.80    68.88     6.58    89.77      2.0     0.94
    2012         86.76    91.06    69.14     6.83    93.10      2.0     0.94
    2013         90.17    94.64    69.46     7.21    96.73      2.0     0.94
    2014         93.10    97.74    71.07     7.61    99.91      2.0     0.94
    2015         95.70   100.48    73.06     7.82   102.67      2.0     0.94
    2016         97.61   102.51    74.55     8.05   104.77      2.0     0.94
    2017         99.56   104.57    76.05     8.34   106.86      2.0     0.94
    2018        101.53   106.66    77.57     8.64   108.97      2.0     0.94
    2019        103.59   108.83    79.17     8.83   111.21      2.0     0.94
    2020        105.64   111.00    80.72     9.00   113.41      2.0     0.94
    2021        107.76   113.19    82.35     9.19   115.67      2.0     0.94
    2022        109.90   115.45    83.98     9.38   117.96      2.0     0.94
    2023        112.10   117.76    85.66     9.57   120.36      2.0     0.94
    2024        114.37   120.15    87.39     9.76   122.76      2.0     0.94
    2025        116.66   122.55    89.14     9.96   125.22      2.0     0.94
                 + 2%/    + 2%/    + 2%/    + 2%/    + 2%/
    Thereafter    year     year     year     year     year      2.0     0.94
    -------------------------------------------------------------------------
    (1) Inflation rates for forecasting prices and costs
    (2) Exchange rates used to generate the benchmark reference prices in
        this table
    (3) Natural Gas Liquids is represented by the pentanes plus price
    

Weighted average historical prices realized by Bellatrix (before hedging) for the year ended December 31, 2009, were $4.50/Mcf for natural gas, $61.24 /bbl for light and medium gravity crude oil, $49.10 /bbl for heavy oil and $27.73 /bbl for natural gas liquids.

NET ASSET VALUE - Proved Plus Probable

The following table of net asset value is based on the GLJ evaluation of future net revenue, which does not represent fair market value and does not take into account possible reserve additions from reinvestment of cash flow in existing properties.

    
    -------------------------------------------------------------------------
    ($000's except acre, unit and per unit amounts)
    -------------------------------------------------------------------------
                               PW 0%     PW 5%    PW 10%    PW 15%    PW 20%
    -------------------------------------------------------------------------
    Reserves(1)              652,375   463,740   357,340   289,783   243,468

    Undeveloped Lands(2)      45,837    45,837    45,837    45,837    45,837

    Net Debt(3)             (106,963) (106,963) (106,963) (106,963) (106,963)
                       ------------------------------------------------------
    Net asset value          591,249   402,614   296,214   228,657   182,342
    -------------------------------------------------------------------------
    Per Common Share
        - Basic                $7.50     $5.11     $3.76     $2.90     $2.31
        - Fully diluted        $7.50     $5.11     $3.76     $2.90     $2.31
    -------------------------------------------------------------------------
    (1) As evaluated by GLJ as at December 31, 2009 based on forecast prices
        and costs before income tax
    (2) As estimated by Bellatrix as at December31, 2009 on 258,507 net acres
        of undeveloped land at an average price of $177.32 per acre.
    (3) Long term debt net of working capital excluding unrealized commodity
        contract losses as at December 31, 2009, including the liability
        portion of convertible debenture ($81.7 million). As at December 31,
        2009, the principal amount of convertible debentures outstanding was
        $84.9 million.
    (4) Based on 78.809 million common shares outstanding as at December 31,
        2009. On January 28, 2010, Bellatrix issued 13.64 million common
        shares for net proceeds of $42.7 million.


    FINDING, DEVELOPMENT AND ACQUISITION COSTS(1)
    PROVED PLUS PROBABLE
    -------------------------------------------------------------------------
                                                                   2007-2009
                                       2009       2008       2007       Avg.
    -------------------------------------------------------------------------
    Excluding Future Development
     Costs
    FD&A Costs Proved plus
     Probable ($/boe)
      Exploration and development(2)   7.35      37.30      17.41      17.15
      Acquisitions (excluding
       dispositions)                      -      16.46       6.75      10.47
                                     ----------------------------------------
      Total (including acquisitions)   6.97      31.46      17.00      16.63
                                     ----------------------------------------
    Including Future Development
     Costs(2)
    FD&A costs - Proved plus
     Probable ($/boe)
      Exploration and development      7.35      43.69      17.15      17.76
      Acquisitions (excluding
       dispositions)                      -      16.46       6.75      10.47
                                     ----------------------------------------
      Total (including acquisitions)   6.97      36.06      16.75      17.20
    -------------------------------------------------------------------------
    (1) NI 51-101 specifies how finding and development costs should be
        calculated if they are reported. Essentially NI 51-101 requires that
        the exploration and development costs incurred in the year along with
        the change in estimated future development costs be aggregated and
        then divided by the applicable reserve additions. The calculation
        specifically excludes the effects of acquisitions and dispositions on
        both reserves and costs. By excluding the effects of acquisitions and
        dispositions Bellatrix believes that the provisions of the NI 51-101
        do not fully reflect Belltrrix's ongoing reserve replacement costs.
        Since acquisitions can have a significant impact on Bellatrix's
        annual reserve replacement costs, excluding these amounts could
        result in an inaccurate portrayal of Bellatrix's cost structure.
        Accordingly, Bellatrix also provides finding, development and
        acquisition costs that incorporate all acquisitions net of any
        dispositions during the year. The foregoing calculation is based on
        working interest reserves.
    (2) The aggregate of the exploration and development costs incurred in
        the most recent financial year and the change during that year in
        estimated future development costs generally will not reflect total
        finding and development costs related to reserve additions for that
        year.

    FINDING, DEVELOPMENT AND ACQUISITION COSTS(1)
    PROVED
    -------------------------------------------------------------------------
                                                                   2007-2009
                                       2009       2008       2007       Avg.
    -------------------------------------------------------------------------
    Excluding Future Development
     Costs
    FD&A Costs Proved ($/boe)
      Exploration and development(2)   6.26      17.50      21.38      16.02
      Acquisitions (excluding
       dispositions)                      -      24.15      15.84      16.90
                                     ----------------------------------------
      Total (including acquisitions)   6.01      18.24      21.25      16.07
                                     ----------------------------------------
    Including Future Development
     Costs(2)
    FD&A costs - Proved ($/boe)
      Exploration and development      9.90      20.45      19.80      16.20
      Acquisitions (excluding
       dispositions)                      -      24.15      15.84      16.90
                                     ----------------------------------------
      Total (including acquisitions)   9.50      20.86      19.71      17.06
    -------------------------------------------------------------------------
    (1) NI 51-101 specifies how finding and development costs should be
        calculated if they are reported. Essentially NI 51-101 requires that
        the exploration and development costs incurred in the year along with
        the change in estimated future development costs be aggregated and
        then divided by the applicable reserve additions. The calculation
        specifically excludes the effects of acquisitions and dispositions on
        both reserves and costs. By excluding the effects of acquisitions and
        dispositions Bellatrix believes that the provisions of the NI 51-101
        do not fully reflect Bellatrix's ongoing reserve replacement costs.
        Since acquisitions can have a significant impact on Bellatrix's
        annual reserve replacement costs, excluding these amounts could
        result in an inaccurate portrayal of Bellatrix's cost structure.
        Accordingly, Bellatrix also provides finding, development and
        acquisition costs that incorporate all acquisitions net of any
        dispositions during the year. The foregoing calculation is based on
        working interest reserves.
    (2) The aggregate of the exploration and development costs incurred in
        the most recent financial year and the change during that year in
        estimated future development costs generally will not reflect total
        finding and development costs related to reserve additions for that
        year.

    RECYCLE RATIO (OPERATING NETBACK(1)/FD&A COST)

    -------------------------------------------------------------------------
    As at December 31, 2009                                Proved     Proved
                                                                        Plus
                                                                    Probable
    -------------------------------------------------------------------------
    Operating netback before commodity price risk
     management contracts ($/boe)(1)                       $13.11     $13.11
    -------------------------------------------------------------------------
    Recycle ratio (excluding future development costs)      2.18x      1.88x
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Operating netback after commodity price risk
     management contracts ($/boe)(1)                       $18.88     $18.88
    -------------------------------------------------------------------------
    Recycle ratio (excluding future development costs)      3.14x      2.71x
    -------------------------------------------------------------------------
    (1) Operating netback is calculated by deducting transportation,
        royalties and operating costs from revenue.
    

RESERVE LIFE INDEX

Bellatrix's reserve life index has been determined for proved plus probable working interest reserves using forecast prices and costs. The reserve life index is calculated by dividing reserves as at the effective date of the GLJ Report, December 31, 2009, by the first year production as set forth in the GLJ Report, representing a measure of the amount of time production could be sustained at the production rates based on the reserves at the applicable point in time.

    
    Reserve Life Index
    -------------------------------------------------------------------------
                                2009      2008      2007      2006      2005
    -------------------------------------------------------------------------
    Proved                       6.5       6.4       5.6       4.7       4.4
    Proved plus probable         9.6      10.1       7.9       6.4       4.5
    -------------------------------------------------------------------------
    

METHOD OF PREPARATION

In this press release both "Working Interest" reserves (being working interest reserves, excluding royalty interest reserves, before deduction of royalty burdens payable) and "Net Interest" reserves (being working interest reserves and royalty interests less royalty burdens payable) are disclosed. Working Interest reserves are also referred to as "Gross" reserves under NI 51-101. In addition "Company Interest" reserves are disclosed (being working interest reserves and royalty interests, before deduction of royalty burdens payable). The GLJ Report was prepared utilizing definitions as set out under NI 51-101.

LAND

As at December 31, 2009, Bellatrix had over 258,507 net undeveloped acres in Alberta, British Columbia and Saskatchewan.

    
    Land Statistics
    -------------------------------------------------------------------------
                                                  2009                  2008
    -------------------------------------------------------------------------
    Average working interest
      Developed                                    57%                   59%
      Undeveloped                                  61%                   64%
    -------------------------------------------------------------------------
    Total                                          59%                   62%
    -------------------------------------------------------------------------


    Land Holdings(1)
    -------------------------------------------------------------------------
                                            2009                  2008
                                      Gross        Net      Gross        Net
    -------------------------------------------------------------------------
    Developed
      British Columbia               21,265      7,740     21,265      7,740
      Alberta                       386,844    220,343    414,432    237,814
      Saskatchewan                   14,324     13,531     69,619     56,320
                                   ------------------------------------------
      Total                         422,433    241,614    505,316    301,874
                                   ------------------------------------------
    Undeveloped
      British Columbia              146,612     61,987    152,190     63,794
      Alberta                       258,036    176,184    327,114    221,225
      Saskatchewan                   20,437     20,336    105,760     90,323
                                   ------------------------------------------
      Total                         425,085    258,507    585,063    375,343
                                   ------------------------------------------
    Developed and Undeveloped
      British Columbia              167,878     69,726    173,455     71,534
      Alberta                       644,879    396,527    741,545    459,039
      Saskatchewan                   34,761     33,867    175,379    146,644
                                   ------------------------------------------
    Total                           847,518    500,120  1,090,379    677,216
    -------------------------------------------------------------------------
    (1) May not add due to rounding
    

Bellatrix Exploration Ltd. is a growth oriented exploration and production company based in Calgary, Alberta, Canada. An updated corporate presentation will be posted on www.bellatrixexploration.com.

READER ADVISORIES:

BOEs 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.

Statements in this document may contain forward-looking information including management's assessment of future plans and operations, drilling plans, reserve estimates, capital expenditures and the nature of the expenditures, expected increases to reserves and the timing thereof and the total future capital associated with development of reserves, forecast reductions in operating expenses, and 2010 average production and exit rate estimates. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. These risks include, but are not limited to: the risks associated with the oil and gas industry; commodity prices, and; exchange rate changes. Industry related risks could include, but are not limited to: operational risks in exploration; development and production; delays or changes in plans; risks associated to the uncertainty of reserve estimates; health and safety risks, and; the uncertainty of estimates and projections of production, costs and expenses. The recovery and reserve estimates of Bellatrix's reserves provided herein are estimates only and there is not guarantee that the estimated reserves will be recovered. In addition, forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: the impact of increasing competition; the general stability of the economic and political environment in which the Company operates; the timely receipt of any required regulatory approvals; the ability of the Company to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects which the Company has an interest in to operate the field in a safe, efficient and effective manner; the ability of the Company to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development of exploration; the timing and costs of pipeline, storage and facility construction and expansion and the ability of the Company to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Company operates; and the ability of the Company to successfully market its oil and natural gas products. Readers are cautioned that the foregoing lists of factors and assumptions are not exhaustive. Additional information on these and other factors that could effect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com), at the Company's website (www.bellatrixexploration.com.). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company 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 required by applicable securities laws.

The reader is further cautioned that the preparation of financial statements in accordance with Generally Accepted Accounting Principles ("GAAP") requires management to make certain judgements and estimates that affect the reported amounts of assets, liabilities, revenues and expenses. Estimating reserves is also critical to several accounting estimates and requires judgments and decisions based upon available geological, geophysical, engineering and economic data. These estimates may change, having either a negative or positive effect on net earnings as further information becomes available, and as the economic environment changes.

This document also contains other terms such as net debt and operating netbacks, which are not recognized measures under GAAP. Management believes these measures are useful supplemental measures of firstly, the total amount of current and long-term debt and secondly, the amount of revenues received after transportation, royalties and operating costs. Readers are cautioned, however, that these measures should not be construed as an alternative to other terms such as current and long-term debt or net income determined in accordance with GAAP as measures of performance. Bellatrix's method of calculating these measures may differ from other entities, and accordingly, may not be comparable to measures used by other trusts or companies.

SOURCE Bellatrix Exploration Ltd.

For further information: 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


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890