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Bellatrix announces reset of fixed prices on existing summer 2013 natural gas commodity contracts and an updated corporate presentation
Published : January 29, 2013
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Bellatrix announces reset of fixed prices on existing summer 2013 natural gas commodity contracts and an updated corporate presentation


CALGARY, Jan. 29, 2013 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") (TSX: BXE) announces that it has reset the fixed prices on two of its existing natural gas commodity price risk management contracts and that it has posted an updated Corporate presentation.

Bellatrix recently reset the fixed prices on two of its commodity price risk management contracts for natural gas fixed price swaps. The first existing swap contract for 20,000 GJ/d for the period April 1, 2013 to October 31, 2013 was reset from a price of CDN$4.0875/GJ to $3.05/GJ (CDN$3.51/mcf) for a net payment to Bellatrix of $4.3 million. The second existing swap contract for 10,000 GJ/d for the period April 1, 2013 to October 31, 2013 was reset from a price of CDN $4.15/GJ to CDN$3.095/GJ (CDN$3.56/mcf) for a net payment to Bellatrix of $2.2 million. Bellatrix now has 55,000 GJ/d (47.8 mmcf/d) for the period April 1, 2013 through to  October 31, 2013 hedged at an average fixed price of $3.058/GJ ($3.52/mcf).

By resetting the fixed prices on the natural gas commodity price risk management contracts for the period from April 1, 2013 through to October 31, 2013, the Company has crystalized and realized $6.5 million in cash proceeds while continuing to have put in place ongoing down side price protection on the existing GJ/d 55,000 (47.8 mmcf/d) if natural gas prices were to move lower than the fixed price of $3.058/GJ ($3.52/mcf).

As at January 28, 2013, Bellatrix has the following crude oil and natural gas commodity fixed price risk management contracts in place for 2013 and 2014 (converted to a mcf basis).  The conversion of $/GJ to $/mcf is based on an average corporate heat content rate of 40.8 Mj/m3.

Product Term Volume Average Price
Crude Oil * Jan. 1, 2013 to Dec. 31, 2013 1,500 bbls/d $94.50 CDN/bbl
Natural Gas Feb. 1, 2013 to Mar. 31, 2013 8.7 mmcf/d $3.51 CDN/mcf
Natural Gas Apr. 1, 2013 to Oct. 31, 2013 47.8 mmcf/d   $3.52 CDN/mcf
Natural Gas Nov. 1, 2013 to Dec. 31, 2013 21.7 mmcf/d $3.51 CDN/mcf
Natural Gas Jan. 1, 2014 to Jun. 30, 2014 13.0 mmcf/d $3.51 CDN/mcf

* A call has been placed on 3,000 bbls/d at $110 US/bbl for the year
2013 and at $105US/bbl for the calendar year 2014.

The Company has price protection in place for 66.3% of the Company's trailing Q4 2012 production levels.

The total net proceeds received of $6.5 million were initially used to reduce the Company's  bank indebtedness and will ultimately will be directed to the development of the Company's Cardium Oil resource program.

Bellatrix will be presenting at the National Bank Financial Energy Conference being held in Toronto, Canada on February 13th and 14th, 2013. An updated Corporate Presentation is available at

Bellatrix Exploration Ltd. 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.  Common shares and convertible debentures of Bellatrix trade on the Toronto Stock Exchange ("TSX") under the symbols BXE and BXE.DB.A, respectively and the common shares of Bellatrix trade on the NYSE MKT under the symbol BXE.

All amounts in this press release are in Canadian dollars unless otherwise identified.

Cautionary Statement

Conversion: The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 mcf/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. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. All boe conversions in this report are derived from converting gas to oil in the ratio of six thousand cubic feet of gas to one barrel of oil.



SOURCE: Bellatrix Exploration Ltd.

For further information:

Raymond G. Smith, P.Eng., President and CEO (403) 750-2420
Edward J. Brown, CA, Vice President, Finance and CFO (403) 750-2655
Brent A. Eshleman, P.Eng., Executive Vice President (403) 750-5566
Troy Winsor, Investor Relations (800) 663-8072

Bellatrix Exploration Ltd.
2300, 530 - 8th Avenue SW
Calgary, Alberta, Canada T2P 3S8
Phone: (403) 266-8670
Fax: (403) 264-8163

Companies Mentionned : Bellatrix Exploration | Total |
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Bellatrix Exploration Ltd.

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Bellatrix Exploration is an exploration company based in Canada.

Bellatrix Exploration is listed in Canada. Its market capitalisation is CA$ 620.0 millions as of today (US$ 497.1 millions, € 456.9 millions).

Its stock quote reached its lowest recent point on April 25, 2014 at CA$ 10.10, and its highest recent level on June 06, 2014 at CA$ 9.79.

Bellatrix Exploration has 191 950 000 shares outstanding.

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Financings of Bellatrix Exploration Ltd.
10/11/2013Announces Market Price to be used for Issuance of Common Sha...
Financials of Bellatrix Exploration Ltd.
11/10/2011BXE Bellatrix Exploration earns $820,000 in Q3
8/11/2011announces second quarter 2011 financial results highligh...
3/11/2010announces year end 2009 financial results
Project news of Bellatrix Exploration Ltd.
3/9/2015Bellatrix announces growth to 250 million boe in proved plus...
3/6/2014announces material reserves increases (up 103%), posting $9....
2/21/2013Announces Material Reserves Increases (up 54%) Posting $6.95...
Corporate news of Bellatrix Exploration Ltd.
3/20/2015Bellatrix Announces 2014 Year-End Disclosure Documents
3/20/2015Announces 2014 Year-End Disclosure Documents
3/12/2015Q4 2014 Bellatrix Exploration Ltd Earnings Release - 02:05 a...
3/12/2015Bellatrix posts 4Q profit
3/12/2015Bellatrix Exploration Ltd. Announces Fourth Quarter and Year...
3/11/2015Bellatrix announces amendments to its bank credit facilities
2/6/2015Bellatrix to present at the upcoming 2015 NBF Energy Confere...
1/29/2015Bellatrix Announces Updated 2015 Capital Budget, Guidance an...
1/9/2015Bellatrix to present at the TD Securities 2015 London Energy...
3/21/2014announces adoption of advance notice by-laws
11/11/2013announces the successful closing of its previously announced...
4/23/2013Announces Extension to Korean JV
1/29/2013announces reset of fixed prices on existing summer 2013 natu...
9/20/2012announces approval for listing and commencement of tradi...
9/13/2012to Present at Canaccord Genuity Global Resource Conferen...
1/16/2012BXE Bellatrix produces 16,000 boe/d in December, 2011
9/9/2011BXE Bellatrix has four rigs drilling wells in central Alta.
9/6/2011provides Operational Update
7/19/2011provides Operational Update
4/20/2011Announces $55 Million Bought Deal Financing
11/29/2010Sunward Resources:( SWD.V) IKN Weekly Research Note
9/9/2010BXE Bellatrix estimates 9,100 boe/d in Q3 2010
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