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Bellatrix Exploration Announces Material Reserves Increases (up 54%) Posting $6.95/boe Finding and Development Costs

TSX: BXE

CALGARY, Feb. 21, 2013 /PRNewswire/ - Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") announces the results of an independent reserve evaluation effective December 31, 2012. The report was completed by Sproule Associates Limited ("Sproule").  The evaluation encompasses 100% of Bellatrix's oil and gas properties and was prepared in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101").

Bellatrix benefitted from the largest capital program since conversion to a growth-oriented exploration and production company as it grew 54% to a total of 104 million boe proved and probable ("2P") reserves in 2012.

In 2012, the Company spent $164 million developing its resource play assets and $14 million (net of dispositions) on acquiring additional Cardium and Notikewin/Falher production and development acreage.  Resultant growth contributed to a 42% increase in the Company's net asset value to $1.07 billion, equivalent to $9.90/share using a 10%/year discount to future net revenue.

The Company replaced 702% of total production in 2012 with new proved and probable reserves at a finding, development and acquisition ("FD&A") cost of $4.28/boe, excluding future development capital ("FDC") requirements.  Including FDC requirements, FD&A totaled $6.95/boe.  Annual production was up 40% in 2012, to 6.11 million boe from 4.36 million boe.

The Company established a proved ("1P") Recycle Ratio of 2.35X and a 2P Recycle Ratio of 5.02X excluding FDC.

As at December 31, 2012 proved plus probable reserves were comprised of 34.6 million barrels of oil and natural gas liquids as well as 418 billion cubic feet of natural gas, with a 33% liquids weighting on a boe basis.

The Company's calculated reserve life index improved to 8.6 years for 1P reserves, 12.4 years for 2P reserves.

KEY 2012 ACHIEVEMENTS

  Twelve months ended December,  
  2012 2011 Change
Reserves (company interest, mboe)      
  Proved Developed Producing 24,518 19,336 +26.8 %
  Total Proved 55,490 41,818 +32.7%
    Proved Undrilled/Total Proved 56% 53%  
  Total Proved and Probable 104,258 67,550 +54.3%
   Probable/Total Proved and Probable 47% 38%  
Net Asset Value, per basic share $9.90 $7.01 +41.4%

  Twelve months ended December,  
  2012 2011 Change
FD&A costs      
  1P, including FDC ($/boe) $11.77 $13.00 -9.5%
  2P, including FDC ($/boe) $6.95 $9.29 -25.2%
  3 year average 2P, including FDC ($/boe) $9.04 $10.59 -14.6%
Annual Average Sales Volumes (boe/d) 16,686 11,954 +39.6 %
Q4 Average Sales Volumes (boe/d) 18,763 14,209 +32.1 %
Exit Production Rate (boe/d) 19,500 16,141 +20.8 %
Funds Flow From Operations ($ millions) 1(unaudited) $111.0 $94.2 +17.8 %
  Per basic share (unaudited) $1.03 $0.91 + 13.2%
Reserve Life Index      
  Proved   8.6 yrs 8.0 yrs +7.5%
  Proved and Probable   12.4 yrs 10.0 yrs +24.0%
Recycle Ratios1      
  1P, excluding FDC   2.35 x 3.01 x  
  2P, excluding FDC   5.02 x 4.16 x  
1 Funds flow from operations is not a recognized term under Canadian generally accepted accounting principles. See "Non-GAAP Measures".
2Operating netback includes impact of commodity price risk contracts

SELECT 2012 OPERATING RESULTS

To assist in interpretation of the Company's reserves and key achievements, Bellatrix releases select 2012 operating results ahead of full year-end 2012 financial results including data on capital expenditures, cash flow from operating activities, and drilling results.

CAPITAL EXPENDITURES

           
        Years ended December 31,
($000s)       2012
(unaudited)
2011
Lease acquisitions and retention     8,303 16,367
Geological and geophysical     290 433
Drilling and completion costs     118,783 141,051
Facilities and equipment     36,811 18,471
      164,187 176,322
Drilling Incentive Credits     - (827)
 Exploration and development1     164,187 175,495
Corporate 2     195 268
Property acquisitions     20,966 3,798
 Total capital expenditures - cash     185,348 179,561
Property dispositions - cash     (6,660) (4,203)
 Total net capital expenditures - cash     178,688 175,358
Capital lease additions - non cash     10,000 3,700
Other - non-cash 3     (285) 6,875
  Total -  non - cash     9,715 10,575
   Total capital expenditures     188,403 185,933
1 Excludes capitalized costs related to decommissioning liabilities expenditures incurred during the year.
2 Corporate includes furniture, fixtures and other costs.
3 Other includes non-cash adjustments for current year's decommissioning liabilities and share based compensation. 

The $185.3 million capital program for the year ended December 31, 2012 was financed from funds flow from operations and bank debt.

ACQUISITIONS

Effective November 1, 2012, Bellatrix acquired additional highly prospective Cardium and Notikewin/Falher lands and production in the Willesden Green area of Alberta with 500 boe/d of production, 16 gross (11.95 net) sections of Cardium and Mannville prospective lands, 25 net Cardium development locations, 4 net Notikewin/Falher development locations and a 25% working interest in an operated compressor station and gathering system. The purchase price of $21 million was funded using the Company's existing credit facilities.

On December 14, 2012, Bellatrix acquired an additional 11 gross and net sections of highly prospective Cardium and Notikewin/Falher lands in the Ferrier area of west central Alberta. This acquisition is anticipated to provide an additional 37 net drilling locations in the Cardium, 9 net locations in the Notikewin/Falher and an additional 66 net locations in the Duvernay formation.

DISPOSITIONS

During the third quarter of 2012, Bellatrix closed on the disposition of a minor non-core property interest in the Wainwright area, Alberta for $4.25 million after adjustments.  This non-operated unit heavy oil property had production of approximately 59 boe/d. The net proceeds from the disposition were initially used to reduce the Company's bank indebtedness, and ultimately were directed toward the development of the Company's Cardium oil resource program.

During the second quarter of 2012, Bellatrix closed on the disposition of two minor non-core property interests consisting of the sale of the Girouxville property in Alberta for $0.6 million after adjustments and the sale of the Cypress-Chowade property in British Columbia for $1.4 million after adjustments.  There was no current production from the Girouxville or Cypress-Chowade properties.

RECONCILIATION OF CASH FLOW FROM OPERATING ACTIVITIES AND FUNDS FLOW FROM OPERATIONS

                   
        Years ended December 31,
($000s)       2012
(unaudited)
2011
Cash flow from operating activities     109,328 98,192
Decommissioning costs incurred     635 569
Change in non-cash working capital
    1,075 (4,524)
Funds flow from operations1
    111,038 94,237
1
Funds flow from operations is not a recognized term under Canadian generally accepted accounting principles. See "Non-CAAP Measures"

Bellatrix generated funds flow from operations of $111.0 million ($1.03 per basic share and $0.96 per diluted share) for the year ended December 31, 2012, an increase of 18% from $94.2 million ($0.91 per basic share and $0.84 per diluted share) for the 2011 year.  Bellatrix's cash flow from operating activities of $109.3 million ($1.02 per basic share and $0.95 per diluted share) for the year ended December 31, 2012 increased approximately 11% from the $98.2 million ($0.95 per basic share and $0.87 per diluted share) generated in the 2011 year.  The increase between the 2012 and 2011 years was principally due to higher net realized gains on the Company's commodity risk management contracts and higher funds from operating netbacks, despite significantly reduced commodity prices, offset partially by increased financing expenses and slightly higher general and administrative expenses in 2012 compared to 2011.

Bellatrix maintains a commodity price risk management program to provide a measure of stability to funds flow from operations.  Unrealized mark-to-market gains or losses are non-cash adjustments to the current fair market value of the contract over its entire term and are included in the calculation of net profit.

DRILLING RESULTS

During the 2012 year, Bellatrix posted a 100% success rate drilling and/or participating in 34 gross (26.32 net) wells, resulting in 28 gross (21.32 net) Cardium oil wells, 2 gross (2.0 net) Cardium condensate-rich gas wells, 1 gross (1.0 net) Duvernay gas well, and 3 gross (2.0 net) Notikewin/Falher liquids-rich gas wells.

By comparison, Bellatrix drilled or participated in 54 gross (34.84 net) wells during the year ended December 31, 2011, including 39 gross (29.04 net) oil wells, 14 gross (5.79 net) liquids-rich natural gas wells, and 1 gross (0.007 net) dry hole that was drilled in a non-operated oil unit.

During fiscal 2012 the Company operated 24 net wells of the 28 net wells reported in the Cardium. The following average initial production ("IP") rates for the first 7 days ("IP 7"), for the first 15 days ("IP15") and the first 30 days ("IP 30") were achieved:

Time # of wells Boe/d
IP 7 24 769
IP 15 24 715
IP 30 24 656

2012 RESERVES

Bellatrix engaged Sproule to complete a reserve report in accordance with NI 51-101, on 100% of Bellatrix's oil and gas properties effective December 31, 2012.  Sproule's review does not include the impact of Bellatrix's proposed Cardium Joint Venture announced subsequent to the effective date and currently estimated to close on or before April 30, 2013.

Highlights of Bellatrix's December 31, 2012 reserves and 2012 reserve additions include:

  • 104.3 million boe total company interest proved and probable reserves, and 55.5 million boe total company interest proved reserves as at December 31, 2012, representing 54.3% and 32.7% year over year growth in 2012, respectively.
  • $1,106.9 million net present value of future net revenue of working interest reserves before tax at 10% discount rate up from $722.5 million posted as of December 31, 2011. This growth contributes to a 41.9% increase in Bellatrix's net asset value, as at December 31, 2012 to $9.90 per basic share outstanding based on the Sproule evaluation of proved and probable reserves at a 10% discount rate.
  • 702% replacement of production with 2P company interest reserve additions in year ended 2012.
  • $11.77/boe FD&A for proved reserves including changes to future development capital and $9.16/boe
  • FD&A for proved reserves excluding changes to future development capital for the year ended 2012.
  • FD&A of $6.95/boe for total proved and probable reserves including changes to future development and $4.28/boe FD&A for total proved and probable reserves excluding changes to future development capital for the year ended 2012.
  • The 3 year 2P FD&A including FDC was reduced to $9.04/boe.
  • 12.4 year reserve life index on a total working interest proved and probable basis at December 31, 2012 based on Sproule's 2013 forecasted average production of 22,888 boe/d.
  • 161 gross (96 net) evaluated future undrilled Cardium horizontal locations.
  • 56 gross (41 net) evaluated future undrilled Notikewin/Falher horizontal locations.

  2012 Reserves       2011
Reserves
 
  Oil & Liquids Natural Gas Total   Total Variance
  (mbbls) (mmcf) (mboe)   (mboe) %
Proved 19,722 214,607 55,490   41,818 +32.7%
Probable 14,921 203,077 48,767   25,732 +89.5%
Proved Plus Probable 34,644 417,684 104,258   67,550 +54.3 %

NET ASSET VALUE - PROVED PLUS PROBABLE

The following table of net asset value, as at December, 31, 2012, is based on the Sproule evaluation of future net revenue of the Company's proved plus probable reserves before tax, 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%
Proved plus Probable
Reserves1
2,321,425 1,523,786 1,106,930 854,404 686,480
Undeveloped Lands2 131,515 131,515 131,515 131,515 131,515
Value of Seismic3 19,500 19,500 19,500 19,500 19,500
Net Debt4 (189,577) (189,577) (189,577) (189,577) (189,577)
Net Asset Value 6 2,282,863 1,485,224 1,068,368 815,842 647,918
           
Per Common Share 5
- Per Basic Share
$21.16 $13.77 $9.90 $7.56 $6.01
As evaluated by Sproule as at December 31, 2012  based on forecast prices and costs before income  tax
2 As estimated by Bellatrix as at December 31, 2012 based on 206,638 net acres of undeveloped land at an average price of $636.45 per acre.
3 Based on 27.66% of $70.5 million replacement value based on seismic costs on an average of $1,500/km for 2d and $10,000/km2 to buy data.
4 The Company's calculation of Net Debt as at December 31, 2012, includes long term debt, the working capital deficiency (excess), and the liability portion of convertible debentures ($50.687 million) and excludes deferred liabilities, long-term commodity contract liabilities, decommissioning liabilities, long-term finance lease obligations and the deferred tax liability. As at December 31, 2012, the principal amount of convertible debentures outstanding was $55.0 million.
5 Based on 107.869 million common shares outstanding as at December 31, 2012.
6Certain of the information used in the foregoing calculation, including net debt and number of common shares outstanding, is based on unaudited financial information.

NET PRESENT VALUE OF FUTURE NET REVENUE ("NPV")

The forecast prices used in Sproule's reserve report effective December 31, 2012 (the "Sproule Report") were an average of the forecast prices published by Sproule Associates Ltd., GLJ Petroleum Consultants Ltd. and McDaniel & Associates Consultants Ltd., as at January 1, 2013 (the "Consultants' Average Forecast Prices").  It should not be assumed that the NPV estimated by Sproule represents 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 Sproule Report, the net total future capital over the life of the reserves associated with the proved reserves is $327.4 million ($288.3 million discounted at 10%) and $524.6 million ($452.1 million discounted at 10%) for the total proved and probable reserves. The change in 2012 net total future capital over the life of the reserves associated with the proved reserves is $63.2   million ($52.7 million discounted at 10%) and $147.8   million ($115.1 million discounted at 10%) for the total proved and probable reserves.

SUMMARY OF NPV BEFORE INCOME TAXES1, 2

             
As at December 31, 2012 0% 5% 10% 15% 20%
Proved          
  Developed producing 576,951 447,539 369,969 318,154 281,033
  Developed non-producing 2,069 1,455 1,069 816 643
  Undeveloped 567,611 378,161 265,854 192,681 141,884
Total proved 1,146,631 827,154 636,891 511,651 423,561
Probable 1,174,793 696,632 470,039 342,753 262,919
Proved Plus Probable
Producing
852,644 601,470 469,850 389,410 335,260
Total proved plus probable 2,321,425   1,523,786   1,106,930   854,404   686,480
Forecast Prices and Costs ($000s), Discounted at (%/year).
May not add due to rounding.

 

SUMMARY OF NPV AFTER INCOME TAXES1, 2, 3

             
As at  December 31, 2012 0% 5% 10% 15% 20%
Proved          
  Developed producing 574,579 446,965 369,811 318,106 281,018
  Developed non-producing 1,552 1,280 1,007 793 634
  Undeveloped 425,706 286,032 201,357 145,075 105,352
Total proved 1,001,838 734,278 572,175 463,974 387,004
Probable 880,969 518,644 346,562 249,909 189,412
Proved Plus Probable Producing 781,256 568,456 452,664 379,749 329,522
Total proved plus probable 1,882,207    1,252,922     918,737    713,883     576,417
Forecast Prices and Costs ($000s), Discounted at (%/year).
May not add due to rounding.
3 The after-tax NPV of Bellatrix's oil and gas properties reflects the tax burden on the properties on a stand-alone basis and utilizes corporate tax pools.  It does not consider the business-entity-level tax situation, or tax planning.  It does not provide an estimate of the value at the level of the business entity, which may be significantly different.  Bellatrix's consolidated financial statements and management's discussion and analysis should be consulted for information at the business entity level.

PROVED PLUS PROBABLE FD&A COSTS 1, 2

           
      2012 2011 2010 2010 - 2012
Average
Excluding FDC             
FD&A Costs, 2P ($/boe)             
   Exploration and development3  4.29 5.99 4.68 4.95
   Acquisitions (excluding dispositions)  4.21 12.24 20.96 5.76
   Total (including acquisitions)  4.28 6.06 4.96 5.00
Including FDC3             
FD&A Costs, 2P ($/boe)             
   Exploration and development  7.31 9.26 12.74 9.25
   Acquisitions (excluding dispositions)   4.21     12.24     20.96 5.76
   Total (including acquisitions)  6.95 9.29 12.89 9.04
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 f 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 FD&A costs that incorporate all acquisitions net of any dispositions during the year.  The foregoing calculation is based on working interest reserves.
2 Certain of the information used in the foregoing calculation, including exploration and development expenditures and acquisition expenditures is based on unaudited financial information and is subject to audit and may be subject to change as a result. 2010 numbers do not reflect any changes to accounting rules that may have occurred and are based on generally accepted accounting principles prior to adoption of International Financial Reporting Standards ("IFRS") and have not been restated.
3 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.

PROVED FD&A COSTS 1, 2

         
    2012 2011 2010   2010-2012
Average
Excluding FDC        
FD&A Costs, 1P ($/boe)        
  Exploration and development3 8.87 8.28 8.03 8.43
  Acquisitions (excluding dispositions) 12.20 15.71 27.41 14.52
  Total (including acquisitions) 9.16 8.37 8.47 8.69
Including FDC3        
FD&A Costs, 1P ($/boe)        
  Exploration and development 11.73 12.97 15.67 13.17
  Acquisitions (excluding dispositions) 22.42 15.71 27.41 22.33
  Total (including acquisitions)      11.77      13.00      15.94 13.22
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 FD&A costs that incorporate all acquisitions net of any dispositions during the year.  The foregoing calculation is based on working interest reserves.
2 Certain of the information used in the foregoing calculation, including exploration and development expenditures and acquisition expenditures is based on unaudited financial information and is subject to audit and may be subject to change as a result. 2010 numbers do not reflect any changes to accounting rules that may have occurred and are based on generally accepted accounting principles prior to adoption of International Financial Reporting Standards ("IFRS") and have not been restated.
3 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.

RESERVE LIFE INDEX

Bellatrix's reserve life index has been determined for proved and proved plus probable working interest reserves using forecast prices and costs.  The reserve life index for 2012 below is calculated by dividing reserves as at the effective date of the Sproule Report, December 31, 2012, by 2013 forecasted average production of 22,888 boe/d proved plus probable and 17,655 boe/d proved, as set forth in the Sproule 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.

           
      2012    2011      2010      2009      2008
Proved 8.6 8.0 7.2 6.4 6.4
Proved and Probable 12.4 10.0 11.2 9.4 10.1

RECYCLE RATIO (OPERATING NETBACK1/FD&A COST)

As at December 31, 2012 Proved Proved and
Probable
Operating netback before commodity price risk management contracts ($/boe) 1 
(unaudited)
$19.66 $19.66
Recycle ratio (excluding change in FDC) 2.15x 4.59x
     
Operating netback after commodity price risk management contracts ($/boe) (unaudited) $21.51 $21.51
Recycle ratio (excluding change in FDC) 2.35x 5.02x

1Operating netback is calculated by deducting transportation, royalties and operating costs from revenue.

The recycle ratio is a measure for evaluating the effectiveness of a company's re-investment program. The ratio measures the efficiency of capital investment. It accomplishes this by comparing the operating netback per BOE to that year's reserve FD&A cost per BOE. Since its conversion to a growth oriented exploration and production company, Bellatrix has successfully achieved a recycle ratio in excess of the 2.74 times recorded in 2009 for proved and probable reserves. In 2012, 2011 and 2010 the recycle ratio for proved and probable reserves was 5.02 times, 4.16 times and 4.31 times, respectively.

RESERVES RECONCILIATION

Reserves included herein are stated on a company interest basis (working interest plus royalty interests prior to deduction of royalty burdens) unless noted otherwise in addition, certain reserves included herein are stated on a gross (working interest excluding royalty interests and burdens) and net (working interest plus royalty interest less royalty burdens) basis as defined in NI 51-101.  "Company interest" is not a term defined by NI 51-101 and as such the estimates of company interest reserves herein may not be comparable to estimates prepared in accordance with NI 51-101 or to other issuers' estimates of company interest reserves.

At December 31, 2012 the Company's proved plus probable company interest reserves as evaluated by Sproule, using forecast prices and costs, were 104,258 mboe, an increase of 54.3% compared to 67,550 mboe at December 31, 2011.  By commodity type, natural gas made up 67% and oil and natural gas liquids 33% of total proved plus probable reserves.  At December 31, 2012, the Company's total proved company interest reserves were 55,490 mboe, an increase of 32.7% compared to 41,818 mboe at December 31, 2011 (calculated after taking into account 2012 production of 6,107 mboe).

In addition to the information disclosed herein, more detailed information on the Company's reserves will be included in the Company's Annual Information Form.

Reserves, at December 31, 2012, as evaluated by Sproule, are summarized below and in the following tables.

Summary of Oil and Gas Company Interest Reserves1 (Gross + Royalties Receivable)
Forecast Prices and Costs
    As at Dec. 31, 2012 As at Dec. 31, 2011
    Natural Gas2 Heavy Oil Light and Natural Gas Total Total
        Medium Oil Liquids    
    (mmcf) (mbbl) (mbbl) (mbbl) (mboe, 6:1) (mboe, 6:1)
Proved            
  Developed producing 91,900 68 5,337 3,796 24,518 19,336
  Developed non-producing 787 - 13 22 166 438
  Undeveloped 121,920 113 5,129 5,244 30,807 22,043
Total proved 214,607 181 10,479 9,062 55,490 41,818
Probable 203,077 224 6,073 8,624 48,767 25,732
Proved plus probable, producing 128,726 92 7,527 5,325 34,398 27,405
Total proved plus probable 417,684 405 16,552 17,687 104,258 67,550
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. May not add due to rounding.
2 Includes natural gas from coal bed methane and shale gas reserves.

Summary of Oil and Gas Working Interest Reserves1 (Gross)
Forecast Prices and Costs
    As at Dec. 31, 2012 As at Dec. 31, 2011
    Natural Gas2 Heavy Oil Light and Natural Gas Total Total
        Medium Oil Liquids    
    (mmcf) (mbbl) (mbbl) (mbbl) (mboe, 6:1) (mboe, 6:1)
Proved            
  Developed producing 91,664 68 5,337 3,787 24,468 19,302
  Developed non-producing 787 - 13 22 166 438
  Undeveloped 120,898 113 5,119 5,200 30,581 22,021
Total proved 213,348 181 10,468 9,008 55,215 41,761
Probable 201,962 224 6,058 8,576 48,519 25,674
Proved plus probable, producing 128,441 93 7,526 5,312 34,396 27,318
Total proved plus probable 415,310 405 16,526 17,584 103,734 67,435
1 "Working Interest" means Bellatrix's working interest (operated or non-operated) share before deduction of royalties.  Also referred to as "Gross" reserves under NI 51-101.  May not add due to rounding.
2 Includes natural gas from coal bed methane and shale gas reserves.
 
Summary of Oil and Gas Net Reserves1 (Net)
Forecast Prices and Costs
    As at Dec. 31, 2012 As at Dec. 31, 2011
    Natural Gas2 Heavy Oil Light and Natural Gas Total Total
        Medium Oil Liquids    
    (mmcf) (mbbl) (mbbl) (mbbl) (mboe, 6:1) (mboe, 6:1)
Proved            
  Developed producing 72,206 52 4,159 2,253 18,526 14,906
  Developed non-producing 641 - 9 12 128 337
  Undeveloped 93,809 86 4,287 3,527 23,536 16,279
Total proved 166,656 138 8,455 5,793 42,189 31,522
Probable 153,589 169 4,828 5,477 36,095 18,970
Proved plus probable, producing 100,625 71 5,800 3,115 25,806 20,792
Total proved plus probable 320,244 307 13,862 11,270 78,284 50,492
1 "Net" means Bellatrix's working interest (operated or non-operated) share after deduction of royalty obligations, plus Bellatrix's royalty interests in reserves. May not add due to rounding.
2 Includes natural gas from coal bed methane and shale gas reserves.

COMPANY INTEREST1 (Gross + Royalties Receivable) RESERVES RECONCILIATION
  Light and
Medium
Crude Oil
(mbbl)
Heavy Crude
Oil (mbbl)
Total Crude
Oil (mbbl)
NGLs (mbbl) Conventional
Natural Gas
(mmcf)2
Oil
Equivalent
(mboe)
PROVED PRODUCING            
Opening Balance 4,380               651           5,031           2,414         71,351         19,336
  Extensions 646 - 646 1,059 24,100 5,721
  Infill Drilling - - - - - -
  Improved Recovery - - - - - -
  Technical Revisions 1,376 23 1,399 1,158 19,416 5,793
  Discoveries - - - 2 1,945 327
  Acquisitions 99 - 99 124 2,806 691
  Dispositions - (504) (504) - (20) (507)
  Economic Factors (81) - (81) (53) (3,611) (736)
  Production (1,083) (103) (1,186) (907) (24,087) (6,107)
Closing Balance 5,337 68 5,405 3,796 91,900 24,518
TOTAL PROVED            
Opening Balance           8,840               861           9,701           5,718       158,398         41,818
  Extensions           1,198                    -           1,198           2,338         54,592         12,634
  Infill Drilling               674                    -               674               200           4,442           1,614
  Improved Recovery    -                    -                    -                    -                    -                    -
  Technical Revisions               672 (73)               599           1,363         17,241           4,835
  Discoveries                    -                    -                    -                    2           1,945               327
  Acquisitions               283                    -               283               426           6,799           1,842
  Dispositions                    - (504) (504)                    -             (501)             (587)
  Economic Factors             (105)                    -             (105)               (77)         (4,222)             (886)
  Production         (1,083) (103)         (1,186)             (907) (24,087)                 (6,107)
Closing Balance         10,479               181         10,660           9,062       214,607         55,490
PROBABLE            
Opening Balance           5,703               382           6,085           3,677         95,820         25,734
  Extensions           1,055                    -           1,055           3,779         87,004         19,335
  Infill Drilling               713                    -               713               148           3,079           1,374
  Improved Recovery                    -                    -                    -                    -                    -                    -
  Technical Revisions         (1,729)                 60         (1,669)               551           3,980             (455)
  Discoveries                    -                    -                    -                    -               421                 71
  Acquisitions               283                    -               283               503         14,107           3,137
  Dispositions                    -             (218)             (218)                    -             (155)             (244)
  Economic Factors                 47                    -                 47               (33)         (1,179)             (183)
  Production                    -                    -                    -                    -                    -                    -
Closing Balance           6,073               224           6,297           8,624       203,077         48,767
PROVED PLUS PROBABLE          
Opening Balance         14,543           1,242         15,785           9,395       254,218         67,550
  Extensions           2,253                    -           2,253           6,117       141,596         31,969
  Infill Drilling           1,388                    -           1,388               348           7,521           2,989
  Improved Recovery     -                    -                    -                    -                    -                    -
  Technical Revisions   (1,057)               (13)         (1,070)           1,914         21,222           4,380
  Discoveries     -                    -                    -                    3           2,366               397
  Acquisitions   566                    -               566               929         20,906           4,979
  Dispositions     -             (722)             (722)                    -             (656)             (831)
  Economic Factors (58)                    -               (58)             (111)         (5,401)         (1,069)
  Production         (1,083)             (103)         (1,184)             (907)       (24,087)         (6,107)
Closing Balance         16,552               405         16,957         17,687       417,684       104,258
1 "Company Interest" means Bellatrix working interest (operated or non-operated) share before deduction of royalties but
i ncluding any royalty interests of Bellatrix.  Based on forecast prices and costs.  May not add due to rounding.
2 Company coal bed methane and shale gas reserves have been included in Natural Gas.  Coal bed methane reserves had
been reconciled separately in previous reserve press releases; however, coal bed methane and shale gas reserves represent
an immaterial portion of the Company's Natural Gas reserves.

WORKING INTEREST1 (Gross) RESERVES RECONCILIATION
  Light and
Medium
Crude Oil
(mbbl)
Heavy Crude
Oil (mbbl)
Total Crude
Oil (mbbl)
NGLs (mbbl) Conventional
Natural Gas
(mmcf)2
Oil
Equivalent
(mboe)
PROVED PRODUCING            
Opening Balance           4,380               646           5,026           2,409         71,208         19,302
  Extensions 646 - 646 1,059 24,100 5,721
  Infill Drilling - - - - - -
  Improved Recovery - - - - - -
  Technical Revisions 1,374 23 1,396 1,152 19,300 5,765
  Discoveries - - - 2 1,945 327
  Acquisitions 99 - 99 124 2,806 691
  Dispositions - (499) (499) - (19) (502)
  Economic Factors (81) - (81) (54) (3,623) (738)
  Production (1,082) (103) (1,185) (905) (24,052) (6,098)
Closing Balance 5,337 68 5,405 3,787 91,664 24,469
TOTAL PROVED            
Opening Balance           8,840               856           9,696           5,709       158,144         41,761
  Extensions           1,198                    -           1,198           2,323         54,226         12,558
  Infill Drilling               663                    -               663               199           4,433           1,601
  Improved Recovery                    -                    -                    -                    -                    -                    -
  Technical Revisions               670               (73)               597           1,457         16,574           4,906
  Discoveries                    -                    -                    -                    2           1,945               327
  Acquisitions               283                    -               283               302           6,799           1,718
  Dispositions                    -             (499)             (499)                    -             (499)             (582)
  Economic Factors             (105)                 -             (105)               (77)         (4,222)             (886)
  Production         (1,082)             (103)         (1,185)             (905)       (24,052)         (6,098)
Closing Balance         10,468               181         10,649           9,008       213,348         55,215
PROBABLE            
Opening Balance           5,703               375           6,079           3,668         95,561         25,674
  Extensions           1,055                    -           1,055           3,753         86,398         19,207
  Infill Drilling               699                    -               699               147           3,069           1,357
  Improved Recovery                    -                    -                    -                    -                    -                    -
  Technical Revisions         (1,729)                 61         (1,669)               415           3,739             (631)
  Discoveries                    -                    -                    -                    -               421                 71
  Acquisitions               283                    -               283               627         14,107           3,261
  Dispositions                    -             (212)             (212)                    -             (154)             (238)
  Economic Factors                 47                    -                 47               (33)           (1179)             (183)
  Production                    -                    -                    -                    -                    -                    -
Closing Balance           6,058               224           6,282           8,576       201,962         48,519
PROVED PLUS PROBABLE          
Opening Balance         14,543           1,231         15,774           9,377       253,705         67,435
  Extensions           2,253                    -           2,253           6,075       140,624         31,765
  Infill Drilling           1,362                    -           1,362               346           7,502           2,959
  Improved Recovery                    -                    -                    -                    -                    -                    -
  Technical Revisions         (1,059)               (13)         (1,073)           1,871         20,315           4,185
  Discoveries                    -                    -                    -                    3           2,366               397
  Acquisitions               566                    -               566               929         20,906           4,979
  Dispositions                    -             (710)             (710)                    -             (653)             (819)
  Economic Factors               (57)                    -               (57)             (111)         (5,401)         (1,068)
  Production         (1,082)             (103)         (1,185)             (905)       (24,052)         (6,098)
Closing Balance         16,526               405         16,931         17,584       415,310       103,734
1 "Working Interest" means Bellatrix 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.  May not add due to rounding.
2 Company coal bed methane and shale gas reserves have been included in Natural Gas.  Coal bed methane reserves had been reconciled
separately in previous reserve press releases; however, coal bed methane and shale gas reserves represent an immaterial portion of the
Company's Natural Gas reserves.

TAX POOLS

At December 31, 2012, the Company had approximately $584 million in tax pools available for deduction against future income as follows:

         
($000s)   Rate %
2012
     (unaudited)
2011
Canadian exploration expenses 100 45,900 47,600
Canadian development expenses 30 369,300 326,900
Canadian oil and gas property expenses 10 40,400 25,100
Foreign resource expenses 10 800 800
Attributed Canadian Royalty Income (Alberta) 100 16,100 16,100
Undepreciated capital cost(1) 6-55 98,000 83,100
Non capital losses  (expire through 2027) 100 10,000 10,000
Financing  costs 20 S.L 3,300 4,700
Total Tax Pools   583,800 513,300
(1) Approximately $91 million of undepreciated capital cost pools are class 41, which is claimed at a 25% rate.

FUTURE DEVELOPMENT COSTS USING FORECAST PRICES AND COSTS

At year-end, 2012, Sproule had evaluated certain future development opportunities on Company lands including 161 gross (112.7 net) future undrilled Cardium horizontal locations and 56 gross (23.3 net) evaluated future undrilled Notikewin/Falher horizontal locations.  Of the 161 Cardium locations, 104 were assigned proved and probable reserves, with 57 assigned probable reserves only.  Of the 56 Notikewin/Falher locations, 41 were assigned proved and probable reserves, with the remaining 15 assigned probable reserves only.

For purposes of assigning net present value of future revenue, future development locations were committed as detailed in the following table.  On the basis of current cash flow projections, the schedule, and resulting NPV, can be considered conservative, as the future development inventory represents only approximately two years of reinvested cash flow.

($000's) Proved
Future
Development
Costs
Proved plus
Probable Future
Development
Costs
2013
2014
2015
2016 and subsequent
109,439
126,292
74,032
17,642
157,773
172,707
141,060
53,097
Undiscounted total 327,407 524,638
Discounted @ 10%/yr 288,291 452,101

RESERVE REPORT COMMODITY PRICING

The following is a summary of the Consultants' Average Forecast Prices as at January 1, 2013:

  OIL        
 Year
Forecast
WTI
Cushing
Oklahoma
($US/Bbl) 
Edmonton
Par Price
40° API
($Cdn/Bbl) 
Western
Canada
Select 20.5
API
($Cdn/Bbl) 
 NATURAL
GAS AECO
Price ($Cdn/
MMBTU)
NATURAL
GAS
LIQUIDS
at
Edmonton3
($Cdn/Bbl)
 INFLATION
RATES1
%/Year
 EXCHANGE
RATE2
($US/$Cdn)
2013 90.71 85.68 69.73 3.35 94.89 1.83 1.0003
2014 91.64 90.61 75.36 3.80 96.57 1.83 1.0003
2015 92.30 91.60 75.71 4.18 95.97 1.83 1.0003
2016 96.17 95.48 80.23 4.71 100.08 1.83 1.0003
2017 97.29 96.59 80.83 5.12 101.22 1.83 1.0003
2018 98.44 97.71 81.44 5.36 102.41 1.83 1.0003
2019 99.94 99.21 82.49 5.45 104.00 1.83 1.0003
2020 101.76 101.03 83.94 5.57 105.88 1.83 1.0003
2021 103.61 102.88 85.41 5.67 107.82 1.83 1.0003
2022 105.54 104.81 86.91 5.77 109.85 1.83 1.0003
2023 107.46 106.69 88.43 5.87 111.82 1.83 1.0003
2024 109.43 108.65 89.97 5.99 113.85 1.83 1.0003
2025 111.43 110.64 91.54 6.09 115.94 1.83 1.0003
2026 113.48 112.69 93.15 6.19 118.09 1.83 1.0003
2027 115.59 114.76 94.78 6.31 120.26 1.83 1.0003
Thereafter + 1.8%/yr + 1.8%/yr + 1.8%/yr + 1.8%/yr + 1.8%/yr    
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 commodity price risk management contracts) for the year ended December 31, 2012, were $2.62/mcf for natural gas, $86.47/bbl for light, medium gravity crude oil and condensate, $68.51/bbl for heavy oil and $38.88/bbl for natural gas liquids (excluding condensate).

RESERVES COMMITTEE

Bellatrix has a reserves committee, comprised of independent board members, that reviews the qualifications and appointment of the independent reserve evaluators. The committee also reviews the procedures for providing information to the evaluators.  All booked reserves are based upon annual evaluations by the independent qualified reserve evaluators conducted in accordance with the COGE (Canadian Oil and Gas Evaluation) Handbook and NI 51-101. The evaluations are conducted using all available geological and engineering data. The reserves committee has reviewed the reserves information and approved the reserve report.

LAND

As at December 31, 2012, Bellatrix had over 206,638 net undeveloped acres in Alberta, British Columbia and Saskatchewan.

Land Statistics

   
  2012 2011
Average working interest    
  Developed 57% 57%
  Undeveloped 66% 63%
Total 61% 60%
     

Land Holdings1

   
  2012 2011
  Gross Net Gross Net
Developed    
   British Columbia 9,752 2,692 19,850 7,315
   Alberta 373,705     211,967     370,653     209,786
   Saskatchewan 13,327 12,720 13,327 12,720
   Total 396,784 227,380 403,830 229,821
Undeveloped    
   British Columbia 107,700 47,521 143,968 60,590
   Alberta 194,158 148,815 198,777 152,363
   Saskatchewan 10,302 10,302 11,606 11,606
   Total 312,160 206,638 354,351 224,559
Developed and Undeveloped    
   British Columbia 117,452 50,213 163,818 67,905
   Alberta 567,864 360,782 569,429 362,149
   Saskatchewan 23,628 23,022 24,934 24,326
Total 708,944 434,017 758,181 454,380
1 May not add due to rounding        

OPERATIONS OUTLOOK

Bellatrix continues to focus on growth by development of its large inventory of Cardium and Notikewin/Falher assets geological prospects. The Company also continues to focus on adding Cardium and Notikewin prospective lands.

  • Bellatrix has entered into a joint venture agreement with a Seoul, Korea based company ("JV Partner"), effective January 2013, to accelerate development of Bellatrix's extensive undeveloped Cardium land holdings in west-central Alberta.  As a result of the Joint Venture, Bellatrix's net capital expenditure plan for 2013 is expected to increase from the previously announced $180 million level to between $230 and $240 million, not including JV Partner capital. Based on the timing of proposed expenditures, downtime from anticipated plant turnarounds, completion of anticipated infrastructure and normal production declines, execution of the increased 2013 capital expenditure plan is anticipated to provide average daily production of 24,000 to 25,000 boe/d. The Company is anticipating a 2013 exit rate of 30,000 to 31,000 boe/d.

  • The Company has budgeted a capital program between $230 and $240 million funded from the Company's cash flows and to the extent necessary, bank indebtedness, based on the current economic conditions and Bellatrix's operating forecast for 2013 and assuming the closing of the joint venture transaction with the JV Partner.  A total capital program of $365 million is expected including the capital expected to be invested by the JV Partner.  The capital budget is expected to be directed primarily towards horizontal drilling and completions activities in the Cardium and Notikewin/Falher areas.

  • The Company has developed an inventory of 692 net remaining Cardium locations and 401 net Notikewin/Falher locations representing a net capital development opportunity of $4.34 billion based on current costs.

  • The Company has identified $8.22 billion in potential development including all identified prospects and based on current costs representing over 40 years of drilling inventory based on current annual cash flow.

  • As at December 31, 2012, Bellatrix has approximately 206,638 net undeveloped acres and, including all opportunities, has in excess of 1,700 net exploitation drilling opportunities identified.

  • As at December 31, 2012, approximately $87 million or 40% was undrawn under the existing $220 million credit facilities and is available to fund Bellatrix's ongoing capital spending and operational requirements.

COMMODITY RISK MANAGEMENT CONTRACTS

Bellatrix has the following crude oil and natural gas commodity price risk management contracts in place for 2013.  The conversion of $/GJ to $/mcf is based on an average corporate heat content rate of 40.8Mj/m3.

Product Term Volume Average Price
Crude Oil1 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
1 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.

Based on exit rate of December 2012 production volumes of approximately 19,500 boe/d annualized for 2013, Bellatrix has put in price protection on approximately 53% of 2013 production volumes, 27% for first and second quarter and 15% for third and fourth quarter 2014 production volumes.

An updated corporate presentation is available on www.bellatrixexploration.com.

Bellatrix Exploration Ltd. is a growth oriented exploration and production company based in Calgary, Alberta, Canada.

READER ADVISORIES: (to be updated)

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.  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. 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.

UNAUDITED 2012 FINANCIAL INFORMATION: As Bellatrix  plans to announce its audited 2012 financial results on or about March 7, 2013, certain financial information for the year ended December 31, 2012 disclosed herein, or used in various calculations herein, is based on unaudited information and has been utilized 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 subject to change as a result, and such changes could be material.

NON-GAAP MEASURES:  The press release section contains the term "funds flow from operations" which should not be considered an alternative to, or more meaningful than cash flow from operating activities as determined in accordance with Canadian generally accepted accounting principles ("GAAP") as an indicator of the Company's performance. Therefore reference to diluted funds flow from operations or funds flow from operations per share may not be comparable with the calculation of similar measures for other entities. Management uses funds flow from operations to analyze operating performance and leverage and considers funds flow from operations to be a key measure as it demonstrates the Company's ability to generate the cash necessary to fund future capital investments and to repay debt.  The reconciliation between cash flow from operating activities and funds flow from operations can be found in the document.  Funds flow from operations per share is calculated using the weighted average number of common shares for the period.

Management believes that this measure is a useful supplemental measure of cash flow from operations.  Readers are cautioned, however, that these measures should not be construed as an alternative to cash flow from operations determined in accordance with GAAP as a measure 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.

INITIAL PRODUCTION RATES: Any references in this press release to initial production rates and/or 7, 15 and 30 day production rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter. Additionally, such rates may also include recovered "load oil" fluids used in well completion stimulation. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for Bellatrix.

FORWARD LOOKING STATEMENTS:  Statements in this document may contain forward-looking information including management's assessment of future plans and operations, expected 2013 average production and exit production, reserve estimates, anticipated additional drilling locations, the total future capital associated with development of drilling locations and reserves, 2013 capital expenditures and expected amount of total program including capital to be invested by the JV Partner, expected closing of joint venture transaction, timing of completion and testing of wells and timing of release of 2012 financial results. 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; risks that the joint venture transaction will close when expected or at all, 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 no 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 operating the field in a safe, efficient and effective manner; the ability of the Company  to obtain financing on acceptable terms; that the joint venture transaction will close when expected and on the terms expected; 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 affect 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. 

 

SOURCE Bellatrix Exploration Ltd.

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