The Pembina asset sale details include:
Total consideration(1) |
$47 million |
Estimated current production(2) |
930 boe/d (74% oil and liquids) |
Proved reserves(3) |
5.4 mmboe |
Proved plus Probable reserves(3) |
7.9 mmboe |
Divestiture metrics include:
Production |
$50,538/boe/d |
Proved reserves |
$8.67/boe |
Proved plus probable reserves |
$5.98/boe |
Notes |
|
(1) |
Before customary closing adjustments. |
(2) |
Estimated average production based on June 2016 field estimates. |
(3) |
Reserves at December 31, 2015 as estimated by Sproule Associates Limited. Reserves refer to “Working interest” meaning Bellatrix’s working interest (operated or non-operated) share before deduction of royalties. Also referred to as “Gross” reserves under National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. The estimates of reserves for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation. |
Closing of the Pembina asset sale is expected to occur prior to November 11, 2016, with an effective date of June 1, 2016, and is subject to a number of conditions. For further information relating to the conditions relating to the Pembina asset sale see the advisory relating to Forward-Looking Statements below.
UPDATED GUIDANCE
Bellatrix has updated its full year 2016 guidance forecasts to incorporate the impact of the disposition which is anticipated to have a minor impact on full year guidance estimates.
Updated Guidance |
Prior Guidance dated |
||
Average daily production (boe/d) |
|||
Full year 2016 average (+/- 500 boe/d) |
36,000 |
36,250 |
|
December month average (+/- 500 boe/d) |
35,500 |
36,500 |
|
Natural gas weighting |
73% |
73% |
|
Net capital spending ($ millions) (1) |
$77 |
$77 |
|
Production expenses(2) ($/boe) |
$8.50 |
$8.50 |
|
(1) |
Capital spending includes exploration and development capital projects and corporate assets, and excludes property acquisitions and dispositions. Second half net capital budget of up to $40 million, with funding limited to available cash flow. |
(2) |
Production expenses before net processing revenue/fees. |
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 of Bellatrix trade on the Toronto Stock Exchange and on the New York Stock Exchange under the symbol BXE.