This press release, including the report to shareholders, contains forward-looking statements. Please refer to our cautionary language on forward-looking statements and the other matters set forth at the beginning of the management’s discussion and analysis (the “MD&A”) attached to this press release.
|Years ended December 31,|
|(CDN$000s except share and per share amounts)|
|Revenue (before royalties and risk management (1))||291,891||219,314|
|Funds flow from operations (2)||143,459||111,038|
|Per basic share (5)||$1.27||$1.03|
|Per diluted share (5)||$1.24||$0.96|
|Cash flow from operating activities||128,458||109,328|
|Per basic share (5)||$1.14||$1.02|
|Per diluted share (5)||$1.11||$0.95|
|Per basic share (5)||$0.63||$0.26|
|Per diluted share (5)||$0.62||$0.25|
|Exploration and development||281,009||164,187|
|Capital expenditures – cash||303,659||185,348|
|Property dispositions – cash||(70,936)||(6,660)|
|Corporate acquisitions and other non-cash items||608,078||25,875|
|Total capital expenditures – net (4)||840,801||204,563|
|Convertible debentures (6)||–||50,687|
|Adjusted working capital (excess) deficiency (3)||108,390||5,843|
|Total net debt (3)||395,482||189,577|
|Total shareholders’ equity||903,874||381,106|
|OPERATING||Years ended December 31,|
|Average daily sales volumes|
|Crude oil, condensate and NGLs||(bbls/d)||6,489||5,717|
|Total oil equivalent||(boe/d)||21,829||16,686|
|Light crude oil and condensate||($/bbl)||92.66||86.47|
|NGLs (excluding condensate)||($/bbl)||43.85||38.88|
|Crude oil, condensate and NGLs||($/bbl)||72.29||73.59|
|Crude oil, condensate and NGLs (including risk management (1))||($/bbl)||69.82||72.65|
|Natural gas (including risk management (1))||($/mcf)||3.71||3.17|
|Total oil equivalent||($/boe)||36.18||35.56|
|Total oil equivalent (including risk management (1))||($/boe)||36.42||37.40|
|Operating netback (4)||($/boe)||20.76||19.66|
|Operating netback (4) (including risk management (1))||($/boe)||20.99||21.51|
|General & administrative||($/boe)||2.03||2.34|
|Royalties as a % of sales after transportation||16%||18%|
|Common shares outstanding||170,990,605||107,868,774|
|Share options outstanding||11,182,963||9,420,451|
|Shares issuable on conversion of convertible debentures (6)||–||9,821,429|
|Fully diluted common shares outstanding||182,173,568||127,110,654|
|Diluted weighted average shares – net profit (5)||115,768,436||109,125,094|
|Diluted weighted average shares – funds flow from operations and
cash flow from operating activities (2) (5)
|SHARE TRADING STATISTICS|
|TSX and Other (7)|
|(CDN$, except volumes) based on intra-day trading|
|Average daily volume||1,336,726||1,127,281|
|NYSE MKT (8)|
|(US$, except volumes) based on intra-day trading|
|Average daily volume||99,851||37,924|
|(1)||The Company has entered into various commodity price risk management contracts which are considered to be economic hedges. Per unit metrics after risk management include only the realized portion of gains or losses on commodity contracts.|
|The Company does not apply hedge accounting to these contracts. As such, these contracts are revalued to fair value at the end of each reporting date. This results in recognition of unrealized gains or losses over the term of these contracts which is reflected each reporting period until these contracts are settled, at which time realized gains or losses are recorded. These unrealized gains or losses on commodity contracts are not included for purposes of per unit metrics calculations disclosed.|
|(2)||The highlights 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 generally accepted accounting principles (“GAAP”) as an indicator of the Company’s performance. Therefore reference to the additional GAAP measures of 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 MD&A. Funds flow from operations per share is calculated using the weighted average number of common shares for the year.|
|(3)||Net debt and total net debt are considered additional GAAP measures. Therefore reference to the additional GAAP measures of net debt or total net debt may not be comparable with the calculation of similar measures for other entities. The Company’s 2013 calculation of total net debt excludes deferred lease inducements, long-term commodity contract liabilities, decommissioning liabilities, the long-term finance lease obligation, deferred lease inducements, and the deferred tax liability. Net debt and total net debt include the adjusted working capital deficiency (excess). The adjusted working capital deficiency (excess) is a non-GAAP measure calculated as net working capital deficiency (excess) excluding short-term commodity contract assets and liabilities, current finance lease obligation, and deferred lease inducements. For the comparative 2012 calculation, net debt also excludes the liability component of convertible debentures which were then outstanding. A reconciliation between total liabilities under GAAP and total net debt and net debt as calculated by the Company is found in the MD&A.|
|(4)||Operating netbacks and total capital expenditures – net are considered non-GAAP measures. Operating netbacks are calculated by subtracting royalties, transportation, and operating costs from revenues before other income. Total capital expenditures – net includes the cash impact of capital expenditures and property dispositions, as well as the non-cash capital impacts of corporate acquisitions, adjustments to the Company’s decommissioning liabilities, and share based compensation.|
|(5)||Basic weighted average shares for the year ended December 31, 2013 were 112,927,251 (2012: 107,543,811).|
|In computing weighted average diluted earnings per share for the year ended December 31, 2013, a total of 2,841,185 (2012: 1,581,283) common shares were added to the denominator as a consequence of applying the treasury stock method to the Company’s outstanding share options and a total of nil (2012: 9,821,429) common shares issuable on conversion of convertible debentures were excluded from the denominator as they were not dilutive, resulting in diluted weighted average common shares of 115,768,436 (2012: 109,125,094).|
|In computing weighted average diluted cash flow from operating activities and funds flow from operations per share for the year ended December 31, 2013, a total of 2,841,185 (2012: 1,581,283) common shares were added to the denominator as a consequence of applying the treasury stock method to the Company’s outstanding share options and no common shares issuable (2012: 9,821,429) on conversion of convertible debentures were added to the denominator as they were dilutive, resulting in diluted weighted average common shares of 115,768,436 (2012: 118,946,523). As a consequence, no interest and accretion expense (net of income tax effect) was added to the numerator (2012: $3.2 million).|
|(6)||During the year ended December 31, 2013, the Company announced a notice of redemption of its then outstanding $55.0 million 4.75% convertible debentures, with a redemption date set of October 21, 2013. During September and October 2013, the $55.0 million principal amount of remaining convertible debentures were converted or redeemed in exchange for an aggregate of 9,794,848 common shares of the Company. For the year ended December 31, 2012, shares issuable on conversion of convertible debentures were calculated by dividing the $55.0 million principal amount of the convertible debentures by the conversion price of $5.60 per share.|
|(7)||TSX and Other includes the trading statistics for the Toronto Stock Exchange and other Canadian trading markets.|
|(8)||The Company’s common shares commenced trading on the NYSE MKT on September 24, 2012.|
|(9)||The Company’s financial and operating results for the year ended December 31, 2013 include financial and operating results from Angle Energy Inc. for the period from December 11, 2013 to December 31, 2013.|
REPORT TO SHAREHOLDERS
Bellatrix’s corporate strategy is value creation through effective execution of a defined exploitation oriented growth plan in the Western Canadian Sedimentary Basin, complemented with synergistic acquisitions within our core fairway and strategic Joint Ventures specifically designed to accelerate monetizing the Company’s large undeveloped oil and gas resources. The Company focuses on operating with integrity and conducting operations in a safe and environmentally responsible manner while providing sustained shareholder growth in value. In 2013, the Company defined itself irrefragably as an industry leader with a unique platform comprised of concluding three strategic Joint Ventures, closing an accretive opportunistic acquisition that increased base production by 50% while adding significant drill ready opportunities to the Company’s existing inventory and posting another 100% drilling success year which resulted in offsetting corporate declines and further increasing the Company’s production base year over year by an additional 50%. Bellatrix’s ability to excel as a “drill bit driven growth” story is defined by the following:
- An experienced visionary management team with a proven track record of value creation
- A highly technical/innovative staff
- Possessing and expanding a top tier asset base
- Ability to access capital through either the equity markets or joint ventures
- Being a low cost producer/operator/finder
- Preserving a strong balance sheet with hedging and debt maintenance
- Exceptional industry leading well results in the core Cardium and Notikewin/Falher resource plays
- A large inventory of high IRR opportunities (742 net locations in the Cardium, 381 net locations in the Notikewin/Falher, 128 net locations in the Lower Mannville, totaling net capital development opportunity of $5.0 billion)
- Extensive undeveloped land base of approximately 416,631 net acres
- Controlling 120 net sections of highly perspective Duvernay land in the liquids rich fairway
Each and every year in the industry, companies face a multitude of challenges that either can be controlled or that are outside of our ability to influence. 2013 presented a combination of three speed bumps beyond our control including low gas pricing, an elongated breakup period followed by extended delays obtaining well licenses from the Alberta Energy Regulator. Despite these issues Bellatrix posted a record year of growth and profit punctuated by:
- Record annual production levels of 8.0 million boe up 31% year-over-year
- Drilling the top well in Alberta in 2013 at 16-23 (a two mile Spirit River horizontal) which produced in its first full year 4.4 BCF of gas and 144,000 bbl of condensate and NGL’s
- Record daily production of 21,829 boe/d and exiting at 38,000 boe/d
- 100% drill bit success rate with 80 gross (52.83 net) wells
- Industry leading Proved and Probable FD&A including FDC of $9.67 /boe
- Proved and Probable, excluding FDC and acquisitions, Recycle Ratio of 4.44 times
- Proved and Probable, excluding FDC, Recycle Ratio of 2.9 times
- Proved and Probable reserves increased by 103% to 212 million boes with a 10% NPVBT of $2.1 billion resulting in a net asset value of $11.40 per basic share up from $1.1 billion and $9.90 per basic share respectively
- Replaced production by 1,452%
- Record earnings of $71.7 million equating to $0.63 per basic share
- Posted revenue of $292 million up 33% year over year
- Funds flow from operations of $143.5 million equating to $1.27 per basic share
- Credit Facility increased from $220 million to $500 million
To accelerate the development of the aforementioned 30 year drilling inventory on the Company’s key plays while maintaining a strong balance sheet and minimizing the issuing of equity, Bellatrix entered into two strategic joint venture agreements and one long term strategic partnership detailed below. In addition, in the fourth quarter Bellatrix closed a strategic acquisition of Angle Energy facilitated by an equity placement and bought back the Company’s convertible debenture which is also detailed below.
$244 million Grafton Joint Venture
On June 27, 2013, Bellatrix closed a joint venture (the “Grafton Joint Venture”) with Grafton Energy Co I Ltd. (“Grafton”), to accelerate development on a portion of Bellatrix’s extensive undeveloped land holdings. Subsequently on September 10, 2013, the Company announced that Grafton elected to exercise an option to increase its committed capital investment by an additional $100 million on the same terms and conditions as the initial Grafton Joint Venture.
The Grafton Joint Venture is in Ferrier, Willesden Green and Brazeau areas of West-Central Alberta. Under the terms of the amended agreement, Grafton will contribute 82%, or $200 million, to the $244 million Grafton Joint Venture to participate in an expected 58 Notikewin/Falher and Cardium well program. Under the agreement, Grafton will earn 54% of Bellatrix’s working interest in each well drilled in the well program until payout (being recovery of Grafton’s capital investment plus an 8% internal rate of return) on the total program, reverting to 33% of Bellatrix’s working interest (“WI”) after payout. At any time after payout of the entire program, Grafton shall have the option to elect to convert all wells from the 33% WI to a 17.5% Gross Overriding Royalty (“GORR”) on Bellatrix’s pre-Grafton Joint Venture working interest. Grafton also has an additional one-time option within 12 months of the effective date to increase its exposure by an additional $50 million on the same terms and conditions. The effective date of the agreement is July 1, 2013 and has a term of 2 years. If the $50 million option is exercised, Bellatrix shall have until the end of the third anniversary of the effective date to spend the additional capital.
Baptiste Asset Sale and Strategic Partnership
On September 3, 2013, the Company announced the closing of an asset sale (the “Asset Sale”) and joint venture (the “Daewoo and Devonian Joint Venture”) with Canadian Subsidiaries of two Korean entities, Daewoo International Corporation (“Daewoo”) and Devonian Natural Resources Private Equity Fund (“Devonian”). Under the terms of the associated agreements, Bellatrix sold, effective July 1, 2013, to Daewoo and Devonian an aggregate 50% of the Company’s working interest share of its producing assets, an operated compressor station and gathering system and related land acreage in the Baptiste area of West Central Alberta (the “Sold Assets”) for gross consideration of $52.5 million, subject to closing adjustments. The Sold Assets were producing approximately 268 boe/d (67% gas and 33% oil and liquids) net to the Sold Assets and included 3,858 net acres of Cardium rights and 1,119 net acres of Mannville rights.
The Daewoo and Devonian Joint Venture which was effective as of July 1, 2013 encompasses a multiyear commitment to jointly develop the aforementioned acreage in Ferrier and Willesden Green of West Central Alberta encompassing 70 gross wells with anticipated total capital expenditures to the Daewoo and Devonian Joint Venture of approximately $200 million.
Redemption of Convertible Debentures
On September 4, 2013, the Company announced the issuance of a notice of redemption to holders of its then outstanding $55.0 million 4.75% convertible unsecured subordinated debentures (the “convertible debentures”), with the redemption date set as October 21, 2013. During September and October 2013, the $55.0 million principal amount of convertible debentures was converted or redeemed for an aggregate of 9,794,848 common shares of the Company. A reduction to the deficit as contained in shareholder’s equity of $1.3 million was recognized in connection with the settlement of the convertible debentures during the year ended December 31, 2013.
Bought Deal Financing
On November 5, 2013, Bellatrix closed a bought deal financing of 21,875,000 Bellatrix common shares at a price of $8.00 per Bellatrix Share for aggregate gross proceeds of $175.0 million (net proceeds of $165.7 million after transaction costs) through a syndicate of underwriters.
The net proceeds from this financing were used to temporarily repay a portion of the indebtedness of Bellatrix under its credit facilities; subsequently utilized to fund the cash portion of the acquisition of Angle, the acquisition of the Angle Debentures, and a portion of Bellatrix’s obligations under the Troika Joint Venture described below.
Troika Joint Venture
On November 11, 2013, the Company announced that it had successfully closed the previously announced $240 million joint venture partnership (the “Troika Joint Venture”) with TCA Energy Ltd. (“TCA”). TCA is a Canadian incorporated special purpose vehicle for Troika Resources Private Equity Fund which is based in Seoul, Korea and managed by KDB Bank, SK Energy and Samchully AMC.
Pursuant to the agreement forming the Troika Joint Venture, Bellatrix and TCA will drill and develop lands in the Ferrier Cardium area of West Central Alberta, with the program to be completed by December 31, 2014. TCA will contribute $120 million, representing a 50% share, towards the capital program for the drilling of an expected 63 gross wells, and in exchange, will receive 35% of Bellatrix’s working interest until payout (being recovery of TCA’s capital investment plus a 15% internal rate of return) on the total program, and thereafter reverting to 25% of Bellatrix’s working interest. As part of this agreement, TCA participated in 14 gross wells (as included in the total expected 63 gross well program) for wells that have been drilled since January 1, 2013, resulting in net proceeds of $16.7 million that was received by Bellatrix at closing.
The net proceeds from the disposition were initially used to reduce the Company’s indebtedness, and ultimately will be directed towards the continued development of its Cardium and Mannville asset base.
On December 11, 2014, Bellatrix acquired all of the issued and outstanding common shares of Angle Energy Inc. (“Angle”) for consideration consisting of $69.7 million in cash and approximately 30.2 million Bellatrix common shares. The announced $576 million aggregate transaction value included the assumption of net Angle debt of approximately $261 million after taking into account $16 million in transaction costs and severance costs, terminated options and RSU’s and a premium paid to the Angle debenture holders.
Through the strategic combination of Bellatrix’s top-tier asset base with Angle’s high quality, low-cost, high working interest asset base the Company has created one of the largest, intermediate producers in the West Central Alberta fairway with a dominant and highly focused position in the Cardium and Mannville intervals. The strategic combination was highly complementary and accretive to Bellatrix on current production, cash flow, reserves and net asset value per share. The combination creates a high growth intermediate company with a sizeable, strategic and opportunity rich asset base with a drillable inventory of over 2,000 locations ($10 billion capital investment at today’s cost per well) and with 416,631 net undeveloped acres.
During the fourth quarter of 2013, the Company increased its current working interest in certain Cardium and Notikewin/Falher lands and production in the Willesden Green (Baptiste) area of Alberta through the acquisition of additional working interests from several companies for a total combined net purchase price of $10 million.
Operational highlights for the three months and year ended December 31, 2013 include:
- Bellatrix posted a 100% success rate during the 2013 year, drilling and/or participating in 80 gross (52.83 net) wells, resulting in 57 gross (41.22 net) Cardium oil wells, 22 gross (10.86 net) Notikewin/Falher liquids-rich gas wells, and one gross (0.75 net) Cardium gas well. In the fourth quarter of 2013, Bellatrix drilled or participated in 35 gross wells (21.36 net), which included 24 gross (16.24 net) Cardium oil wells, 10 gross (4.37 net) Notikewin/Falher liquids-rich gas wells, and one gross (0.75 net) Cardium gas well.
- Q4 2013 sales volumes averaged 23,968 boe/d (weighted 32% to oil, condensate, and NGLs, and 68% to natural gas). This represents a 28% increase over fourth quarter 2012 average sales volumes of 18,763 boe/d, and a 10% increase from third quarter 2013 average sales volumes of 21,852 boe/d.
- 2013 annual sales volumes averaged 21,829 boe/d (weighted 30% to oil, condensate and NGLs and 70% to natural gas). This represents a 31% increase from sales volumes of 16,686 boe/d realized in 2012.
- Significant 2013 Facility Projects:
- Installed a 25 km pipeline to the MBL Gas Plant facilitating processing an additional 85 mmcf/d capacity
- Installed 6 field compressors totaling 9700 hp capable of handling 75 mmcf/d
- Installed 45+ km of large diameter group pipelines
- Near term 2014 catalysts:
- In the first quarter jointly with the Blaze Gas Plant install 60 km pipeline to the Blaze Gas Plant from the Ferrier Area to facilitate access to 120 mmcf/d capacity
- In the third quarter install a 20 km pipeline to the Brazeau Gas Plant to access an additional 40-50 mmcf/d capacity
- Throughout 2014 install 21 field compressors totaling 30,500 hp, capable of handling 245 mmcfd
- In the third quarter build 2 oil batteries with 5000 Bbls/d processing capacity
- Throughout 2014 install 60+ km of large diameter group pipelines
- Long term 2015 – 2016 catalysts:
- Build a new BXE Gas Plant in the Alder Flats Area (In Service July 2015)
- 110 mmcf/d capacity
- C3 Recovery 99% ; C4+ Recovery 100%
- Permitting and field construction underway
- Potentially double the capacity in 2016
- During the fourth quarter of 2013, the Company spent $115.9 million on capital projects, compared to $53.0 million during the fourth quarter of 2012.
- As at December 31, 2013, Bellatrix had approximately 416,631 net undeveloped acres of land in Alberta, British Columbia and Saskatchewan.
Financial highlights for the three months and year ended December 31, 2013 include:
- Q4 2013 revenue before royalties and risk management contracts was $83.5 million, 34% higher than the $62.3 million recorded in Q4 2012. Revenue before royalties and risk management contracts for the year ended December 31, 2013 was $291.9 million, up 33% from $219.3 million in 2012. The increase in revenues in the 2013 year was primarily due to increased natural gas and NGL sales volumes and higher realized prices for light oil and condensate, NGLs, and natural gas, partially offset by reduced crude oil and condensate sales volumes as well as lower heavy oil prices compared to 2012.
- Funds flow from operations for Q4 2013 was $39.3 million ($0.31 per basic share), an increase of 31% from $30.0 million in Q3 2013, and up 31% from $29.9 million ($0.28 per basic share) in Q4 2012. Funds flow from operations for the year ended December 31, 2013 was $143.5 million ($1.27 per basic share), up 29% from $111.0 million ($1.03 per basic share) in 2012. The increase in funds flow from operations between the 2013 and 2012 was principally due to increased production volumes and increased light oil, condensate, NGL, and natural gas prices positively impacting revenues and netbacks, partially offset by a higher net realized loss on commodity contracts, increased general and administrative expenses, operating, transportation, and royalties expenses, and the impact of lower heavy oil commodity prices.
- The net profit for Q4 2013 was $22.2 million, compared to $9.3 million in Q4 2012.
- The net profit for the year ended December 31, 2013 was $71.7 million, compared to $27.8 million in 2012.
- Crude oil, condensate and NGLs produced 57% and 59% of petroleum and natural gas sales revenue for the three and twelve month periods ended December 31, 2013, respectively.
- Production expenses for Q4 2013 were $8.70/boe ($19.2 million), compared to $8.91/boe ($15.4 million) for Q4 2012 and $8.98/boe ($18.1 million) for Q3 2013. The quarter over quarter decreases in production expenses per boe were primarily due to increased production volumes resulting from 2012 and 2013 drilling in areas with lower production expenses, as well as continued field optimization projects. Production expenses, after deducting processing and other third party income, for the year ended December 31, 2013 were $8.29/boe ($66.1 million), compared to $8.37/boe ($51.1 million) in 2012.
- Operating netbacks after including risk management for Q4 2013 were $20.64/boe, down from $20.83/boe in Q4 2012. Operating netbacks before risk management for Q4 2013 were $21.10/boe, up from $19.20/boe in Q4 2012. The reduced netbacks including risk management were primarily the result of a net realized loss on commodity contracts in 2013 compared to a net gain in 2012 in conjunction with higher transportation expenses and slightly lower heavy oil prices, offset partially by higher natural gas, light oil and condensate, and NGL prices, and lower production and royalty expenses.
- Operating netbacks before risk management for the year ended December 31, 2013 were $20.76/boe, up from $19.66/boe in 2012.
- During Q4 2013, Bellatrix spent $115.9 million on capital projects, compared to $53.0 million during Q4 2012. For the year ended December 31, 2013, Bellatrix spent $303.7 million on capital projects compared to $185.3 million in 2012.
- G&A expenses for Q4 2013 decreased slightly on a per boe basis to $2.53/boe ($5.6 million), compared to $2.54/boe ($4.4 million) for Q4 2012. G&A expenses for the year ended December 31, 2013 were $2.03/boe ($16.2 million), compared to $2.34/boe ($14.3 million) in 2012.
- As at December 31, 2013, Bellatrix had $212.9 million undrawn on its total $500 million credit facility.
- Total net debt as of December 31, 2013 was $395.5 million.
With the consummation of two innovative joint ventures, one strategic partnership, and the accretive acquisition of Angle Energy Ltd, Bellatrix’s 2014 gross capital expenditure program of $610 million is comprised of $370 million net Bellatrix capital and $240 million joint venture/partner capital. Based on the timing of proposed expenditures, downtime for scheduled and unscheduled plant turnarounds, completion of required infrastructure, and normal production declines, execution of the 2014 capital expenditure plan is expected to provide average daily production of approximately 42,500 boe/d to 43,500 boe/d, and an exit rate of approximately 47,000 boe/d.
Currently, the Company is concentrating on further development of its core resource plays, the Cardium Light Oil and the multi-zone Mannville Liquids Rich Gas intervals in Western Canada. The multi-zone Mannville in Alberta’s deep basin boasts abundant, liquids-rich natural gas with high deliverability gas wells delivering substantial economics. The Cardium is a massive light oil resource play that has added substantial reserves, production and long term economic value for our shareholders. Both plays have thick resource rich reservoirs with exceptional subsurface control which have proven to be predictable and repeatable with the application of modern drilling and completion techniques. The company anticipates drilling approximately 146 gross wells in 2014; of which 115 gross wells are estimated to be in the Cardium Oil zone and 31 are estimated to be in the liquids-rich Mannville gas zones.
The key operational strategy Bellatrix employs is to focus on full cycle profitability, indifferent to product type, with every investment decision. Bellatrix’s ability to reinvent ourselves and continuously apply new technology is one of the keys to being successful and a market leader. Our ability to be informed of these new technologies, understand their application, and then try them in new ways allows us to increase deliverability and ultimate resource recovery.
We focus for long term success on our ability to manage, enhance and exploit our current assets while simultaneously developing new and potentially exciting plays in the Deep Basin for the future. Thus continuing our overall priority of bringing together the technical, operational and financial talent required to create long term value growth for our shareholders.
Raymond G. Smith, P. Eng.
President and CEO
March 12, 2014
A conference call to discuss Bellatrix’s annual financial and reserves results will be held on March 13, 2014 at 9:00 am MDT/11:00 am EDT. To participate, please call toll-free 1-888-231-8191 or 647-427-7450. The conference call will also be recorded and available by calling 1-855-859-2056 or 403-451-9481 and entering passcode 33160756 followed by the pound sign.
Bellatrix’s annual meeting is scheduled for 3:00 pm on May 21, 2014 in the Devonian Room at the Calgary Petroleum Club.
The Company’s current corporate presentation is available at www.bellatrixexploration.com.