Bellatrix Announces 2015 Year End Reserves

TSX, NYSE: BXE

CALGARY, March 16, 2016 /CNW/ – Bellatrix Exploration Ltd. (“Bellatrix”
or the “Company”) (TSX, NYSE: BXE) is pleased to announce its 2015
year-end reserves information.  Reserves at December 31, 2015 were
independently evaluated 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”).

2015 represented a transformational year for Bellatrix with the
completion and commissioning of the Bellatrix O'Chiese
Nees-Ohpawganu'ck deep cut gas plant (the “Alder Flats Plant”) and a
defined drilling program focused on the low supply cost Spirit River
play which delivers industry leading returns on investment making it
one of the most profitable plays in the Western Canadian Sedimentary
Basin. The Company delivered a 100% success rate through the drill bit
in 2015 demonstrating another strong year of consistent operational
results and technical work as highlighted by the following
achievements:

• As at December 31, 2015 Proved plus Probable (“2P”) reserves were
  comprised of 70 million barrels of oil and natural gas liquids as well
  as 0.9 trillion cubic feet of natural gas, with a 32% liquids weighting
  on a boe basis.  Total Proved (“1P”), and 2P reserves at year end 2015
  decreased by 11% compared to year end 2014 given an 80% reduction in
  total capital expenditures made in 2015 compared to 2014, and also
  reflective of lower commodity price assumptions.
• Bellatrix's corporate decline rate forecast by Sproule for PDP reserves
  in 2016 is 27% (compared to Sproule's 2015 forecast PDP decline rate of
  29% at December 31, 2014) demonstrating the company's shallowing base
  production profile which provides a strong foundation to support future
  growth.
• Bellatrix maintained a focused capital program in 2015 adding PDP
  reserves at a finding, development and acquisition (“FD&A”) cost of
  $9.54/boe excluding gas plant capital and $12.37/boe including total
  capital investment.  The PDP recycle ratio excluding gas plant capital
  was 1.2 times.
• Bellatrix's three year 2P and 1P FD&A costs including changes in future
  development capital (“FDC”) averaged $10.11/boe and $13.19/boe
  respectively.
• On a 2P basis, the Company replaced 148% of total production in 2015,
  excluding revisions, acquisitions and divestitures. Annual production
  increased by 9% in 2015 to 15.1 million boe from 13.9 million boe in
  2014.
• Bellatrix's December 31, 2015 2P net asset value (2P NPV10 before tax)
  is $820 million ($4.27/share) which incorporates future net revenue
  adjusted for year-end net debt, seismic, risk management contracts, and
  land value.
• The Company has calculated the impact of applying January 1, 2015
  forecast pricing to 2015 year end reserves.  With no other changes to
  the evaluation, this results in a 2P before tax net present value (10%
  discount rate) of $2.2 billion, up 4% compared to Bellatrix's 2014 year
  end 2P reserve value of $2.1 billion using the same price forecast.
• The Company's calculated 2P reserve life index improved by 8% to 14.3
  years and is 10.1 years on 1P reserves.
• Bellatrix drilled 12.4 net Sprit River wells in 2015 for a total net
  capital cost of $45.9 million, adding PDP reserves of 9.1 million boe
  equating to a simple PDP capital cost of $5.07/boe, further
  demonstrating the robust development costs realized in the Company's
  Spirit River liquids-rich natural gas play. The Company booked 2.5 net
  Spirit River well locations for each net Spirit River well drilled in
  2015 reflecting the Company's 100% success rate on development drilling
  and demonstrating the high quality nature of the play and increased
  confidence in offset development drilling locations.

A conference call to discuss Bellatrix's annual financial and reserves
results will be held on March 16, 2016 at 9:00 am MT / 11:00 am ET. 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 48923171#.

2015 HIGHLIGHTS

⁽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⁾Proved plus Probable net asset value incorporates 2P NPV10 (before tax)
value and adjusts for year-end net debt, seismic, risk management
contracts, and land value.
⁽³⁾Operating netback is not a recognized term under Canadian generally
accepted accounting principals (“GAAP”) and is calculated by deducting
transportation, royalties and operating costs from revenue. Operating
netback includes the impact of commodity price risk contracts. See
“Non-GAAP Measures”.
⁽⁴⁾Funds flow from operations is not a recognized term under Canadian
generally accepted accounting principles. See “Non-GAAP Measures”.

SELECT 2015 OPERATING RESULTS

  CAPITAL EXPENDITURES

⁽¹⁾Excludes capitalized costs related to decommissioning liabilities
expenditures incurred during the period.
⁽²⁾Capital – corporate assets includes office leasehold improvements,
furniture, fixtures and equipment before recoveries realized from
landlord lease inducements.
⁽³⁾Other includes non-cash adjustments for the current period's
decommissioning liabilities and share based compensation.
⁽⁴⁾Total capital expenditures – net is considered to be a non-GAAP
measure. 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, property acquisitions,
adjustments to the Company's decommissioning liabilities, and share
based compensation.

The $153 million capital program for the year ended December 31, 2015
was financed from funds flow from operations, property transfers and
dispositions, and bank debt.

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

⁽¹⁾ Funds flow from operations is not a recognized term under Canadian
generally accepted accounting principles. See “Non-GAAP Measures”.

Bellatrix generated funds flow from operations of $109.5 million ($0.57
per basic share and diluted share) in the year ended December 31, 2015,
a decrease of 60% from $270.8 million ($1.48 per basic share and $1.46
per diluted share) generated in 2014. The decrease in funds flow from
operations between 2014 and 2015 was principally due to a 48% decrease
in the Company's combined commodity pricing per boe for sales
volumes. This was in part offset by a net realized gain on commodity
contracts in 2015 compared to a net realized loss on commodity
contracts in 2014 and decreased production, transportation, general and
administrative and royalty expenses related to operational efficiencies
in 2015. Bellatrix's cash flow from operating activities for the year
ended December 31, 2015 decreased by 65% to $103.1 million ($0.54 per
basic and diluted share) from $294.8 million ($1.61 per basic share and
$1.59 per diluted share) generated during the 2014 year.

2015 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,
2015 (the “Sproule Report”).

Highlights of Bellatrix's December 31, 2015 reserves report include:

• 223 million boe total Company interest 2P reserves and 144 million boe
  total Company interest 1P reserves.
• $1.3 billion net present value of future net revenue of 2P reserves
  before tax at 10% discount rate.
• Net asset value is $4.27 per basic share outstanding based on the
  Sproule evaluation of 2P reserves at a 10% discount rate.
• Bellatrix maintained a focused capital program in 2015 adding PDP
  reserves at an FD&A cost of $9.54/boe excluding gas plant capital and
  $12.37/boe including total capital investment.
• Bellatrix's three year 2P and 1P FD&A costs including changes in FDC
  averaged $10.11/boe and $13.19/boe respectively.
• The Company's calculated 2P reserve life index improved by 8% to 14.3
  years and is 10.1 years on 1P reserves.
• 194 gross (121 net) Mannville evaluated future undrilled horizontal
  locations.
• 248 gross (183 net) Cardium evaluated future undrilled horizontal
  locations.

May not add due to rounding.

NET ASSET VALUE – PROVED PLUS PROBABLE

The following table of net asset value, as at December 31, 2015, is
based on the Sproule evaluation of future net revenue of the Company's
2P 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.

(1) As evaluated by Sproule as at December 31, 2015 based on forecast
prices and costs before income tax.
(2) As estimated by Bellatrix as at December 31, 2015 based on 326,235 
net acres of undeveloped land at an average price of $500.63 per acre.
(3) Based on 26% of $85 million replacement value based on seismic costs
to buy data at an average of $1,500/km for 2D and  $14,500/km2 for 3D.
(4) Risk management contracts include both commodity contracts and
foreign exchange contracts. The fair value of foreign exchange
contracts is determined based on the difference between the contracted
forward rate and current forward rates, using the remaining settlement
amount. The fair value of risk management contracts as at December 31,
2015 was a net asset of $15.4 million.
(5) The Company's calculation of Net Debt as at December 31, 2015,
includes long-term debt, Senior Unsecured notes translated into
Canadian dollars using the year end Canadian/U.S. foreign exchange
rate, and the net working capital deficiency (excess). The net working
capital deficiency (excess) excludes the current portions of: finance
lease obligation, deferred lease inducements and commodity contract
liability and asset. See non-GAAP Measures.
(6) Based on 191.96 million common shares outstanding as at December 31,
2015.

  NET PRESENT VALUE OF FUTURE NET REVENUE (“NPV”)

The forecast prices used in the Sproule Report were an average of the
forecast prices published by Sproule, GLJ Petroleum Consultants Ltd.
and McDaniel & Associates Consultants Ltd., as at January 1, 2016 (the
“Consultants' Average Forecast Prices”). It should not be assumed that the NPV estimated by Sproule represents
the fair market value of Bellatrix's reserves. Estimated future net
revenues are reduced for estimated future abandonment and reclamation
costs, estimated royalties payable, estimated operating 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 1P reserves is $766 million ($590 million
discounted at 10%) and $1,125 million ($851 million discounted at 10%) for 2P reserves. The
change in 2015 net total future capital over the life of the reserves
associated with 1P reserves is negative $97 million (negative $153
million discounted at 10%) and negative $211 million (negative $301 million discounted at 10%) for
2P reserves. Calculated changes in net future capital exclude future
capital from acquired properties. Negative changes to FDC incorporate
the positive capital cost reductions achieved throughout 2015 across
drilling, completion, equipping and tie-in activities. Significant
reductions in drill times, revised well configurations where practical,
minimized lease sizes and other initiatives in addition to improved
competitive pricing of services have all contributed to overall cost
reductions.

  SUMMARY OF NPV BEFORE INCOME TAXES ^{(1), (2)}

(1) Forecast Prices and Costs ($000s). Discounted at (%/year).
(2) May not add due to rounding.  

  SUMMARY OF NPV AFTER INCOME TAXES ^{(1), (2), (3)}

(1) Forecast Prices and Costs ($000s), Discounted at (%/year).
(2) 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.

  FD&A COSTS ⁽¹⁾

In response to protracted commodity prices, Bellatrix curtailed capital
investment and activity levels in 2015 relative to 2014. The Company
achieved significant capital cost reductions in 2015 resulting in
average drill, complete, equip and tie-in costs for its Spirit River
program in the second half of 2015 averaging less than $4.0 million per
well. The combination of curtailed capital activity levels, reduced
capital costs, and decreased year end reserve values resulted in
negative changes in FDC in 2015, which more than offset capital
expenditure levels during the year, causing non-meaningful FD&A cost
calculations across both total 1P and 2P reserve addition categories
for 2015. The negative change in FDC calculations does not affect the
PDP finding and development cost numbers as reported herein. Given
non-meaningful 2015 calculations for 1P and 2P FD&A costs, Bellatrix
has presented three year average 1P and 2P FD&A cost information.

THREE YEAR AVERAGE FD&A COSTS (2013 – 2015)

(1) Bellatrix 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) The aggregate of exploration and development costs incurred in the
most recent 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.
(3) FD&A is calculated using the announced purchase price for corporate
acquisitions rather than the actual amount allocated to property, plant
and equipment for accounting purposes.

  RESERVE LIFE INDEX

Bellatrix's reserve life index has been determined for 1P and 2P working
interest reserves using forecast prices and costs. The reserve life
index for 2015 is calculated by dividing reserves as at the effective
date of the Sproule Report, December 31, 2015, by 2016 forecasted
average production of 42,562 boe/d for 2P reserves and 38,837 boe/d for
1P reserves, 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.

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

The recycle ratio is a measure for evaluating the effectiveness of a
company's reinvestment 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. In 2015, the
Company completed significant facilities and equipment investments
totalling $96 million including $36 million directly on the Alder Flats
Plant.  For this reason, recycle ratio information is included for the
exploration and development program excluding capital spent directly on
the Alder Flats Plant.

⁽¹⁾Operating netback is calculated by deducting transportation, royalties
and operating costs from revenue. (See Non-GAAP Measures)

   RESERVES SUMMARY

Reserves included herein are stated either on a company interest basis
(working interest plus royalty interests prior to deduction of royalty
burdens), a gross (working interest excluding royalty interests and
burdens) or a 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, 2015 the Company's 2P Company interest reserves as
evaluated by Sproule, using forecast prices and costs, were 223,116
mboe, a decrease of 11% compared to 250,098 mboe at December 31, 2014;
total 1P Company interest reserves were 143,845 mboe, a decrease of 11%
compared to 161,448 mboe at December 31, 2014. By commodity type,
natural gas made up 68% and oil and natural gas liquids 32% of total 2P
reserves. In addition to the information disclosed herein, more
detailed information on the Company's reserves are included in the
Company's Annual Information Form.

Reserves, at December 31, 2015, as evaluated by Sproule, are summarized
below and in the following tables.

Summary of Oil and Gas Working Interest Reserves ⁽¹⁾ (Gross)
Forecast Prices and Costs

⁽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. Coal
bed methane and shale gas reserves represent an immaterial portion of
the Company's natural gas reserves.

Summary of Oil and Gas Net Reserves⁽¹⁾ (Net)
Forecast Prices and Costs

⁽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. Coal
bed methane and shale gas reserves represent an immaterial portion of
the Company's natural gas reserves.

  TAX POOLS

At December 31, 2015, the Company had approximately $1.7 billion in tax
pools available for deduction against future income as follows:

⁽¹⁾Approximately $298 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, 2015, Sproule had evaluated certain future development
opportunities on Company lands including 194 gross (121 net) evaluated
future undrilled Mannville horizontal locations and 248 gross (183 net)
future undrilled Cardium horizontal locations.

For purposes of assigning net present value of future revenue, future
development locations were committed as detailed in the following
table.

  RESERVE REPORT COMMODITY PRICING

The following is a summary of the Consultants' Average Forecast Prices
as at January 1, 2016:

⁽¹⁾ Exchange rates used to generate the benchmark reference prices in this
table

Weighted average historical prices realized by Bellatrix (before
commodity price risk management contracts) for the year ended December
31, 2015, were $2.95/mcf for natural gas, $54.34/bbl for crude oil and
condensate, and $14.16/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 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, 2015, Bellatrix had approximately 326,235 net
undeveloped acres in Alberta, British Columbia and Saskatchewan.

OPERATIONS OUTLOOK

The operational reliability and competitive cost structure of the
Company has never been stronger. The strategic investment in
infrastructure including the Alder Flats Plant has structurally
improved the operational reliability and cost structure of our
business, evidenced by the 28% reduction in fourth quarter 2015
operating costs to $6.87/boe relative to the comparable period in
2014. The investment in infrastructure has structurally reduced
transportation costs and royalty rates, enhanced natural gas liquids
recoveries, and improved overall reliability of processed production
volumes.

Commodity prices for both oil and natural gas currently remain at what
we believe are unsustainably low levels. As market supply and demand
forces naturally realign, we anticipate this will drive commodity
prices to higher levels.  Bellatrix remains focused on development of
the Spirit River formation, which is one of the lowest supply cost
natural gas plays in North America. The Company is favorably positioned
with a deep inventory of high rate of return well locations, supported
by infrastructure and firm takeaway capacity, to profitably grow when
commodity prices improve. Our acreage position in the Spirit River play
provides the value enhancing growth platform for our Company as we move
through the commodity price cycle.

Bellatrix has maintained an active two rig drilling program leveraging
joint venture capital through the majority of the first quarter of 2016
focused on development drilling in the Spirit River play. Approximately
70% of the Company's first half 2016 capital budget will be invested
within the first quarter, which is expected to provide average
corporate production in the first six months of 2016 at approximately
39,000 boe/d (midpoint of guidance +/- 500 boe/d).

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”.

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

READER ADVISORIES:

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 press release 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.

NON-GAAP MEASURES: This press release 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
GAAP as an indicator of the Company's performance. Therefore reference
to non-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. Funds flow from operations is calculated
as cash flow from operating activities, excluding decommissioning costs
incurred and changes in non-cash working capital incurred. The
reconciliation between cash flow from operating activities and funds
flow from operations can be found in the Company's Management
Discussion and Analysis for the year ended December 31, 2015 and 2014.
Funds flow from operations per share is calculated using the weighted
average number of shares for the period. This press release also
contains the term of operating netbacks, which is not a recognized
measure under GAAP. Operating netbacks are calculated by subtracting
royalties, transportation, and operating expenses from revenues before
other income. Management believes this measure is a useful supplemental
measure of the amount of revenues received after transportation,
royalties and operating expenses. Readers are cautioned, however, that
this measure should not be construed as an alternative to net profit or
loss determined in accordance with GAAP as a measure of performance.
Bellatrix's method of calculating this measure may differ from other
entities, and accordingly, may not be comparable to measures used by
other companies.

“Net debt” is considered to be a non-GAAP measure. Therefore reference
to the non-GAAP measures of net debt may not be comparable with the
calculation of similar measures for other entities. The adjusted
working capital deficiency (excess) is an non-GAAP measure calculated
as net working capital deficiency (excess) excluding short-term
commodity contract assets and liabilities, current finance lease
obligation, and current deferred lease inducements.  Management
believes these measures are useful supplementary measures of the total
amount of current and long-term debt. A reconciliation between total
liabilities under GAAP and net debt as calculated by the Company is
found in the Company's Management Discussion and Analysis for the year
ended December 31, 2015 and 2014.

FORWARD LOOKING STATEMENTS:  This news release contains certain
forward-looking information and statements that involve various risks,
uncertainties and other factors. The use of any of the words “continue”, “believe”, “anticipate”, “position”, “provides”, “will”,
“expected”, and similar expressions are intended to identify
forward-looking information. In particular, but without limiting the
generality of the foregoing, this news release contains forward-looking
information including management's assessment of future plans and
operations, production forecasts used to calculate reserve life,
reserve life calculations, reserves estimates, anticipated additional
drilling locations and confidence in offset development drilling
locations, the total future capital associated with development of
drilling locations and reserves, operational reliability and
competitive cost structure of the Company, management's expectations
regarding commodity prices and expected recovery, management's
expectation that it is favorably positioned as a result of its deep
inventory of high rate of return well locations, management's
assessment that the Company's land position in the Spirit River will be
value enhancing for the Company, 2016 capital expenditures and expected
amount of total program including capital to be invested by various
joint venture partners, and 2016 average corporate production. In
addition, references to reserves are deemed to be forward-looking
information, as they involve the implied assessment, based on certain
estimated and assumptions that the reserves described exist in the
quantities predicted or estimated. The reader is cautioned that
assumptions used in the preparation of such information may prove to be
incorrect. Events or circumstances may cause actual results to differ
materially from those predicted, a result of numerous known and unknown
risks, uncertainties, and other factors, many of which are beyond the
control of the Company. These risks include, but are not limited to:
the risks associated with the oil and gas industry; commodity prices;
and exchange rate changes. Industry related risks could include, but
are not limited to: operational risks in exploration; development and
production; delays or changes in plans; risks associated to the
uncertainty of reserve estimates; health and safety risks, and; the
uncertainty of estimates and projections of production, costs and
expenses. The recovery and reserve estimates of Bellatrix's reserves
provided herein are estimates only and there is 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; field production rates and
decline rates; the ability to replace and expand oil and natural gas
reserves through acquisition, development and exploration; the timing
and costs of pipeline, storage and facility construction and expansion
and the ability of the Company to secure adequate product
transportation and processing; 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 Bellatrix's operations and financial results are included
in reports on file with Canadian and United States securities
regulatory authorities and may be accessed through the SEDAR website (www.sedar.com), through the SEC website (www.sec.gov), and at Bellatrix'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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