CALGARY, Sept. 14, 2016 /CNW/ – Bellatrix Exploration Ltd. (“Bellatrix” or the “Company”) (TSX, NYSE: BXE) plans to host an analyst update presentation on September 14, 2016. The presentation will provide discussion of Bellatrix’s asset base, key operational areas, and corporate strategy. A copy of the presentation will be available on Bellatrix’s website athttp://investors.bellatrixexploration.com/presentations.
Bellatrix maintains an active risk management program designed to reduce the impact of commodity price volatility and provide greater predictability of future cash flow. Bellatrix has increased its risk management protection in calendar 2017 with approximately 61% of gross natural gas volumes hedged at an average fixed price of approximately C$3.34/mcf (based on current Company gross natural gas volumes). Additionally, Bellatrix maintains a strong level of fixed price protection of approximately 60% of gross natural gas volumes at an average fixed price of approximately C$2.96/mcf in the second half of 2016 (based on the midpoint of second half 2016 average production guidance of 34,500 boe/d, 74% natural gas weighted). Management has established a strong level of risk management protection through calendar 2017, and continues to monitor market pricing with the intent on further fortifying its portfolio with an inaugural base level of 2018 risk management protection over the next several quarters.
As at September 13, 2016, Bellatrix was party to a series of commodity price risk management contracts for 2016 and 2017 as summarized below:
Product |
Financial Contract |
Period |
Volume |
Average Price (1) |
Natural gas |
Fixed price swap |
July 1, 2016 to September 30, 2016 |
95.3 MMcf/d |
$2.91/mcf |
Natural gas |
Fixed price swap |
October 1, 2016 to December 31, 2016 |
84.3 MMcf/d |
$3.02/mcf |
Natural gas |
Fixed price swap |
January 1, 2017 to December 31, 2017 |
92.7 MMcf/d |
$3.34/mcf |
Crude oil |
WTI basis swap (2) |
July 1, 2016 to September 30, 2016 |
2,000 bbl/d |
US$4.05/bbl |
Crude oil |
WTI basis swap (2) |
October 1, 2016 to December 31, 2016 |
1,500 bbl/d |
US$4.05/bbl |
(1) |
The conversion of $/GJ to $/mcf is based on an average corporate heat content rate of 40.6Mj/m3. |
|
(2) |
Settled on the monthly average Mixed Sweet Blend (“MSW”) Differential to WTI. The MSW differential refers |
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.