Concurrent with the closing of the Strachan asset sale, the borrowing base under the Company’s syndicated revolving credit facilities (the “Credit Facilities”) was reconfirmed at $120 million, unchanged from prior levels, providing the Company with approximately $105 million of available liquidity post-closing (before deducting outstanding letters of credit). Other than approximately $15 million outstanding on the Credit Facilities, the Company has no debt maturities until 2020 and 2021.
UPDATED 2017 GUIDANCE
Bellatrix announces updated 2017 guidance, with continued investment in the low cost Spirit River liquids rich natural gas play, which is supported by strategic infrastructure ownership and operatorship. Bellatrix’s Board of Directors has approved a net capital expenditure budget of $120 million in 2017, representing an increase of $15 million. The increase includes the addition of approximately four net Spirit River wells to be drilled during the second half of the year, bringing the total anticipated second half drilling program to approximately 13 net wells.
By reinvesting less than half of the gross proceeds of the Strachan asset sale into the Company’s Spirit River play, Bellatrix expects to maintain its previously announced 2017 average daily and exit production volumes at 34,500 boe/d and 35,500 boe/d, respectively, while also reducing outstanding indebtedness, thereby enhancing the Company’s already strong liquidity position.
2017 Budget & Guidance Summary
Revised 2017 |
Previously Set 2017 |
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Production (boe/d) |
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2017 Average daily production |
34,500 |
34,500 |
|
2017 Exit production |
35,500 |
35,500 |
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Production Mix (%) |
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Natural gas |
76 |
76 |
|
Crude oil, condensate and NGLs |
24 |
24 |
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Capital Expenditures ($000) |
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Total net capital expenditures(1) |
$120,000 |
$105,000 |
|
Property disposition – cash(2) |
($34,500) |
– |
|
Total net capital expenditures after property disposition – cash(2) |
$85,500 |
$105,000 |
|
Production expense ($/boe)(3) |
$9.00 |
$9.00 |
|
(1) Net capital spending includes exploration and development capital projects and corporate assets, |
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(2) Property disposition – cash refers to the Strachan asset sale and does not include transaction costs or adjustments. |
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(3) 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.