Bellatrix Exploration Ltd. Announces First Quarter 2016 Financial and Operating Results

Press Release

CALGARY, May 13, 2016  – Bellatrix Exploration Ltd. (“Bellatrix” or the “Company”) (TSX, NYSE: BXE) announces its financial and operating results for the three months ended March 31, 2016.  This press release contains forward-looking statements.  Please refer to our cautionary language on forward-looking statements and the other matters set forth at the end of this press release and the beginning of the Management’s Discussion and Analysis (the “MD&A”) for the three months ended March 31, 2016 and 2015. Bellatrix’s unaudited condensed consolidated financial statements and notes, and the MD&A are available on Bellatrix’s website at www.bellatrixexploration.com, and are filed on SEDAR at www.sedar.com.

FIRST QUARTER 2016 HIGHLIGHTS

Three months ended March 31,

2016

2015

SELECTED FINANCIAL RESULTS

(CDN$000s except share and per share amounts)

Total revenue (2)

55,158

90,186

Funds flow from operations (2)

12,876

24,858

Per basic share (3)

$0.07

$0.13

Per diluted share (3)

$0.07

$0.13

Cash flow from operating activities

10,333

22,553

Per basic share (3)

$0.05

$0.12

Per diluted share (3)

$0.05

$0.12

Adjusted net profit (loss) (2)

(16,029)

(13,986)

Per basic share (3)

($0.08)

($0.07)

Per diluted share (3)

($0.08)

($0.07)

Net profit (loss)

19,347

(12,688)

Per basic share (3)

$0.10

($0.07)

Per diluted share (3)

$0.10

($0.07)

Capital – exploration and development

29,018

81,344

Capital – corporate assets

31

1,154

Property acquisitions

3

701

Capital expenditures – cash

29,052

83,199

Property dispositions – cash

(125)

(20)

Total net capital expenditures – cash

28,927

83,179

Other non-cash items

1,944

7,475

Total capital expenditures – net (2)

30,871

90,654

Bank debt

358,671

623,380

Senior Notes

311,736

Adjusted working capital deficiency (2)

43,356

73,068

Total net debt (2)

713,763

696,448

Total assets

1,707,882

2,264,748

Total shareholders’ equity

830,662

1,237,216

SELECTED OPERATING RESULTS

Three months ended March 31,

2016

2015

Average daily sales volumes

Crude oil, condensate and NGLs

(bbl/d)

10,558

12,644

Natural gas

(mcf/d)

167,455

190,582

Total oil equivalent

(boe/d) (4)

38,467

44,408

Average realized prices

Crude oil and condensate

($/bbl)

39.33

49.67

Crude oil and condensate (including risk management (1))

($/bbl)

39.07

52.54

NGLs (excluding condensate)

($/bbl)

10.35

18.17

Crude oil, condensate and NGLs

($/bbl)

21.28

32.72

Natural gas

($/mcf)

1.99

2.99

Natural gas (including risk management (1))

($/mcf)

2.41

3.03

Total oil equivalent

($/boe) (4)

14.52

22.13

Total oil equivalent (including risk management (1))

($/boe) (4)

16.30

22.68

Net wells drilled

5.7

3.2

Selected Key Operating Statistics

Operating netback (2)

($/boe) (4)

6.50

9.03

Operating netback (2) (including risk management (1))

($/boe) (4)

8.28

9.58

Transportation expense

($/boe) (4)

0.92

1.22

Production expense

($/boe) (4)

7.37

8.56

General & administrative expense

($/boe) (4)

1.29

1.83

Royalties as a % of sales (after transportation)

7%

18%

COMMON SHARES

Common shares outstanding

191,963,910

191,957,243

Share options outstanding

11,551,335

10,783,003

Fully diluted common shares outstanding

203,515,245

202,740,246

Weighted average shares (3)

191,963,910

191,953,095

SHARE TRADING STATISTICS

TSX and Other (5)

(CDN$, except volumes) based on intra-day trading

High

1.99

4.46

Low

1.11

2.38

Close

1.32

3.08

Average daily volume

2,043,542

2,921,719

NYSE

(US$, except volumes) based on intra-day trading

High

1.48

3.81

Low

0.75

1.86

Close

1.01

2.43

Average daily volume

2,013,177

888,245

(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 terms “funds flow from operations”, “funds flow from operations per share”, “adjusted net profit (loss)”, “total net debt”, “operating netbacks”, “total capital expenditures – net”, “adjusted working capital deficiency (excess)”, and “total revenue” do not have standard meanings under generally accepted accounting principles (“GAAP”). Refer to “Non-GAAP measures” disclosed at the end of this Press Release.

(3) Basic weighted average shares for the three months ended March 31, 2016 were 191,963,910 (2015: 191,953,095).

In computing weighted average diluted profit (loss) per share, weighted average diluted adjusted net profit (loss) per share, weighted average diluted cash flow from operating activities per share, and weighted average diluted funds flow from operations per share for the three months ended March 31, 2016, a total of nil (2015: nil) common shares were added to the denominator as a consequence of applying the treasury stock method to the Company’s outstanding share options, resulting in diluted weighted average common shares of 191,963,910 (2015: 191,953,095).

(4) A boe conversion ratio of 6 mcf: 1 bbl has been used, which is based on an energy equivalency conversion method primarily applicable at the burner tip. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency of the conversion ratio, utilizing the 6:1 conversion ratio may be misleading as an indication of value.

(5) TSX and Other include the trading statistics for the Toronto Stock Exchange (“TSX”) and other Canadian trading markets.

Read More: http://investors.bellatrixexploration.com/2016-05-13-Bellatrix-Exploration-Ltd-Announces-First-Quarter-2016-Financial-and-Operating-Results

AB2

Suncor Energy informed by Alberta Securities Commission regarding hearing date for challenge of Canadian Oil Sands’ new shareholder rights plan

Press Release

CALGARY, ALBERTA–(Nov. 5, 2015) – Suncor Energy Inc. (“Suncor”) has been informed that the Alberta Securities Commission (“ASC”) will hold a hearing on November 26, 2015. The purpose of the hearing is to consider the new shareholder rights plan adopted by the Canadian Oil Sands Limited (“COS” TSX Symbol “COS”) board of directors on October 6, 2015 in response to Suncor’s offer to acquire all of the outstanding shares of COS made to COS shareholders on October 5, 2015. The hearing is a result of Suncor’s application for an order to cease trade the new shareholder rights plan, which is in addition to COS’ original shareholder rights plan which was in place prior to Suncor making its Offer.

Suncor’s Offer was made as a 60 day “permitted bid” in accordance with the terms of the COS shareholder rights plan approved by the COS board of directors and shareholders in 2013. COS’ new shareholder rights plan, adopted after Suncor’s bid without shareholder approval, would require a take-over bid to be open for 120 days in order to constitute a “permitted bid”.

“We are asking the ASC to strike down the new rights plan so that COS shareholders can decide for themselves – and in a timely fashion – whether to tender their shares to our full and fair Offer,” said Steve Williams, Suncor’s president and chief executive officer. “COS has had more than enough time to identify and present to shareholders any value enhancement alternatives that may exist. The board and management of COS have been aware of our interest for more than 239 days, and our Offer respects the 60 day permitted bid term that the COS board of directors asked its shareholders to reconfirm in 2013. We believe this new COS rights plan is an inappropriate defensive tactic that runs counter to the best interests of COS shareholders.”

Suncor’s Offer provides a period of 60 days for COS to consider ways to improve shareholder value and for COS shareholders to consider the Suncor Offer. Suncor believes this period is more than adequate for COS to consider a transaction with Suncor or present its shareholders with another value-enhancing alternative.

About Suncor’s Offer to COS shareholders

Suncor is offering to acquire all of the outstanding shares of COS. Under the terms of the Offer, each COS shareholder will receive consideration of 0.25 of a Suncor share per COS share. Based on the closing price of Suncor’s shares on October 30, 2015, this Offer represents an implied value of $9.73 per COS share or a significant 57% premium to the pre-Offer trading price of $6.19 per COS share. Due to the subsequent increase in Suncor’s share price, as at October 30, 2015, this also represents an increase of over 10% in the implied value of COS shares since the Offer was announced on October 5, 2015.

In addition to this immediate value, COS shareholders will receive a 45% cash dividend increase and a tax-deferred rollover. COS shareholders will also benefit from ongoing ownership of shares of Suncor, a financially stronger, more diversified and stable company that, relative to COS, has delivered better share price performance even in the current low oil price environment. Over the past five years, through changing oil price environments, Suncor has increased its dividend by 190% and delivered a total shareholder return of over 15%. During that same period, Canadian Oil Sands has cut its dividend by 90% and its shareholders have endured a negative total shareholder return of 69%.

For more information about Suncor’s Offer for COS, visit http://www.suncorofferforcanadianoilsands.com

D.F. King has been retained as information agent for the Offer. Shareholders may contact D.F. King at:
Toll Free in North America: 1-866-521-4427
Banks, Brokers and Collect Calls: 1-201-806-7301
Toll Free Facsimile: 1-888-509-5907
Email: inquiries@dfking.com

AB2

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