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

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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

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