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TSX, NYSE MKT: BXECALGARY,
Oct. 1, 2012 /PRNewswire/ - Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") (TSX, NYSE MKT: BXE) is pleased to provide the following operational update and preliminary guidance for 2013.
Bellatrix's field production at the end of September averaged approximately 18,500 boe/d weighted 35% oil and liquids and 65% natural gas. Production volumes for Q3 will be below expectation averaging between 15,500 boe/d and 16,000 boe/d. The average volumes were negatively affected by protracted spring breakup conditions, scheduled plant turnarounds, a series of intense localized storms resulting in an unusually high number of occurrences of unscheduled downtime and prolonged wet conditions delaying the third quarter drilling, completion and tie-in program. Power outages caused by power poles being struck by lightning, hail and intense rain shorted out transformers. In addition a violent rain storm shorted out electrical panels that created significant downtime for a major midstream operator that processes our production. However, Bellatrix continues to expect it will meet its previously announced 2012 calendar year guidance of average daily production of 16,500 to 17,000 boe/d and an exit rate of 19,000 boe/d to 19,500 boe/d.
The third quarter reconstituted drilling program commenced in August expanding from one drilling rig to the current three drilling rigs in operation. The Company will drill 9 gross (7.71 net) wells consisting of 7 gross (6.21 net) Cardium oil and condensate rich wells and 2 gross (1.5 net) liquids rich Notikewin gas wells in the third quarter and expects to drill 6 gross (4.85 net) wells in the fourth quarter.
In the Brazeau area of West Central Alberta the Company recently completed a long reach Cardium horizontal well (50% WI) to a total depth of 5,014 m with a 2,767 m horizontal leg. Early production results are showing an IP 3 (average volumes over the initial 3 days of production) of 1,755 boe/d 80% oil and liquids with 20% gas.