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Bellatrix Exploration Ltd. Achieves Its 2012 Exit Rate Two Months Early And Provides An Update On Q3 Drilling Results

Stocks in this article: BXE

TSX, NYSE MKT: BXE

CALGARY, Nov. 1, 2012 /PRNewswire/ - Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") (TSX: BXE) is pleased to provide the following an update on Q3 drilling results and Q3 production.

Q3 production

Third quarter 2012 sales volumes averaged 15,503 boe/d (weighted 34% to oil, condensate and NGLs and 66% to natural gas).  Production for the month of October, based on field estimates, was 18,300 boe/d (weighted 34% to oil, condensate and NGLs and 66% to natural gas).  Field production estimates for the end of October are 19,000 boe/d carrying the same weighting as the month's average.

The average sales volumes for Q3 2012 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 rainstorm shorted out electrical panels that created significant downtime for a major midstream operator that processes a portion of 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.

Q3 Drilling Results and Plans

During the first nine months of 2012, Bellatrix posted a 100% success rate drilling and/or participating in 24 gross (20.15 net) wells resulting in 18 gross (15.15 net) Cardium oil wells, 2.0 gross (2.0 net) Cardium condensate rich gas wells, 1.0 gross (1.0 net) Duvernay gas well and 3.0 gross (2.0 net) Notikewin/ Falher liquids rich gas wells. Bellatrix drilled 9 gross (7.71 net) wells consisting of 7 gross (6.21 net) Cardium oil wells and 2 gross (1.5 net) liquids rich Notikewin/ Falher gas wells in the third quarter of 2012.

In the Brazeau area of West Central Alberta, the Company recently completed a long reach Cardium horizontal oil well (50% WI) to a total depth of 5,014 m with a 2,767 m horizontal leg.  Average production volumes over the initial 30 days of production, based on field estimates, was 1,062 boe/d, 70% oil and liquids with 30% gas.

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