Bellatrix exceeds exit guidance, averaging 19,600 boepd during November 2012, announces an increase in its credit facilities and

Bellatrix exceeds exit guidance, averaging 19,600 boepd during November 2012,
   announces an increase in its credit facilities and layers in additional
                   commodity fixed price contracts for 2013

PR Newswire

CALGARY, Dec. 12, 2012

TSX, NYSE MKT: BXE

CALGARY, Dec. 12, 2012 /PRNewswire/ - Bellatrix Exploration Ltd. ("Bellatrix"
or the "Company") (TSX, NYSE MKT: BXE) is pleased to announce that average
production in the month of November 2012 (based on field estimates) averaged
19,600 barrels of oil equivalent per day (boe/d) and that  it has completed
its mid-year review of its 2012 credit facilities and provides an update of
its recent commodity price risk management activities.

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 announces that month of November  2012 average field production of  19,600 
boe/d had exceeded  its exit rate  guidance of 19,000  boe/d to 19,500  boe/d. 
Total crude oil, condensate and NGLs averaged 32% of field production  volumes 
for the month of November 2012.

During the 3^rd  quarter of 2012,  the Company drilled  and completed 7  gross 
Cardium wells in the Ferrier/Brazeau area of West Central Alberta. The 7 gross
(6.21 net) Cardium wells averaged 987 boe/d for the first 7 days of production
(IP 7), 966 boe/d for  the first 15 days of  production (IP 15) and 906  boe/d 
for the first 30 days of production (IP 30). Additionally the Company  drilled 
2 gross (1.5 net) Notikewin/Falher liquids rich gas wells in the third quarter
of 2012. The  100% WI well  was placed on  production October 4,  2012 and  is 
currently producing 10.5 mmcf/d yielding 35 bbls of NGLs per mmcf. The  second 
well (0.5 net) was placed on production  on October 26, 2012 and is  currently 
producing 12.5 mmcf/d yielding 35 bbls of NGLs per mmcf.

A syndicate of  banks led by  National Bank of  Canada recently completed  its 
semi-annual borrowing base  redetermination for  November 30,  2012. Based  on 
Bellatrix's 2012 mid-year review, effective  December 13, 2012, the  Company's 
borrowing base was  increased by $20  million to $220  million through to  the 
next scheduled borrowing base determination to  be completed on or before  May 
31, 2013. In Bellatrix's  view this 10% increase  from the previous  borrowing 
base of  $200  million  is a  direct  result  of Bellatrix's  closing  of  its 
previously  announced  asset  acquisition,  the  layering  in  of   additional 
commodity fixed price contracts for 2013, as well as the strong 2012  drilling 
results which  delivered significant  reserves and  production growth  in  the 
first half of 2012.

The Company's expanded facilities consists  of a $25 million demand  operating 
facility provided by a Canadian bank and an $195 million extendible  revolving 
term credit facility provided by two  Canadian banks and a Canadian  financial 
institution. The  increased credit  facilities will  be available  to  finance 
Bellatrix's ongoing capital expenditures, working capital requirements and for
general corporate purposes.

On May 25, 2012, Bellatrix executed an amending and restated credit  agreement 
with its banking syndicate  that provided for the  extension of the  revolving 
period of the existing credit  facility from June 26,  2012 to June 25,  2013. 
Amounts borrowed under the  credit facility will bear  interest at a  floating 
rate based on  the applicable  Canadian prime rate,  U.S. base  rate or  LIBOR 
margin rate, plus between 1.00% and 3.50%, depending on the type of  borrowing 
and the Company's  debt to cash  ratio. A  standby fee is  charged of  between 
0.50% and 0.875% on the undrawn portion of the credit facilities, depending on
the Company's debt to cash flow ratio.

On November 15, 2012, Bellatrix  closed the previously announced  $21  million 
asset   acquisition   of   additional    highly   prospective   Cardium    and 
Notikewin/Falher lands and production in the Willesden Green area of Alberta.

In summary, Bellatrix has  the following crude oil  and natural gas  commodity 
price risk management contracts in place for 2013.  The conversion of $/GJ  to 
$/mcf is based on an average corporate heat content rate of 40.8 Mj/m^3.

  Product               Term               Volume    Average Price
 Crude Oil  Jan 1, 2013 to Dec. 31, 2013 1,500 bbl/d $94.50 CDN/bbl
Natural gas Apr 1, 2013 to Oct. 31, 2013 26.1 mmcf/d $4.72 CDN/mcf

Based  on  month  of  November  2012  average  field  production  volumes   of 
approximately 19,600 boe/d  annualized for  2013, Bellatrix has  put in  place 
price protection on approximately 30% of annual production volumes.

To further  clarify,  Bellatrix  recently  entered  into  the  two  previously 
mentioned commodity price risk management contracts consisting of two  natural 
gas fixed price  swaps for 20,000  GJ/d and 10,000  GJ/d respectively for  the 
period April  1,  2013  to October  31,  2013  at a  prices  of  CDN$4.0875/GJ 
(CDN$4.70/mcf) and  CDN$4.15/GJ (CDN$4.77/mcf).   Each  of these  summer  2013 
natural gas fixed price  swaps were enhanced and  received a premium price  in 
2013 by placing a call on 2,000  bbl/d and 1,000 bbl/d respectively at  US$105 
for the calendar year 2014.

As at  December 12,  2012, Bellatrix  has entered  into commodity  price  risk 
management arrangements as follows:

                                                                          
Type                  Period      Volume        Price            Price   Index
                                                Floor          Ceiling
Crude oil         January 1,       1,000   $    90.00   $    90.00 CDN     WTI
fixed           2012 to Dec.       bbl/d          CDN
                    31, 2012
Crude oil         January 1,       1,000   $    90.49   $    90.49 CDN     WTI
fixed           2012 to Dec.       bbl/d          CDN
                    31, 2012
Crude oil         January 1,       1,000   $    96.40   $    96.40 CDN     WTI
fixed           2012 to Dec.       bbl/d          CDN
                    31, 2012
Crude oil         January 1,       1,500   $    94.50   $    94.50 CDN     WTI
fixed           2013 to Dec.       bbl/d          CDN
                    31, 2013
Crude oil         January 1,   833 bbl/d            -   $ 110.00    US     WTI
call option     2012 to Dec.
                    31, 2012
Crude oil         January 1,       3,000            -   $ 110.00    US     WTI
call options    2013 to Dec.       bbl/d
                    31, 2013
Crude oil         January 1,       3,000            -   $ 105.00    US     WTI
call options    2014 to Dec.       bbl/d
                    31, 2014
Natural gas    April 1, 2013      20,000   $   4.0875   $   4.0875 CDN    AECO
fixed            to Oct. 31,        GJ/d          CDN
                        2013
Natural gas    April 1, 2013      10,000   $ 4.15 CDN   $     4.15 CDN    AECO
fixed            to Oct. 31,        GJ/d
                        2013

Bellatrix continues to focus on growth by development of its core Cardium  and 
Notikewin/Falher assets utilizing its large inventory of geological prospects.
The Company has developed an inventory of 669 net remaining Cardium  locations 
and 358 net  Notikewin/Falher locations representing  a net remaining  capital 
requirements of $4.06  billion based  on current  costs. As  at September  30, 
2012, Bellatrix has approximately 197,428 net undeveloped acres and  including 
all  opportunities  has   in  excess  of   1,554  net  exploitation   drilling 
opportunities identified, with capital requirements of $7.09 billion based  on 
current costs  representing  over 40  years  of drilling  inventory  based  on 
current annual cash flow.   The Company continues to  focus on adding  Cardium 
and Notikewin prospective lands.

The Company's current corporate presentation is available at
www.bellatrixexploration.com.

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 and convertible  debentures 
of Bellatrix trade on the Toronto Stock Exchange ("TSX") under the symbols BXE
and BXE.DB.A, respectively  and the common  shares of Bellatrix  trade on  the 
NYSE MKT under the symbol BXE.

All amounts in  this press release  are in Canadian  dollars unless  otherwise 
identified.

Forward looking  statements:  Certain  information  set  forth  in  this  news 
release, including management's assessments of the future plans and operations
including   anticipated  2012   average  daily  production   and  exit   rate, 
anticipated use  of availability  under bank  facility and  amount of  capital 
required  to  develop  inventory  and   time  for  development.  May   contain 
forward-looking statements, and necessarily  involve risks and  uncertainties, 
certain of which  are beyond Bellatrix's  control, including risks  associated 
with oil and gas exploration, development, exploitation, production, marketing
and  transportation,  loss  of  markets   and  other  economic  and   industry 
conditions, volatility of commodity prices, currency fluctuations, imprecision
of reserve estimates, environmental  risks, competition from other  producers, 
inability to  retain  drilling  services, incorrect  assessment  of  value  of 
acquisitions and failure to realize  the benefits therefrom, delays  resulting 
from or  inability  to  obtain  required regulatory  approvals,  the  lack  of 
availability of qualified personnel or management, stock market volatility and
ability to access sufficient  capital from internal  and external sources  and 
economic  or  industry  condition  changes.  Actual  results,  performance  or 
achievements could differ materially from  those expressed in, or implied  by, 
these forward-looking statements and, accordingly,  no assurance can be  given 
that any events anticipated by  the forward-looking statements will  transpire 
or occur, or if any  of them do so, what  benefits that Bellatrix will  derive 
therefrom. Additional information on these and other factors that could affect
Bellatrix are included in reports on file with Canadian securities  regulatory 
authorities and the United States  Securities and Exchange Commission and  may 
be accessed  through  the SEDAR  website  (www.sedar.com), the  SEC's  website 
(www.sec.gov   or   at   Bellatrix's   website   www.bellatrixexploration.com. 
Furthermore, the forward-looking statements contained in this news release are
made as of the date of this news release, and Bellatrix does not undertake any
obligation to update publicly or to revise any of the included forward looking
statements,  whether  as  a  result  of  new  information,  future  events  or 
otherwise, except as may be expressly required by applicable securities law.

Conversion: The  term barrels  of oil  equivalent ("boe")  may be  misleading, 
particularly if used  in isolation.  A boe  conversion ratio  of six  thousand 
cubic feet of natural gas to one barrel of oil equivalent (6 mcf/bbl) is based
on an energy equivalency conversion method primarily applicable at the  burner 
tip and does not represent a value equivalency at the wellhead. Given that the
value ratio based on the current price of crude oil as compared to natural gas
is significantly different  from the  energy equivalency of  6:1, utilizing  a 
conversion on a 6:1 basis may be misleading as an indication of value. All boe
conversions in this report are derived from converting gas to oil in the ratio
of six thousand cubic feet of gas to one barrel of oil.

Initial production rates:  Initial production  rates disclosed herein may  not 
necessarily be indicative of long-term performance or ultimate recovery.

 

SOURCE Bellatrix Exploration Ltd.

Contact:

Raymond G. Smith, P.Eng., President and CEO (403) 750-2420
or
Edward J. Brown, CA, Vice President, Finance and CFO (403) 750-2655
or
Brent A. Eshleman, P.Eng., Executive Vice President (403) 750-5566
or
Troy Winsor, Investor Relations (800) 663-8072

Bellatrix Exploration Ltd.
2300, 530 - 8^th Avenue SW
Calgary, Alberta, Canada T2P 3S8
Phone: (403) 266-8670
Fax: (403) 264-8163
www.bellatrixexploration.com