Bellatrix Exploration Announces Material Reserves Increases (up 54%) Posting $6.95/boe Finding and Development Costs

 Bellatrix Exploration Announces Material Reserves Increases (up 54%) Posting
                   $6.95/boe Finding and Development Costs

PR Newswire

CALGARY, Feb. 21, 2013

TSX: BXE

CALGARY, Feb. 21, 2013 /PRNewswire/ - Bellatrix Exploration Ltd. ("Bellatrix"
or the "Company") announces the results of an independent reserve evaluation
effective December 31, 2012. The report was completed by Sproule Associates
Limited ("Sproule"). The evaluation encompasses 100% of Bellatrix's oil and
gas properties and was prepared in accordance with National Instrument 51-101
Standards of Disclosure for Oil and Gas Activities ("NI 51-101").

Bellatrix benefitted from the  largest capital program  since conversion to  a 
growth-oriented exploration and production company as  it grew 54% to a  total 
of 104 million boe proved and probable ("2P") reserves in 2012.

In 2012, the Company  spent $164 million developing  its resource play  assets 
and $14  million (net  of dispositions)  on acquiring  additional Cardium  and 
Notikewin/Falher  production  and   development  acreage.  Resultant   growth 
contributed to  a 42%  increase in  the  Company's net  asset value  to  $1.07 
billion, equivalent to  $9.90/share using  a 10%/year discount  to future  net 
revenue.

The Company replaced  702% of  total production in  2012 with  new proved  and 
probable reserves at a finding,  development and acquisition ("FD&A") cost  of 
$4.28/boe,  excluding  future   development  capital  ("FDC")   requirements. 
Including FDC requirements, FD&A totaled $6.95/boe. Annual production was  up 
40% in 2012, to 6.11 million boe from 4.36 million boe.

The Company  established a  proved ("1P")  Recycle  Ratio of  2.35X and  a  2P 
Recycle Ratio of 5.02X excluding FDC.

As at December 31, 2012 proved plus probable reserves were comprised  of  34.6 
million barrels of oil and  natural gas liquids as  well as 418 billion  cubic 
feet of natural gas, with a 33% liquids weighting on a boe basis.

The Company's  calculated reserve  life index  improved to  8.6 years  for  1P 
reserves, 12.4 years for 2P reserves.

KEY 2012 ACHIEVEMENTS

                                     Twelve months ended December,       
                                                2012          2011  Change
Reserves (company interest, mboe)                                       
 Proved Developed Producing                   24,518        19,336 +26.8 %
 Total Proved                                 55,490        41,818  +32.7%
  Proved Undrilled/Total Proved                 56%           53%       
 Total Proved and Probable                   104,258        67,550  +54.3%
 Probable/Total Proved and Probable             47%           38%       
Net Asset Value, per basic share                $9.90         $7.01  +41.4%

                                        Twelve months ended December,       
                                                   2012          2011  Change
FD&A costs                                                                 
    1P, including FDC ($/boe)                    $11.77        $13.00   -9.5%
    2P, including FDC ($/boe)                     $6.95         $9.29  -25.2%
    3 year average 2P, including FDC              $9.04        $10.59  -14.6%
     ($/boe)
Annual Average Sales Volumes (boe/d)              16,686        11,954 +39.6 %
Q4 Average Sales Volumes (boe/d)                  18,763        14,209 +32.1 %
Exit Production Rate (boe/d)                      19,500        16,141 +20.8 %
Funds Flow From Operations ($ millions)           $111.0         $94.2 +17.8 %
^1(unaudited)
    Per basic share (unaudited)                   $1.03         $0.91 + 13.2%
Reserve Life Index                                                         
    Proved                                     8.6 yrs       8.0 yrs   +7.5%
    Proved and Probable                       12.4 yrs      10.0 yrs  +24.0%
Recycle Ratios^1                                                           
    1P, excluding FDC                           2.35 x        3.01 x       
    2P, excluding FDC                           5.02 x        4.16 x       

^1 Funds flow from operations is not a recognized term under Canadian
generally accepted accounting principles. See "Non-GAAP Measures".
^2Operating netback includes impact of commodity price risk contracts

SELECT 2012 OPERATING RESULTS

To assist in interpretation  of the Company's  reserves and key  achievements, 
Bellatrix releases select 2012 operating  results ahead of full year-end  2012 
financial results  including  data on  capital  expenditures, cash  flow  from 
operating activities, and drilling results.

CAPITAL EXPENDITURES

                                                       
                                          Years ended December 31,
                                                    2012        2011
($000s)                                         (unaudited)
Lease acquisitions and retention                    8,303      16,367
Geological and geophysical                            290         433
Drilling and completion costs                     118,783     141,051
Facilities and equipment                           36,811      18,471
                                                 164,187     176,322
Drilling Incentive Credits                              -       (827)
Exploration and development^1                    164,187     175,495
Corporate ^ 2                                         195         268
Property acquisitions                              20,966       3,798
Total capital expenditures - cash                185,348     179,561
Property dispositions - cash                      (6,660)     (4,203)
Total net capital expenditures - cash            178,688     175,358
Capital lease additions - non cash                 10,000       3,700
Other - non-cash ^3                                 (285)       6,875
 Total - non - cash                               9,715      10,575
Total capital expenditures                     188,403     185,933

^1 Excludes capitalized costs related to decommissioning liabilities
expenditures incurred during the year.
^2 Corporate includes furniture, fixtures and other costs.
^3 Other includes non-cash adjustments for current year's decommissioning
liabilities and share based compensation.

The $185.3 million capital program for the year ended December 31, 2012 was
financed from funds flow from operations and bank debt.

ACQUISITIONS

Effective November 1, 2012,  Bellatrix acquired additional highly  prospective 
Cardium and Notikewin/Falher lands and production in the Willesden Green  area 
of Alberta with  500 boe/d  of production, 16  gross (11.95  net) sections  of 
Cardium and Mannville prospective lands, 25 net Cardium development locations,
4 net Notikewin/Falher development locations and a 25% working interest in  an 
operated compressor station and  gathering system. The  purchase price of  $21 
million was funded using the Company's existing credit facilities.

On December  14, 2012,  Bellatrix  acquired an  additional  11 gross  and  net 
sections of  highly  prospective Cardium  and  Notikewin/Falher lands  in  the 
Ferrier area  of west  central  Alberta. This  acquisition is  anticipated  to 
provide an  additional  37  net  drilling locations  in  the  Cardium,  9  net 
locations in the Notikewin/Falher  and an additional 66  net locations in  the 
Duvernay formation.

DISPOSITIONS

During the third  quarter of 2012,  Bellatrix closed on  the disposition of  a 
minor non-core property  interest in  the Wainwright area,  Alberta for  $4.25 
million after  adjustments. This  non-operated unit  heavy oil  property  had 
production of approximately 59  boe/d. The net  proceeds from the  disposition 
were initially used to reduce the Company's bank indebtedness, and  ultimately 
were directed toward  the development  of the Company's  Cardium oil  resource 
program.

During the second quarter of 2012, Bellatrix closed on the disposition of  two 
minor non-core property interests  consisting of the  sale of the  Girouxville 
property in Alberta  for $0.6 million  after adjustments and  the sale of  the 
Cypress-Chowade  property  in   British  Columbia  for   $1.4  million   after 
adjustments.  There  was  no  current  production  from  the  Girouxville  or 
Cypress-Chowade properties.

RECONCILIATION OF CASH FLOW FROM OPERATING ACTIVITIES AND FUNDS FLOW FROM
OPERATIONS

                                                   
                                     Years ended December 31,
                                                    2012   2011
($000s)                                         (unaudited)
Cash flow from operating activities           109,328      98,192
Decommissioning costs incurred                    635         569
Change in non-cash working capital              1,075     (4,524)
Funds flow from operations^1                  111,038      94,237

^1 ^Funds flow from operations is not a recognized term under Canadian
   generally accepted accounting principles. See "Non-CAAP Measures"

Bellatrix generated funds flow  from operations of  $111.0 million ($1.03  per 
basic share and $0.96 per diluted share) for the year ended December 31, 2012,
an increase of 18%  from $94.2 million  ($0.91 per basic  share and $0.84  per 
diluted share)  for  the 2011  year.  Bellatrix's cash  flow  from  operating 
activities of $109.3  million ($1.02  per basic  share and  $0.95 per  diluted 
share) for the year ended December  31, 2012 increased approximately 11%  from 
the $98.2  million  ($0.95  per  basic share  and  $0.87  per  diluted  share) 
generated in the 2011 year. The increase between the 2012 and 2011 years  was 
principally due to higher net realized  gains on the Company's commodity  risk 
management  contracts  and  higher  funds  from  operating  netbacks,  despite 
significantly  reduced  commodity  prices,   offset  partially  by   increased 
financing expenses and slightly higher general and administrative expenses  in 
2012 compared to 2011.

Bellatrix maintains a  commodity price  risk management program  to provide  a 
measure of stability to funds flow from operations. Unrealized mark-to-market
gains or losses are non-cash adjustments  to the current fair market value  of 
the contract over its entire term and  are included in the calculation of  net 
profit.

DRILLING RESULTS

During the 2012  year, Bellatrix posted  a 100% success  rate drilling  and/or 
participating in 34 gross (26.32 net) wells, resulting in 28 gross (21.32 net)
Cardium oil wells,  2 gross  (2.0 net)  Cardium condensate-rich  gas wells,  1 
gross (1.0 net)  Duvernay gas  well, and  3 gross  (2.0 net)  Notikewin/Falher 
liquids-rich gas wells.

By comparison, Bellatrix drilled or participated in 54 gross (34.84 net) wells
during the year ended  December 31, 2011, including  39 gross (29.04 net)  oil 
wells, 14 gross (5.79 net) liquids-rich natural gas wells, and 1 gross  (0.007 
net) dry hole that was drilled in a non-operated oil unit.

During fiscal 2012  the Company  operated 24  net wells  of the  28 net  wells 
reported in the Cardium. The following average initial production ("IP") rates
for the first 7 days ("IP 7"), for the first 15 days ("IP15") and the first 30
days ("IP 30") were achieved:

Time  # of wells Boe/d
IP 7      24      769
IP 15     24      715
IP 30     24      656

2012 RESERVES

Bellatrix engaged Sproule to complete a  reserve report in accordance with  NI 
51-101, on 100% of Bellatrix's oil  and gas properties effective December  31, 
2012. Sproule's review does  not include the  impact of Bellatrix's  proposed 
Cardium Joint Venture announced subsequent to the effective date and currently
estimated to close on or before April 30, 2013.

Highlights of Bellatrix's December 31, 2012 reserves and 2012 reserve
additions include:

  *104.3 million boe total company interest proved and probable reserves, and
    55.5 million boe total company interest proved reserves as at December 31,
    2012, representing 54.3% and 32.7% year over year growth in 2012,
    respectively.
  *$1,106.9 million net present value of future net revenue of working
    interest reserves before tax at 10% discount rate up from $722.5 million
    posted as of December 31, 2011. This growth contributes to a 41.9%
    increase in Bellatrix's net asset value, as at December 31, 2012 to $9.90
    per basic share outstanding based on the Sproule evaluation of proved and
    probable reserves at a 10% discount rate.
  *702% replacement of production with 2P company interest reserve additions
    in year ended 2012.
  *$11.77/boe FD&A for proved reserves including changes to future
    development capital and $9.16/boe
  *FD&A for proved reserves excluding changes to future development capital
    for the year ended 2012.
  *FD&A of $6.95/boe for total proved and probable reserves including changes
    to future development and $4.28/boe FD&A for total proved and probable
    reserves excluding changes to future development capital for the year
    ended 2012.
  *The 3 year 2P FD&A including FDC was reduced to $9.04/boe.
  *12.4 year reserve life index on a total working interest proved and
    probable basis at December 31, 2012 based on Sproule's 2013 forecasted
    average production of 22,888 boe/d.
  *161 gross (96 net) evaluated future undrilled Cardium horizontal
    locations.
  *56 gross (41 net) evaluated future undrilled Notikewin/Falher horizontal
    locations.

                    2012 Reserves                      2011          
                                                         Reserves
                    Oil & Liquids Natural Gas  Total      Total Variance
                          (mbbls)      (mmcf)  (mboe)    (mboe)        %
Proved                      19,722     214,607  55,490    41,818   +32.7%
Probable                    14,921     203,077  48,767    25,732   +89.5%
Proved Plus Probable        34,644     417,684 104,258    67,550  +54.3 %

NET ASSET VALUE - PROVED PLUS PROBABLE

The following table of net asset value, as at December, 31, 2012, is based  on 
the Sproule evaluation  of future  net revenue  of the  Company's proved  plus 
probable reserves before tax, which does  not represent fair market value  and 
does not take  into account  possible reserve additions  from reinvestment  of 
cash flow in existing properties.

($000's except acre, unit and per unit amounts)
                        PW 0%       PW 5%      PW 10%      PW 15%      PW 20%
Proved plus
Probable
Reserves^1           2,321,425   1,523,786   1,106,930     854,404     686,480
Undeveloped            131,515     131,515     131,515     131,515     131,515
Lands^2
Value of                19,500      19,500      19,500      19,500      19,500
Seismic^3
Net Debt^4           (189,577)   (189,577)   (189,577)   (189,577)   (189,577)
Net Asset Value      2,282,863   1,485,224   1,068,368     815,842     647,918
^6
                                                                        
Per Common Share
^5
- Per Basic Share       $21.16      $13.77       $9.90       $7.56       $6.01
^1As evaluated by Sproule as at December 31, 2012 based on forecast prices
and costs before income tax
^2 As estimated by Bellatrix as at December 31, 2012 based on 206,638 net
acres of undeveloped land at an average price of $636.45 per acre.
^3 Based on 27.66% of $70.5 million replacement value based on seismic costs
on an average of $1,500/km for 2d and $10,000/km2 to buy data.
^4 The Company's calculation of Net Debt as at December 31, 2012, includes
long term debt, the working capital deficiency (excess), and the liability
portion of convertible debentures ($50.687 million) and excludes deferred
liabilities, long-term commodity contract liabilities, decommissioning
liabilities, long-term finance lease obligations and the deferred tax
liability. As at December 31, 2012, the principal amount of convertible
debentures outstanding was $55.0 million.
^5 Based on 107.869 million common shares outstanding as at December 31, 2012.
^6Certain of the information used in the foregoing calculation, including net
debt and number of common shares outstanding, is based on unaudited financial
information.

NET PRESENT VALUE OF FUTURE NET REVENUE ("NPV")

The forecast prices used  in Sproule's reserve  report effective December  31, 
2012 (the "Sproule Report") were an  average of the forecast prices  published 
by Sproule  Associates Ltd.,  GLJ Petroleum  Consultants Ltd.  and McDaniel  & 
Associates Consultants Ltd., as at January 1, 2013 (the "Consultants'  Average 
Forecast Prices"). It should not be assumed that the NPV estimated by Sproule
represents the fair market value of the reserves.

Estimated future net  revenues are  stated before  deducting future  estimated 
site restoration costs but are reduced for estimated future abandonment costs,
the Saskatchewan  Capital Tax  and estimated  capital for  future  development 
associated with the  reserves. In the  Sproule Report, the  net total  future 
capital over the life of the  reserves associated with the proved reserves  is 
$327.4 million ($288.3 million discounted at 10%)  and $524.6 million  ($452.1 
million discounted at  10%) for the  total proved and  probable reserves.  The 
change in  2012  net  total future  capital  over  the life  of  the  reserves 
associated with  the  proved  reserves  is  $63.2    million  ($52.7  million 
discounted at 10%)   and $147.8  million  ($115.1 million discounted at  10%) 
for the total proved and probable reserves.

SUMMARY OF NPV BEFORE INCOME TAXES^1, 2

                                                               
As at December 31, 2012         0%          5%         10%       15%       20%
Proved                                                                   
   Developed producing    576,951     447,539     369,969   318,154   281,033
   Developed                2,069       1,455       1,069       816       643
    non-producing
   Undeveloped            567,611     378,161     265,854   192,681   141,884
Total proved             1,146,631     827,154     636,891   511,651   423,561
Probable                 1,174,793     696,632     470,039   342,753   262,919
Proved Plus Probable
Producing                  852,644     601,470     469,850   389,410   335,260
Total proved plus        2,321,425 1,523,786 1,106,930 854,404 686,480
probable

^1Forecast Prices and Costs ($000s), Discounted at (%/year).
^2May not add due to rounding.



SUMMARY OF NPV AFTER INCOME TAXES^1, 2, 3

                                                             
As at December 31,         0%           5%         10%        15%         20%
2012
Proved                                                                   
    Developed         574,579      446,965     369,811    318,106     281,018
     producing
    Developed           1,552        1,280       1,007        793         634
     non-producing
    Undeveloped       425,706      286,032     201,357    145,075     105,352
Total proved         1,001,838      734,278     572,175    463,974     387,004
Probable               880,969      518,644     346,562    249,909     189,412
Proved Plus Probable   781,256      568,456     452,664    379,749     329,522
Producing
Total proved plus    1,882,207 1,252,922 918,737 713,883 576,417
probable

^1Forecast Prices and Costs ($000s), Discounted at (%/year).
^2May not add due to rounding.
^3 The after-tax NPV of Bellatrix's oil and gas properties reflects the tax
burden on the properties on a stand-alone basis and utilizes corporate tax
pools. It does not consider the business-entity-level tax situation, or tax
planning. It does not provide an estimate of the value at the level of the
business entity, which may be significantly different. Bellatrix's
consolidated financial statements and management's discussion and analysis
should be consulted for information at the business entity level.

PROVED PLUS PROBABLE FD&A COSTS ^1, 2

                                                              
                                                               2010 - 2012
                                          2012      2011      2010     Average
Excluding FDC                                                        
FD&A Costs, 2P ($/boe)                                               
 Exploration and development^3         4.29      5.99      4.68        4.95
 Acquisitions (excluding                4.21     12.24     20.96        5.76
   dispositions)
 Total (including acquisitions)        4.28      6.06      4.96        5.00
Including FDC^3                                                      
FD&A Costs, 2P ($/boe)                                               
 Exploration and development           7.31      9.26     12.74        9.25
 Acquisitions (excluding               4.21 12.24 20.96        5.76
   dispositions)
 Total (including acquisitions)        6.95      9.29     12.89        9.04

^1 NI 51-101 specifies how finding and development costs should be calculated
if they are reported. Essentially NI 51-101 requires that the exploration and
development costs incurred in the year along with the change in estimated
future development costs be aggregated and then divided by the applicable
reserve additions. The calculation specifically excludes the effects of
acquisitions and dispositions on both reserves and costs.
By excluding the effects of acquisitions and dispositions Bellatrix believes
that the provisions f the NI 51-101 do not fully reflect Bellatrix's ongoing
reserve replacement costs. Since acquisitions can have a significant impact
on Bellatrix's annual reserve replacement costs, excluding these amounts could
result in an inaccurate portrayal of Bellatrix's cost structure. Accordingly,
Bellatrix also provides FD&A costs that incorporate all acquisitions net of
any dispositions during the year. The foregoing calculation is based on
working interest reserves.
^2 Certain of the information used in the foregoing calculation, including
exploration and development expenditures and acquisition expenditures is based
on unaudited financial information and is subject to audit and may be subject
to change as a result. 2010 numbers do not reflect any changes to accounting
rules that may have occurred and are based on generally accepted accounting
principles prior to adoption of International Financial Reporting Standards
("IFRS") and have not been restated.
^3 The aggregate of the exploration and development costs incurred in the most
recent financial year and the change during that year in estimated future
development costs generally will not reflect total finding and development
costs related to reserve additions for that year.

PROVED FD&A COSTS ^1, 2

                                                         
                                                             []2010-2012 [ ]
                                2012       2011       2010           Average
Excluding FDC                                                             
FD&A Costs, 1P ($/boe)                                                    
 Exploration and                 8.87       8.28       8.03              8.43
  development^3
 Acquisitions (excluding        12.20      15.71      27.41             14.52
  dispositions)
 Total (including                9.16       8.37       8.47              8.69
  acquisitions)
Including FDC^3                                                           
FD&A Costs, 1P ($/boe)                                                    
 Exploration and                11.73      12.97      15.67             13.17
  development
 Acquisitions (excluding        22.42      15.71      27.41             22.33
  dispositions)
 Total (including          11.77 13.00 15.94             13.22
  acquisitions)

^1 NI 51-101 specifies how finding and development costs should be calculated
if they are reported. Essentially NI 51-101 requires that the exploration and
development costs incurred in the year along with the change in estimated
future development costs be aggregated and then divided by the applicable
reserve additions. The calculation specifically excludes the effects of
acquisitions and dispositions on both reserves and costs. By excluding the
effects of acquisitions and dispositions Bellatrix believes that the
provisions of the NI 51-101 do not fully reflect Bellatrix's ongoing reserve
replacement costs. Since acquisitions can have a significant impact on
Bellatrix's annual reserve replacement costs, excluding these amounts could
result in an inaccurate portrayal of Bellatrix's cost structure. Accordingly,
Bellatrix also provides FD&A costs that incorporate all acquisitions net of
any dispositions during the year. The foregoing calculation is based on
working interest reserves.
^2 Certain of the information used in the foregoing calculation, including
exploration and development expenditures and acquisition expenditures is based
on unaudited financial information and is subject to audit and may be subject
to change as a result. 2010 numbers do not reflect any changes to accounting
rules that may have occurred and are based on generally accepted accounting
principles prior to adoption of International Financial Reporting Standards
("IFRS") and have not been restated.
^3 The aggregate of the exploration and development costs incurred in the most
recent financial year and the change during that year in estimated future
development costs generally will not reflect total finding and development
costs related to reserve additions for that year.

RESERVE LIFE INDEX

Bellatrix's reserve life index has been determined for proved and proved  plus 
probable working  interest  reserves using  forecast  prices and  costs.  The 
reserve life index for 2012 below is calculated by dividing reserves as at the
effective date of the  Sproule Report, December 31,  2012, by 2013  forecasted 
average production  of 22,888  boe/d  proved plus  probable and  17,655  boe/d 
proved, as set  forth in  the Sproule Report,  representing a  measure of  the 
amount of time production could be sustained at the production rates based  on 
the reserves at the applicable point in time.

                                                    
                   2012 2011 2010 2009 2008
Proved                   8.6     8.0       7.2       6.4       6.4
Proved and Probable     12.4    10.0      11.2       9.4      10.1

RECYCLE RATIO (OPERATING NETBACK^1/FD&A COST)

As at December 31, 2012                                      Proved Proved and
                                                                     Probable
Operating netback before commodity price risk management     $19.66     $19.66
contracts ($/boe) ^1
(unaudited)
Recycle ratio (excluding change in FDC)                       2.15x      4.59x
                                                                           
Operating netback after commodity price risk management      $21.51     $21.51
contracts ($/boe) ^1 (unaudited)
Recycle ratio (excluding change in FDC)                       2.35x      5.02x

^1Operating netback is calculated  by deducting transportation, royalties  and 
operating costs from revenue.

The recycle ratio is a measure for evaluating the effectiveness of a company's
re-investment  program.  The   ratio  measures  the   efficiency  of   capital 
investment. It accomplishes this by comparing the operating netback per BOE to
that year's  reserve FD&A  cost per  BOE.  Since its  conversion to  a  growth 
oriented  exploration  and  production  company,  Bellatrix  has  successfully 
achieved a recycle  ratio in excess  of the  2.74 times recorded  in 2009  for 
proved and probable  reserves. In 2012,  2011 and 2010  the recycle ratio  for 
proved and  probable reserves  was  5.02 times,  4.16  times and  4.31  times, 
respectively.

RESERVES RECONCILIATION

Reserves included  herein are  stated  on a  company interest  basis  (working 
interest plus royalty interests prior to deduction of royalty burdens)  unless 
noted otherwise in addition, certain reserves included herein are stated on  a 
gross (working  interest  excluding royalty  interests  and burdens)  and  net 
(working interest plus royalty interest less royalty burdens) basis as defined
in NI 51-101. "Company interest"  is not a term defined  by NI 51-101 and  as 
such the estimates of company interest  reserves herein may not be  comparable 
to estimates  prepared in  accordance  with NI  51-101  or to  other  issuers' 
estimates of company interest reserves.

At December  31, 2012  the  Company's proved  plus probable  company  interest 
reserves as  evaluated  by Sproule,  using  forecast prices  and  costs,  were 
104,258 mboe, an  increase of 54.3%  compared to 67,550  mboe at December  31, 
2011. By commodity  type, natural gas  made up  67% and oil  and natural  gas 
liquids 33% of total proved plus probable reserves. At December 31, 2012, the
Company's total proved company interest reserves were 55,490 mboe, an increase
of 32.7% compared to 41,818 mboe at December 31, 2011 (calculated after taking
into account 2012 production of 6,107 mboe).

In additionto the information disclosed herein, more detailed information  on 
the Company's reserves will  be included in  the Company's Annual  Information 
Form.

Reserves, at December 31, 2012, as evaluated by Sproule, are summarized below
and in the following tables.

Summary of Oil and Gas Company Interest Reserves^1 (Gross + Royalties
Receivable)
Forecast Prices and Costs
                                   As at Dec. 31, 2012                 As at
                                                                          Dec.
                                                                           31,
                                                                          2011
                       Natural   Heavy   Light  Natural        Total   Total
                           Gas^2     Oil     and      Gas
                                      Medium  Liquids                   
                                             Oil
                        (mmcf)  (mbbl)  (mbbl)   (mbbl)  (mboe,6:1)  (mboe,
                                                                          6:1)
Proved                                                                  
    Developed            91,900      68   5,337    3,796       24,518  19,336
     producing
    Developed               787       -      13       22          166     438
     non-producing
    Undeveloped         121,920     113   5,129    5,244       30,807  22,043
Total proved             214,607     181  10,479    9,062       55,490  41,818
Probable                 203,077     224   6,073    8,624       48,767  25,732
Proved plus probable,    128,726      92   7,527    5,325       34,398  27,405
producing
Total proved plus        417,684     405  16,552   17,687      104,258  67,550
probable
^1 "Company Interest" means Bellatrix's working interest (operated or
non-operated) share before deduction of royalties but after including any
royalty interests of Bellatrix. May not add due to rounding.
^2 Includes natural gas from coal bed methane and shale gas reserves.

Summary of Oil and Gas Working Interest Reserves^1 (Gross)
Forecast Prices and Costs
                                As at Dec. 31, 2012                   As at
                                                                         Dec.
                                                                          31,
                                                                         2011
                 Natural Heavy Oil   Light  Natural Gas        Total  Total
                     Gas^2               and
                                  Medium      Liquids                  
                                         Oil
                  (mmcf)    (mbbl)  (mbbl)       (mbbl)  (mboe,6:1) (mboe,
                                                                         6:1)
Proved                                                                 
  Developed        91,664        68   5,337        3,787       24,468 19,302
   producing
  Developed           787         -      13           22          166    438
   non-producing
  Undeveloped     120,898       113   5,119        5,200       30,581 22,021
Total proved       213,348       181  10,468        9,008       55,215 41,761
Probable           201,962       224   6,058        8,576       48,519 25,674
Proved plus        128,441        93   7,526        5,312       34,396 27,318
probable,
producing
Total proved plus  415,310       405  16,526       17,584      103,734 67,435
probable
^1 "Working Interest" means Bellatrix's working interest (operated or
non-operated) share before deduction of royalties. Also referred to as
"Gross" reserves under NI 51-101. May not add due to rounding.
^2 Includes natural gas from coal bed methane and shale gas reserves.

Summary of Oil and Gas Net Reserves^1 (Net)
Forecast Prices and Costs
                                As at Dec. 31, 2012                   As at
                                                                         Dec.
                                                                          31,
                                                                         2011
                 Natural   Heavy   Light and  Natural          Total  Total
                     Gas^2     Oil                  Gas
                                Medium Oil  Liquids                    
                  (mmcf)  (mbbl)      (mbbl)   (mbbl)    (mboe,6:1) (mboe,
                                                                         6:1)
Proved                                                                 
  Developed        72,206      52       4,159    2,253         18,526 14,906
   producing
  Developed           641       -           9       12            128    337
   non-producing
  Undeveloped      93,809      86       4,287    3,527         23,536 16,279
Total proved       166,656     138       8,455    5,793         42,189 31,522
Probable           153,589     169       4,828    5,477         36,095 18,970
Proved plus        100,625      71       5,800    3,115         25,806 20,792
probable,
producing
Total proved plus  320,244     307      13,862   11,270         78,284 50,492
probable
^1 "Net" means Bellatrix's working interest (operated or non-operated) share
after deduction of royalty obligations, plus Bellatrix's royalty interests in
reserves. May not add due to rounding.
^2 Includes natural gas from coal bed methane and shale gas reserves.

                           COMPANY INTEREST^1 (Gross + Royalties Receivable) RESERVES RECONCILIATION
                  Light and         Heavy Crude        Total Crude        NGLs (mbbl)        Conventional           Oil
                     Medium           Oil (mbbl)         Oil (mbbl)                           Natural Gas         Equivalent
                   Crude Oil                                                                    (mmcf)^2            (mboe)
                     (mbbl)
PROVED                                                                                                                    
PRODUCING
Opening                     4,380   651     5,031     2,414      71,351      19,336
Balance
 Extensions                  646                  -                646              1,059             24,100              5,721
 Infill                        -                  -                  -                  -                  -                  -
  Drilling
 Improved                      -                  -                  -                  -                  -                  -
  Recovery
 Technical                 1,376                 23              1,399              1,158             19,416              5,793
  Revisions
 Discoveries                   -                  -                  -                  2              1,945                327
 Acquisitions                 99                  -                 99                124              2,806                691
 Dispositions                  -              (504)              (504)                  -               (20)              (507)
 Economic                   (81)                  -               (81)               (53)            (3,611)              (736)
  Factors
 Production              (1,083)              (103)            (1,186)              (907)           (24,087)            (6,107)
Closing                     5,337                 68              5,405              3,796             91,900             24,518
Balance
TOTAL PROVED                                                                                                              
Opening            8,840   861     9,701     5,718       158,398      41,818
Balance
 Extensions       1,198      1,198     2,338      54,592      12,634
                                                   -
 Infill         674    674   200     4,442     1,614
  Drilling                                         -
 Improved                    -     
  Recovery                                         -                  -                  -                  -                  -
 Technical      672               (73)   599     1,363      17,241     4,835
  Revisions
 Discoveries          1,945   327
                                -                  -                  -                  2
 Acquisitions   283    283   426     6,799     1,842
                                                   -
 Dispositions               (504)              (504)    (501)   (587)
                                -                                                        -
 Economic       (105)    (105)  (77)     (4,222)   (886)
  Factors                                          -
 Production       (1,083)              (103)     (1,186)   (907)   (24,087)     (6,107)
Closing             10,479   181      10,660     9,062       214,607      55,490
Balance
PROBABLE                                                                                                                  
Opening            5,703   382     6,085     3,677      95,820      25,734
Balance
 Extensions       1,055      1,055     3,779      87,004      19,335
                                                   -
 Infill         713    713   148     3,079     1,374
  Drilling                                         -
 Improved          
  Recovery                      -                  -                  -                  -                  -                  -
 Technical        (1,729)  60     (1,669)   551     3,980   (455)
  Revisions
 Discoveries        421  71
                                -                  -                  -                  -
 Acquisitions   283    283   503      14,107     3,137
                                                   -
 Dispositions    (218)   (218)    (155)   (244)
                                -                                                        -
 Economic      47   47  (33)     (1,179)   (183)
  Factors                                          -
 Production        
                                -                  -                  -                  -                  -                  -
Closing            6,073   224     6,297     8,624       203,077      48,767
Balance
PROVED PLUS PROBABLE                                                                                                       
Opening             14,543     1,242      15,785     9,395       254,218      67,550
Balance
 Extensions       2,253      2,253     6,117       141,596      31,969
                                                   -
 Infill           1,388      1,388   348     7,521     2,989
  Drilling                                         -
 Improved                   -     
  Recovery                                         -                  -                  -                  -                  -
 Technical              (1,057)  (13)     (1,070)     1,914      21,222     4,380
  Revisions
 Discoveries                -        2,366   397
                                                   -                  -                  3
 Acquisitions               566    566   929      20,906     4,979
                                                   -
 Dispositions               -   (722)   (722)    (656)   (831)
                                                                                         -
 Economic                   (58)   (58)   (111)     (5,401)     (1,069)
  Factors                                          -
 Production       (1,083)   (103)     (1,184)   (907)      (24,087)     (6,107)
Closing             16,552   405      16,957      17,687       417,684       104,258
Balance
^1 "Company Interest" means Bellatrix working interest (operated or non-operated) share before deduction of royalties but
i ncluding any royalty interests of Bellatrix. Based on forecast prices and costs. May not add due to rounding.
^2 Company coal bed methane and shale gas reserves have been included in Natural Gas. Coal bed methane reserves had
been reconciled separately in previous reserve press releases; however, coal bed methane and shale gas reserves represent
an immaterial portion of the Company's Natural Gas reserves.

                                       WORKING INTEREST^1 (Gross) RESERVES RECONCILIATION
                  Light and         Heavy Crude        Total Crude        NGLs (mbbl)        Conventional           Oil
                     Medium           Oil (mbbl)         Oil (mbbl)                           Natural Gas         Equivalent
                   Crude Oil                                                                    (mmcf)^2            (mboe)
                     (mbbl)
PROVED                                                                                                                    
PRODUCING
Opening            4,380   646     5,026     2,409      71,208      19,302
Balance
 Extensions                  646                  -                646              1,059             24,100              5,721
 Infill                        -                  -                  -                  -                  -                  -
  Drilling
 Improved                      -                  -                  -                  -                  -                  -
  Recovery
 Technical                 1,374                 23              1,396              1,152             19,300              5,765
  Revisions
 Discoveries                   -                  -                  -                  2              1,945                327
 Acquisitions                 99                  -                 99                124              2,806                691
 Dispositions                  -              (499)              (499)                  -               (19)              (502)
 Economic                   (81)                  -               (81)               (54)            (3,623)              (738)
  Factors
 Production              (1,082)              (103)            (1,185)              (905)           (24,052)            (6,098)
Closing                     5,337                 68              5,405              3,787             91,664             24,469
Balance
TOTAL PROVED                                                                                                              
Opening            8,840   856     9,696     5,709       158,144      41,761
Balance
 Extensions       1,198      1,198     2,323      54,226      12,558
                                                   -
 Infill         663    663   199     4,433     1,601
  Drilling                                         -
 Improved          
  Recovery                      -                  -                  -                  -                  -                  -
 Technical      670  (73)   597     1,457      16,574     4,906
  Revisions
 Discoveries          1,945   327
                                -                  -                  -                  2
 Acquisitions   283    283   302     6,799     1,718
                                                   -
 Dispositions    (499)   (499)    (499)   (582)
                                -                                                        -
 Economic       (105)   -   (105)  (77)     (4,222)   (886)
  Factors
 Production       (1,082)   (103)     (1,185)   (905)      (24,052)     (6,098)
Closing             10,468   181      10,649     9,008       213,348      55,215
Balance
PROBABLE                                                                                                                  
Opening            5,703   375     6,079     3,668      95,561      25,674
Balance
 Extensions       1,055      1,055     3,753      86,398      19,207
                                                   -
 Infill         699    699   147     3,069     1,357
  Drilling                                         -
 Improved          
  Recovery                      -                  -                  -                  -                  -                  -
 Technical        (1,729)  61     (1,669)   415     3,739   (631)
  Revisions
 Discoveries        421  71
                                -                  -                  -                  -
 Acquisitions   283    283   627      14,107     3,261
                                                   -
 Dispositions    (212)   (212)    (154)   (238)
                                -                                                        -
 Economic      47   47  (33)    (1179)   (183)
  Factors                                          -
 Production        
                                -                  -                  -                  -                  -                  -
Closing            6,058   224     6,282     8,576       201,962      48,519
Balance
PROVED PLUS PROBABLE                                                                                                       
Opening             14,543     1,231      15,774     9,377       253,705      67,435
Balance
 Extensions       2,253      2,253     6,075       140,624      31,765
                                                   -
 Infill           1,362      1,362   346     7,502     2,959
  Drilling                                         -
 Improved          
  Recovery                      -                  -                  -                  -                  -                  -
 Technical        (1,059)  (13)     (1,073)     1,871      20,315     4,185
  Revisions
 Discoveries          2,366   397
                                -                  -                  -                  3
 Acquisitions   566    566   929      20,906     4,979
                                                   -
 Dispositions    (710)   (710)    (653)   (819)
                                -                                                        -
 Economic      (57)   (57)   (111)     (5,401)     (1,068)
  Factors                                          -
 Production       (1,082)   (103)     (1,185)   (905)      (24,052)     (6,098)
Closing             16,526   405      16,931      17,584       415,310       103,734
Balance
^1 "Working Interest" means Bellatrix working interest (operated or non-operated) share before deduction of royalties and
without including
any royalty interest of Bellatrix. Also referred to as "Gross" reserves under NI 51-101. May not add due to rounding.
^2 Company coal bed methane and shale gas reserves have been included in Natural Gas. Coal bed methane reserves had been
reconciled
separately in previous reserve press releases; however, coal bed methane and shale gas reserves represent an immaterial portion
of the
Company's Natural Gas reserves.

TAX POOLS

At December 31, 2012, the Company had approximately $584 million in tax  pools 
available for deduction against future income as follows:

                                                                   
($000s)                                       Rate %             2012    2011
                                                      (unaudited)
Canadian exploration expenses                     100           45,900  47,600
Canadian development expenses                      30          369,300 326,900
Canadian oil and gas property expenses             10           40,400  25,100
Foreign resource expenses                          10              800     800
Attributed Canadian Royalty Income      (Alberta) 100           16,100  16,100
Undepreciated capital cost^(1)                   6-55           98,000  83,100
Non capital losses (expire through               100           10,000  10,000
2027)
Financing costs                               20 S.L            3,300   4,700
Total Tax Pools                                               583,800 513,300

^(1) Approximately $91million of undepreciated capital cost pools are class
41, which is claimed at a 25% rate.

FUTURE DEVELOPMENT COSTS USING FORECAST PRICES AND COSTS

At  year-end,  2012,   Sproule  had  evaluated   certain  future   development 
opportunities  on  Company  lands  including  161  gross  (112.7  net)  future 
undrilled Cardium  horizontal  locations and  56  gross (23.3  net)  evaluated 
future undrilled Notikewin/Falher  horizontal locations. Of  the 161  Cardium 
locations, 104 were assigned  proved and probable  reserves, with 57  assigned 
probable reserves  only.  Of  the  56  Notikewin/Falher  locations,  41  were 
assigned proved and probable reserves, with the remaining 15 assigned probable
reserves only.

For purposes of assigning net present value of future revenue, future
development locations were committed as detailed in the following table. On
the basis of current cash flow projections, the schedule, and resulting NPV,
can be considered conservative, as the future development inventory represents
only approximately two years of reinvested cash flow.

                    Proved      Proved plus
                    Future      Probable Future
                    Development Development
($000's)            Costs       Costs
2013                    109,439         157,773
2014                    126,292         172,707
2015                     74,032         141,060
2016 and subsequent      17,642          53,097
Undiscounted total      327,407         524,638
Discounted @ 10%/yr     288,291         452,101

RESERVE REPORT COMMODITY PRICING

The following is a summary of  the Consultants' Average Forecast Prices as  at 
January 1, 2013:

                         OIL                                                 
                                                        NATURAL
                                    Western   NATURAL    GAS
              WTI      Edmonton     Canada    GAS AECO  LIQUIDS
            Cushing    Par Price  Select 20.5  Price       at     INFLATION EXCHANGE
Year       Oklahoma    40° API       API      ($Cdn/  Edmonton^3  RATES^1     RATE^2
Forecast   ($US/Bbl) ($Cdn/Bbl) ($Cdn/Bbl)  MMBTU)  ($Cdn/Bbl)   %/Year   ($US/$Cdn)
2013         90.71       85.68       69.73      3.35     94.89       1.83      1.0003
2014         91.64       90.61       75.36      3.80     96.57       1.83      1.0003
2015         92.30       91.60       75.71      4.18     95.97       1.83      1.0003
2016         96.17       95.48       80.23      4.71     100.08      1.83      1.0003
2017         97.29       96.59       80.83      5.12     101.22      1.83      1.0003
2018         98.44       97.71       81.44      5.36     102.41      1.83      1.0003
2019         99.94       99.21       82.49      5.45     104.00      1.83      1.0003
2020         101.76     101.03       83.94      5.57     105.88      1.83      1.0003
2021         103.61     102.88       85.41      5.67     107.82      1.83      1.0003
2022         105.54     104.81       86.91      5.77     109.85      1.83      1.0003
2023         107.46     106.69       88.43      5.87     111.82      1.83      1.0003
2024         109.43     108.65       89.97      5.99     113.85      1.83      1.0003
2025         111.43     110.64       91.54      6.09     115.94      1.83      1.0003
2026         113.48     112.69       93.15      6.19     118.09      1.83      1.0003
2027         115.59     114.76       94.78      6.31     120.26      1.83      1.0003
Thereafter + 1.8%/yr   + 1.8%/yr   + 1.8%/yr     +     + 1.8%/yr                
                                              1.8%/yr

^1 Inflation rates for forecasting prices and costs
^2 Exchange rates used to generate the benchmark reference prices in this
table
^3 Natural Gas Liquids is represented by the pentanes plus price

Weighted average  historical prices  realized by  Bellatrix (before  commodity 
price risk management contracts)  for the year ended  December 31, 2012,  were 
$2.62/mcf for natural gas, $86.47/bbl for light, medium gravity crude oil  and 
condensate, $68.51/bbl for heavy  oil and $38.88/bbl  for natural gas  liquids 
(excluding condensate).

RESERVES COMMITTEE

Bellatrix has a  reserves committee, comprised  of independent board  members, 
that reviews the  qualifications and  appointment of  the independent  reserve 
evaluators.  The  committee   also  reviews  the   procedures  for   providing 
information to  the evaluators.  All booked  reserves are  based upon  annual 
evaluations by  the  independent  qualified reserve  evaluators  conducted  in 
accordance with the  COGE (Canadian Oil  and Gas Evaluation)  Handbook and  NI 
51-101. The  evaluations  are conducted  using  all available  geological  and 
engineering data. The reserves committee has reviewed the reserves information
and approved the reserve report.

LAND

As at December 31, 2012, Bellatrix  had over 206,638 net undeveloped acres  in 
Alberta, British Columbia and Saskatchewan.

Land Statistics                                                         
                                                    2012             2011
Average working interest                                                
         Developed                                   57%              57%
         Undeveloped                                 66%              63%
Total                                                 61%              60%
                             
Land Holdings^1                                                         
                                     2012                  2011
                                Gross         Net       Gross         Net
Developed                                                               
        British Columbia       9,752       2,692      19,850       7,315
        Alberta              373,705 211,967 370,653 209,786
        Saskatchewan          13,327      12,720      13,327      12,720
        Total                396,784     227,380     403,830     229,821
Undeveloped                                                             
        British Columbia     107,700      47,521     143,968      60,590
        Alberta              194,158     148,815     198,777     152,363
        Saskatchewan          10,302      10,302      11,606      11,606
        Total                312,160     206,638     354,351     224,559
Developed and Undeveloped                                               
        British Columbia     117,452      50,213     163,818      67,905
        Alberta              567,864     360,782     569,429     362,149
        Saskatchewan          23,628      23,022      24,934      24,326
Total                          708,944     434,017     758,181     454,380
^1 May not add due to rounding                                        

OPERATIONS OUTLOOK

Bellatrix continues to focus on growth  by development of its large  inventory 
of Cardium and Notikewin/Falher assets geological prospects. The Company  also 
continues to focus on adding Cardium and Notikewin prospective lands.

  *Bellatrix has entered into a joint venture agreement with a Seoul, Korea
    based company ("JV Partner"), effective January 2013, to accelerate
    development of Bellatrix's extensive undeveloped Cardium land holdings in
    west-central Alberta. As a result of the Joint Venture, Bellatrix's net
    capital expenditure plan for 2013 is expected to increase from the
    previously announced $180 million level to between $230 and $240 million,
    not including JV Partner capital. Based on the timing of proposed
    expenditures, downtime from anticipated plant turnarounds, completion of
    anticipated infrastructure and normal production declines, execution of
    the increased 2013 capital expenditure plan is anticipated to provide
    average daily production of 24,000 to 25,000 boe/d. The Company is
    anticipating a 2013 exit rate of 30,000 to 31,000 boe/d.

  *The Company has budgeted a capital program between $230 and $240 million
    funded from the Company's cash flows and to the extent necessary, bank
    indebtedness, based on the current economic conditions and Bellatrix's
    operating forecast for 2013 and assuming the closing of the joint venture
    transaction with the JV Partner. A total capital program of $365 million
    is expected including the capital expected to be invested by the JV
    Partner. The capital budget is expected to be directed primarily towards
    horizontal drilling and completions activities in the Cardium and
    Notikewin/Falher areas.

  *The Company has developed an inventory of 692 net remaining Cardium
    locations and 401 net Notikewin/Falher locations representing a net
    capital development opportunity of $4.34 billion based on current costs.

  *The Company has identified $8.22 billion in potential development
    including all identified prospects and based on current costs representing
    over 40 years of drilling inventory based on current annual cash flow.

  *As at December 31, 2012, Bellatrix has approximately 206,638 net
    undeveloped acres and, including all opportunities, has in excess of 1,700
    net exploitation drilling opportunities identified.

  *As at December 31, 2012, approximately $87 million or 40% was undrawn
    under the existing $220 million credit facilities and is available to fund
    Bellatrix's ongoing capital spending and operational requirements.

COMMODITY RISK MANAGEMENT CONTRACTS

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 40.8Mj/m^3.

  Product               Term                 Volume     Average Price
Crude Oil^1 Jan. 1, 2013 to Dec. 31, 2013 1,500 bbls/d $94.50 CDN/bbl
Natural Gas Feb. 1, 2013 to Mar. 31, 2013  8.7 mmcf/d   $3.51 CDN/mcf
Natural Gas Apr. 1, 2013 to Oct. 31, 2013 47.8 mmcf/d   $3.52 CDN/mcf
Natural Gas Nov. 1, 2013 to Dec. 31, 2013 21.7 mmcf/d   $3.51 CDN/mcf
Natural Gas Jan. 1, 2014 to Jun. 30, 2014 13.0 mmcf/d   $3.51 CDN/mcf

^1 A call has been placed on 3,000 bbls/d at $110 US/bbl for the year 2013 and
at $105US/bbl for the calendar year 2014.

Based on exit rate of December 2012 production volumes of approximately 19,500
boe/d  annualized  for  2013,  Bellatrix  has  put  in  price  protection   on 
approximately 53% of 2013 production volumes, 27% for first and second quarter
and 15% for third and fourth quarter 2014 production volumes.

An     updated      corporate      presentation      is      available      on 
www.bellatrixexploration.com.

Bellatrix Exploration Ltd.  is a  growth oriented  exploration and  production 
company based in Calgary, Alberta, Canada.

READER ADVISORIES: (to be updated)

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. 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. 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.

UNAUDITED 2012  FINANCIAL INFORMATION:  As Bellatrix  plans to  announce  its 
audited 2012 financial results  on or about March  7, 2013, certain  financial 
information for the year ended December 31, 2012 disclosed herein, or used  in 
various calculations herein, is  based on unaudited  information and has  been 
utilized by  Bellatrix  in this  release  to facilitate  the  discussion  with 
respect to the performance  of our capital program.  Readers are advised  that 
these financial estimates are subject to audit and may be subject to change as
a result, and such changes could be material.

NON-GAAP MEASURES: The press  release section contains  the term "funds  flow 
from operations" which  should not be  considered an alternative  to, or  more 
meaningful  than  cash  flow  from  operating  activities  as  determined   in 
accordance with Canadian generally accepted accounting principles ("GAAP")  as 
an indicator  of the  Company's performance.  Therefore reference  to  diluted 
funds flow from operations or funds flow from operations per share may not  be 
comparable with  the  calculation  of similar  measures  for  other  entities. 
Management uses funds  flow from operations  to analyze operating  performance 
and leverage and considers funds flow from  operations to be a key measure  as 
it demonstrates the Company's ability to  generate the cash necessary to  fund 
future capital investments and to repay debt. The reconciliation between cash
flow from operating activities and funds flow from operations can be found  in 
the document. Funds flow  from operations per share  is calculated using  the 
weighted average number of common shares for the period.

Management believes that this measure is a useful supplemental measure of cash
flow from operations.  Readers are  cautioned, however,  that these  measures 
should not  be  construed as  an  alternative  to cash  flow  from  operations 
determined in accordance with  GAAP as a  measure of performance.  Bellatrix's 
method of  calculating these  measures  may differ  from other  entities,  and 
accordingly, may  not  be comparable  to  measures  used by  other  trusts  or 
companies.

INITIAL PRODUCTION RATES: Any references in this press release to initial
production rates and/or 7, 15 and 30 day production rates are useful in
confirming the presence of hydrocarbons, however, such rates are not
determinative of the rates at which such wells will continue production and
decline thereafter. Additionally, such rates may also include recovered "load
oil" fluids used in well completion stimulation. While encouraging, readers
are cautioned not to place reliance on such rates in calculating the aggregate
production for Bellatrix.

FORWARD LOOKING STATEMENTS: Statements in this document may contain
forward-looking information including management's assessment of future plans
and operations, expected 2013 average production and exit production, reserve
estimates, anticipated additional drilling locations, the total future capital
associated with development of drilling locations and reserves, 2013 capital
expenditures and expected amount of total program including capital to be
invested by the JV Partner, expected closing of joint venture transaction,
timing of completion and testing of wells and timing of release of 2012
financial results. The reader is cautioned that assumptions used in the
preparation of such information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from those
predicted, a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of the Company. These
risks include, but are not limited to: the risks associated with the oil and
gas industry; commodity prices; risks that the joint venture transaction will
close when expected or at all, and exchange rate changes. Industry related
risks could include, but are not limited to: operational risks in exploration;
development and production; delays or changes in plans; risks associated to
the uncertainty of reserve estimates; health and safety risks, and; the
uncertainty of estimates and projections of production, costs and expenses.
The recovery and reserve estimates of Bellatrix's reserves provided herein are
estimates only and there is no guarantee that the estimated reserves will be
recovered. In addition, forward-looking statements or information are based on
a number of factors and assumptions which have been used to develop such
statements and information but which may prove to be incorrect. Although the
Company believes that the expectations reflected in such forward-looking
statements or information are reasonable, undue reliance should not be placed
on forward-looking statements because the Company can give no assurance that
such expectations will prove to be correct. In addition to other factors and
assumptions which may be identified herein, assumptions have been made
regarding, among other things: the impact of increasing competition; the
general stability of the economic and political environment in which the
Company operates; the timely receipt of any required regulatory approvals;
the ability of the Company to obtain qualified staff, equipment and services
in a timely and cost efficient manner; drilling results; the ability of the
operator of the projects which the Company has an interest in operating the
field in a safe, efficient and effective manner; the ability of the Company
to obtain financing on acceptable terms; that the joint venture transaction
will close when expected and on the terms expected; field production rates and
decline rates; the ability to replace and expand oil and natural gas reserves
through acquisition, development of exploration; the timing and costs of
pipeline, storage and facility construction and expansion and the ability of
the Company to secure adequate product transportation; future commodity
prices; currency, exchange and interest rates; the regulatory framework
regarding royalties, taxes and environmental matters in the jurisdictions in
which the Company operates; and the ability of the Company to successfully
market its oil and natural gas products. Readers are cautioned that the
foregoing lists of factors and assumptions are not exhaustive. Additional
information on these and other factors that could affect the Company's
operations and financial results are included in reports on file with Canadian
securities regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com), at the Company's website
(www.bellatrixexploration.com.). Furthermore, the forward-looking statements
contained in this news release are made as at the date of this news release
and the Company 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 required by
applicable securities laws.



SOURCE Bellatrix Exploration Ltd.

Contact:

BELLATRIX EXPLORATION LTD.

Raymond G. Smith, P.Eng.
President & CEO
(403) 750-2420

Edward J. Brown, CA
Vice President, Finance & CFO
(403) 750-2655

Brent A. Eshleman P.Eng.
Executive Vice President
(403) 750-5566

Troy Winsor
Investor Relations
(800) 663-8072
 
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