Bellatrix confirms 2014 guidance, announces an increase in its credit facilities and layers in additional commodity fixed price

    Bellatrix confirms 2014 guidance, announces an increase in its credit
 facilities and layers in additional commodity fixed price contracts for 2014

PR Newswire

CALGARY, Dec. 12, 2013


CALGARY, Dec. 12, 2013 /PRNewswire/ - Bellatrix Exploration Ltd. ("Bellatrix"
or the "Company") (TSX, NYSE MKT: BXE) is pleased to confirm its 2014 guidance
and announce that it has completed its mid-year review of its 2013 credit
facilities and provides an update of its recent commodity price risk
management activities.

2013 has  been  an  extraordinary year  earmarked  by  significant  production 
growth, announcing three  separate joint ventures  designed to accelerate  our 
program  on  a  promoted  basis,  an  equity  financing,  redemption  of   its 
convertible debentures  and  closing on  December  11, 2013  of  an  impactful 
corporate acquisition. These strategic transactions strengthen the Company by
accelerating our ability to provide shareholder value accretion.

2014 Guidance

Bellatrix expects its 2013 calendar year average daily production will be  +/- 
22,250 boe/d and that its  exit rate guidance will  be +/- 40,000 boe/d  with 
total crude oil, condensate and NGLs at exit at approximately 37%.

Since November 2013 and  for all of  2014, Bellatrix plans  to continue to  be 
active in drilling with 10 rigs operating in its two core resource plays,  the 
Cardium oil and Mannville condensate  rich gas, utilizing horizontal  drilling 
multi-fracturing technology. With  the closing  of the  acquisition of  Angle 
Energy Inc.  ("Angle") in  December  2013, an  initial  gross budget  of  $610 
million (including  JV partner  capital)  for a  net  capital budget  of  $370 
million has  been set  for fiscal  2014.  Based on  the timing  of  proposed 
expenditures, downtime for anticipated plant turnarounds and normal production
declines, execution of the 2014 budget is anticipated to provide 2014  average 
daily production  of  approximately +/-  44,000  boe/d  and an  exit  rate  of 
approximately +/- 47,000 boe/d.

The net capital budget of $370 million is comprised of drilling and completion
costs of $250 million; facility and  infrastructure costs of $100 million  and 
land, geological and other related costs of $20 million. The Company plans to
drill/participate in 146  gross (76.27  net) wells  in 2014  resulting in  115 
gross (65.71  net)  Cardium oil  wells  and  31 gross  (10.56  net)  Mannville 
condensate rich gas wells.

Increased Credit Facilities

A syndicate of lenders led by  National Bank of Canada recently completed  its 
semi-annual  borrowing  base  review  for   November  30,  2013.  Based   on 
Bellatrix's 2013 mid-year review, effective  December 11, 2013, the  Company's 
borrowing base  was  increased by  $245  million  to $500  million.  This  96% 
increase from the previous borrowing base  of $255 million is a direct  result 
of Bellatrix's closing of  its acquisition of Angle,  as well as, the  strong 
2013 drilling  results which  delivered  significant reserves  and  production 
growth in the first half of 2013.

Effective December 11, 2013, the Company's credit facilities were increased to
$500 million (subject  to the semi-annual  borrowing base test  on May 31  and 
November 30 each year), available on an extendible revolving term basis.  The 
credit facilities are available on a fully revolving basis until June 24, 2014
(subject to  annual  extension at  the  option of  the  lenders), and  if  not 
extended, will  be due  in  full 366  days  thereafter. The  expanded  credit 
facilities consist of a $50 million operating facility provided by a  Canadian 
bank and  a  $450  million  syndicated facility  provided  by  nine  financial 
institutions. The increased  credit facilities  will be  available to  finance 
Bellatrix's ongoing capital expenditures, working capital requirements and for
general corporate  purposes. Amounts  borrowed under  the credit  facilities 
will bear interest at a floating  rate based on the applicable Canadian  prime 
rate, U.S. base rate, CDOR 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

The credit facilities are secured by a $1 billion debenture containing a first
ranking charge and security interest. Bellatrix has provided a negative pledge
and undertaking  to  provide fixed  charges  over its  properties  in  certain 

Additional 2014 Price Risk Management Contracts

In summary, Bellatrix has  the following crude oil  and natural gas  commodity 
price risk management contracts in place for 2014. The conversion of $/GJ  to 
$/mcf is  based on  an average  corporate  heat content  of 40.8  Mj/m^3.  The 
conversion to CDN$ from US$ is based on an exchange rate of $0.94 CDN/US.

  Product               Term                Volume     Average Price
 Crude Oil  Jan 1, 2014 to Dec. 31, 2014  6,000 bbl/d  $97.07 CDN/bbl
Natural gas Jan. 1, 2014 to Jun. 30, 2014 47.8 mmcf/d  $3.84 CDN/mcf
Natural gas Jul. 1, 2014 to Dec 31,, 2014 34.8 mmcf/d  $3.97 CDN/mcf

Bellatrix recently entered into two commodity price risk management  contracts 
consisting of two  natural gas fixed  price swaps for  20,000 GJ/d and  20,000 
GJ/d respectively for the  period January 1,  2014 to December  31, 2014 at  a 
prices  of  CDN$3.30/GJ  (CDN$3.78/mcf)  and  CDN$3.60/GJ  (CDN$4.13/mcf).  In 
addition, Bellatrix assumed crude  oil hedges as part  of the acquisition  of 
Angle, which includes  three crude  oil fixed  price contracts  for 500  bbl/d 
each, for the period  January 1, 2014  to December 31, 2014,  at prices of  US 
$93.30/bbl, US  $95.00/bbl and  CDN  $98.30/bbl respectively.  Bellatrix  also 
recently bought back 1,500 bbl/d of 2014 call options of US $105.00 at no cost
and entered into two  crude oil fixed  price contracts for  a total volume  of 
1,500 bbl/d, for the period January 1,  2014 to December 31, 2014. The  first 
contact was  for 1,000  bbl/d at  a price  of CDN  $99.50/bbl and  the  second 
contract was for 500 bbl/d at CDN $99.60/bbl.

As at  December 11,  2013, Bellatrix  has entered  into commodity  price  risk 
management arrangements for 2014 as follows:

Type                  Period      Volume      Price        Price  Index
                                                  Floor        Ceiling
Crude oil       Jan. 1, 2014   500 bbl/d  $ 93.30 US  $   93.30 US    WTI
fixed             to Dec. 31,
Crude oil       Jan. 1, 2014       1,500  $    94.00  $  94.00 CDN    WTI
fixed             to Dec. 31,        bbl/d          CDN
Crude oil       Jan. 1, 2014   500 bbl/d  $ 95.00 US  $   95.00 US    WTI
fixed             to Dec. 31,
Crude oil       Jan. 1, 2014       1,500  $    95.22  $  95.22 CDN    WTI
fixed             to Dec. 31,        bbl/d          CDN
Crude oil       Jan. 1, 2014   500 bbl/d  $    98.30  $  98.30 CDN    WTI
fixed             to Dec. 31,                       CDN
Crude oil       Jan. 1, 2014       1,000  $    99.50  $  99.50 CDN    WTI
fixed             to Dec. 31,        bbl/d          CDN
Crude oil       Jan. 1, 2014   500 bbl/d  $    99.60  $  99.60 CDN    WTI
fixed             to Dec. 31,                       CDN
Crude oil       Jan. 1, 2014       1,500          -  $  105.00 US    WTI
call options      to Dec. 31,        bbl/d
Natural gas     Apr. 1, 2013      15,000  $ 3.05 CDN  $   3.05 CDN   AECO
fixed             to Jun. 30,         GJ/d
Natural gas     Jan. 1, 2014      20,000  $ 3.30 CDN  $   3.30 CDN   AECO
fixed             to Dec. 31,         GJ/d
Natural gas     Jan. 1, 2014      20,000  $ 3.60 CDN  $   3.60 CDN   AECO
fixed             to Dec. 31,         GJ/d

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 742 net remaining Cardium locations,
381 net  Notikewin/Falher  and  128 Mannville  locations  representing  a  net 
remaining investment of $4.97 billion (based on current costs). Bellatrix  has 
approximately 424,452 net undeveloped acres and including all opportunities of
approximately 2,000 net exploitation  drilling opportunities identified,  with 
capital requirements of $10.1 billion  representing over 30 years of  drilling 
inventory based on current annual cash flow and costs. The Company  continues 
to focus on adding Cardium and Notikewin prospective lands.

The   Company's    current   corporate    presentation   is    available    at

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 

Forward looking  statements:  Certain  information  set  forth  in  this  news 
release, including management's assessments of the future plans and operations
including anticipated 2013 average daily production and exit rate, anticipated
2014 average daily production and  exit rate, 2014 capital expenditure  budget 
and nature  of expenditures  and  drilling inventory  and  costs and  time  to 
develop 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 (,  the SEC's  website (  or at  Bellatrix's 
website   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 herein are derived from converting gas to oil in the ratio of  six 
thousand cubic feet of gas to one barrel of oil.

SOURCE Bellatrix Exploration Ltd.


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

Bellatrix Exploration Ltd.
1920, 800 - 5^th Avenue SW
Calgary, Alberta, Canada T2P 3T6
Phone: (403) 266-8670
Fax: (403) 264-8163
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