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 
CALGARY, Dec. 12, 2013 /CNW/ - 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 |
|           |   Jan. 1, 2014 to Jun. 30, |           |                |
|Natural gas|             2014           |47.8 mmcf/d|   $3.84 CDN/mcf|
|           |   Jul. 1, 2014 to Dec 31,, |           |                |
|Natural gas|             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 Floor         Price   Index 


Crude oil    Jan. 1,   500 bbl/d   $    93.30 US   $  93.30 US     WTI
fixed        2014 to
            Dec. 31,

Crude oil    Jan. 1,       1,500   $   94.00 CDN   $ 94.00 CDN     WTI
fixed        2014 to       bbl/d
            Dec. 31,

Crude oil    Jan. 1,   500 bbl/d   $    95.00 US   $  95.00 US     WTI
fixed        2014 to
            Dec. 31,

Crude oil    Jan. 1,       1,500   $   95.22 CDN   $ 95.22 CDN     WTI
fixed        2014 to       bbl/d
            Dec. 31,

Crude oil    Jan. 1,   500 bbl/d   $   98.30 CDN   $ 98.30 CDN     WTI
fixed        2014 to
            Dec. 31,

Crude oil    Jan. 1,       1,000   $   99.50 CDN   $ 99.50 CDN     WTI
fixed        2014 to       bbl/d
            Dec. 31,

Crude oil    Jan. 1,   500 bbl/d   $   99.60 CDN   $ 99.60 CDN     WTI
fixed        2014 to
            Dec. 31,

Crude oil    Jan. 1,       1,500               -   $ 105.00 US     WTI
call         2014 to       bbl/d
options     Dec. 31,

Natural      Apr. 1,      15,000   $    3.05 CDN   $  3.05 CDN    AECO
gas fixed    2013 to        GJ/d
            Jun. 30,

Natural      Jan. 1,      20,000   $    3.30 CDN   $  3.30 CDN    AECO
gas fixed    2014 to        GJ/d
            Dec. 31,

Natural      Jan. 1,      20,000   $    3.60 CDN   $  3.60 CDN    AECO
gas fixed    2014 to        GJ/d
            Dec. 31,

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 or Edward J. Brown, 
CA, Executive 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. 1920, 800 - 5th Avenue SW Calgary, Alberta, Canada 
T2P 3T6 Phone: (403) 266-8670 Fax: (403) 264-8163 
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CO: Bellatrix Exploration Ltd.
ST: Alberta
-0- Dec/12/2013 07:05 GMT
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