CALGARY, Jan. 29, 2013 /PRNewswire/ – Bellatrix Exploration Ltd. (“Bellatrix” or the “Company”) (TSX: BXE) announces that it has reset the fixed prices on two of its existing natural gas commodity price risk management contracts and that it has posted an updated Corporate presentation.
Bellatrix recently reset the fixed prices on two of its commodity price risk management contracts for natural gas fixed price swaps. The first existing swap contract for 20,000 GJ/d for the period April 1, 2013 to October 31, 2013 was reset from a price of CDN$4.0875/GJ to $3.05/GJ (CDN$3.51/mcf) for a net payment to Bellatrix of $4.3 million. The second existing swap contract for 10,000 GJ/d for the period April 1, 2013 to October 31, 2013 was reset from a price of CDN $4.15/GJ to CDN$3.095/GJ (CDN$3.56/mcf) for a net payment to Bellatrix of $2.2 million. Bellatrix now has 55,000 GJ/d (47.8 mmcf/d) for the period April 1, 2013 through to October 31, 2013 hedged at an average fixed price of $3.058/GJ ($3.52/mcf).
By resetting the fixed prices on the natural gas commodity price risk management contracts for the period from April 1, 2013 through to October 31, 2013, the Company has crystalized and realized $6.5 million in cash proceeds while continuing to have put in place ongoing down side price protection on the existing GJ/d 55,000 (47.8 mmcf/d) if natural gas prices were to move lower than the fixed price of $3.058/GJ ($3.52/mcf).
The Company has price protection in place for 66.3% of the Company’s trailing Q4 2012 production levels.
The total net proceeds received of $6.5 million were initially used to reduce the Company’s bank indebtedness and will ultimately will be directed to the development of the Company’s Cardium Oil resource program.
Bellatrix will be presenting at the National Bank Financial Energy Conference being held in Toronto, Canada on February 13 th and 14th, 2013. An updated Corporate Presentation is available at www.bellatrixexploration.com.
Bellatrix Exploration Ltd. is a Western Canadian based growth oriented oil and gas company engaged in the exploration for, and the acquisition, development and production of oil and natural gas reserves in the provinces of Alberta, British Columbia and Saskatchewan. Common shares and convertible debentures of Bellatrix trade on the Toronto Stock Exchange (“TSX”) under the symbols BXE and BXE.DB.A, respectively and the common shares of Bellatrix trade on the NYSE MKT under the symbol BXE.
SOURCE Bellatrix Exploration Ltd.
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