Last updated on April 18, 2014 at 17:24 EDT

Bellatrix Exploration Ltd. Provides Operational Update and Preliminary 2013 Guidance

October 1, 2012


CALGARY, Oct. 1, 2012 /PRNewswire/ – Bellatrix Exploration Ltd. (“Bellatrix” or
the “Company”) (TSX, NYSE MKT: BXE) is pleased to provide the following
operational update and preliminary guidance for 2013.

Bellatrix’s field production at the end of September averaged
approximately 18,500 boe/d weighted 35% oil and liquids and 65% natural
gas. Production volumes for Q3 will be below expectation averaging
between 15,500 boe/d and 16,000 boe/d. The average volumes were
negatively affected by protracted spring breakup conditions, scheduled
plant turnarounds, a series of intense localized storms resulting in an
unusually high number of occurrences of unscheduled downtime and
prolonged wet conditions delaying the third quarter drilling,
completion and tie-in program. Power outages caused by power poles
being struck by lightning, hail and intense rain shorted out
transformers.  In addition a violent rain storm shorted out electrical
panels that created significant downtime for a major midstream operator
that processes our production. However, Bellatrix continues to expect
it will meet its previously announced 2012 calendar year guidance of
average daily production of 16,500 to 17,000 boe/d and an exit rate of
19,000 boe/d to 19,500 boe/d.

The third quarter reconstituted drilling program commenced in August
expanding from one drilling rig to the current three drilling rigs in
operation.  The Company will drill 9 gross (7.71 net) wells consisting
of 7 gross (6.21 net) Cardium oil and condensate rich wells and 2 gross
(1.5 net) liquids rich Notikewin gas wells in the third quarter and
expects to drill 6 gross (4.85 net) wells in the fourth quarter.

In the Brazeau area of West Central Alberta the Company recently
completed a long reach Cardium horizontal well (50% WI) to a total
depth of 5,014 m with a 2,767 m horizontal leg.  Early production
results are showing an IP 3 (average volumes over the initial 3 days of
production) of 1,755 boe/d 80% oil and liquids with 20% gas.

During Q3 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 will initially
be used to reduce the Company’s bank indebtedness and ultimately will
be directed towards the development of its Cardium oil resource

Management is proposing a 2013 capital expenditure program of $180
million which is anticipated to be finalized in the fourth quarter of
2012. Based on the timing of proposed expenditures, downtime for
anticipated plant turnarounds, resolution of infrastructure constraints
and normal production declines, execution of the 2013 budget is
anticipated to provide 2013 average daily production of approximately
20,000 boe/d to 21,000 boe/d and an exit rate of approximately 21,500
boe/d to 22,500 boe/d.

Bellatrix continues to focus on the development of its core assets and
conducts exploration programs utilizing its large inventory of
geological prospects. As at June 30, 2012, Bellatrix has approximately
202,597 net undeveloped acres and including all opportunities has in
excess of 1,525 net exploitation drilling opportunities identified,
representing over 30 years of drilling inventory based on annual
cashflow.  The Company continues to focus on adding Cardium and
Notikewin prospective lands.

The Company’s 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.

Forward looking statements: Certain information set forth in this news
release, including management’s assessments of the future plans and
operations including anticipated 2012 Q4 drilling plans, 2013 capital
expenditure plan, timing for finalizing 2013 capital expenditure plan,
anticipated 2012 and 2013 average daily production and exit rate,
anticipated 2012 Q3 average daily production, timing of tie-in of
wells, and use of proceeds from disposition may contain forward-looking
statements, and necessarily involve risks and uncertainties, certain of
which are beyond Bellatrix’s control, including risks associated with
oil and gas exploration, development, exploitation, production,
marketing and transportation, loss of markets and other economic and
industry conditions, volatility of commodity prices, currency
fluctuations, imprecision of reserve estimates, environmental risks,
competition from other producers, inability to retain drilling
services, incorrect assessment of value of acquisitions and failure to
realize the benefits therefrom, delays resulting from or inability to
obtain required regulatory approvals, the lack of availability of
qualified personnel or management, stock market volatility and ability
to access sufficient capital from internal and external sources and
economic or industry condition changes. Actual results, performance or
achievements could differ materially from those expressed in, or
implied by, these forward-looking statements and, accordingly, no
assurance can be given that any events anticipated by the
forward-looking statements will transpire or occur, or if any of them
do so, what benefits that Bellatrix will derive therefrom. Additional
information on these and other factors that could affect Bellatrix are
included in reports on file with Canadian securities regulatory
authorities and the United States Securities and Exchange Commission
and may be accessed through the SEDAR website (www.sedar.com), the SEC’s website www.sec.gov or at Bellatrix’s website www.bellatrixexploration.com. Furthermore, the forward-looking statements contained in this news
release are made as of the date of this news release, and Bellatrix
does not undertake any obligation to update publicly or to revise any
of the included forward looking statements, whether as a result of new
information, future events or otherwise, except as may be expressly
required by applicable securities law.

BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of 6 Mcf:1 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.

Any references in this news release to test rates, initial and/or final
test or 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 and
such rates are not necessarily indicative of long-term performance or
ultimate recovery. 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 the Company

SOURCE Bellatrix Exploration Ltd.

Source: PR Newswire