DAILY NEWS Nov 21, 2012 2:09 PM - 1 comment

Q3 update from Calgary's Bellatrix Exploration Ltd.

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By: HazMat Staff
November 21, 2012 2012-11-21

Calgary-based Bellatrix Exploration Ltd. says it has posted revenues of $48.1 million with funds flow from operations of $26.6 million ($0.25 per basic share) in the third quarter of 2012.

“The third quarter of 2012 was also defined by two elements outside of our control, commodity prices and the weather,” the company stated in its Q3 report.

Bellatrix said natural gas pricing had a significantly negative impact on revenues and cash flow, which the company was able to partially counterbalance with a combination of commodity hedges.

The company says it was “forced to acquiesce” to radical weather conditions throughout West Central Alberta, which resulted in “meaningful production restrictions occurring simultaneously with considerable delays in the third quarter drilling program.”

Bellatrix still expects to meet its 2012 average annual and exit production guidance despite the aforementioned challenges.

Third quarter 2012 sales volumes averaged 15,503 boe/d (weighted 34 per cent to oil, condensate and NGLs and 66 per cent to natural gas).  Production for the month of October, based on field estimates, equates to 18,300 boe/d (weighted 34 per cent to oil, condensate and NGLs and 66 per cent to natural gas). Field production estimates for the end of October are 19,000 boe/d carrying the same weighting as the month's average.

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Reader Comments

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What is an O&G company's numbers doing in a hazardous waste magazine. Is this some sort of error?

Posted November 22, 2012 07:07 AM

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