Bellatrix Exploration Provides Update on Production, Credit, Acquisition; Shares Up 2%
Bellatrix Exploration Ltd. ( BXE ) is up 1.9% after announcing that that average production in the month of November 2012 (based on field estimates) averaged 19,600 barrels of oil equivalent per day (boe/d) and that it has completed its mid-year review of its 2012 credit facilities. The company also provided an update of its recent commodity price risk management activities.
BXE expects that it will meet its previously announced 2012 calendar year guidance of average daily production of 16,500 to 17,000 boe/d and announces that month of November 2012 average field production of 19,600 boe/d had exceeded its exit rate guidance of 19,000 boe/d to 19,500 boe/d.
Based on Bellatrix's 2012 mid-year review, effective December 13, 2012, the company's borrowing base was increased by $20 million to $220 million through to the next scheduled borrowing base determination to be completed on or before May 31, 2013.
On November 15, 2012, BXE closed the previously announced $21 million asset acquisition of additional highly prospective Cardium and Notikewin/Falher lands and production in the Willesden Green area of Alberta.
BXE is trading at $3.75 in a 52-week range of $2.39 - $5.70. Shares have fallen 21% in the last 12 months.