UPDATE: Bellatrix Exploration Up 3%, Nearer Yr Highs As Announces Year End 2012 Financial Results
Bellatrix Exploration Ltd. (BXE.TO), with a year high $5.75, said net profit for Q4 2012 was $9.3 million, compared to a net loss of $13.6 million in Q4 2011. The net profit for the year ended December 31, 2012 was $27.8 million, compared to a net loss of $5.9 million in 2011.
OUTLOOK: "As a result of the recently announced joint venture with a Seoul Korea based company, Bellatrix's 2013 capital expenditure budget has been increased to between $230 and $240 million. A total capital program of $365 million is anticipated including the capital expected to be invested by the JV partner. Based on the timing of proposed expenditures, downtime for scheduled and unscheduled plant turnarounds, completion of required infrastructure, and normal production declines, execution of the 2013 capital expenditure plan is expected to provide average daily production of approximately 24,000 boe/d to 25,000 boe/d, and an exit rate of approximately 30,000 boe/d to 31,000 boe/d.
"The company has initiated the 2013 program by instituting drilling of multiple horizontal wells from single surface locations. Pad drilling enhances the opportunity to efficiently develop the resource while minimizing the environmental footprint and improving our cost and on-stream efficiencies. Pad drilling also facilitates drilling through the spring breakup months of Q2. As a result the company plans to run 3 rigs throughout the second quarter ramping up to 7 or 8 rigs for the second half of 2013."
Bellatrix 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.
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