BELLATRIX EXPLORATION $3.49 (Toronto symbol BXE; TSINetwork Rating: Speculative) (403-266- 8670; www.bellatrixexploration.com; Shares outstanding: 107.5 million; Market cap: $375.2 million; No dividends paid) produces oil and natural gas in Alberta, B.C. and Saskatchewan. Gas makes up about 61% of its output; the remaining 39% is oil.
In the three months ended March 31, 2012, Bellatrix’s production rose 57.7%, to 15,900 barrels of oil equivalent per day (including natural gas) from 10,084 barrels. The company’s drilling success continues to add to its production: in the latest quarter, it drilled 13 wells with a 100% success rate.
Cash flow per share rose 58.8%, to $0.27 from $0.17. The big production increase offset a 41.1% drop in Bellatrix’s average selling price for gas, to $2.32 U.S. per thousand cubic feet from $3.94 U.S. a year ago. The company’s long-term debt is $146.2 million, or a manageable 39.0% of its market cap.
Bellatrix expects to spend $180 million on capital projects this year, up 5.9% from the $170 million it spent in 2011. The higher spending will help push up its average forecast daily production to 17,300 barrels of oil equivalent for all of 2012, and as high as 20,000 barrels in 2013.
The shares trade at 3.1 times Bellatrix’s forecast 2012 cash flow of $1.12 a share, and just 2.0 times its estimated 2013 cash flow of $1.75 a share.
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