BELLATRIX EXPLORATION $3.50 (Toronto symbol BXE; TSINetwork Rating: Speculative) (403-266-8670; www.bellatrixexploration.com; Shares outstanding: 191.5 million; Market cap: $735.5 million; No dividends paid) will cut its 2015 exploration and development spending by 33.3%, to $200 million from $300 million in 2014, in response to low oil and gas prices.
However, Bellatrix can still draw on $85 million from its joint venture partners, bringing total spending to $285 million this year.
As a result of the spending cut, the company now expects to produce an average of 43,000 to 44,000 barrels of oil equivalent a day in 2015. That’s down from its original forecast of 47,000 to 48,000 but about 14% higher than its 2014 average production of 38,100 barrels a day.
Bellatrix Exploration is still a buy for aggressive investors.
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