BELLATRIX EXPLORATION $3.82 (Toronto symbol BXE; TSINetwork Rating: Speculative) (403-266- 8670; www.bellatrixexploration.com; Shares outstanding: 107.5 million; Market cap: $410.7 million; No dividends paid) produces oil and natural gas in Alberta, B.C. and Saskatchewan. Gas makes up about 63% of its output; the remaining 37% is oil.
In the three months ended June 30, 2012, Bellatrix’s production rose 42.3%, to 16,569 barrels of oil equivalent per day (including natural gas) from 11,643 barrels. The company’s highly effective drilling continues to add to its production: in the latest quarter, it drilled 15 wells with a 100% success rate.
Cash flow per share rose 4.3%, to $0.24 from $0.23. Bellatrix’s selling price for gas fell 50%, to $2.03 U.S. per thousand cubic feet from $4.06 U.S. a year ago. However, the big production increase offset that decline. The company’s long-term debt is $164.1 million, or a manageable 40% of its market cap.
To conserve cash, Bellatrix now plans to spend between $140 million and $150 million on capital projects this year. That’s down from its original estimate of $180 million. However, given its exploration success so far this year, it still expects to end 2012 with production as high as 19,500 barrels of oil equivalent per day.
The shares trade at 4.0 times Bellatrix’s forecast 2012 cash flow of $0.95 a share, and just 2.5 times its estimated 2013 cash flow of $1.50 a share.
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