BELLATRIX EXPLORATION $9.96 (Toronto symbol BXE; TSINetwork Rating: Speculative) (403-266-8670; www.bellatrixexploration.com; Shares outstanding: 171.0 million; Market cap: $1.7 billion; No dividends paid) has announced an expanded joint venture agreement with Grafton Energy Co. I Ltd. The deal should speed up the development of Bellatrix’s Cardium shale oil deposits in west-central Alberta.
Under the new deal, Grafton increased the amount it is paying Bellatrix to $250 million from $200 million.
In return, Grafton gets 54% of the production from a three-year, $244-million drilling program. It will get this share of the wells’ output until it earns back its $250 million, plus an 8% return on its original investment. It will then hold a 33% interest in each well.
On top of the Grafton program, Bellatrix will spend $370 million on its own exploration and development in 2014. It aims to drill a total of 146 wells—115 oil and 31 gas.
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