Bellatrix Announces Planned Timing of Its 2019 Guidance Release, Market Diversification Benefits, Debt Refinancing Update and Publication of Its Annual Corporate Responsibility Report

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CALGARY, Alberta, Dec. 07, 2018 (GLOBE NEWSWIRE) -- Bellatrix Exploration Ltd. (“Bellatrix” or the “Company”) (TSX, NYSE: BXE) announces the planned timing of its 2019 capital budget and guidance release, reiterates its commodity price risk management protection and market diversification exposure, provides an update regarding its ongoing debt refinancing efforts, and the publication of its annual corporate responsibility report.

Bellatrix plans to release its 2019 capital budget and guidance in January 2019.  The Company intends on balancing financial flexibility and profitable resource development, incorporating the benefits of the market diversification contracts as outlined below.    

Bellatrix entered into a series of market diversification contracts approximately one year ago that give the Company access to non-AECO market natural gas prices.  Bellatrix’s market diversification sales into the Dawn, Chicago and Malin markets represent approximately 55% of Bellatrix’s natural gas volumes (based on the mid-point of 2018 average production guidance). Each of these three markets has demonstrated material price improvement in concert with strengthening Henry Hub prices.  Accessing premium priced markets on more than half of Bellatrix’s natural gas volumes provides a unique and differentiated advantage in the current price environment.

Furthermore, Bellatrix has proactively fixed the prices on a portion of these markets to reduce the impact of commodity price volatility on our business.  As at November 30, 2018 Bellatrix has locked in fixed prices in December 2018 (approximately 30% of natural gas volumes based on current annual 2018 production guidance at a Canadian equivalent price of approximately $4.33/Mcf) and the first quarter of 2019 (approximately 20% of natural gas volumes at a Canadian equivalent price of approximately $4.20/Mcf) as follows:

In summary, Bellatrix ’s market diversification contracts include a total of 75,000 MMBtu/d of market exposure as follows:

Bellatrix completed a debt refinancing transaction in September 2018 pursuant to which approximately one-third of its outstanding 8.5% senior unsecured notes due 2020 (the “2020 Notes”) were exchanged for new 8.5% second lien notes due 2023 (the “Second Line Notes”). As part of the transaction, the exchanging noteholders agreed to allow the issuance of up to US$50 million of additional Second Lien Notes, to be used for future 2020 Note exchanges on or before December 31, 2018. The holders of the Second Lien Notes have agreed to extend the December 31, 2018 deadline for the issuance of such additional Second Lien Notes to February 28, 2019.

Bellatrix is dedicated to achieving industry leading economic results in an environmentally responsible, compliant and safe manner.  Bellatrix has released its third annual Corporate Responsibility Report which has been posted to our website at www.bxe.com.  The report content is designed to provide context around our corporate responsibility initiatives and represents an extension of our ongoing commitment to providing enhanced disclosure and stakeholder engagement.

Bellatrix Exploration Ltd. is a publicly traded 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, with highly concentrated operations in west central Alberta, principally focused on profitable development of the Spirit River liquids rich natural gas play.

Steve Toth, CFA, Vice President, Investor Relations & Corporate Development (403) 750-1270

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Globe Newswire: 13:04 GMT Friday 7th December 2018

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