Bellatrix Exploration Ltd. (NYSE: BXE) provided the following operational update and preliminary guidance for 2013.
Bellatrix's field production at the end of September averaged approximately 18,500 BOE/d weighted 35% oil and liquids and 65% natural gas. Production volumes for Q3 will be below expectation averaging between 15,500 BOE/d and 16,000 BOE/d.
Bellatrix continues to expect it will meet its previously announced 2012 calendar year guidance of average daily production of 16,500 to 17,000 BOE/d and an exit rate of 19,000 BOE/d to 19,500 BOE/d.
The third quarter reconstituted drilling program commenced in August expanding from one drilling rig to the current three drilling rigs in operation. The company will drill nine gross wells consisting of seven gross Cardium oil and condensate-rich wells and two gross liquids-rich Notikewin gas wells in the third quarter. The company expects to drill six gross wells in the fourth quarter.
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