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Bellatrix Exploration Ltd. Announces Fourth Quarter 2018 and Year End Financial and Operating Results


TSX: BXE

CALGARY, March 14, 2019 /CNW/ – Bellatrix Exploration Ltd. (“Bellatrix”, “we”, “us”, “our” or the “Company”) (TSX: BXE) announces its financial and operating results for the fourth quarter and year ended December 31, 2018.  This press release contains forward-looking statements.  Please refer to our cautionary language on forward-looking statements and the other matters set forth at the end of this press release and the beginning of the Management’s Discussion and Analysis (the “MD&A”) for the years ended December 31, 2018 and 2017. Bellatrix’s audited financial statements for the year ended December 31, 2018 and notes thereto (the “financial statements”), and the MD&A are available on our website at www.bxe.com, and are filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.

 

Three months ended December 31,

Year ended December 31,

2018

2017

2018

2017

SELECTED FINANCIAL RESULTS

(CDN$000s except share and per share amounts)

Cash flow from operating activities

28,239

13,425

62,475

55,210

Per diluted share (1)

$0.39

$0.27

$1.05

$1.12

Funds flow from operations (2)

15,508

15,700

48,025

58,240

Per diluted share (1)

$0.21

$0.32

$0.80

$1.18

Net profit (loss)

(89,788)

(13,053)

(146,339)

(91,363)

Per diluted share (1)

($1.24)

($0.26)

($2.45)

($1.85)

Capital – exploration and development

13,654

25,755

50,329

120,651

Total capital expenditures – net (2)

44,187

26,212

75,604

65,084

Credit Facilities

47,763

52,066

47,763

52,066

Second Lien Notes

137,097

137,097

Senior Notes

196,000

305,409

196,000

305,409

Convertible Debentures (liability component)

41,732

39,426

41,732

39,426

Adjusted working capital deficiency (2)

20,740

23,926

20,740

23,926

Total net debt (2)

443,332

420,827

443,332

420,827

SELECTED OPERATING RESULTS

Total revenue (2)

56,949

60,897

228,712

249,399

Average daily sales volumes

Crude oil, condensate and NGLs

(bbl/d)

10,281

9,602

9,876

9,192

Natural gas

(mcf/d)

148,319

164,848

154,553

166,078

Total oil equivalent (3)

(boe/d)

35,001

37,077

35,635

36,872

Average realized prices

Crude oil and condensate

($/bbl)

50.98

69.64

73.63

62.93

NGLs (excluding condensate)

($/bbl)

20.89

27.68

24.46

21.52

Natural gas

($/mcf)

2.24

1.79

1.78

2.27

Total oil equivalent

($/boe)

17.21

17.42

17.16

18.12

Total oil equivalent (including risk management (4))

($/boe)

19.86

20.80

19.50

20.45

Selected Key Operating Statistics

Commodity sales

($/boe)

17.21

17.42

17.16

18.12

Other income

($/boe)

0.46

0.43

0.43

0.41

Royalties

($/boe)

(1.68)

(1.78)

(1.83)

(1.78)

Production expenses

($/boe)

(6.59)

(7.81)

(7.50)

(8.31)

Transportation

($/boe)

(2.15)

(1.92)

(2.10)

(1.75)

Operating netback (2)

($/boe)

7.25

6.34

6.16

6.69

Realized gain (loss) on risk management contracts

($/boe)

2.65

3.38

2.35

2.33

Operating netback (3) (including risk management (4))

($/boe)

9.90

9.72

8.51

9.02

Three months ended December 31,

Year ended December 31,

2018

2017

2018

2017

COMMON SHARES

Common shares outstanding (5)

80,909,225

49,378,026

80,909,225

49,378,026

Weighted average shares (1)

72,436,105

49,378,026

59,734,872

49,351,848

SHARE TRADING STATISTICS

TSX and Other (6)

(CDN$, except volumes) based on intra-day trading

High

1.60

3.52

2.22

6.83

Low

0.60

1.85

0.60

1.85

Close

0.63

2.15

0.63

2.15

Average daily volume

580,438

371,933

605,342

227,648

NYSE(7)

(US$, except volumes) based on intra-day trading

High

1.24

2.80

1.78

5.15

Low

0.45

1.44

0.45

1.44

Close

0.47

1.72

0.47

1.72

Average daily volume

95,282

125,134

115,884

96,969

(1) 

Basic weighted average shares for the three months and year ended December 31, 2018 were 72,436,105 (2017: 49,378,026) and 59,734,872 (2017: 49,351,848), respectively. In computing weighted average diluted loss per share, weighted average diluted cash flow from operating activities per share, and weighted average diluted adjusted funds flow per share for the three months and year ended December 31, 2018, a total of nil (2017: nil) common shares were added to the denominator as a consequence of applying the treasury stock method to the Company’s outstanding share options, and a total of nil (2017: nil) common shares issuable on conversion of the Convertible Debentures were added to the denominator for the three months and year resulting in diluted weighted average common shares of 72,436,105 (2017: 49,378,026) and 59,734,872 (2017: 49,351,848), respectively.

(2) 

The terms “adjusted funds flow”, “adjusted funds flow per share”, “total net debt”, “adjusted working capital deficiency”, “operating netbacks”, “total capital expenditures – net”, and “total revenue” do not have standard meanings under GAAP. Refer to “Non-GAAP measures” disclosed at the end of this Press Release.

(3) 

A boe conversion ratio of 6 mcf:1 bbl has been used, which is based on an energy equivalency conversion method primarily applicable at the burner tip. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency of the conversion ratio, utilizing the 6:1 conversion ratio may be misleading as an indication of value.

(4)

The Company has entered into various commodity price risk management contracts which are considered to be economic hedges.  Per unit metrics after risk management include only the realized portion of gains or losses on commodity contracts.  The Company does not apply hedge accounting to these contracts.  As such, these contracts are revalued to fair value at the end of each reporting date.  This results in recognition of unrealized gains or losses over the term of these contracts which is reflected each reporting period until these contracts are settled, at which time realized gains or losses are recorded.  These unrealized gains or losses on commodity contracts are not included for purposes of per unit metrics calculations disclosed.

 (5) 

 Fully diluted common shares outstanding for the three months and year ended December 31, 2018 were 91,122,802 (2017: 57,172,998). This includes 952,532 (2017: 1,622,132) of share options outstanding and 6,172,840 (2017: 6,172,840) of shares issuable on conversion of the Convertible Debentures. Shares issuable on conversion of the Convertible Debentures are calculated by dividing the $50 million principal amount of the Convertible Debentures by the conversion price of $8.10 per share.

(6) 

TSX and Other includes the trading statistics for the Toronto Stock Exchange (“TSX”) and other Canadian trading markets.

(7)

 Bellatrix voluntarily delisted the Company’s common shares from the New York Stock Exchange (the “NYSE”) on February 11, 2019.

 

FINANCIAL & OPERATIONAL HIGHLIGHTS

Fourth quarter 2018 performance included the following operational and financial achievements:

  • Production volumes in the fourth quarter of 2018 averaged 35,001 boe/d (71% natural gas weighted). Full year 2018 average production volumes of 35,635 boe/d represented 1% outperformance compared with the mid-point of Bellatrix’s full year average production guidance range (35,000 to 35,500 boe/d).
  • Record low production expenses in the fourth quarter of 2018 averaged $6.59/boe, down 15% compared with average production expenses of $7.80/boe over the first nine months of 2018.  The Company achieved full year 2018 average production expenditures of $7.50/boe, 4% below the mid point of the guidance range of $7.65/boe to $7.90/boe.  Completion of Phase 2 of the Bellatrix O’Chiese Nees-Ohpawganu’ck deep-cut gas plant at Alder Flats (the “Alder Flats Plant”), the redirection of volumes from higher cost third party plants, and the renegotiation of processing agreements contributed to reduced production expenditures.
  • Bellatrix continues to improve drilling efficiency and reduce costs. During the fourth quarter of 2018, Bellatrix averaged 8.7 days from spud to rig release on single mile horizontal Spirit River natural gas wells. This represented a 13% improvement as compared to the first nine months of 2018. All-in Spirit River well costs continue to track approximately $3.4 million (drill, complete, equip and tie-in).
  • Borrowings under our syndicated revolving credit facilities (the “Credit Facilities”) were $47.8 million at December 31, 2018, representing $9.3 million in improved liquidity as compared with September 30, 2018balances. At December 31, 2018, Bellatrix had approximately $47.2 million of undrawn capacity (approximately 50% undrawn) against total commitments of $95 million under the Company’s Credit Facilities, before deducting outstanding letters of credit.
  • In 2018, Bellatrix drilled and/or participated in 14 gross (9.2 net) total wells including 10 gross (7.7 net) operated Spirit River liquids rich natural gas wells, 1 gross (1.0 net) Cardium well and 3 gross (0.5 net) non-operated wells (two Spirit River and one Cardium). Bellatrix’s operated drilling activity in 2018 included, a total of 49,027 meters drilled, 18,026 meters of which was horizontal length.

Bellatrix full year 2018 operational performance relative to guidance expectations is summarized below:

Full Year 2018
Results

2018 Annual
Guidance (1)

Actual Results

Versus
Guidance

Average daily production (boe/d)

35,635

35,250

1%

Average product mix

   Natural gas (%)

72

73

(1)%

   Crude oil, condensate and NGLs (%)

28

27

4%

Capital Expenditures ($000’s)

   Total net capital expenditures(2)

51,640

52,500

(2)%

Production expense ($/boe)

7.50

7.78

(4)%

(1) 

2018 Annual Guidance metrics represent the mid-point of the previously set guidance range (November 1, 2018) where applicable.

(2)

Capital spending includes exploration and development capital projects and corporate assets, and excludes property acquisitions, property dispositions, and facilities.

FOURTH QUARTER 2018 OPERATIONAL ACTIVITIES AND 2018 SPIRIT RIVER WELL PERFORMANCE

During the fourth quarter, Bellatrix drilled and/or participated in 4 gross (2.0 net) wells, including 3 gross (2.0 net) operated Spirit River liquids rich natural gas wells and 1 gross (0.02 net) non-operated Cardium well. One Spirit River well was brought on stream in November with the remaining 3 wells brought on stream in January 2019. Single mile operated Spirit river wells averaged 8.7 days spud to rig release in the fourth quarter, further improving on drill times achieved over the first nine months of 2018.

The Company’s 2018 operated Spirit River drilling program delivered the following initial production rates:

  • 100/16-01-045-10W5 Spirit River (100% working interest) well IP125: 8.0 MMcf/d
  • 102/01-35-044-10W5 Spirit River (100% working interest) well IP315: 9.9 MMcf/d
  • 100/03-35-044-10W5 Spirit River (100% working interest) well IP210: 7.7 MMcf/d
  • 103/02-36-044-10W5 Spirit River (100% working interest) well IP210: 6.3 MMcf/d
  • 102/15-01-045-10W5 Spirit River (100% working interest) well IP180: 5.2 MMcf/d
  • 100/01-22-043-9W5 Spirit River (45% working interest) well IP115: 7.0 MMcf/d
  • 102/04-15-043-9W5 Spirit River (24% working interest) well IP115: 7.2 MMcf/d
  • 100/03-26-044-7W5 Spirit River (100% working interest) well IP110: 9.5 MMcf/d
  • 102/04-01-044-10W5 Spirit River (55% working interest) well IP40: 5.9 MMcf/d
  • 102/01-06-044-09W5 Spirit River (44% working interest) well IP45: 7.1 MMcf/d

LOW FD&A COSTS AND STRONG RESERVE GROWTH ACHIEVED IN 2018

Bellatrix maintained a focused capital program in 2018 adding Proved Developed Producing (“PDP”) reserves at a finding, development and acquisition (“FD&A”) cost of $3.12/boe excluding capital invested in the Alder Flats Plant, and $3.22/boe including the Alder Flats Plant.  The PDP recycle ratio excluding Alder Flats Plant capital was 2.7 times.  Bellatrix’s Proved plus Probable (“2P”) and Proved (“1P”) FD&A costs including changes in future development capital (“FDC”) in 2018 averaged $1.99/boe and $2.28/boe, respectively.  On a three year average basis (2016 to 2018), Bellatrix delivered strong 2P and 1P FD&A costs including changes in future development capital of $3.05/boe and $3.57/boe, respectively.

Overall, the Company achieved 13% total growth in PDP, 1P, and 2P reserves. With an inventory of 382 net well locations in the Spirit River liquids rich natural gas play and 251 net well locations in the higher liquids Cardium play, Bellatrix maintains a long runway of low cost development drilling opportunities. The Company’s calculated 1P and 2P reserve life indices improved year over year to 14.7 years and 19.2 years, respectively.

REDUCED SUSTAINING CAPITAL

The combination of structurally lower capital costs and improved well performance have reduced overall sustaining capital requirements for our business.  All-in average Spirit River well costs have decreased to approximately $3.4 million in 2018 (down from $3.8 million in 2017).  In addition to capital cost savings, Bellatrix delivered productivity improvements with average well performance from the Company’s 2018 Spirit River well program outperforming expected results by approximately 35% on an IP180 basis. Enhanced productivity has led to a reduction in the assumed number of Spirit River wells required to maintain corporate production volumes in the mid 30,000 boe/d range from 15 to 12 per year (assuming an average 6.0 Bcf performance curve versus a 5.2 Bcf performance curve). Bellatrix drilled and/or participated in only 9.2 net wells during 2018, with production volumes averaging 35,635 boe/d for the year.

With our long-term infrastructure build out complete, Bellatrix expects the majority of future capital investment to be utilized directly in drilling, completion and production addition activities, with minimal capital required for facilities and infrastructure projects over the near term.  Management expects that the Company’s existing facilities and processing capacity will provide the capability to grow production volumes beyond 60,000 boe/d, with minimal future facility related capital.

Bellatrix has sustaining capital requirements of approximately $45 million for 2019. Sustaining capital refers to capital expenditures to maintain production from existing facilities at current production levels. Sustaining capital does not have any standardized meaning and therefore may not be comparable to similar measures presented by other entities.

Bellatrix’s operational teams recently implemented a project to reduce vented emissions. We focused on fuel gas driven pneumatic devices that emit vent gas at a high rate. We completed 402 device retrofits across our core area and because of this change, Bellatrix projects a reduction of our greenhouse gas emissions in 2019 by 16,833 tonnes of CO2 equivalent.  This is the equivalent of taking 3,574 passenger vehicles off the road for one year.  Furthermore, Bellatrix anticipates funding this project through utilizing carbon offsets, resulting in a project payout of less than one year.  This is an example of our initiatives to deliver win-win projects in terms of environmental stewardship and shareholder value.

COMMODITY PRICE RISK MANAGEMENT PROTECTION AND MARKET DIVERSIFICATION INITIATIVES

Bellatrix maintains strong commodity price risk management and market diversification coverage through 2020 which is expected to reduce the impact of commodity price volatility on our business. Bellatrix has diversified its natural gas price exposure through physical sales contracts that give the Company exposure to the Dawn, Chicago, and Malin natural gas pricing hubs. This long-term diversification strategy reduces Bellatrix’s exposure to AECO pricing on approximately 50% of the Company’s 2019 projected natural gas volumes (based on the mid-point of 2019 average production guidance).

A summary of Bellatrix’s commodity price risk management contracts as at March 1, 2019 include:

Product

Financial Contract

Period

Volume

Average Price (1)

Natural gas

Fixed price swap

January 1, 2019 to February 28, 2019

30,000 MMBtu/d

$4.29/mcf (2)

Natural gas

Fixed price swap

March 1, 2019 to March 31, 2019

30,000 MMBtu/d

$3.26/mcf (2)

Natural gas

Fixed price swap

March 1, 2019 to March 31, 2019

35.2 MMcf/d

$2.38/mcf

Natural gas

Fixed price swap

January 1, 2019 to January 31, 2019

8.8 MMcf/d

$2.86/mcf

Natural gas

Fixed price swap

February 1, 2019 to February 28, 2019

8.8 MMcf/d

$2.74/mcf

Natural gas

Fixed price swap

April 1, 2019 to October 31, 2019

17.6 MMcf/d

$2.01/mcf

Natural gas

AECO/NYMEX basis swap

November 1, 2019 to October 31, 2020

10,000 MMBtu/d

-US$1.24/MMBtu

Crude oil

Sold C$WTI call

January 1, 2019 to December 31, 2019

500 bbl/d

$80.00/bbl

Crude oil

Sold C$WTI call

January 1, 2019 to December 31, 2019

500 bbl/d

$95.00/bbl

Crude oil

Sold C$WTI call

January 1, 2020 to December 31, 2020

1,000 bbl/d

$77.90/bbl

(1) Prices for natural gas fixed price swap contracts assume a conversion of $/GJ to $/mcf based on an average corporate heat content rate of 40.3Mj/m3.

(2) Net Canadian equivalent price is calculated as the US$ fixed price, less the contracted differential, adjusted to Canadian dollars at an assumed exchanged rate of $1.30 USD/CAD.

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

Product

Market

End Date

Volume(1)

Natural gas

Chicago

October 31, 2020

30,000 MMBtu/d

Natural gas

Dawn

October 31, 2020

30,000 MMBtu/d

Natural gas

Malin

October 31, 2020

15,000 MMBtu/d

(1) Includes both physical and financial risk management contracts.

INCREASED CORPORATE NGL YIELD ACHIEVED AFTER PLANT COMMISIONED IN FIRST QUARTER 2018

The Phase 2 expansion project of the Alder Flats Plant was fully commissioned and began selling volumes mid-March 2018 which more than doubled throughput capacity at the Alder Flats Plant to 230 MMcf/d (from 110 MMcf /d).  Total NGL recoveries (including plant condensate) at the Alder Flats Plant have increased since the first quarter of 2018, with NGL sales yields of 73 bbl/MMcf, up approximately 18% from first quarter total sales yields of 62 bbl/MMcf.  The Bellatrix Alder Flats Plant deep-cut process provides enhanced NGL yields of approximately 10 to 35 bbl/MMcf over third-party plants in our core area, resulting in an average corporate liquid weighting guidance of 28% in 2019.

 

OPERATIONAL AND FINANCIAL SUMMARY

  • Production volumes in the fourth quarter of 2018 averaged 35,001 boe/d (71% natural gas weighted), up 4% from third quarter 2018 volumes of 33,530 boe/d, reflecting new wells brought on stream and the contribution of two joint venture partner acquisitions completed in the fourth quarter.  Production volumes averaged 35,635 boe/d for 2018, exceeding the high end of Bellatrix’s full year average production guidance range (35,000 to 35,500 boe/d).
  • Adjusted funds flow generated in the three months ended December 31, 2018 was $15.5 million ($0.21 per basic and diluted share), compared to $7.7 million ($0.12 per basic share and diluted share) in the third quarter of 2018. The increase in adjusted funds flow in the fourth quarter of 2018 compared to the third quarter of 2018 is primarily a result of an increase in revenue from a 4% increase in total sales volumes and a 58% increase in realized natural gas prices as well as a decrease in production expenses.
  • Exploration and development capital expenditures were $13.7 million in the fourth quarter of 2018.  Total exploration and development capital expenditures for 2018 were $50.3 million, meeting the low end of full year guidance. Capital expenditures in 2018 were primarily allocated to drilling, completion and equipping activity and completion of Phase 2 of the Alder Flats Plant in March 2018.
  • Bellatrix’s borrowings under its Credit Facilities were $47.8 million, and total net debt was $443 million at December 31, 2018.  Bellatrix had approximately $47.2 million of undrawn capacity at year end (approximately 50% undrawn) against total commitments of $95 million within the Company’s Credit Facilities before deducting outstanding letters of credit of $13.9 million that reduce the amount otherwise available to be drawn on the Credit Facilities.
  • For the fourth quarter ended December 31, 2018, Bellatrix was in compliance with all financial covenants under the agreements governing its Credit Facilities and 8.5% second lien notes due 2023 (the “Second Lien Notes”). Bellatrix’s Senior Debt to EBITDA (as defined in the agreements governing its credit facilities and Second Lien Notes) ratio was 2.88 times, below the financial covenant maximum of 5.0 times and Bellatrix’s First Lien Debt to EBITDA (as defined in the agreements governing its credit facilities and Second Lien Notes) ratio was 1.15 times, below the financial covenant maximum of 3.0 times.
  • Total revenue was $56.9 million for the fourth quarter of 2018, up from $51.5 million recognized in the third quarter of 2018, as higher natural gas prices and increased volumes helped mitigate wider oil and condensate differentials over the comparative periods.
  • Our corporate royalty rate in the three months ended December 31, 2018 averaged 11% of sales (after transportation), compared to 13% in the third quarter of 2018, as lower liquids prices contributed to lower overall royalty rates.
  • Production expenses in the fourth quarter of 2018 averaged $6.59/boe, down 16% compared with average production expenses of $7.80/boe over the first nine months of 2018.  Production expenses for 2018 averaged $7.50/boe, 2% below ($0.15/boe) the lower end of full year Company guidance ($7.65 – $7.90/boe). Renegotiation of processing agreements effective July 1, 2018 contributed to the decrease in production expenses in the 2018 year.
  • Our corporate operating netback (including risk management) realized for the three months ended December 31, 2018 was $9.91/boe, up 33% compared with $7.43/boe realized in the third quarter of 2018. This improvement reflects higher realized pricing and lower production, royalty, and transportation costs as wells as increased realized gains from risk management activities over the comparable periods.
  • Net general and administrative (“G&A”) expenses (after capitalized costs and recoveries) in the fourth quarter of 2018 were $7.9 million ($2.46/boe), down $0.9 million from $8.8 million ($2.57/boe) in the fourth quarter of 2017.
  • Bellatrix recorded a net loss for the three months ended December 31, 2018 of $89.8 million compared to a net loss of $8.9 million for the three months ended September 30, 2018. The increase in net loss period over period is primarily due to an increase in the deferred tax expense, unrealized hedging and foreign exchange gains and losses and loss on onerous contracts, offset partially by an increase in revenues, and decrease in realized foreign exchange gains.
  • As at December 31, 2018, Bellatrix had approximately 133,814 net undeveloped acres of land principally in Alberta.
  • As at December 31, 2018, Bellatrix had approximately $1.4 billion in tax pools available for deduction against future income.
  • Bellatrix maintained a strong Liability Management Rating of 9.54 in Alberta versus an industry average of 4.86 as at January 5, 2019.

OUTLOOK & 2018 CORPORATE GUIDANCE

Bellatrix’s Board of Directors approved a 2019 capital budget between $40 to $50 million, designed to maintain average production volumes of between 34,000 to 36,000 boe/d.  Bellatrix plans to fund the 2019 capital budget primarily through cash flow from operating activities.  The capital budget incorporates forward pricing expectations of US$65/bbl WTI, $1.60/GJ AECO, a $1.34 CAD/USD exchange rate, and is underpinned by strong commodity price risk management protection and natural gas market diversification contracts.

2019 Annual Guidance

(January 15, 2019)

Production

Average daily production (boe/d)

34,000 – 36,000

Average product mix

Natural gas (%)

72

Crude oil, condensate and NGLs (%)

28

Net Capital Expenditures

Total net capital expenditures ($000) (1)

40,000 – 50,000

(1) Excludes property acquisitions and dispositions

As previously announced by the Company, Bellatrix has been advancing efforts and evaluating potential alternatives to optimize its capital structure, improve liquidity and enhance long term stakeholder value.  Such efforts include, among other things, Bellatrix’s ongoing discussions with parties across the Company’s capital structure in connection with potential transaction alternatives, including refinancing its outstanding US$145.8 million of 8.5% senior unsecured notes due May 15, 2020 (the “Senior Notes”) and extending the maturity of the Credit Facilities beyond November 30, 2019. The Company cautions that it can make no assurances as to whether any agreement with respect to a potential transaction may be reached, or the terms or timing of any such potential transaction. Readers are cautioned to review note 2(c) and note 7 of the Financial Statements for additional information in this regard.

CONFERENCE CALL INFORMATION

A conference call to discuss Bellatrix’s fourth quarter and year end 2018 results and reserves will be held on March 14, 2019 at 3:30 pm MT / 5:30 pm ET. To participate, please call toll-free 1-800-319-4610 or 403-351-0324 or 416-915-3239. The call can also be heard live through an internet webcast accessible via the investors section of Bellatrix’s website at http://www.bxe.com/investors/presentations-events.cfm and will be archived on the website for approximately 30 days following the call.

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.



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