Bellatrix Announces Filing of Year End 2019 Financial and Operating Results and Timing of Release of Annual Reserves Disclosure

CALGARY, Alberta , April 24, 2020 (GLOBE NEWSWIRE) — Bellatrix Exploration Ltd. (“Bellatrix” or the “Company“) announces that it has filed its annual audited financial statements and related management’s discussion and analysis for the year ended December 31, 2019 with the Canadian securities regulatory authorities on SEDAR.

In addition, Bellatrix announces the results of its year end independent evaluation of its reserves. InSite Petroleum Consultants Ltd. (“InSite”) independently evaluated the reserves associated with 100% of Bellatrix’s oil and gas properties as at December 31, 2019 (the “InSite Report”). The Insite Report was prepared in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) and the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook”) utilizing InSite’s forecast prices and costs as at December 31, 2019. The estimated proved developing producing, proved, and proved plus probable reserves associated with Bellatrix’s assets as at December 31, 2019 as evaluated in the InSite Report were 69.8 MMboe, 185.5 MMboe, and 268.0 MMboe, respectively, net before royalties. The net present value of the future net revenue discounted at 10% associated Bellatrix’s proved developing producing, proved, and proved plus probable reserves as reported in the InSite Report was $419.5 million, $990.0 million and $1,419.4 million, respectively, before tax. The current estimated field production associated with Bellatrix’s assets is weighted approximately 5% light and medium oil, 25% natural gas liquids and 70% natural gas.

Full details of Bellatrix’s reserves and the associated future net revenue as at December 31, 2019 will be included in Bellatrix’s statement of reserves data and other information required by section 2.1 of NI 51-101 when filed. As a result of the COVID-19 pandemic, the Canadian Securities Administrators have extended the deadline for filing certain continuous disclosure documents by reporting issuers. As such, Bellatrix is relying on the relief in respect of its requirements to file a statement of reserves data and other information required by section 2.1 of NI 51-101 in respect of the Company’s year ended December 31, 2019. Absent the relief, Bellatrix would have been required to file the annual reserves filings by April 29, 2020 and the Company now expects to file such filings on or before June 13, 2020. Although none of the Company’s securities are currently listed for trading on any recognized stock exchange, the Company’s management and other insiders will be subject to a trading black-out until such time as the annual reserves filings are completed. Other than as disclosed in the annual audited financial statements, related management’s discussion and analysis and this press release, there are no material business developments that have not been disclosed.

Bellatrix plans to utilize this additional time in completing and filing its required year-end annual reserves filings.

About Bellatrix

Bellatrix Exploration Ltd. is a Western Canadian based 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 development of the Spirit River liquids rich natural gas play.

For further information, please contact:

Bellatrix Exploration Ltd.
1920, 800 – 5^th Avenue SW
Calgary, Alberta, Canada T2P 3T6
Phone: (403) 266-8670
Fax: (403) 264-8163
www.bxe.com

READER ADVISORY

BOE Disclosure

The term barrels of oil equivalent (“boe”) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6 Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in the report are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.

Reserves Disclosure

All reserves information in this press release was prepared by InSite, for Bellatrix, effective December 31, 2019, using InSite’s December 31, 2019 forecast prices and costs in accordance with NI 51-101 and the COGE Handbook.

All reserve references in this press release are “Company gross reserves”. Company gross reserves are the Company’s total working interest reserves before the deduction of any royalties payable by the Company and before the consideration of the Company’s royalty interests. It should not be assumed that the present worth of estimated future cash flow of net revenue presented herein represents the fair market value of the reserves. There is no assurance that the forecast prices and costs assumptions will be attained and variances could be material. The recovery and reserve estimates of the Company’s crude oil, natural gas liquids and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual crude oil, natural gas and NGLs reserves may be greater than or less than the estimates provided herein.