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CALGARY, March 6, 2012 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") announces it has completed the expansion of its facilities infrastructure in West Central Alberta to allow previously shut-in liquids rich natural gas volumes to be placed back on production.
The infrastructure constraints holding back the previously announced shut-in of 1,800 boe/d of liquids rich natural gas production in early 2012 have now been removed by the facilities expansion. The Company's previously shut-in liquids rich natural gas volumes in West Central Alberta were placed back on production on March 1, 2012.
During the period March 1-5, 2012, Bellatrix's field production averaged approximately 17,300 boe/d weighted 40% oil and liquids and 60% natural gas. As a result of the infrastructure constraints in early 2012, field production in Q1 2012 is expected to average between 15,000 boe/d and 16,000 boe/d.
Bellatrix recently completed an 18 km pipeline project including crossing of the North Saskatchewan River with two 8 inch lines, one 10 inch line and one 4 inch line designed to deliver up to a maximum of 150 mmcf/d to existing underutilized plants. The river crossing, as a first step, provides Bellatrix with access to the Alder Flats shallow cut 75 mmcf/d gas processing plant, wherein Bellatrix owns 15 mmcf/d of the capacity. The gas plant owners are planning to expand capacity in the facility to 145 mmcf/d by Q1 2013, which would increase Bellatrix's ownership in the plant to 46 mmcf/d of the capacity. The crossing also facilitates access to the Keyera Minnehik Buck Lake Midstream deep cut gas processing facility which currently has 100 mmcf/d of underutilized capacity. With future additions of compression, the river crossing will be capable of ultimately transporting 300 mmcf/d of raw gas.
Bellatrix has also undertaken construction of a 100% working interest compression facility and interconnecting pipeline infrastructure to provide access to the Keyera Strachan network of deep cut, and semi deep cut gas plants servicing the area south of the Company's Ferrier lands in West Central Alberta. Construction is scheduled to be complete for Q3 2012 deliveries. This project is initially designed to transport 30 mmcf/d expandable to 100 mmcf/d when all phases are completed.
The first quarter of 2012 drilling program that commenced in early January 2012 and utilized four rigs is nearing completion. An initial capital budget of $180 million has been set for fiscal 2012. Based on the timing of proposed expenditures, downtime for anticipated plant turnarounds, resolution of infrastructure constraints and normal production declines, execution of the 2012 budget is anticipated to provide 2012 average daily production of approximately 16,500 boe/d to 17,000 boe/d and an exit rate of approximately 18,000 boe/d to 18,500 boe/d.
PS. Nice news from BXE. Probably ignored since markets now want to selloff. Great ops by weeks end should the selling persist. I aint going to panic sell just watching for ops. We all knew markets was overbought and many including myself calling for a dip.....all a matter of time when markets decide upon the reason for beginning of selloff, this go around it was China's revision to their GDP target.
Such jittery markets again??