Bellatrix Exploration Ltd. on Monday released the results of the drilling and completion of two new horizontal wells in the month of December in West Central Alberta.
In Pembina at 11-27-48-8 W5M, Bellatrix drilled a 100% working interest horizontal Cardium light oil discovery to a measured depth of 2685 meters. The well was completed and placed on production at a rate of 300 bopd with 88 mcf/d of gas, after recovering 100% of its load fluid. The Company has 133 gross sections (81 net sections) of Cardium rights on the trend for an average 61% working interest. Bellatrix has defined up to 200 potential locations dependent on continued drilling success.
Further success was realized in the area of West Central Alberta at Ferrier whereby Bellatrix successfully drilled and completed a 3015 meter horizontal Notikewin test at 13-25-45-9 W5M. Following a multi-staged fracture stimulation, the well flowed gas at rates up to 10 mmcfd with condensate recovery of 50 bbls/mmcf. The well was placed on production at a restricted rate of 5.4 mmcfd with a condensate rate of 270 bbls per day.
Bellatrix's strategic gas hedging program is expected to generate attractive economics from the Notikewin liquid rich gas stream despite concerns over gas price recovery. The Company has defined up to 50 potential Notikewin locations on its lands dependent on continued drilling success. Under-utilized facilities in the region are available and Bellatrix expects that future development and increased production volumes will improve operating costs and prospect economics.
Upon the close of 2009, Bellatrix posted a 100% success rate in their 2009 drilling program that consisted of 12 gross (10.25 net) wells at Pembina, Willesden Green, Mantario and Irvine. The program resulted in 6.5 net gas wells, 3.5 net oil wells and 0.25 wells awaiting completion.
2010 Guidance Bellatrix also announced a $40 million capital expenditures budget for 2010, a 100 % increase over the Company's upwardly revised 2009 capital expenditures budget. Execution of the 2010 budget is anticipated to provide 2010 average daily production of 7,700 boe/d and an exit rate of 8400 boe/d. The capital budget is expected to be directed primarily towards drilling and completions activities in the Cardium and Notikewin resource plays.
The 2010 capital budget has been designed to be flexible in response to economic conditions and could be increased in the second half of 2010 with improving commodity prices. Bellatrix has a large inventory of approximately 475 potential drilling locations identified and has undeveloped acreage of 268,000 net acres. An updated corporate presentation will be posted on www.bellatrixexploration.com.
Bellatrix Exploration Ltd. is a growth-oriented exploration and production company based in Calgary, Alberta, Canada.
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