Bellatrix Exploration Ltd. Oil & Gas Exploration and Production Operations and Cost Analysis Q2, 2011

Thursday, December 15, 2011

Bellatrix Exploration Ltd. Oil & Gas Exploration and Production Operations and Cost Analysis Q2, 2011


Description

Bellatrix Exploration Ltd. Oil & Gas Exploration and Production Operations and Cost Analysis Q2, 2011

Summary

"Bellatrix Exploration Ltd.Oil & Gas Exploration and Production Operations and Cost Analysis is the latest report from GlobalData, the industry analysis specialists, that offers comprehensive information on the operational and financial performance of the company. The report is an essential source for key operational data, analysis and strategic insight into company. The report provides latest annual and quarterly overview of valuation, share price performance, production, reserves, reserve changes, capital expenditures, acreage, performance metrics, and results of oil & gas operations.

Scope

The report provides in-depth analysis and insights into companies valuation, capital spending, revenues, oil and gas reserves, production, and performance measures. Its scope includes - 
- The report provides detailed and unique insights information on the key operational parameters. The report provides a comprehensive overview of production, reserves, reserve changes, capital expenditures, acreage, performance metrics, and results of oil & gas operations. 
- Provides analysis of the share price performance of the company and the key valuation multiples. The report provides a comprehensive overview of share price performance and key valuation metrics such as market capitalization, enterprise value, EV/Production ($/Boed), EV/Proved Reserve ($/MMboe), EV / EBITDA, and EV / EBITDA. 
- Provides annual and quarterly information on key operational, valuation and financial parameters. Annual information is for the current and the last five years while the quarterly information is for the current and the last five quarters. 
- The report provides detailed crude oil and natural gas reserves and production of the company by country. 
- Contains in-depth and latest information on exploration, development, finding & development, acquisition expenditure, gross and net developed and undeveloped acreage position; key costs and revenue information; and performance metrics of the company. 

Note: The report is based on the information disclosed by the company in their annual report and regulatory filings. Information that is not disclosed by the company may not be available in the report.

Reasons to buy

The report will enhance your decision making capability in a more rapid and time sensitive manner. It will allow you to - 
- Provides up-to-date information and in-depth analysis on operational parameters of the company. 
- Identify M&A targets from up-to-date information and in-depth analysis on financial and operational parameters of your competitors. 
- Rank your performance against other E&P companies using operational and financial benchmarking metrics. 
- Formulate your strategies based on in-depth analysis of your competitors financial and operational data. 
- Exploit the strengths and weakness of your closest competitors by comparing and analyzing their financial and operational parameters. 
- Establish relative performance among the industrys players based on key operational and financial measures.
Table of Contents
Table of Contents 2
List of Tables 4
List of Figures 5
Bellatrix Exploration Ltd., Valuation and Financial Data 8
Bellatrix Exploration Ltd., Share Price Performance 8
Share Price Performance, Q2, 2010-Q2, 2011 8
Bellatrix Exploration Ltd., Key Valuation Metrics 9
Key Valuation Metrics, Q2, 2010-Q2, 2011 9
Bellatrix Exploration Ltd., Quarterly Results of Oil & Gas Operations Per boe Produced 10
Results of Oil & Gas Operations Per boe Produced, Q2, 2010-Q2, 2011 10
Results of Oil & Gas Operations Per boe Growth Rates, Q2, 2010-Q2, 2011 11
Bellatrix Exploration Ltd., Quarterly E&P Costs Trends 12
Upstream Capital Expenditure, Q2, 2010-Q2, 2011 12
Bellatrix Exploration Ltd., Quarterly Production Trends 13
Bellatrix Exploration Ltd., Total Oil and Gas Production 13
Total Crude Oil and Natural Gas Production Trend, Q2, 2010-Q2, 2011 13
Total Crude Oil & Natural Gas Production, By Country/Region, Q2, 2010-Q2, 2011 14
Bellatrix Exploration Ltd., Crude Oil Production 15
Total Crude Oil Production Trend, Q2, 2010-Q2, 2011 15
Crude Oil Production, By Country/Region, Q2, 2010-Q2, 2011 16
Bellatrix Exploration Ltd., Natural Gas Production 17
Total Natural Gas Production Trend, Q2, 2010-Q2, 2011 17
Natural Gas Production, By Country/Region, Q2, 2010-Q2, 2011 18
Bellatrix Exploration Ltd., Valuation and Financial Data 19
Share Price Performance, 2006-2010 19
Key Valuation Metrics, 2006-2010 20
Bellatrix Exploration Ltd., Production and Reserves Trends 21
Total Oil and Gas, Reserves and Production 21
Total Crude Oil and Natural Gas Production and Reserves Trend, 2006-2010 21
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2006-2010 23
Total Crude Oil and Natural Gas Reserve Changes, 2006-2010 25
Crude Oil/Liquids Production and Reserve 26
Crude Oil/Liquids Production and Reserve Trend, 2006-2010 26
Crude Oil Production and Reserves By Country/Region, 2006-2010 27
Crude Oil/Liquids Reserve Changes, 2006-2010 29
Natural Gas Production and Reserve 30
Natural Gas Production and Reserve Trend, 2006-2010 30
Natural Gas Production and Reserves, By Country/Region, 2006-2010 31
Natural Gas Reserve Changes, 2006-2010 33
Total Crude Oil and Natural Gas Reserves Life Index 34
Total Crude Oil and Natural Gas Reserves Life Index, 2006-2010 34
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2006-2010 35
Bellatrix Exploration Ltd., E&P Costs Trends 37
Allocation of the Upstream Capital Expenditure 37
Upstream Capital Expenditure, 2006-2010 37
Acquisition Costs By Country/Region, 2006-2010 38
Exploration and Development Costs, By Country/Region, 2006-2010 40
Oil and Gas Cost Per boe, $/boe 42
Oil and Gas Cost Per boe, $/boe, 2006-2010 42
Oil and Gas Cost Per boe, $/boe, By Country/Region, 2006-2010 44
Bellatrix Exploration Ltd., Reserve Replacement Ratio 47
Oil and Gas Production Replacement Ratio 47
Oil and Gas Production Replacement Ratio, 2006-2010 47
Oil and Gas Production Replacement Ratio, By Country/Region, 2006-2010 49
Bellatrix Exploration Ltd., Results of Oil & Gas Operations Trend 53
Oil and Gas Revenue and Expenses 53
Oil and Gas Revenue and Expenses, 2006-2010 53
Oil and Gas Revenue and Expenses, By Country/Region, 2006-2010 54
Oil and Gas Revenue and Expenses, Per boe 58
Oil and Gas Revenue and Expenses, By boe, 2006-2010 58
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2006-2010 59
Oil and Gas Performance Metrics 62
Bellatrix Exploration Ltd., Land Holdings and Well Data 63
Developed and Undeveloped Acreage 63
Gross and Net Developed and Undeveloped Acreage, 2006-2010 63
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2006-2010 64
Well Statistics 67
Producible Oil and Gas Well, 2006-2010 67
Producible Oil and Gas Well, By Country/Region, 2006-2010 68
Exploration and Development Wells Drilled, 2006-2010 72
Exploration and Development Wells Drilled, By Country/Region, 2006-2010 73
Recent Developments 74
Sep 06, 2011: Bellatrix Exploration Provides Operations Update 74
Aug 11, 2011: Bellatrix Exploration Reports Revenues Of CAD42.6m In Q2 2011 74
Jul 19, 2011: Bellatrix Exploration Provides Operations Update 75
May 12, 2011: Bellatrix Exploration Reports Total Revenues Of CAD34.1m In Q1 2011 76
Apr 27, 2011: Bellatrix Exploration Provides Q1 2011 Operations Update 76
Apr 27, 2011: Bellatrix Exploration Announces Updated Capital Expenditure Budget For 2011 76
Mar 10, 2011: Bellatrix Exploration Reports Revenues Of CAD103m In 2010 77
Feb 17, 2011: Bellatrix Exploration Updates On 2010 Year-End Reserves 78
Dec 15, 2010: Bellatrix Exploration Provides Q4 2010 Drilling Results 79
Nov 16, 2010: Bellatrix Exploration Provides Operations Update 79
Appendix 81
Methodology 81
Coverage 81
Secondary Research 81
Primary Research 81
Data Information Sources 82
Company Source 82
SEC/Other Regulatory Filings 82
Other Sources 82
Expert Panel Validation 82
Data Definition 82
Oil and Gas Reserves 82
Units of Measure 82
About GlobalData 83
Disclosure 83
Disclaimer 83

Note: The report is based on the information disclosed by the company in their annual report and regulatory filings. Information that is not disclosed by the company may not be available in the report.
List of Table:
List of Tables
Table 1: Bellatrix Exploration Ltd., Share Price Performance, Q2, 2010-Q2, 2011 8
Table 2: Bellatrix Exploration Ltd., Key Valuation Metrics, Q2, 2010-Q2, 2011 9
Table 3: Bellatrix Exploration Ltd., Results of Oil & Gas Operations Per boe Produced, $/boe, Q2, 2010-Q2, 2011 10
Table 4: Bellatrix Exploration Ltd., Results of Oil & Gas Operations Per boe Growth Rates, %, Q2, 2010-Q2, 2011 11
Table 5: Bellatrix Exploration Ltd., Upstream Capital Expenditure, Q2, 2010-Q2, 2011 12
Table 6: Bellatrix Exploration Ltd., Total Crude Oil and Natural Gas, Production, Q2, 2010-Q2, 2011 13
Table 7: Bellatrix Exploration Ltd., Total Oil & Gas Production, By Country/Region, MMboe, Q2, 2010-Q2, 2011 14
Table 8: Bellatrix Exploration Ltd., Total Crude Oil Production, MMbbl, Q2, 2010-Q2, 2011 15
Table 9: Bellatrix Exploration Ltd., Crude Oil Production, By Country/Region, MMbbl, Q2, 2010-Q2, 2011 16
Table 10: Bellatrix Exploration Ltd., Total Natural Gas Production, Bcf, Q2, 2010-Q2, 2011 17
Table 11: Bellatrix Exploration Ltd., Natural Gas Production, By Country/Region, Bcf, Q2, 2010-Q2, 2011 18
Table 12: Bellatrix Exploration Ltd., Share Price Performance, 2006-2010 19
Table 13: Bellatrix Exploration Ltd., Key Valuation Metrics, 2006-2010 20
Table 14: Bellatrix Exploration Ltd., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2006-2010 22
Table 15: Bellatrix Exploration Ltd., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2006-2010 24
Table 16: Bellatrix Exploration Ltd., Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2006-2010 25
Table 17: Bellatrix Exploration Ltd., Crude Oil Production and Reserves Metrics, MMbbl, 2006-2010 26
Table 18: Bellatrix Exploration Ltd., Crude Oil Production and Reserves, By Country/Region, MMbbl, 2006-2010 28
Table 19: Bellatrix Exploration Ltd., Crude Oil Reserve Changes, MMbbl, 2006-2010 29
Table 20: Bellatrix Exploration Ltd., Natural Gas Production and Reserves Metrics, Bcf, 2006-2010 30
Table 21: Bellatrix Exploration Ltd., Natural Gas Production and Reserves, By Country/Region, Bcf, 2006-2010 32
Table 22: Bellatrix Exploration Ltd., Natural Gas Reserve Changes, Bcf, 2006-2010 33
Table 23: Bellatrix Exploration Ltd., Oil and Gas Reserves Life Index, Years, 2006-2010 34
Table 24: Bellatrix Exploration Ltd., Oil and Gas Reserves Life Index, By Country/Region, Years, 2006-2010 36
Table 25: Bellatrix Exploration Ltd., Upstream Capital Expenditure, $m, 2006-2010 37
Table 26: Bellatrix Exploration Ltd., Proved and Unproved Acquisition Costs, By Country/Region, $m, 2006-2010 39
Table 27: Bellatrix Exploration Ltd., Exploration and Development Costs, By Country/Region, $m, 2006-2010 41
Table 28: Bellatrix Exploration Ltd., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2006-2010 43
Table 29: Bellatrix Exploration Ltd., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2006-2010 46
Table 30: Bellatrix Exploration Ltd., Oil and Gas Production Replacement Ratio, %, 2006-2010 48
Table 31: Bellatrix Exploration Ltd., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2006-2010 52
Table 32: Bellatrix Exploration Ltd., Revenue and Expenses, $m, 2006-2010 53
Table 33: Bellatrix Exploration Ltd., Revenue and Expenses, By Country/Region, $m, 2006-2010 57
Table 34: Bellatrix Exploration Ltd., Oil and Gas Revenue and Expenses, $/boe, 2006-2010 58
Table 35: Bellatrix Exploration Ltd., Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2006-2010 61
Table 36: Bellatrix Exploration Ltd., Oil and Gas Performance Metrics, 2006-2010 62
Table 37: Bellatrix Exploration Ltd., Land Holdings (Developed and Undeveloped Acreage), Acres, 2006-2010 63
Table 38: Bellatrix Exploration Ltd., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2006-2010 66
Table 39: Bellatrix Exploration Ltd., Producible Oil and Gas Wells, 2006-2010 67
Table 40: Bellatrix Exploration Ltd., Producible Oil and Gas Wells, By Country/Region, 2006-2010 71
Table 41: Bellatrix Exploration Ltd., Exploratory and Developed Wells, 2006-2010 72
Table 42: Bellatrix Exploration Ltd., Exploratory and Developed Wells, By Country/Region, 2006-2010 73

Note: The report is based on the information disclosed by the company in their annual report and regulatory filings. Information that is not disclosed by the company may not be available in the report.
List of Charts:
List of Figures
Figure 1: Bellatrix Exploration Ltd., Share Price Performance, USD/Share, Q2, 2010-Q2, 2011 8
Figure 2: Bellatrix Exploration Ltd., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q2, 2010-Q2, 2011 9
Figure 3: Bellatrix Exploration Ltd., Results of Oil & Gas Operations Per boe Produced, $/boe, Q2, 2010-Q2, 2011 10
Figure 4: Bellatrix Exploration Ltd., Upstream Capital Expenditure, $m, Q2, 2010-Q2, 2011 12
Figure 5: Bellatrix Exploration Ltd., Total Crude Oil and Natural Gas, Production, MMboe, Q2, 2010-Q2, 2011 13
Figure 6: Bellatrix Exploration Ltd., Total Oil & Gas Production, By Country/Region, MMboe, Q2, 2010-Q2, 2011 14
Figure 7: Bellatrix Exploration Ltd., Total Crude Oil Production, MMbbl, Q2, 2010-Q2, 2011 15
Figure 8: Bellatrix Exploration Ltd., Crude Oil Production, By Country/Region, MMbbl, Q2, 2010-Q2, 2011 16
Figure 9: Bellatrix Exploration Ltd., Total Natural Gas Production, Bcf, Q2, 2010-Q2, 2011 17
Figure 10: Bellatrix Exploration Ltd., Natural Gas Production, By Country/Region, Bcf, Q2, 2010-Q2, 2011 18
Figure 11: Bellatrix Exploration Ltd., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), 2006-2010 20
Figure 12: Bellatrix Exploration Ltd., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2006-2010 21
Figure 13: Bellatrix Exploration Ltd., Total Oil & Gas Reserves, End of Period, By Country/Region, MMboe, 2006-2010 23
Figure 14: Bellatrix Exploration Ltd., Total Oil & Gas Production, By Country/Region, MMboe, 2006-2010 23
Figure 15: Bellatrix Exploration Ltd., Crude Oil Production and Reserves Metrics, MMbbl, 2006-2010 26
Figure 16: Bellatrix Exploration Ltd., Oil Reserves, End of Period, By Country/Region, MMbbl, 2006-2010 27
Figure 17: Bellatrix Exploration Ltd., Oil Production, By Country/Region, MMbbl, 2006-2010 27
Figure 18: Bellatrix Exploration Ltd., Natural Gas Production and Reserves Metrics, Bcf, 2006-2010 30
Figure 19: Bellatrix Exploration Ltd., Gas Reserves, End of Period, By Country/Region, Bcf, 2006-2010 31
Figure 20: Bellatrix Exploration Ltd., Gas Production, By Country/Region, Bcf, 2006-2010 31
Figure 21: Bellatrix Exploration Ltd., Oil and Gas Reserves Life Index, Years, 2006-2010 34
Figure 22: Bellatrix Exploration Ltd., Gas Reserve Life Index, By Country/Region, Years, 2006-2010 35
Figure 23: Bellatrix Exploration Ltd., Oil & Gas Reserve Life Index, By Country/Region, Years, 2006-2010 35
Figure 24: Bellatrix Exploration Ltd., Oil Reserve Life Index, By Country/Region, Years, 2006-2010 36
Figure 25: Bellatrix Exploration Ltd., Upstream Capital Expenditure, $m, 2006-2010 37
Figure 26: Bellatrix Exploration Ltd., Proved Acquisition Costs, By Country/Region, $m, 2006-2010 38
Figure 27: Bellatrix Exploration Ltd., Unproved Acquisition Costs, By Country/Region, $m, 2006-2010 38
Figure 28: Bellatrix Exploration Ltd., Development Costs, By Country/Region, $m, 2006-2010 40
Figure 29: Bellatrix Exploration Ltd., Exploration Costs, By Country/Region, $m, 2006-2010 40
Figure 30: Bellatrix Exploration Ltd., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2006-2010 42
Figure 31: Bellatrix Exploration Ltd., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2006-2010 44
Figure 32: Bellatrix Exploration Ltd., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010 44
Figure 33: Bellatrix Exploration Ltd., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010 45
Figure 34: Bellatrix Exploration Ltd., Proved Reserves Acquisition Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010 45
Figure 35: Bellatrix Exploration Ltd., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2006-2010 47
Figure 36: Bellatrix Exploration Ltd., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2006-2010 49
Figure 37: Bellatrix Exploration Ltd., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2006-2010 49
Figure 38: Bellatrix Exploration Ltd., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2006-2010 50
Figure 39: Bellatrix Exploration Ltd., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2006-2010 50
Figure 40: Bellatrix Exploration Ltd., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2006-2010 51
Figure 41: Bellatrix Exploration Ltd., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2006-2010 51
Figure 42: Bellatrix Exploration Ltd., Revenue and Expenses, $m, 2006-2010 53
Figure 43: Bellatrix Exploration Ltd., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010 54
Figure 44: Bellatrix Exploration Ltd., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010 54
Figure 45: Bellatrix Exploration Ltd., Oil & Gas Revenue, By Country/Region, $m, 2006-2010 55
Figure 46: Bellatrix Exploration Ltd., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010 55
Figure 47: Bellatrix Exploration Ltd., Production Costs, By Country/Region, $m, 2006-2010 56
Figure 48: Bellatrix Exploration Ltd., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010 56
Figure 49: Bellatrix Exploration Ltd., Oil and Gas Revenue and Expenses, $/boe, 2006-2010 58
Figure 50: Bellatrix Exploration Ltd., Lifting Cost per boe, By Country/Region, $/boe, 2006-2010 59
Figure 51: Bellatrix Exploration Ltd., Annual Net Income per boe, By Country/Region, $/boe, 2006-2010 59
Figure 52: Bellatrix Exploration Ltd., Oil & Gas Revenue per boe, By Country/Region, $/boe, 2006-2010 60
Figure 53: Bellatrix Exploration Ltd., Total DD&A per boe, By Country/Region, $/boe, 2006-2010 60
Figure 54: Bellatrix Exploration Ltd., Total Revenue per boe, By Country/Region, $/boe, 2006-2010 61
Figure 55: Bellatrix Exploration Ltd., Oil and Gas Performance Metrics, 2006-2010 62
Figure 56: Bellatrix Exploration Ltd., Land Holdings (Developed and Undeveloped Acreage), Acres, 2006-2010 63
Figure 57: Bellatrix Exploration Ltd., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2006-2010 64
Figure 58: Bellatrix Exploration Ltd., Total Net Undeveloped Acreage, By Country/Region, Acres, 2006-2010 64
Figure 59: Bellatrix Exploration Ltd., Total Gross Developed Acreage, By Country/Region, Acres, 2006-2010 65
Figure 60: Bellatrix Exploration Ltd., Total Net Developed Acreage, By Country/Region, Acres, 2006-2010 65
Figure 61: Bellatrix Exploration Ltd., Producible Oil and Gas Wells, 2006-2010 67
Figure 62: Bellatrix Exploration Ltd., Gross Productive Gas Wells, By Country/Region, Number, 2006-2010 68
Figure 63: Bellatrix Exploration Ltd., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2006-2010 68
Figure 64: Bellatrix Exploration Ltd., Gross Productive Oil Wells, By Country/Region, Number, 2006-2010 69
Figure 65: Bellatrix Exploration Ltd., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2006-2010 69
Figure 66: Bellatrix Exploration Ltd., Net Productive Gas Wells, By Country/Region, Number, 2006-2010 70
Figure 67: Bellatrix Exploration Ltd., Net Productive Oil & Gas Wells, By Country/Region, Number, 2006-2010 70
Figure 68: Bellatrix Exploration Ltd., Net Productive Oil Wells, By Country/Region, Number, 2006-2010 71
Figure 69: Bellatrix Exploration Ltd., Exploratory and Developed Wells, 2006-2010 72

Note: The report is based on the information disclosed by the company in their annual report and regulatory filings. Information that is not disclosed by the company may not be available in the report.

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