CALGARY, March 22 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") is pleased to update the results of its Q1 drilling and completion of a new horizontal well in the month of March in West Central Alberta.
To date in the first quarter of 2010, Bellatrix has drilled and completed 11 gross wells (6.01 net) and the Company is currently drilling 1 gross well (0.85 net) at Ferrier (Notikewin horizontal) and 1 gross well (1 net) at West Pembina (Cardium horizontal).
On the Cardium play in West Central Alberta, the Company is drilling their seventh gross well (5.46 net). These wells were drilled and are being drilled at Willesden Green, Lodgepole, West Pembina, and Norbuck.
The Company reports that its most recent operated Cardium well at Willesden Green (0.71 net ) was successfully stimulated utilizing the multi-stage fracturing technique. After all of the load oil was recovered, the well was flowing at 735 barrels of oil per day and a natural gas rate of 1.05 mmcf/d for a combined production rate of 910 boe/d.
At Lodgepole, the Company's second 100% W.I. well was drilled and completed, and placed on stream in mid February at an initial production rate of 375 boe/d.
The Company is currently drilling a 100% W.I. well at West Pembina that we anticipate being tied in before spring break up. A second non operated well (0.5 net) has been completed and is currently recovering load fluid.
Bellatrix has a total ownership in 133 gross sections, 81 net sections in the West Central Alberta Cardium oil play. At Norbuck, the Company has drilled a total of three Cardium wells on its 2.5 gross sections (1.15 net). Production from two of the 100% W.I. wells (2.0 net) have had lower reported initial production rates of 100 boe/d each; the lower rates are believed to be a factor of the more distal setting at Norbuck where thinner net oil pays and lower permeabilities are more common. The Company has also participated in a third non operated well (0.25 net) that has been completed and is currently recovering load oil on flow back.
On the Notikewin play in the Ferrier area, Bellatrix has drilled and completed a 100% W.I. multi-staged horizontal well; the well was placed on production in February at an approximate initial rate of 3.5 mmcf/d with 35 bbls of liquids per mmcf. A second Notikewin horizontal well (0.85 net) is currently drilling in the Ferrier area. The timing for the completion and tie-in will be dependent on road restrictions during spring breakup.
In addition to this activity, Bellatrix participated in drilling 4 gross (0.55 net) non-operated McLaren oil wells in the Lindberg area. These wells have been completed and are currently being put on production.
An updated corporate presentation is posted on www.bellatrixexploration.com.
Bellatrix Exploration Ltd. is a growth oriented exploration and production company based in Calgary, Alberta, Canada.
Forward looking statements:
Certain information set forth in this news release, including management's assessments of the future plans and operations, drilling plans, and timing of stabilization and tie-in of new wells may contain forward-looking statements, and necessarily involve risks and uncertainties, certain of which are beyond Bellatrix's control, including risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets and other economic and industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling services, incorrect assessment of value of acquisitions and failure to realize the benefits therefrom, delays resulting from or inability to obtain required regulatory approvals, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources and economic or industry condition changes. Actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Bellatrix will derive therefrom. Additional information on these and other factors that could affect Bellatrix are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website ( www.sedar.com ), or at Bellatrix's website www.bellatrixexploration.com. Furthermore, the forward-looking statements contained in this news release are made as of the date of this news release, and Bellatrix does not undertake any obligation to update publicly or to revise any of the included forward looking statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities law.
BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.