CALGARY, April 15 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") is pleased to release the results of two new wells that were drilled in Q1 and completed and tied in during April.
In the first quarter of 2010, the Company successfully drilled and/or participated in 14 gross (8.06 net) wells resulting in 11 gross (6.01 net) oil wells, 2 gross (1.85net) gas wells, 1 gross (0.20 net) gas well is waiting on completion and there were no dry holes.
The Company completed drilling its second 85% W.I. Notikewin horizontal well in the Ferrier area this year. This well was successfully stimulated in the Notikewin utilizing the multi-stage fracturing technique. After 28 hours, all of the load nitrogen gas has been recovered and the well was flowing at 10 mmcf/d with a flowing tubing pressure of approximately 2,850 psi. Bellatrix operated Notikewin gas wells in this area typically produce 35 bbls of liquids per mmcf of gas. The well was placed on production on April 14, 2010 at a restricted rate of 5 mmcf/d.
West Pembina ------------
The Company drilled, completed and tied in a 100% W.I. Cardium horizontal well in the West Pembina area with an initial production rate of 250 boe/d of light gravity crude.
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 including production rates for new wells and timing thereof 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.