Here’s our Pick of the Month – October 2011

Article Excerpt

BELLATRIX EXPLORATION $4.29 (Toronto symbol BXE; TSINetwork Rating: Speculative) (403-266-8670;; Shares outstanding: 114.2 million; Market cap: $448.9 million; No dividends paid) produces oil and natural gas in Alberta, B.C. and Saskatchewan. Gas makes up about 62% of its output; the remaining 38% is oil. In the three months ended June 30, 2011, Bellatrix’s production rose 51.8%, to 11,643 barrels of oil equivalent per day (including natural gas) from 7,671 barrels. The company’s drilling success continues to add to its production: in the first half of 2011, it drilled 23 wells with a 100% success rate. Cash flow per share doubled in the latest quarter, to $0.22 from $0.11. The increased production and higher oil prices were the main reasons for the gains. The company’s long-term debt is $93.0 million, or a low 20.7% of its market cap. In 2012, Bellatrix plans to increase its capital spending by 5.9%, to $180 million from the $170 million it’s likely to spend in 2011. The…

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