BELLATRIX EXPLORATION $8.59 - Toronto symbol BXE

BELLATRIX EXPLORATION $8.59 (Toronto symbol BXE; TSINetwork Rating: Speculative) (403-266- 8670; www.bellatrixexploration.com; Shares outstanding: 170.5 million; Market cap: $1.5 billion; No dividends paid) produces natural gas (70% of output) and oil (30%) in Alberta, B.C. and Saskatchewan.

Bellatrix closed its $756-million cash-and-stock purchase of Angle Energy in early December 2013. The deal added 500 drilling targets to Bellatrix’s inventory, bringing its total to over 2,000, and doubled its undeveloped land base to over 400,000 acres.

In addition, Angle produces 10,500 barrels of oil equivalent a day (58% oil and 42% gas) in Alberta. That let Bellatrix end 2013 with record production of 38,000 barrels a day. Several new wells about to enter production will boost that figure to 40,000.

Meanwhile, Bellatrix continues to enter into joint ventures to speed up the development of its Cardium shale oil deposits in west-central Alberta. Its partners will spend $240 million this year for a share of production from certain new wells.

On top of that, Bellatrix will spend $370 million on exploration and development in 2014. It aims to drill a total of 146 wells—115 oil and 31 gas—and could end the year with production of over 47,000 barrels a day.

The stock is up 81% for us over the past year, but it still trades at just 4.3 times the company’s estimated 2014 cash flow of $2.02 a share.

Bellatrix is a buy for aggressive investors.

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