Increased exploration set to lift output

Article Excerpt

BELLATRIX EXPLORATION $3.12 (Toronto symbol BXE; TSINetwork Rating: Speculative) (403-266-8670; www.bellatrixexploration.com; Shares outstanding: 49.3 million; Market cap: $153.9 million; No dividends paid) produces natural gas (72% of output) and oil (28%) in Alberta, B.C. and Saskatchewan. On July 6, 2017, Bellatrix consolidated its shares on a 1-for-5 basis. Big institutional investors, such as pension plans, generally avoid stocks that trade below $1, so the move could help the company keep those big shareholders. In the quarter ended March 31, 2017, Bellatrix produced an average 34,750 barrels of oil equivalent per day, down 9.7% from 38,467 a year earlier. Cash flow per share fell 14.3%, to $0.30 from $0.35 (adjusted for the consolidation). For 2016, the company reduced its exploration and operating costs to conserve cash. Those savings let Bellatrix keep its production steady. In all, the company cut $321.4 million from its debt, lowering it by nearly 50%. Total debt now stands at $402.2 million. That’s still a high 1.9 times Bellatrix’s depressed…

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