Lots of drilling targets for these juniors

Article Excerpt

BELLATRIX EXPLORATION $3.87 (Toronto symbol BXE; SI Rating: Speculative) (403-266-8670; www.bellatrixexploration.com; Shares outstanding: 97.2 million; Market cap: $376.2 million; No dividends paid) produces oil and natural gas in Alberta, B.C. and Saskatchewan. Gas makes up about 73% of its output; the remaining 27% is oil. In the three months ended June 30, 2010, Bellatrix’s production fell 21.5%, to 7,671 barrels of oil equivalent per day (this measurement includes natural gas) from 9,767 barrels a year earlier. That’s mainly because Bellatrix sold properties that produced about 3,500 barrels per day in late 2009. Bellatrix’s cash flow per share fell 21.4% in the latest quarter, to $0.11 from $0.14. Higher oil and gas prices partly offset the lower production. Bellatrix’s total debt is $81.3 million, or a low 21.6% of its market cap. In January 2010, Bellatrix raised $42.2 million in a share issue to fund exploration. It raised a further $20 million in another share issue in August. Successful drilling boosted Bellatrix’s average daily…