BRIEF-Bellatrix Exploration board approved second half net capital budget of up to $40 mln

Fri Jun 17, 2016 3:09pm EDT
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June 17 (Reuters) - Bellatrix Exploration Ltd

* Board of directors has approved a second half net capital budget of up to $40 million

* Phased second half 2016 development plans and on-stream delivery of new spirit river wells to coincide with stronger forecast pricing later in year

* Deferral of on-stream activity to late 2016 is expected to position co favorably on a much stronger natural gas pricing environment in 2017

* Bellatrix exploration ltd says pricing for aeco natural gas in dec 2016 of about c$2.70 /gj is 55% higher or nearly c$1.00 /gj above current spot pricing

* During q2, bellatrix elected to shut in minor natural gas volumes at non-core properties in southern alberta

* Bellatrix exploration ltd says capital investment for first half of 2016 remains on plan and within guidance for revised $40 million budget

* Bellatrix exploration ltd sees second half 2016 net capital spending of $40 million

* Expects first half average production to meet first half 2016 guidance range of 37,500 to 38,500 boe/d.

* As at june 17, 2016 has hedged about 60% of gross natural gas volumes at an average fixed price of about c$2.96 /mcf in second half of 2016

* Bellatrix announces second half 2016 capital budget Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)