July 19, 2011 / 1:32 PM / in 6 years

UPDATE 1-Bellatrix Exploration reports sequential drop in Q2 output

* Q2 production 11,783 boepd vs Q1 12,141 boep

* Q2 sales rise 15.5 pct to 11,643 boepd (Follows alerts)

July 19 (Reuters) - Bellatrix Exploration Ltd said second-quarter production fell 3 percent sequentially, hurt by wet weather conditions, but the Canadian oil and gas producer raised its 2011 production forecast and capital budget.

The company, which is focused on oil and natural gas reserves in Alberta, British Columbia and Saskatchewan, raised its 2011 capital expenditure budget to C$170 million ($176.8 million) from C$100 million.

It now expects exit production of 15,000 barrels of oil equivalent per day (boepd), up from its prior forecast of 13,000 boepd.

Bellatrix produced 11,783 boepd in the quarter, down from 12,141 boepd in the previous quarter. The company said wet weather conditions hurt the production by roughly 300 boepd.

Quarterly sales rose to 11,643 boepd, weighted 38 percent to oil and condensate and 62 percent to natural gas.

Shares of the Calgary, Alberta-based company closed at C$5.12 on Monday on the Toronto Stock Exchange.

$1 = 0.962 Canadian Dollars Reporting by Amruta Sabnis in Bangalore; Editing by Maju Samuel

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