November 4, 2010 / 1:27 PM / in 8 years

UPDATE 1-Bellatrix Q3 loss narrows; sees 2011 capex at C$85 mln

* Q3 loss/shr C$0.09, in line with est.

* Q3 rev C$27.3 mln vs est C$26.6 mln

* Sees average daily production of 11,500-12,000 boe/d

* Sees 2011 exit rate of 12,000-12,500 boe/d

* Says on target to meet 2010 drilling targets

Nov 4 (Reuters) - Bellatrix Exploration’s (BXE.TO) quarterly loss narrowed, helped by higher natural gas sales, and the company said it was on track to meet its drilling targets for the rest of the year.

The Canadian oil and gas explorer expects 2011 capital budget at C$85 million to provide average daily production of about 11,500-12,000 barrels of oil equivalent per day (boe/d) and an exit rate of about 12,000-12,500 boe/d.

For the July-September quarter, the company reported a loss of C$8.6 million, or 9 Canadian cents a share, compared with a loss of C$9.63 million, or 12 Canadian cents a share, a year ago.

Revenue, before royalties and risk management, rose 15 percent to C$27.3 million for the reporting quarter.

Analysts on average had expected the company to report a loss of 9 Canadian cents a share, on revenue of C$26.6 million, according to Thomson Reuters I/B/E/S.

Bellatrix, whose prime focus is augmenting oil and gas production, said it will continue drilling activities at its Cardium and Notikewin resource plays in West Central Alberta next year.

It expects to drill 8 gross wells in the fourth quarter.

Shares of the Calgary, Alberta-based company have gained 8 percent in value since it raised C$20 million to develop its cardium light oil exploration program in July. They closed at C$3.65 on Wednesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar and Ashutosh Joshi in Bangalore; Editing by Unnikrishnan Nair)

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