Boston, MA 05/06/2014 (wallstreetpr) – Bellatrix Exploration Ltd (NYSEMKT:BXE), which is an oil and gas exploration company based in Canada posted its first quarter financial results today, which came in line with the estimates.
First-Quarter Financial Highlights
During the first quarter, Bellatrix Exploration Ltd (NYSEMKT:BXE) reported earnings to the tune of $25 million or $0.15 per share, representing a 452% growth over the last one year. The company’s funds from operations stood at $78 million, that is $0.45 per share, denoting an increase of 107% from that of the previous year. The company revenue during the quarter stood at $164 million, recording a growth of 150% year-over-year. The growth in revenues was driven by a remarkable increase in the sales volume of light oil, natural gas and NGL in conjunction with higher prices of all commodities.The market consensus for Earnings per share and Revenue were at $0.15 per share and $125.08 million respectively. The company’s production during the quarter increased 81% year-over-year to 35,049 Boe per day.
Grafton Increased Capital Investment By $50 Million
Earlier last month, Bellatrix Exploration Ltd (NYSEMKT:BXE) published that Grafton Energy Co. I. Ltd has decided to execute its option to increase the earmarked capital outlay by another $50 million, thereby taking the total capital invested to $250 million. Grafton’s move to increase the capital investment will help Bellatrix in progressing in the development of its underdeveloped land holdings. Reportedly, Grafton had entered into an agreement with Bellatrix, under which, it contributed $200 million or 82% of the total capital investment in exchange of 54% working interest in the company’s well program. Grafton is to revert 33% of Bellatrix’s working interest after it receives its total agreed payout. The joint Venture was entered on July 1, 2013 for a span of 2 years, but Grafton’s latest added capital investment will further extend the term for Bellatrix by an year.
