GREY:BXEFF - Post by User
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blue_eagleon May 17, 2014 4:48pm
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Saturday's update
Saturday's updateTalking to Mickey...he's been taking the mickey..
Joking, doing something without intent.
Mickey Dunn's Bellatrix Exploration Ltd. (BXE) dipped to $9.62 before settling at $9.96, down 19 cents, on 9.57 million shares. It has lowered its production guidance for the second time this year. In March, citing infrastructure constraints and bad weather, the company reduced its first quarter guidance to 36,000 barrels of oil equivalent a day (from 40,000) and its full-year guidance to a range of 42,300 to 43,500 barrels a day (from 44,000). It has now lowered guidance again, blaming downtime at third party gas plants. The new full-year target is 41,000 barrels a day. Bellatrix did not change its estimates of cash flow, saying higher prices should offset lower production. It also noted that it is building its own gas plant in the Ferrier Cardium area of Alberta. This $90-million plant will be able to process 110 million cubic feet a day when it opens in July, 2015, and 220 million after an expansion in 2016. Still, the market was not mollified. Bellatrix will try to soothe investors during a conference call next Tuesday. Executive vice-president Brent Eshleman already has a head start. In an interview published Wednesday in the Calgary Herald, he talked up the "tremendous growth opportunity" in Alberta and said Bellatrix aims to become a member of that small club of oil firms that start out small and gradually turn into seniors, such as Canadian Natural Resources Corp. (CNQ: $43.26) or ARC Resources Ltd. (ARX: $31.25). He also talked to this month's issue of Business in Focus Magazine. "In 2014, we are really into the execution mode," he said. "... Numerous pieces of the puzzle are falling into place with a tremendous amount of activity and excitement!"