Bellatrix Exploration Ltd (Canada) BXEFF

RE:wheres the bottom?

[Steelhead15]

I'm wondering too. It seems this was kicked off by the private placement, aggravated by debenture holders selling, questions arose with the buying of Angle and lastly the dropping price of WTI. That is plenty.  If recent history holds the bottom is at the 50D SMA which is where we are at.

I read the Angle prestentation. 200+ sections of Cardium added to BXE 100+. That makes BXE the second largest holder of Cardum which is oily. The SP of Angle seems nice until you see their $200 M debt. The 11000 BOE/d sure helps. $500M for Angle seems too high if you forget the 11,000 BOE and 200 sections of Cardium.

BXE needed the additional drill sites to make it to the mid teens or above. I guess all of the reasons for selling are driving it down. Anyway, it now looks better to me  than BNP and other large Cardum players. The oil in the Cardium and the massive number of drill sites will eventually move it up.

Final guess- BXE now has the drill sites to last a long time. Only thing missing is a dividend. Not now with the debt load, but later. BXE is a well run company.  It is also a new takeover target for those banking on the lines for NG to the coast.