Bellatrix Exploration Ltd (Canada) BXEFF

Thursday Nov.7th- Q3/13 earnings and 2014 guidance.

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Bellatrix Exploration* (BXE : TSX : $7.90), Net Change: 0.05, % Change: 0.64%, Volume: 2,267,697
Like hitting the Trifecta at the track. Canaccord Genuity Energy analyst Steve Toth published a bullish report on Bellatrix
Exploration after the company announced three positive developments in the past several weeks: 1) The acquisition of Angle
Energy (NGL) for $576 million; 2) a gross $240-million Joint Venture with Troika Resources (Korean partner); and 3) a $175-
million bought-deal equity financing. Toth maintains a positive outlook for BXE stock and values the company at a 1.0x
multiple to NAV and reflecting a 6.4x 2014 EV/DACF multiple. Toth noted that the acquisition metrics for NGL were attractive
at $49,400/boepd and $8.50/boe, and bolsters the company‟s size and dominance in west central Alberta. The Troika JV deal
adds $0.80/share to Toth‟s NAVPS and the financing bolsters BXE‟s balance sheet. Toth thinks that size is increasingly
important in the WCSB given costlier, deeper drilling, and a larger size and improved outlook for BXE should result in multiple
expansion for the stock in his view. BXE is scheduled to report Q3/13 earnings and 2014 guidance on Thursday Nov 7.