Bellatrix Exploration Ltd. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2018. For the quarter, the company reported cash flow from operating activities of CAD 14,615,000 or CAD 0.30 per diluted share compared to CAD 8,258,000 or CAD 0.14 per diluted share a year ago. Adjusted funds flow from operations was CAD 14,670,000 or CAD 0.30 per diluted share against CAD 14,891,000 or CAD 0.26 per diluted share a year ago. Total capital expenditures – net was CAD 22,074,000 against CAD 51,219,000 a year ago. Total net debt was CAD 446,186,000 against CAD 435,377,000 a year ago. Total revenue was CAD 66,215,000 against CAD 66,024,000 a year ago. Total revenue was primarily attributed to a 14% increase in average realized crude oil and condensate prices, and a 45% increase in realized NGL prices, offset by a 25% decline in corporate average realized natural gas prices over the comparative period. Total revenues net of royalties of CAD 59,602,000 compared to CAD 58,633,000 a year ago. Revenues net of royalties and commodity contracts of CAD 59,464,000 compared to CAD 93,552,000 a year ago. Net loss before taxes of CAD 14,124,000 compared to profit of CAD 17,572,000 a year ago. Net loss and comprehensive loss of CAD 12,901,000 compared to profit of CAD 13,049,000 a year ago. Diluted LPS of CAD 0.26 per share compared to EPS of CAD 0.23 a year ago. Expenditures on exploration and evaluation assets of CAD 28,000 compared to CAD 1,174,000 a year ago. Additions to property, plant and equipment of CAD 24,440,000 compared to CAD 48,638,000 a year ago. Adjusted funds flow of CAD 58,680,000 compared to CAD 59,564,000 a year ago.

For the first quarter of 2018, production volumes of averaged 36,740 boe/d (74% natural gas weighted), representing 6% growth compared to first quarter 2017 average volumes of 34,750 boe/d. Production levels in the first quarter 2018 exceeded the mid-point of Bellatrix's full year 2018 production guidance range by 6%. Natural gas average daily sales volume was 163,579 mcf per day compared to 156,715 mcf per day a year ago.

The company revised production and capital expenditure guidance for the year 2018. The company now expects average daily production in the range 34,000 to 35,500 boe per day compared to previous guidance in the range of 35,000 to 37,500 boe per day and production expense in the range of CAD 7.65 per bo to CAD 8.00 per boe compared to previous guidance in the range of CAD 7.50 per bo to CAD 7.90 per boe.

For the year 2018, the company expects total net capital expenditures in the range of CAD 55 million to CAD 65 million compared to previous guidance in the range of CAD 65 million to CAD 80 million.