Bellatrix Exploration Ltd. revised capital expenditure and operating guidance for the fiscal 2015. In response to continued volatility of oil and gas prices, Bellatrix announced an updated 2015 net capital budget of up to $200 million, reduced from the previously announced $300 million. The revised capital budget is designed to preserve Bellatrix's favorable financial position in the current commodity price environment. The Company's capital spending focus in 2015 remains unchanged and twofold: execution of Phase 1 of the Bellatrix O'Chiese Nees-Ohpawganu'ck deep-cut gas plant at Alder Flats, and to drill highly economic Spirit River (Notikewin/Falher) liquids rich natural gas wells to be processed through the plant. Phase 1 of the aforementioned deep-cut gas plant is on budget and is anticipated to be on-stream on or before July 1, 2015. The $100 million reduction in spending relative to previous guidance reflects a reduced drilling budget and an acute focus on wells that deliver superior rates of return at current commodity prices.

As a result of the reduced capital spending plans, 2015 full year average annual production guidance is being reduced by 8% to approximately 43,000 to 44,000 boe/d (from 47,000 to 48,000 boe/d), 67% natural gas weighted. The updated 2015 production guidance reflects annual growth of approximately 14% relative to estimated 2014 average daily production of 38,100 boe/d.