Bellatrix Exploration Ltd., Calgary, has begun a court-supervised review of strategic and restructuring alternatives.
From properties in West-Central Alberta, the company produced 35,917/boed of crude oil, condensate, NGLs, and natural gas in the second quarter.
Bellatrix said options might include sale of all or part of the business and assets or of shares of the company or refinancing, recapitalization, or other restructuring.
President and Chief Executive Officer Brent Eshleman cited “industry challenges facing the western Canadian oil and natural gas sector, including prolonged and continued poor natural gas and natural gas liquids prices.”
In its second-quarter financial report, Bellatrix said its average realized prices were $71.95/bbl (Can.) for crude oil and condensate, $13.31/bbl for NGLs other than condensate, and $1.33/Mcf for natural gas.
Bellatrix reported net profit of $3.728 million in the second quarter and a $15.381 million loss for the first half.
In the second quarter it had total assets of $1.27 billion and total net debt of $357.61 million.