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Bellatrix (BXE) Q3 earnings confirm that high costs and the high level of debt remain important issues. Thus, management converted a part of the debt to equity, diluting shareholders.
Also, management is trying to reduce the per unit costs by acquiring some consolidating assets. But with negative free cash flow and the threat of the debt, management is further diluting shareholders to acquire these assets.
Despite these actions, the debt is still high. Thus, I expect more dilution to refinance about C$200 million of debt by 2020.