BIREF - Bellatrix Exploration: A Leveraged Short-Term Bet On Oil And Gas Prices
Bellatrix (BXEFF) released the Q4 results and the 2018 reserves report. After hedges, the netbacks were slightly positive thanks to better gas prices, decreasing operating costs, and low supply costs. But the company still operated at much higher costs compared with similar producers.
The most important challenge remains the refinancing of a part of the debt over the short term. The risk of important dilution at the lowest stock price ever is important.
The market values the company at a discount to competitors. But, considering the situation with the debt, investing in