Bellatrix Exploration - Investor Presentation 2014

CORPORATE PRESENTATION
April 9, 2014
TSX: BXE NYSE MKT: BXE

2 Bellatrix Corporate Presentation
Bellatrix
Drill bit driven growth
oriented company
Focus on profit
not product
Low cost finder
and operator
Strong balance
sheet
Employ modern
technology coupled
with innovation
Targeted
Accretive
Acquisitions
BELLATRIX STRATEGY

CORPORATE SNAPSHOT
Liquidity (past 3 months) +/- 1.7 mm shares/d
Annual Average Production guidance (2014e) 42,500 – 43,500 boe/d
Exit rate guidance (2014e) +/- 47,000 boe/d
Oil / liquids weighting (2014e) +/- 37 %
Capital structure
Common shares – basic +/- 171 mm
Common shares – diluted +/- 182 mm
Insider ownership (fully diluted) 10%
Approximate Combined Tax pools $1,228 mm

TRACK RECORD OF PRODUCTION GROWTH
AVERAGE ANNUAL PRODUCTION INCREASE
ProductionpermmShares
25%
30%
38%
33%
30%
6,572
8,519
11,954
16,686
21,830
43,000
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
50000
Q4 2009 2010 2011 2012 2013e 2014e
Average Production (boe/d)
+/-
554%

0
2
4
6
8
10
12
14
16
18
20
Q4 2008 2009 2010 2011 2012 2013 2014e
59%
OPERATING EXPENSES
TOTAL OPERATING EXPENSE ($/BOE)

0
100
200
300
400
500
600
700
2009 2010 2011 2012 2013 2014e
515%
$670
REVENUE ($mm’s)
$292
$219
$202
$118$109
62%
Liquids
60%
Liquids
71%
Liquids
69%
Liquids
52%
Liquids
48%
Liquids

CASH FLOW / BASIC SHARE
$0.39
$0.57
$0.91
$1.03
$1.27
$2.10
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
2009 2010 2011 2012 2013 2014e
438%

RESERVES GROWTH
0
20
40
60
80
100
120
140
160
180
200
220
Proved P+P Proved P+P Proved P+P Proved P+P Proved P+P
Oil and liquids
Natural Gas
2009 20112010
mmboe
2012 2013
16.5
25.8 24.8
42.4 41.8
67.6
55.5
104
124
212
722%
37%
36%
30%
35%
38%
37%40%
38%28%
29%

INDUSTRY LEADING OPERATIONS METRICS
December 31, 2013 (P&P) FD&A costs
(including FDC) $9.67/boe
Reserve life index (P&P)
(as at December 31, 2013) 13.7 years
December 31, 2013 Recycle ratio
(excluding FDC and Acquisitions, P&P) 2.90x
December 31, 2013 Recycle ratio
(excluding FDC, proved) 1.88x

TOTAL RETURN COMPARISON
$0
$100
$200
$300
$400
$500
$600
$700
$800
31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13
Bellatrix Exploration Ltd.
S&P/TSX Energy Index
S&P/TSX Composite Index
Data provided by National Bank Financial Markets
Valueofa$100Investment

2014 ESTIMATED FINANCIAL FORECAST
2013 2014e Variance
Cash from operations
($mm)
$143 +/- $360 +152%
Cash per share $1.27 +/- $2.10 +65%
Net Cash Capital
expenditures ($mm)
$303 +/- $370 +22%
Total Net Debt ($mm) $395 +/- $400 -
Debt Capacity ($mm) $500 $500 -
Light Oil & Condensate
($CDN/bbl)
$92.66 $92.50
AECO ($CDN/GJ) $3.03 $3.78

GROWING BELLATRIX
68%
27%
5%
2014 ESTIMATED NET BXE CAPITAL BUDGET (+/- $370 MM)
(+/- $610 Million Gross including JV Partner Capital)
Drilling and Completions
Facilities
Land and Seismic

COMMODITY RISK MANAGEMENT
Jan. 1 – Dec. 31, 2014 6,000 bbls/d $97.07 CDN/bbl
Feb. 1 – Dec. 31, 2014 95.7 mmcfd $4.21 CDN/mcf
Oil
Gas*
o * Assumes conversion of a $/GJ to $/mcf is based on an average corporate heat
content of 40.8 Mj/m3

FORMULA FOR GROWTH
o Inventory of low risk development locations
− 2,000 net locations
o Extensive undeveloped
land base of 416,631 net acres
o Stacked Hydrocarbon Bearing Reservoirs in WCA:
Belly River +/- 1,300 m
Cardium +/- 2,100 m
Second White Specs +/- 2,200 m
Viking +/- 2,300 m
Notikewin +/- 2,400 m
Falher +/- 2,500 m
Lower Mannville +/- 2,550 m
Rock Creek +/- 2,600 m
Duvernay +/- 3,400 m

BALANCED RESOURCE PLAY INVENTORY
Net Remaining
Inventory
Cost per well ($ mm) Net Remaining
Investment ($mm)
Belly River (HZ) 23 $2.5 58
Second White Specks (Vrt) 200 $0.25 50
Cardium (HZ) 742 $3.6 2,671
Viking (HZ) 80 $4.2 338
Notikewin/Falher (HZ) 381 $4.6 1,753
Mannville (HZ) 128 $4.2 538
Rock Creek (HZ) 31 $4.6 143
Duvernay (HZ) 415 $11.0 4,565
2,000 $10,116
Based upon internal estimates

CARDIUM LIGHT OIL RESOURCE PLAY
o Largest accumulation of light oil in
the WCSB
o Approximately 20,000
square miles
o Approximately 1.8 Billion bbls
produced to date
o Currently producing
155,000 bbl/d & 1.31 bcf/d
o LOE < $8.00/boe
o BXE Drilling Inventory
• 1,190 Gross
• 742 Net
o Planned wells for 2014
• 115 Gross
• 66 Net
o BXE Cardium Sections
• 453 Gross
• 338 Net
Edson
Pembina
Ferrier
Strachan
Harmattan

CARDIUM INDUSTRY LAND SUMMARY
338
300 295
275
204
194
149
134
110
102 100 94 92 90
80 78 75
61 60
52 49 48 47 45 40 38 35
25 20
0
100
200
300
400
PennWest
Bellatrix
Bonavista
Lightstream
Pengrowth
ConocoPhillips
Bonterra
Vermilion
ARC
TamarackValley
Santonia
Sinopec
Whitecap
NuVista
TORC
Talisman
TriOil
Imperial
Yangarra
Suncor
TAQANorth
Apache
Devon
Enerplus
Crew
Perpetual
KNOC
Crocotta
Husky
BP
NetCardiumSections
938

CARDIUM FOCUS AREAS
Ferrier Strachan Harmattan

HORIZONTAL PLACEMENT IN CARDIUM SECTION
GR MLSP

CARDIUM OIL TYPE CURVE
HORIZONTAL CARDIUM OIL WELL PRODUCTION
0
10
20
30
40
50
60
70
80
90
100
0
100
200
300
400
500
600
700
800
0 10 20 30 40 50
ContributingWells
WeeklyAverageProduction(boed)
Producing Weeks
Cardium Weekly Production Well Count
Estimated6-10% decline
2013 Type Curve
2012 Type Curve (Basedon 54 Wells)
Incremental 31mboe overprevioustype curve.
Cardium Type Economics
Drill,Case,Complete & Tie-In $3.6M
NPVBT @ 10% $6.1M
Rate of Return 159%
Payout 0.8 yr
Economics based upon $90 CDN/bbl and $3.00 CDN/mmBTU gas

CARDIUM TYPE CURVES
Internal estimates based upon January 1, 2013 Sproule Evaluation and GLJ Evaluations
Economics based upon 2013 $90 CDN/bbl and $3.00 CDN/mmBTU gas
0
100
200
300
400
500
600
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
CumulativeProduction,mboe
Ferrier Cardium, 30% Liquids Cardium High GOR, 65% liquids
Cardium Low GOR, 77% liquids Southern Cardium, 92% liquids

NOTIKEWIN/FALHER LIQUIDS RICH GAS
o BXE Land Sections
• 181 Gross
• 91 Net
• 750 Gross
• 381 Net
o Regional Stacked Mannville Channels
deposited in broad valleys
o 64 BXE and industry Notikewin/Falher
gas wells average IP 9.6 Mmcfe/d
o Planned wells for 2014
• 31 Gross
• 11 Net
o 2 mile Hz produced2.1 Bcf gas with
liquids in first 120 days
o 14 out of 15 best gas wells in Spirit
River, Alberta in 2013

NOTIKEWIN/FALHER LIQUIDS RICH GAS
NEW FRAC TECHNIQUE
7.5 Bcf Performance Curve:
NPV 10% BIT = $15.4 MM
IRR = >500%
Payout = 0.4 Years
5 Bcf Performance Curve
LOE < $0.60/mcfe F&D (2P) $0.58/mcfe
NPV 10% BIT = $11.4 MM
IRR = 216%
Payout = 0.6 years
@ 2013 $3.00/mmBTU gas ($3.44/mcf based on
corporate heat content) & $90 CDN/bbl C5+ 0
2000
4000
6000
8000
10000
12000
0 2 4 6 8 10 12 14 16 18 20 22 24
MonthlyAverageGasProduction(mcf/d)
Producing Months

LOWER MANNVILLE LIQUIDS RICH GAS
o Stacked play potential
• 110 Gross
• 100 Net
o BXE Land Sections
• 311 Gross
• 287 Net
o Liquids-rich gas plays;
approximately 200
bbls/mmcf
o 31 horizontal Ellerslie
wells drilled
o Ellerslie HZ oil
discovery at Davey
Lake; 300 boed IP30
Schematic Log
GR Porosity

DUVERNAY UNCONVENTIONAL RESOURCE
o BXE Land Sections
• 122 Gross
• 120 Net
o BXE Inventory
• 415 – 600+ locations
o Potential BXE resource: over 10 Tcf
OGIP
o Estimated 4 to 6 BCFE recoverable per
well
o BXE 09-24 HZ highest recorded IP3 at
3.7 mmcf/d; 0.75 Bcf cum to date
o +75 Duvernay wells licensed in Greater
Ferrier and Edson
o 5 wells currently on production
o Reported offset NGL yields of 70-150
Bbls/mmcf
o Highly over-pressured at 15.8 kPa/m

BXE FERRIER INFRASTRUCTURE
Access to 9 plants
o Total capacity 1,162
mmcf/d
Planned BXE Gas plant
o 110 mmcf/d capacity
o C3+ Recovery99%
o C4+ Recovery100%
o In service July 1, 2015
o Cost+/- $90 MM

GRAFTON JV
$244 MM Initial Joint Venture June 21, 2013
with $61 MM Extension Election April 9, 2014
o 58 Net Notikewin/Falher and Cardium
o horizontal wells in initial program
o 13 Net Mannville wells in extension
o BXE contribution - $55 MM
o Grafton contribution - $250 MM
o Effective July 1, 2013 – June 21, 2016
JV Partner earning terms:
o Pay 82% to earn 54% BPO
o Reversion to 33% APO on payout
o Payout: $250MM @ 8% IRR
o One time election to convert 33% WI to 17.5%
GORR

TROIKA JV
$240 MM Joint Venture
o 63 Gross Cardium horizontal wells
o BXE contribution - $120 MM
o Effective January 1, 2013 – December 31,
2014.
o 20 additional Cardium wells planned in
2013; 43 Cardium Hz wells in 2014
JV Partner earning terms:
o Pay 50% to earn 35% BPO
o Reverting to 25% APO
o Payout: $ 120 MM + 15% IRR

PROVIDING PER SHARE VALUE TO INVESTORS THROUGH
DRILLING, DEVELOPMENT AND TARGETED ACQUISITION
SUMMARY
o Knowledgeable management team with a long history and proven track record of
growing companies through the drill bit
o Prudent business management focused on per share growth, hedging and debt
maintenance
o Top tier asset base with a significant high IRR inventory of drill ready locations ($10.1
billion)
o Low cost operator, low cost finder
o Near term growth catalysts with forecast 2014 exit rate of +/- 47,000

CORPORATE INFORMATION
BOARD OF DIRECTORS
W.C. (Mickey) Dunn
Chairman
Doug N. Baker, FCA
Murray L. Cobbe
John H. Cuthbertson, QC
Melvin M. Hawkrigg, BA, FCA, LLD (Hon.)
Robert A. Johnson, P.Geol.
Keith E. Macdonald, CA
Raymond G. Smith, P. Eng.
Murray B. Todd, B.Sc., P. Eng.
Keith S. Turnbull, B.Sc., CA
OFFICERS
Raymond G. Smith, P.Eng.
President & CEO
Edward J. Brown, C.A.
Executive Vice President, Finance & CFO
Brent A. Eshleman, P.Eng.
Executive Vice President
Tim A. Blair
Vice President, Land
Leanne K. Gress-Blue, C.A.
Vice President, Finance
Kelly M. Nichol
Vice President, Business Development
Russell G. Oicle, P. Geol.
Vice President, Exploration
Garrett K. Ulmer, P.Eng.
Vice President, Engineering
Ving Y. Woo, P.Eng.
Vice President Engineering & COO
BANKERS
National Bank of Canada
Alberta Treasury Branches
HSBC Bank Canada
Canadian Imperial Bank of Commerce
The Bank of Nova Scotia
Bank of Montreal
The Toronto Dominion Bank
Union Bank, Canada Branch
Wells Fargo Bank N.A., Canadian Branch
Corporation Canada
EVALUATION ENGINEERS
Sproule Associates Limited
REGISTRAR & TRANSFER AGENT
Computershare Trust Company of Canada
LEGAL COUNSEL
Burnet, Duckworth & Palmer LLP
AUDITORS
KPMG LLP
EXCHANGE LISTING
The Toronto Stock Exchange - BXE
NYSE MKT - BXE

Analyst Firm
Jeremy McCrea AltaCorp Capital
Steve Toth Canaccord Genuity
Adam Gill CIBC
Brian Kristjansen Dundee Capital
Grant Daunheimer GMP Securities
Christina Lopez Macquarie Capital
Dan Payne National Bank Financial
Jared Lewis Northland Capital Markets
Ken Lin Paradigm Capital
Jason Bouvier Scotia Capital
Juan Jarrah TD Securities Inc
ANALYST COVERAGE

ADVISORY
FORWARD LOOKING STATEMENTS: In the interest of providing Bellatrix’s shareholders and potential investors with information regarding Bellatrix, including management’s
assessment of Bellatrix’s future plans and operations, certain statements made by the presenter and contained in these presentation materials (collectively, this “presentation”)
are “forward looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking statements”. The forward-looking
statements contained in this presentation speak only as of the date of this presentation and are expresslyqualified bythis cautionary statement.
Certain information contained herein may contain forward looking statements including management's assessment of future plans and operations, drilling plans and the timing
thereof, commodity price risk management strategies, expected 2014 average production and exit rate, estimates of commodity prices and exchange rates, estimated recovery
from wells to be drilled in 2014 capital expenditures and nature of expenditures and method of financing thereof and drilling inventory and costs and time to develop, estimated
2014 Revenues, expected 2014 operating costs and estimated 2014 cash from operations, cash per share and estimated 2014 debt levels, may constitute forward-looking
statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with oil and gas exploration, development, exploitation,
production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, actual results from wells to be
drilled may not be similar to the results from previous wells drilled, environmental risks, competition from other producers, inability to retain drilling rigs and other services,
incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals
and ability to access sufficient capital from internal and external sources. The recovery and estimates of Bellatrix's reserves provided herein are estimates only and there is no
guarantee that the estimated reserves will be recovered. Events or circumstances may cause actual results to differ materially from those predicted, as a result of the risk factors
set out and other known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Bellatrix. Readers are cautioned that the foregoing list is
not exhaustive of all factors and assumptions which have been used. As a consequence, actual results may differ materially from those anticipated in the forward-looking
statements. Additional information on these and other factors that could effect Bellatrix's operations and financial results are included in reports on file with Canadian securities
regulatory authorities and the U.S. Securities Exchange Commission, may be accessed through the SEDAR website (www.sedar.com) the SEC’s website (www.sec.gov) or at
Bellatrix's website (www.bellatrixexploration.com). Estimated 2014 cash from operations, cash per share and 2014 year end debt levels may constitute financial outlooks under
applicable securities laws and were approved by management on March 12, 2014. The forward-looking statements contained herein are made as at the date hereof and Bellatrix
does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or
otherwise, except as may be required by applicable securities laws.
NON-GAAP MEASURES: This presentation contains the term "cash from operations" which should not be considered an alternative to, or more meaningful than "cash flow from
operating activities" as determined in accordance with Canadian GAAP as an indicator of the Company's performance. Therefore reference to cash from operations or cash from
operations per share may not be comparable with the calculation of similar measures for other entities. Management uses cash from operations to analyze operating performance
and leverage and considers cash from operations to be a key measure as it demonstrates the Company's ability to generate the cash necessary to fund future capital investments
and to repay debt. The reconciliation between cash flow from operating activities and funds flow from operations (the Company calculates funds flow from operations in the same
manner as cash from operations) can be found in the Company's Management's Discussion and Analysis. Cash from operations per share is calculated using the weighted
average number of shares for the period.

ADVISORY
FD&A COSTS: This presentation includes calculations of finding, development and acquisition ("FD&A") costs for the year ended December 31, 2013. National Instrument 51-101
Standards of Disclosure for Oil and Gas Activities ("NI 51-101") requires that written disclosure of finding and development costs to be calculated in accordance with Section 5.15 of
NI 51-101 which does not include the reserves additions associated with acquisitions or the costs of acquisitions in the calculation. The calculations of FD&A in this presentation
include the reserves additions associated with acquisitions and the costs of acquisitions as the Company believes that including the effect of acquisitions provides useful information
to investors. FD&A costs for the year ended December 31, 2013 and 2012 are $9.67/boe and $6.95/ proved plus probable boe respectively and the average FD&A for the last three
completed years is $9.01/ proved plus probable boe. The finding and developments costs calculated in accordance with Section 5.15 of NI 51-101 for the years ended December 31,
2013 and 2012 are $10.67/proved boe ($9.65/proved plus probable boe) and $11.73/proved boe ($7.31/proved plus probable boe) and the average finding and development costs
for the last three completed years is $11.47/proved boe ($8.86/proved plus probable boe). The aggregate of the exploration and development costs incurred in the most recent
financial year and the change during that year in estimated future development costs generally will not reflect total finding and development costs related to reserve additions for that
year.
BOE PRESENTATION The term barrels of oil equivalent (“boe”) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to
one barrel of oil equivalent (6 mcf/bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the
wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a
conversion on a 6:1 basis may be misleading as an indication of value. All boe conversions in this presentation are derived from converting gas to oil in the ratio of six thousand cubic
feet of gas to one barrel of oil.
INITIAL PRODUCTION RATES: Initial Production rates discloses herein may not be indicative of long-term performance or ultimate recovery.
ESTIMATED ULTIMATE RECOVERY (EUR): In this presentation, estimated ultimate recovery for Cardium oil wells is a representative value within the range of estimates of proved
plus probable reserves per well as evaluated by Sproule Associates Limited effective December 31, 2013 based on forecast prices and costs. Estimated ultimate recovery for
Notikewin wells is a representative value within the range of estimates of proved plus probable reserves per well as evaluated by Sproule Associates Limited effective December 31,
2013 based on forecast prices and costs. Estimated ultimate recovery for Duvernay wells does not represent an estimate of resources but has been provided to show management's
assumptions used for its internal projections and plans. There is no certainty that any resources will be discovered for such Duvernay wells. If discovered, there is no certainty that it
will be commerciallyviable to produce any portion of the resources.
CURRENCY: All dollar amounts in this presentation are Canadian dollars unless otherwise identified.

1920, 800 – 5th Avenue SW
Calgary, Alberta Canada T2P 3T6
Tel: (403) 266-8670
Fax: (403) 264-8163
www.bellatrixexploration.com

Bellatrix Exploration - Investor Presentation 2014

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