Opinions
Don Short
Bellatrix Exploration Ltd.
BXE-T
TOP PICK
Sep 22, 2010
Formerly True Energy Income Trust. Had a management change, paid down debt and refocused the assets. Main reason to own this one is their enviable land position in the Pembina/Cardium. Production has grown from 5600 barrels a day (2009) to 10,000 currently in still showing great momentum on the operational side.
$3.920
Stock price when the opinion was issued
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They are more levered towards natural gas. It all comes down to being able to live with the volatility. Anything related to Montney natural gas is betting on LNG, which may not come quickly enough. He would stay away.
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COMMENT
Debt concerns? BXE took bankruptcy protection when debt became too much. There is no equity value in it any longer. Companies that have debt that matures in 2020 or 2021 will have issues. He sees no issues with BIR or TVE on this topic. The new Federal relief program for large companies may be difficult for companies to accept as it has provisions for up to 15% of ownership being made available in warrants to the government.
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