Updated November 2012

1. CORPORATE PRESENTATION
NOVEMBER 15, 2012
TSX: BXE NYSE MKT: BXE

2. REAL GROWTH WITH THE DRILL BIT
TOP TIER PERFORMANCE
Production Growth
155% (2009-2011)
Liquids Production Growth
257% (2009-2011)
Reserve Growth per Share
191% (2009 – 2011)
Cash Flow Growth per Share
133% (2009-2011)
Years of high ROR Drilling Inventory
40+ yrs
APPLYING INNOVATION & TECHNOLOGY TO CREATE VALUE
2 Bellatrix Corporate Presentation

3. CORPORATE SNAPSHOT
Liquidity (past 6 months) 675,000 shares/d
Production guidance (2012e) 16,500 – 17,000 boe/d
Exit rate guidance (2012e) 19,000 – 19,500 boe/d
Oil / liquids weighting 35 %
Capital structure
Common shares - basic 107.6 mm
Common shares - diluted 117.1 mm
Convertible debentures outstanding $55.0 mm
(4.75% Coupon $5.60 Strike)
Insider ownership (fully diluted) 13.3%
Tax pools (approximate as of Sept 30, 2012) $560 mm
3 Bellatrix Corporate Presentation

4. OPERATIONS AT A GLANCE
December 31, 2011(P&P) FD&A costs
(including FDC) $9.29/boe
Reserve life index (P&P)
(as at December 31, 2011) 10 years
December 31, 2011 Recycle ratio
(excluding FDC, P&P) 4.16x
December 31, 2011 Recycle ratio
(excluding FDC, proved) 3.01x
4 Bellatrix Corporate Presentation

5. BELLATRIX STRATEGY
o Enhance shareholder value with a focused exploitation program supported
with targeted acquisitions
o Cardium and Notikewin focused core areas continue to drive growth through
horizontal drilling and multi-stage hydraulic fracturing
o Large land base with significant inventory of low risk high rate of return drilling
opportunities drive a substantial upside
o Prudent financial management in volatile times through commodity hedges
and debt to cash flow maintenance
DRILLING ORGANIC OPPORTUNITIES ADDS VALUE
5 Bellatrix Corporate Presentation

6. BELLATRIX’S FINANCIAL FORECASTS
2012E 2011 Year over 2013E 2012 Year over
Year Year
Cash from operations $115 - $120 $155 - $165
+24% +35%
Cash per share $1.07 - $1.12 $1.45 - $1.55
+20% +36%
Avg annual production (boe/d) 16,500 - 17,000 20,000 – 21,000
+40% +22%
Exit Rate (boe/d) 19,000 – 19,500 21,500 - 22,500
+16% +13%
Capital expenditures ($mm) $160 - $170 $175 - $185
Debt
(including Convertible Debenture) $170 - $180 $190 - $200
Total credit capacity* $255 $255
Oil ($CDN/bbl) $88.50 $90.00
AECO ($CDN/GJ) $2.00 $3.00
Exchange rate ($CDN/$US) $1.00 $1.00
* Includes $55 million subordinated convertible debenture issued April 15, 2010 and credit facility $200 million through to May 31, 2013
6 Bellatrix Corporate Presentation

7. GROWING BELLATRIX
2013 ESTIMATED CAPITAL BUDGET
20% Facilities
77%
1.5%
Land and Seismic
Drilling and Completions
1.5%
Maintenance
+/- $175 - $185 Million
7 Bellatrix Corporate Presentation

8. TRACK RECORD OF PER SHARE GROWTH
PRODUCTION UP 155%
22500 180
LIQUIDS UP 257%
19,000 160
Oil and liquids
17500 34%
16,569 140
Natural gas 15,900
Production per share 15,503
14,209 35%
39% 34%
Production per mm Shares
120
12500 11,837 37%
11,643
100
10,000 10,084 37%
9,119 38%
39% 80
7,617
26% 38%
7500 7,248
6,572
27%
26%
25% 60
40
2500
20
Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 est
-2500 0
8 Bellatrix Corporate Presentation

9. OPERATING EXPENSES AND NETBACKS
TOTAL OPERATING EXPENSE ($/BOE) CORPORATE NETBACK ($ NETBACK)IIII
20 $30.00
18
$25.00
16
14
$20.00
12
$/boe 10 $15.00
8
56%
$10.00
6
4
$5.00
Before Risk Management
2
After Risk Management
0 $0.00
Date
9 Bellatrix Corporate Presentation

10. RESERVES GROWTH
RESERVES (Mboe) RESERVES / SHARE (boe/share)
70,000 0.7
Oil and liquids Oil and liquids
65,000 265% 191%
Natural gas Natural gas
60,000 0.6
55,000
50,000 0.5
38%
45,000 38%
40,000 0.4
35,000
30,000 37% 0.3
40% 40% 37%
28%
25,000
20,000 28% 0.2
38% 29% 38%
15,000
29%
10,000 0.1
5,000
0 0.0
Proved P+P Proved P+P Proved P+P Proved P+P Proved P+P Proved P+P
2009 2010 2011 2009 2010 2011
10 Bellatrix Corporate Presentation

11. REVENUE AND CASH FLOW PER SHARE
REVENUE ($MM’S) CASH FLOW / SHAREIAA
Oil and Liquids
300
106% 177%
Natural Gas $1.20
Oil and Liquids $225
250
$1.00 $1.08
$202 78%
200 $0.91
Liquids $0.80
69%
150 Liquids
$0.60
$118
$109 $0.57
100
52% 69% $0.40
48% Liquids $0.39
Liquids
50 $0.20
0 $0.00
2009 2010 2011E 2012E** 2009 2010 2011 2012E
** Assumes avg 17000 boe/d 40% liquids, Edmonton Par $100/bbl, AECO
$2.50/GJ
11 Bellatrix Corporate Presentation

12. FORMULA FOR GROWTH
o Inventory of low risk development locations
− 1,027 net locations (Cardium & Notikewin)
− 1,554 net locations total
o Extensive undeveloped
land base of 197,428 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
Rock Creek +/- 2,600 m
Duvernay +/- 3,400 m
12 Bellatrix Corporate Presentation

13. BALANCED RESOURCE PLAY INVENTORY
Net Remaining Cost per well ($ mm) Net Remaining
Inventory Investment ($mm)
Belly River (HZ) 23 $2.5 58
Second White Specks (Vrt) 200 $0.25 5
Cardium (HZ) 669 $3.6 2,408
Notikewin/Falher (HZ) 358 $4.6 1,647
Viking, Mannville, Rock 58 $4.6 267
Creek (HZ)
Duvernay (HZ) 246 $11.0 2,706
1,554 $7,091
Based upon internal estimates
13 Bellatrix Corporate Presentation

14. CARDIUM LIGHT OIL RESOURCE PLAY
CANADA’S LARGEST ACCUMULATION OF LIGHT OIL IN THE WESTERN CANADIAN
SEDIMENTARY BASIN
o Approximately 20,000 BELLATRIX WEST CENTRAL ALBERTA
square miles
o Approximately 1.3 Billion bbls
Pembina
produced to date
o Currently producing Norbuck
West Pembina
57,000 bbl/d
o LOE < $8.00/boe
Willesden Green
o F&D $12.87 Brazeau
o 1,000 Gross, 669 net locations
o Regional facilities & Ferrier
infrastructure control
14 Bellatrix Corporate Presentation

15. APPENDIX
BUCK CREEK 12-25 OFFSET TO 15-25
15 Bellatrix Corporate Presentation

16. CARDIUM OIL TYPE CURVE
HORIZONTAL CARDIUM OIL WELL PRODUCTION
60
500
50
Weekly Average Production (boed)
400
40
Contributing Wells
300
30
200
20
100 10
Producing Months
0 0
0 4 8 12 16 20 24 28 32 36 40 44 48 52 56 60 64 68 72 76 80 84 88 92 96 100 104
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26
BXE Production Oil Well Count
16 Bellatrix Corporate Presentation

17. BRAZEAU / FERRIER
Conoco O’ Chiese
BXE Land Sections 69 Gross 59 Net 75 mmcf/d capacity
BXE 9.88% W.I.
BXE Wells Drilled 20 Gross 18 Net
Conoco Alder Flats
BXE Drilling Inventory 451 Gross 400 Net 75 mmcf/d capacity
BXE 20% W.I.
Keyera MBL
Brazeau (45-11W5) Cardium Oil Production 160 mmcf/d capacity
Keyera Nordegg
Cumulative Production, mbbl
Well Payout
40 mmcf/d capacity
Keyera West Pembina
140 mmcf/d capacity
Months from Rig Release
Keyera Strachan
230 mmcf/d capacity
17 Bellatrix Corporate Presentation

18. WEST PEMBINA
Keyera Brazeau North
50 mmcf/d capacity
BXE Land Sections 25 Gross 13 Net
Blaze West Pembina
BXE Wells Drilled 25 Gross 12 Net 150 mmcf/d capacity
BXE Drilling Inventory 96 Gross 39 Net
West Pembina (48-11W5) Cardium Oil Production, 2011-12 Drills
60
Well Payout
Cumulative Production, mbbl
50
40
30
20
Months from Rig Release
10
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
BELLATRIX (4 wells) INDUSTRY (2 Companies, 26 wells)
18 Bellatrix Corporate Presentation

19. CENTRAL PEMBINA
BXE Land Sections 39 Gross 16 Net
BXE Wells Drilled 22 Gross 19 Net
BXE Drilling Inventory 237 Gross 90 Net
Arc Pembalta
6 mmcf/d capacity
Central Pembina (48-08W5) Cardium Oil Production, 2010-12 Drills BXE 0.8% W.I.
60
Cumulative Production, mbbl
50
Well Payout
40
30
20
Months from Rig Release
10
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
BELLATRIX (14 wells) INDUSTRY (2 Companies, 11 wells)
Conoco Lodgepole
45 mmcf/d capacity
19 Bellatrix Corporate Presentation

20. WILLESDEN GREEN
BXE Land Sections 30 Gross 18 Net
BXE Wells Drilled 12 Gross 9 Net
BXE Drilling Inventory 165 Gross 89 Net
Conoco Alder Flats
Willesden Green (42-8W5) Cardium Oil Production 75 mmcf/d capacity
70 BXE 20% W.I.
Keyera MBL
125 mmcf/d capacity
60
Cumulative Production, mbbl
50
Well Payout
40
30
Months from Rig Release
20
10 PennWest Gas Plant
60 mmcf/d capacity
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
BELLATRIX (11 wells) INDUSTRY (3 Companies, 14 wells)
20 Bellatrix Corporate Presentation

21. CARDIUM TYPE CURVES
600
500
400
300
200
100
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Cardium Rich Gas, 31% liquids Cardium High GOR, 60% liquids Cardium Low GOR 87% liquids
Internal estimates based upon January 1, 2012 Sproule Evaluation
Based upon internal IRR $90 CDN/bbl and $3.00 CDN/mmBTU gas
21 Bellatrix Corporate Presentation

22. CARDIUM ECONOMICS & INVENTORY
Net Inventory Sections Wells Drilled Remaining Inventory Remaining Investment ($mm)
To Date
Brazeau/Ferrier 59 18 400 1,440
West Pembina 13 12 39 140
Central Pembina 16 19 90 324
Willesden Green 30 9 114 410
Total (inc. other) 111 58 669 2,408
Low GOR Cardium (Main High GOR Cardium (Willesden
Pembina Pool) Grn/Brazeau/Ferrier) Rich Gas Cardium (Ferrier)
Locations (net) 143 425 76
Drill, case, complete & tie-in $3.6M $3.6M $3.6M
Initial Production, IP30 381 boed 585 boed 1427 boed
EUR/well 229 mboe 352 mboe 674 mboe
% liquids 86% 60% 31%
NPVBT @ 10% $5.9M $6.9M $8.8M
Rate of Return 131% 140% 283%
Payout 9 months 9 months 5 months
Based upon internal calculated IRR using $90 CDN/bbl and $3.00 CDN/mmBTU gas
22 Bellatrix Corporate Presentation

23. CARDIUM PAD DRILLING EVOLUTION
DEVELOPMENT OF PAD HORIZONTAL WELL DRILLING
o 8 well Pads are capital efficient for down-
spacing:
o 8 wells will fully develop a section
o 8 single laterals required to achieve the same
well density
o Approximate cost savings of $0.3mm per well
or $2.4mm/Pad
23 Bellatrix Corporate Presentation

24. NOTIKEWIN/FALHER LIQUIDS RICH GAS
Conoco O’ Chiese
Conoco Alder Flats
Keyera MBL
BXE Land Sections 184 Gross 96 Net
BXE Drilling Inventory 697 Gross 358 Net West Pembina
o Regional Stacked Mannville Channel Trend
Brazeau
o 29 BXE and industry Notikewin/Falher gas
wells > 10 MMcfd test
o 13 gross wells (5.6 net) wells in 2011 Pembina
o 5 gross wells (4 net) planned for 2012
o Regional facilities & infrastructure control
Ferrier
Willesden Green
Keyera Strachan
230 mmcf/d capacity
24 Bellatrix Corporate Presentation

25. NOTIKEWIN/FALHER LIQUIDS RICH GAS
DELIVERABILITY PROFILES Bellatrix Horizontal Notikewin Production *
7000 700
NPV 10% BIT = $11.6 mm
Monthly Average Liquid Production (bpd)
Monthly Average Gas Production (mcf/d)
6000 600
IRR = 188%
5000 500
Payout 0.8 Years
@ $3.00/mmBTU gas & $90 CDN/bbl 4000 400
3000 300
NPV 10% BIT = $8.2 mm
IRR = 101% 2000 200
Payout 1.2 years 1000 100
@ $2.00/mmBTU gas & $95 CDN/bbl
0 0
0 2 4 6 8 10 12 14 16 18 20 22 24
Producing Months
Gas Liquids
LOE < $1.17/mcfe F&D (2P) $1.11/mcfe
* Population 14 Wells
25 Bellatrix Corporate Presentation

26. DUVERNAY SHALE
o Industry has licensed 96 wells on
Duvernay trend
o 12 industry wells drilled at Ferrier Oil Window
o BXE 9-24 gas well produced 435 mmcf
over 5 months, average 2.9 mmcf/d
Liquid Rich Gas
o 42 Gross, 41 Net sections held in liquids
rich gas fairway
o BHP 63.6 MPa, Over pressured
Dry Gas
19.1 KPa/M
o Thickness 33 m, TOC 4-5%, Adsorbed
gas 8–10%; porosity 8-10%
26 Bellatrix Corporate Presentation

27. PEER GROUP COMPARISON
3 YEAR AVERAGE P+P F&D COSTS (INCL. FDC & EXC. ACQUISITIONS)
$40.00
$35.00 $35.95
$35.23
$30.00
$28.53
$25.00
$22.08
$20.00
Average $19.77/P+P
$15.00 $16.94
$14.29 $14.45 $14.48
$13.15
$10.00 $11.77
$10.54
$5.00
$0.00
Exploration
Bellatrix
Ltd.
Compared against selected peer group, $250mm EV to $1,500mm EV, 20% to 75% oil / liquids weighting
Where 3 years of data is insufficient/non-meaningful, 2 year average P+P F&D costs are applied
27 Bellatrix Corporate Presentation

28. PEER GROUP COMPARISON
RECYCLE RATIO [2012E CF NETBACK / 3 YEAR P+P F&D (EXCL. FDC)]
4.0x
3.6x
3.3x
3.0x 3.2x
2.5x 2.4x Average 2.1x
2.2x
2.0x
1.9x
1.0x 1.1x
1.0x
0.7x
0.6x
0.0x
Exploration
Bellatrix
Compared against selected peer group, $250 mm EV to $1,500mm EV, 20% to 75% oil / liquids weighting.
Ltd.
Where 3 years of data is insufficient/non-meaningful, 2 year average P+P F&D costs are applied
28 Bellatrix Corporate Presentation

29. SUMMARY
o Knowledgeable management team with a long term 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 ($7.0
billion)
o Low cost operator, low cost finder
o Near term growth catalysts with forecast 2012 exit rate of 19,000 to 19,500 boe/d
PROVIDING PER SHARE VALUE TO INVESTORS THROUGH
DRILLING AND DEVELOPMENT
29 Bellatrix Corporate Presentation

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

31. ANALYST COVERAGE
Analyst Firm
Jeremy McCrea AltaCorp Capital
Omid Ameri Byron Securities
Brian Kristjansen Canaccord Genuity
Kevin Shaw Casimir Capital
Arthur Grayfer CIBC
Chris Bolton Fraser Mackenzie
Geoff Ready Haywood Securities
Christina Lopez Macquarie Capital
Dan Payne National Bank Financial
Ken Lin Paradigm Capital
Paul Lee Scotia Capital
31 Bellatrix Corporate Presentation

32. 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 expressly qualified by this 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 2012 and 2013 average production and exit rate, estimates of commodity prices and exchange rates, estimated
2012 and 2013 cash from operations, estimated recovery from wells to be drilled in 2012 capital expenditures and the nature of capital expenditures and cash from operations per
share and estimated 2012 and 2013 year end 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 2012 and 2013 cash from
operations, cash per share and 2012 and 2013 year end debt levels may constitute financial outlooks under applicable securities laws and were approved by management on
October 31, 2012. The foregoing are included to provide readers with information as to the expected impact results on the cash from operations of the Corporation during the
periods indicated and the ability of the Company to fund its ongoing operations and capital expenditures and the resulting debt and may not be appropriate for other purposes.
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.
32 Bellatrix Corporate Presentation

33. ADVISORY
FD&A COSTS: This presentation includes calculations of finding, development and acquisition ("FD&A") costs for the year ended December 31, 2011. 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, 2011 and 2010 are $9.29/boe and $12.89/ proved plus probable boe respectively and the average FD&A for the last three
completed years is $13.69/ 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, 2011 and 2010 are $13.00/proved boe ($9.29/proved plus probable boe) and $8.37/proved boe ($6.06/proved plus probable boe) and the average finding and development costs
for the last three completed years is $10.59/proved boe ($13.69/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: In this presentation, production is stated in barrels of oil equivalent (“BOE”) using a six to one conversion basis when converting thousands of cubic feet of
natural gas to barrels of oil and a one to one conversion basis for natural gas liquids. Such conversion may be misleading, particularly if used in isolation. A 6:1 conversion ratio is
based on energy equivalence between natural gas and oil at the burner tip and does not represent economic equivalence at the wellhead or point of sale.
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, 2011 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,
2011 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 commercially viable to produce any portion of the resources.
CURRENCY: All dollar amounts in this presentation are Canadian dollars unless otherwise identified.
33 Bellatrix Corporate Presentation

34. APPENDIX
COMMODITY RISK
Oil Jan 1 – Dec 31, 2012 3,000 bopd $92.30 CDN/bbl
Oil Jan 1 – Dec 31, 2013 1,500 bopd $94.50 CDN/bbl
Gas* May 1 – Oct 31, 2012 36.4 mmcfd $3.87 CDN/mcf
o 58 percent of Q2 & Q3 production hedged in 2012 based on Q1 actual
o * Placed a call on 3,000 bbl/d at $US110/bbl for the year 2013
o Assumes $US/$CDN currency conversion of 1 to 1 and a 39 Mj/m3 average
heat content
34 Bellatrix Corporate Presentation

35. APPENDIX
BXE DRILLING SUCCESS AT 100%
• Special Care and Attention to Rock Composition, Depositional History,
Post Depositional Alteration and Structure
• Define the “Sweet Spot”
• Petrographic Support Provides a Competitive Advantage
• Detailed evaluations of potential reservoirs for porosity ,
permeability: grainsize, composition, cements, clay fraction,
fracturing.
• Facies determination using ichnofacies evaluation using trace fossils
in core and drill cuttings
• Fracture identification in Cardium and Duvernay
• High grading of play inventory via ranking of reservoir character
• Geophysical Support in both Structural and Stratigraphic
35 Bellatrix Corporate Presentation

36. APPENDIX
FERRIER – FALHER “SWEET SPOT”
• Falher “Sweet Spot” identified
• 25 Highly Productive Falher Liquids
Rich Gaswells drilled
• The BXE Edge: Petrology, 3D
seismic and aeromagnetics “Define
the Sweet Spot”
• Thick coarse grained, silica rich
channels
• Underlying structure influenced
deposition and post depositional
fracturing
• Recent modified completion at 13-1,
along valley margin, 40T slick water
• New Technique enhances Inventory
36 Bellatrix Corporate Presentation

37. APPENDIX
FERRIER – MAIN FALHER CHANNEL
Increased grainsize, porosity and silica rich. Wells
test at >10 MMcfd. 25 High Rate Wells Drilled
37 Bellatrix Corporate Presentation

38. APPENDIX
FERRIER 13-1 SLICK WATER COMPLETION
Bellatrix drilled the 13-1 Falher Hzl on an expiring
section along the western edge of the main
channel. A 40T slick water completion yielded IP7
of 11.5 MMcfd in tighter reservoir.
38 Bellatrix Corporate Presentation

39. APPENDIX
BELLATRIX CARDIUM ADVANCEMENTS
• Q1 Results at 100%; 12 wells
Drilled
• At Buck Creek, we increased the
OOIP potential; 2 wells tested the
Mid-Lwr Cardium oil section, 300-
400 Boed IP7
• West Pembina: completed the
Cardium with slick water, approx
600 Boed IP7
• At Brazeau, completed the latest
cardium drill at 4-2 with 40T Slick
water, >1100 Boed, IP5
• At Ferrier, BXE drilled three liquids
rich Cardium gas wells on seismic
defined structures, 70 Bbls/MMcf
liquids yield. 6-10 MMcfd IP7
• Seismic and aeromag support
enhanced fracturing; calcite lined
fractures identified in drill cuttings.
39 Bellatrix Corporate Presentation

40. APPENDIX
BUCK CREEK CARDIUM HORIZONTAL PLAN
• Existing core and log data support
increased potential for Cardium OOIP
stratigraphically below the earlier
developed reservoir layer.
• BXE drilled two successful Hzl oilwells
into the Mid-Lwr Shoreface.
• Excellent IP7 production rates of 300
Bopd ( 400 Boed)
• Lower water cuts of approximately 30%
vs 95% from the upper Cardium vertical
producers.
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41. APPENDIX
BUCK CREEK 12-25 OFFSET TO 15-25
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42. APPENDIX
BXE BUCK CREEK CARDIUM
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43. APPENDIX
BRAZEAU 4-2 FLOW TEST
BELLATRIX 4-2 CARDIUM HZL FLOW TEST – 40T SLICK WATER, 17 STAGE
COMPLETION; AVERAGE APPROX 1100 BOED
43 Bellatrix Corporate Presentation

44. 2300, 530 – 8th Avenue SW
Calgary, Alberta Canada T2P 3S8
Tel: (403) 266-8670
Fax: (403) 264-8163
www.bellatrixexploration.com
44 Bellatrix Corporate Presentation