Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 8 Key Information 8 Company Overview 8 Bellatrix Exploration Ltd., Valuation and Financial Data 9 Bellatrix Exploration Ltd., Share Price Performance 9 Share Price Performance, Q1, 2015-Q1, 2016 9 Bellatrix Exploration Ltd., Key Valuation Metrics 10 Key Valuation Metrics, Q1, 2015-Q1, 2016 10 Bellatrix Exploration Ltd., Quarterly Results of Oil & Gas Operations Per boe Produced 11 Results of Oil & Gas Operations Per boe Produced, Q1, 2015-Q1, 2016 11 Results of Oil & Gas Operations Per boe Growth Rates, Q1, 2015-Q1, 2016 12 Bellatrix Exploration Ltd., Quarterly E&P Costs Trends 13 Upstream Capital Expenditure, Q1, 2015-Q1, 2016 13 Bellatrix Exploration Ltd., Quarterly Production Trends 14 Bellatrix Exploration Ltd., Total Oil and Gas Production 14 Total Crude Oil and Natural Gas Production Trend, Q1, 2015-Q1, 2016 14 Total Crude Oil & Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 15 Bellatrix Exploration Ltd., Crude Oil Production 16 Total Crude Oil Production Trend, Q1, 2015-Q1, 2016 16 Crude Oil Production, By Country/Region, Q1, 2015-Q1, 2016 17 Bellatrix Exploration Ltd., Natural Gas Production 18 Total Natural Gas Production Trend, Q1, 2015-Q1, 2016 18 Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 19 Bellatrix Exploration Ltd., Valuation and Financial Data, 2011-2015 20 Bellatrix Exploration Ltd., Share Price Performance, 2011-2015 20 Share Price Performance, 2011-2015 20 Key Valuation Metrics, 2011-2015 21 Bellatrix Exploration Ltd., Production and Reserves Trends 22 Total Oil and Gas, Reserves and Production 22 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 22 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 24 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 26 Crude Oil/Liquids Production and Reserve 27 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 27 Crude Oil Production and Reserves By Country/Region, 2011-2015 28 Crude Oil/Liquids Reserve Changes, 2011-2015 30 Natural Gas Production and Reserve 31 Natural Gas Production and Reserve Trend, 2011-2015 31 Natural Gas Production and Reserves, By Country/Region, 2011-2015 32 Natural Gas Reserve Changes, 2011-2015 34 Total Crude Oil and Natural Gas Reserves Life Index 35 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 35 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 36 Bellatrix Exploration Ltd., E&P Costs Trends 38 Allocation of the Upstream Capital Expenditure 38 Upstream Capital Expenditure, 2011-2015 38 Acquisition Costs By Country/Region, 2011-2015 39 Exploration and Development Costs, By Country/Region, 2011-2015 41 Oil and Gas Cost Per boe, US$/boe 43 Oil and Gas Cost Per boe, US$/boe, 2011-2015 43 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 45 Bellatrix Exploration Ltd., Reserve Replacement Ratio 47 Oil and Gas Production Replacement Ratio 47 Oil and Gas Production Replacement Ratio, 2011-2015 47 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 49 Bellatrix Exploration Ltd., Results of Oil & Gas Operations Trend 53 Oil and Gas Revenue and Expenses 53 Oil and Gas Revenue and Expenses, 2011-2015 53 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 54 Oil and Gas Revenue and Expenses, Per boe 59 Oil and Gas Revenue and Expenses, By boe, 2011-2015 59 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 60 Oil and Gas Performance Metrics 64 Bellatrix Exploration Ltd., Land Holdings and Well Data 65 Developed and Undeveloped Acreage 65 Gross and Net Developed and Undeveloped Acreage, 2011-2015 65 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 66 Well Statistics 69 Producible Oil and Gas Well, 2011-2015 69 Producible Oil and Gas Well, By Country/Region, 2011-2015 70 Exploration and Development Wells Drilled, 2011-2015 74 Recent Developments 75 Bellatrix Exploration Ltd. - Recent Developments 75 Aug 10, 2016: Bellatrix Exploration Announces Second Quarter 2016 Financial And Operating Results 75 Aug 09, 2016: Bellatrix Announces Closing of $80 Million Bought Deal Financing 85 Aug 05, 2016: Bellatrix Receives Continued Listing Standard Notice From The New York Stock Exchange 86 Jul 18, 2016: Bellatrix Announces Credit Facility Renewal And Extension 86 Jun 17, 2016: Bellatrix Announces Second Half 2016 Capital Budget 87 Jun 01, 2016: Bellatrix Announces Borrowing Base Redetermination Update 87 May 13, 2016: Bellatrix Exploration Announces First Quarter 2016 Financial And Operating Results 88 Mar 16, 2016: Bellatrix Exploration Announces Fourth Quarter And Year End 2015 Financial Results 97 Mar 16, 2016: Bellatrix Announces 2015 Year End Reserves 105 Mar 15, 2016: Far: BEL-1 Well Starts Drilling Offshore Senegal 109 Appendix 111 Methodology 111 Coverage 111 Secondary Research 111 Primary Research 111 Data Information Sources 112 Company Source 112 SEC/Other Regulatory Filings 112 Other Sources 112 Expert Panel Validation 112 Data Definition 112 Oil and Gas Reserves 112 Units of Measure 113 About GlobalData 113 Disclosure 113 Disclaimer 113

List of Tables Table 1: Bellatrix Exploration Ltd., Key Facts 8 Table 2: Bellatrix Exploration Ltd., Share Price Performance, Q1, 2015-Q1, 2016 9 Table 3: Bellatrix Exploration Ltd., Key Valuation Metrics, Q1, 2015-Q1, 2016 10 Table 4: Bellatrix Exploration Ltd., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 11 Table 5: Bellatrix Exploration Ltd., Results of Oil & Gas Operations Per boe Growth Rates, %, Q1, 2015-Q1, 2016 12 Table 6: Bellatrix Exploration Ltd., Upstream Capital Expenditure, Q1, 2015-Q1, 2016 13 Table 7: Bellatrix Exploration Ltd., Total Crude Oil and Natural Gas, Production, Q1, 2015-Q1, 2016 14 Table 8: Bellatrix Exploration Ltd., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 15 Table 9: Bellatrix Exploration Ltd., Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 16 Table 10: Bellatrix Exploration Ltd., Crude Oil Production, By Country/Region, mmbbl, Q1, 2015-Q1, 2016 17 Table 11: Bellatrix Exploration Ltd., Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 18 Table 12: Bellatrix Exploration Ltd., Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 19 Table 13: Bellatrix Exploration Ltd., Share Price Performance, 2011-2015 20 Table 14: Bellatrix Exploration Ltd., Key Valuation Metrics, 2011-2015 21 Table 15: Bellatrix Exploration Ltd., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 23 Table 16: Bellatrix Exploration Ltd., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 25 Table 17: Bellatrix Exploration Ltd., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 26 Table 18: Bellatrix Exploration Ltd., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Table 19: Bellatrix Exploration Ltd., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 29 Table 20: Bellatrix Exploration Ltd., Crude Oil Reserve Changes, mmbbl, 2011-2015 30 Table 21: Bellatrix Exploration Ltd., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Table 22: Bellatrix Exploration Ltd., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 33 Table 23: Bellatrix Exploration Ltd., Natural Gas Reserve Changes, bcf, 2011-2015 34 Table 24: Bellatrix Exploration Ltd., Oil and Gas Reserves Life Index, Years, 2011-2015 35 Table 25: Bellatrix Exploration Ltd., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 37 Table 26: Bellatrix Exploration Ltd., Upstream Capital Expenditure, US$ mil, 2011-2015 38 Table 27: Bellatrix Exploration Ltd., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 40 Table 28: Bellatrix Exploration Ltd., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 42 Table 29: Bellatrix Exploration Ltd., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 44 Table 30: Bellatrix Exploration Ltd., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 46 Table 31: Bellatrix Exploration Ltd., Oil and Gas Production Replacement Ratio, %, 2011-2015 48 Table 32: Bellatrix Exploration Ltd., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 52 Table 33: Bellatrix Exploration Ltd., Revenue and Expenses, US$ mil, 2011-2015 53 Table 34: Bellatrix Exploration Ltd., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 58 Table 35: Bellatrix Exploration Ltd., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Table 36: Bellatrix Exploration Ltd., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 63 Table 37: Bellatrix Exploration Ltd., Oil and Gas Performance Metrics, 2011-2015 64 Table 38: Bellatrix Exploration Ltd., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65 Table 39: Bellatrix Exploration Ltd., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 68 Table 40: Bellatrix Exploration Ltd., Producible Oil and Gas Wells, 2011-2015 69 Table 41: Bellatrix Exploration Ltd., Producible Oil and Gas Wells, By Country/Region, 2011-2015 73 Table 42: Bellatrix Exploration Ltd., Exploratory and Developed Wells, 2011-2015 74 List of Figures Figure 1: Bellatrix Exploration Ltd., Share Price Performance, CAD/Share, Q1, 2015-Q1, 2016 9 Figure 2: Bellatrix Exploration Ltd., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2015-Q1, 2016 10 Figure 3: Bellatrix Exploration Ltd., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 11 Figure 4: Bellatrix Exploration Ltd., Upstream Capital Expenditure, US$ mil, Q1, 2015-Q1, 2016 13 Figure 5: Bellatrix Exploration Ltd., Total Crude Oil and Natural Gas, Production, mmboe, Q1, 2015-Q1, 2016 14 Figure 6: Bellatrix Exploration Ltd., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 15 Figure 7: Bellatrix Exploration Ltd., Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 16 Figure 8: Bellatrix Exploration Ltd., Crude Oil Production, By Country/Region, mmbbl, Q1, 2015-Q1, 2016 17 Figure 9: Bellatrix Exploration Ltd., Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 18 Figure 10: Bellatrix Exploration Ltd., Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 19 Figure 11: Bellatrix Exploration Ltd., Share Price Performance, CAD/Share, 2011-2015 20 Figure 12: Bellatrix Exploration Ltd., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 21 Figure 13: Bellatrix Exploration Ltd., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22 Figure 14: Bellatrix Exploration Ltd., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 24 Figure 15: Bellatrix Exploration Ltd., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 24 Figure 16: Bellatrix Exploration Ltd., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 26 Figure 17: Bellatrix Exploration Ltd., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Figure 18: Bellatrix Exploration Ltd., Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 28 Figure 19: Bellatrix Exploration Ltd., Oil Production, By Country/Region, mmbbl, 2011-2015 28 Figure 20: Bellatrix Exploration Ltd., Crude Oil Reserve Changes, mmbbl, 2015 30 Figure 21: Bellatrix Exploration Ltd., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Figure 22: Bellatrix Exploration Ltd., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 32 Figure 23: Bellatrix Exploration Ltd., Gas Production, By Country/Region, bcf, 2011-2015 32 Figure 24: Bellatrix Exploration Ltd., Natural Gas Reserve Changes, bcf, 2015 34 Figure 25: Bellatrix Exploration Ltd., Oil and Gas Reserves Life Index, Years, 2011-2015 35 Figure 26: Bellatrix Exploration Ltd., Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 27: Bellatrix Exploration Ltd., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 28: Bellatrix Exploration Ltd., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 37 Figure 29: Bellatrix Exploration Ltd., Upstream Capital Expenditure, US$ mil, 2011-2015 38 Figure 30: Bellatrix Exploration Ltd., Proved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 31: Bellatrix Exploration Ltd., Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 32: Bellatrix Exploration Ltd., Development Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 33: Bellatrix Exploration Ltd., Exploration Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 34: Bellatrix Exploration Ltd., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 43 Figure 35: Bellatrix Exploration Ltd., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 36: Bellatrix Exploration Ltd., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 37: Bellatrix Exploration Ltd., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 46 Figure 38: Bellatrix Exploration Ltd., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 47 Figure 39: Bellatrix Exploration Ltd., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 49 Figure 40: Bellatrix Exploration Ltd., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 49 Figure 41: Bellatrix Exploration Ltd., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 50 Figure 42: Bellatrix Exploration Ltd., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 50 Figure 43: Bellatrix Exploration Ltd., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 51 Figure 44: Bellatrix Exploration Ltd., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 51 Figure 45: Bellatrix Exploration Ltd., Revenue and Expenses, US$ mil, 2011-2015 53 Figure 46: Bellatrix Exploration Ltd., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54 Figure 47: Bellatrix Exploration Ltd., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54 Figure 48: Bellatrix Exploration Ltd., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55 Figure 49: Bellatrix Exploration Ltd., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 55 Figure 50: Bellatrix Exploration Ltd., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 56 Figure 51: Bellatrix Exploration Ltd., Production Costs, By Country/Region, US$ mil, 2011-2015 56 Figure 52: Bellatrix Exploration Ltd., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 57 Figure 53: Bellatrix Exploration Ltd., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Figure 54: Bellatrix Exploration Ltd., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 60 Figure 55: Bellatrix Exploration Ltd., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 60 Figure 56: Bellatrix Exploration Ltd., Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 61 Figure 57: Bellatrix Exploration Ltd., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 61 Figure 58: Bellatrix Exploration Ltd., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 62 Figure 59: Bellatrix Exploration Ltd., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 62 Figure 60: Bellatrix Exploration Ltd., Oil and Gas Performance Metrics, 2011-2015 64 Figure 61: Bellatrix Exploration Ltd., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65 Figure 62: Bellatrix Exploration Ltd., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66 Figure 63: Bellatrix Exploration Ltd., Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66 Figure 64: Bellatrix Exploration Ltd., Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 67 Figure 65: Bellatrix Exploration Ltd., Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 67 Figure 66: Bellatrix Exploration Ltd., Producible Oil and Gas Wells, 2011-2015 69 Figure 67: Bellatrix Exploration Ltd., Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 70 Figure 68: Bellatrix Exploration Ltd., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 70 Figure 69: Bellatrix Exploration Ltd., Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 71 Figure 70: Bellatrix Exploration Ltd., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 71 Figure 71: Bellatrix Exploration Ltd., Net Productive Gas Wells, By Country/Region, Number, 2011-2015 72 Figure 72: Bellatrix Exploration Ltd., Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 72 Figure 73: Bellatrix Exploration Ltd., Net Productive Oil Wells, By Country/Region, Number, 2011-2015 73 Figure 74: Bellatrix Exploration Ltd., Exploratory and Developed Wells, 2011-2015 74