TSX: BXE NYSE: BXE

Full Cycle Profitable Growth

CORPORATE PRESENTATION
AUGUST 2016
Advisories
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 or information within the meaning of applicable securities legislation, collectively referred to herein as “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. Forward looking statements in this presentation include, but are not limited to: management's assessment of future plans, operations and strategy, including the Company’s Spirit River play as a low cost natural gas supply source; the
Company’s results delivering superior economic returns and industry leading capital efficiencies; ownership and control of strategic infrastructure assets and the sufficiency of the Company’s firm transportation capacity and ability to grow production to 60,000 boe/d; the Company’s cost profile and capital
efficiencies supported by material infrastructure assets driving full cycle sustainable profitability; the Company’s ability to create value and upside to commodity price recovery and ability to manage debt and liquidity and further deleverage the Company’s balance sheet; the Company’s second half 2016 capital
budget, production and operating cost guidance; management’s expectations regarding repayment of remaining balance of the term facility by November 11, 2016; management’s expectations that low cost Spirit River production volumes will continue to comprise a growing portion of total corporate
production, management’s expectations that processing facilities and firm transportation capacity will help facilitate growth; management’s expectations regarding drill, complete, equip and tie-in costs for its Spirit River wells; future cost reductions associated with the Alder Flats Plant; management’s
expectations regarding the Mannville/Spirit River and Cardium areas; management’s estimates of payouts, the internal rate of return (“IRR”), capital efficiencies, finding and development (“F&D”) costs and expected ultimate recovery of its wells; management’s expectations that the Spirit River is competitive
with top tier Marcellus operator F&D costs and efficiencies; the Company’s strategic land position; management’s expectations regarding full cycle F&D costs, cash costs, operating costs, transportation costs, general and administrative expenses and interest and financing costs; management’s expectations
regarding its ability to be an industry leader in development of the Spirit River play; management’s expectation that owned and operated infrastructure provides the Company with a strategic advantage and results in improved reliability of operations and sales, reduces operating costs, reduces royalty rates, and
provides barriers to competition; management’s expectations regarding utilization of the Alder Flats Plant and the expectation that it will continue to operate at current efficiencies; drilling plans and the timing thereof; commodity price risk management strategies; the Company’s liquidity and compliance with
the senior debt / EBITDA financial covenant; the timing of the Company’s next semi-annual borrowing base redetermination; the Company’s unfettered growth potential with its firm processing capacity; the economics of the Company’s resources are highly competitive with those of the Marcellus;
management’s expectations that the Company has a large inventory of low risk development opportunities; management’s expectations that well performance will continue to rank among the best in the Spirit River and that the Company will remain a low cost operator and finder; management’s expectation
that the Company possesses material leverage to a commodity price recovery; management’s expectation that the Company has unfettered growth potential with firm processing capacity; that the Company’s wells consistently rank among the best in the basin; estimates of commodity prices and exchange rates;
drilling inventory and costs and time to develop; management’s expectation that the Company’s differentiated JV strategy provides significant benefits; and management’s expectation that the Cardium will remain a key long-term focus of the Company. Certain statements may constitute financial outlooks under
applicable securities laws and were approved by management on August 9, 2016. Forward-looking statements 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, 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, actual results from wells
to be drilled may not be similar to the results from previous wells drilled or the expected type curves, and delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. 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. In addition, forward-looking statements or information are based on a number of factors and assumptions which have
been used to develop such statements and information but which may prove to be incorrect and which have been used to develop such statements and information in order to provide shareholders with a more complete perspective on Bellatrix's future operations. Such information may prove to be incorrect
and readers are cautioned that the information may not be appropriate for other purposes. Although Bellatrix believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward looking statements because Bellatrix can give
no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: the impact of increasing competition; the general stability of the economic and political environment in which
Bellatrix operates; the timely receipt of any required regulatory approvals; the ability of Bellatrix to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects which Bellatrix has an interest in to operate the field in a safe, efficient
and effective manner; the ability of Bellatrix to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development of exploration; the timing and costs of pipeline, storage and facility construction and
expansion and the ability of Bellatrix to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Bellatrix operates; and the ability of Bellatrix to
successfully market its oil and natural gas products. 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 affect Bellatrix's operations and financial results are included in reports on file with Canadian securities regulatory authorities and the U.S. Securities Exchange Commission ("SEC") and may be accessed through the SEDAR website (www.sedar.com), through the SEC website
(www.sec.gov), and at Bellatrix's website (www.bellatrixexploration.com). Furthermore, 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 may contain certain non-GAAP measures, including the term “cash flow” which is a non-GAAP measure defined as cash from operating activities excluding net change in other assets and liabilities, net change in non-cash working capital and cash tax on sale of assets. This
and any other non-GAAP measures used in this presentation are intended to provide shareholders and potential investors with additional information regarding Bellatrix’s liquidity and its ability to generate funds to finance its operations.

FD&A COSTS: This presentation includes calculations of FD&A costs for the year ended December 31, 2015. The calculations of FD&A in this presentation include the reserves additions associated with acquisitions and the costs of acquisitions as Bellatrix believes that including the effect of acquisitions provides
useful information to investors.

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/ 1 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 disclosed herein may not be indicative of long-term performance or ultimate recovery. Such rates are not determinative of the future production rates of such wells and do not reflect how the production from such wells will decline thereafter. While
encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for Bellatrix. A pressure transient analysis or well test interpretation has not been carried out in respect of all wells. Accordingly, Bellatrix cautions that the test results should be considered to be
preliminary.

ESTIMATED ULTIMATE RECOVERY (EUR): In this presentation, estimated ultimate recovery represents the estimated ultimate recovery associated with the type curves presented which are based on the assumptions used by Sproule Associates Limited to estimate Bellatrix's proved plus probable reserves per well
as evaluated effective December 31, 2015 based on forecast prices and costs. There is no certainty that such Bellatrix will ultimately recover such volumes from the wells it drills.

ANALOGOUS INFORMATION: Certain information in this presentation may constitute "analogous information" as defined in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”), including, but not limited to, the reservoir data, production rates of industry wells, cumulative
production information, and economics information relating to the areas in which Bellatrix has an interest. Such information has been obtained from government sources, regulatory agencies or other industry participants. Management of Bellatrix believes the information is relevant as it helps to define the
reservoir characteristics and the reserves and production potential in which Bellatrix holds an interest. Such information has not been prepared in accordance with NI 51-101. Bellatrix is also unable to confirm that the analogous information was prepared by a qualified reserves evaluator or auditor. Such
information is not an estimate of the resources attributable to lands held or to be held by Bellatrix and there is no certainty that the reservoir data, resource estimates, production and decline rates and economics information for the lands held by Bellatrix will be similar to the information presented herein. The
reader is cautioned that the data relied upon by Bellatrix may be in error and/or may prove not be analogous to the lands be held by Bellatrix.

CURRENCY: All dollar amounts in this presentation are Canadian dollars unless otherwise identified.

DRILLING LOCATIONS: This presentation discloses drilling locations in three categories: (i) proved locations; (ii) probable locations; and (iii) unbooked locations. Proved locations and probable locations are sometimes collectively referred to as “booked locations”, are derived from Bellatrix’s most recent
independent reserves evaluation and account for drilling locations that have associated proved + probable reserves or probable-only reserves, as applicable. Unbooked locations as disclosed herein have been identified by management as an estimation of the Company's multi-year drilling activities using
information including evaluation of applicable geologic, seismic, engineering, production, pricing assumptions and reserves information. There is no certainty that Bellatrix will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves,
resources or production. The drilling locations on which Bellatrix actually drill wells will ultimately depend upon the availability of capital, regulatory approvals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoir information that is obtained and other factors. While the
majority of Bellatrix's unbooked locations are extensions or infills of the drilling patterns already recognized by the Company's independent qualified reserves evaluator, other unbooked drilling locations are farther away from existing wells where management may have less information about the characteristics
of the reservoir and therefore there may be more uncertainty whether wells will be drilled in such locations and if drilled there may be more uncertainty that such wells will result in additional oil and gas reserves, resources or production.

RESERVES INFORMATION: Unless indicated otherwise, reserve estimates and related future net revenue and other reserves information is derived from Bellatrix’s independent reserve report prepared by Sproule Associates Limited as at December 31, 2015 using forecast prices and costs. Land acreage
information is as available at December 31, 2015.

TYPE CURVE AND CAPITAL EFFICIENCY: In this presentation information relating to the type curve, half cycle economics and capital efficiency for Bellatrix's Spirit River wells have been presented. The type curve set forth herein is based on all Bellatrix operated, Notikewin and Falher B wells drilled between
October 2012 and September 2015, and represents the mean (P50) performance curve. Half cycle economics are based on Bellatrix's current expectations of drill, complete, equip and tie-in costs per well (and excluding land, seismic and related costs). Capital efficiency is a measure of expected capital
expenditures per well based on half cycle economics divided by average first year production results (IP365) based on the type curve presented. The type curve and capital efficiency numbers have been presented to provide readers with information on the assumptions used for management's budgeting process
and future planning. The half cycle economics and capital efficiencies may not be achieved on future wells as a result of a number of factors including the risks identified above under "Forward Looking Statements" and as such are not reliable indicators of future performance. In addition, there is no certainty that
future wells will generate results to match historic type curves presented herein. Half cycle economics and capital efficiencies are not terms that have standardized meanings and therefore such calculations may not be comparable with the calculation of similar measures for other entities.

FINANCIAL INFORMATION: Unless otherwise stated, financial information is based upon Bellatrix’s 2015 audited consolidated financial statements for the years ended December 31, 2015 and 2014.

2
Corporate Profile
MARKET SUMMARY
Ticker Symbol TSX / NYSE: BXE

Average Daily Volume1 Canada: 2.7 million / U.S.: 0.8 million

Shares Outstanding 2 237.5 million basic / 249.0 million diluted

Market Capitalization3 $275 million

Bank Debt4 $122 million

Senior Notes due 2020 US$250 million

Convertible Debentures $50 million

Enterprise Value3 ~$775 million

Q2 2016 Average Production 38,000 boe/d

Natural Gas Weighting 72%

1 Three month average at August 8, 2016

2 Share count at August 9, 2016 includes the 25 million share financing closed August 9, 2016
3 Calculated using August 8, 2016 share price (C$1.16/share). Includes $11 million working capital deficiency and assumes conversion

of US notes at Cdn/US $1.3009 as at June 30, 2015. Enterprise value calculated using estimated bank debt at August 9, 2016
3 4 Bank debt reflects June 30, 2016 balance pro forma for bought deal proceeds and Plant sale
Bellatrix Differentiated Strategic Value

TOP TIER ACREAGE POSITION AND RESULTS IN THE SPIRIT RIVER

• One of North America’s lowest supply cost natural gas plays
• Leading well results deliver superior economic returns and industry leading capital efficiencies

INFRASTRUCTURE AND FIRM TAKEAWAY CAPACITY PROVIDE ABILITY TO GROW

• Ownership and control of strategic infrastructure and processing capacity
• Ample firm transportation capacity on Alberta NGTL system; ability to grow to 60 mboe/d

FOCUSED ON COST REDUCTIONS AND SHAREHOLDER RETURNS

• Structural improvement in cost base: Costs down markedly with deep cut plant on-stream
• Top tier capital efficiencies and cost profile drive full cycle sustainable profitability

SIGNIFICANT VALUE PROPOSITION & UPSIDE TO COMMODITY PRICE RECOVERY

• Supported by material infrastructure assets
• Focused on managing debt and liquidity with further deleveraging at the appropriate time

4 Long term shareholder value creation

 2016 Second Half Capital Plan
SECOND HALF 2016 GUIDANCE BALANCES FINANCIAL FLEXIBILITY & MAXIMIZED RETURNS

H2 2016 BUDGET UP TO $40MM CAPITAL ALLOCATION MAXIMIZE RETURNS

Capital by Area $3.00
H2 2016 cash flow capital
budget of up to $40 million $2.75

AECO (C$/GJ)
• Modest facility and $2.50
A few months for
infrastructure capital $2.25 a +25% price
improvement
• Balances focused investment $2.00
and financial flexibility

Oct 16
Sep 16

Feb 17
Nov 16

Dec 16

Jan 17

Mar 17
100% Greater Ferrier / Willesden Green
Preserving value and preparing Drilling Formation
to play offense Natural gas forward curve contango
• H2 2016 average production • December AECO is >20% higher
guidance of ~34,500 boe/d than September pricing
(73% natural gas weighted) • Maximize Internal rate of return
• Back end weighted growth (IRR) by deferring activity and
with December 2016 forecast timing of favorably time on-
average production guidance 100% Spirit River stream delivery of flush volumes
of ~36,500 boe/d • Favorably positioned to capitalize
on stronger 2017 pricing

Capital spending includes exploration and development capital projects and corporate assets, and excludes property acquisitions and dispositions.
5 Natural gas forward strip priced as at August 8, 2016.
 Commodity Price Risk Management
NATURAL GAS HEDGES OIL HEDGES
70% $2.91 70%
$3.37 $3.37 $3.37 $3.37

% of oil & condi volumes hedged

60% $3.02 60%
% of total forecast gas volumes

50% 50%

40% 40%

30% 30%

20% 20%

10% 10%

0% 0%
Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q3/16 Q4/16
AECO Swap (C$/Mcf) AECO Basis Swap WTI MSW Basis Swap

AECO fixed price swap contract summary: WTI MSW crude oil basis swap hedges:
• 95.3 MMcf/d @ C$2.91/Mcf (Q3 2016) • 2,000 bbl/d @ -US$4.05/bbl (July-Sept 2016)
• 84.3 MMcf/d @ C$3.02/Mcf (Q4 2016) • 1,500 bbl/d @ -US$4.05/bbl (Oct-Dec 2016)
• 54.4 MMcf/d @ C$3.37/Mcf (2017)
CURRENCY HEDGES
AECO basis swaps
USD foreign exchange forward contract:
• 40.1 MMcf/d @ US$0.78/Mcf (2017)
• $62.5MM @ 1.308 USD/CAD (value date May 2020)
Percent of 2016 quarterly forecast volumes based on the midpoint of second half 2016 average production guidance of 34,500 boe/d (73% natural gas weighted, approximately 10%
oil/condensate weighted). Percent of 2017 quarterly forecast volumes based on midpoint of December 2016 average volume guidance of 36,500 boe/d (73% natural gas weighted).
6 Natural gas hedges converted from $/GJ to $/Mcf based on an assumed average corporate heat content of 40.6 Mj/m3.
All hedges denominated in Canadian dollars unless otherwise noted.
Balance Sheet & Financial Flexibility

Effective capital resource management, balancing liquidity and flexibility

BANK DEBT ~$122 MILLION CREDIT FACILITY CONTAINS LIMITED NEAR TERM DEBT
AS AT AUG 9, 20161 ONE FINANCIAL COVENANT2 MATURITIES
4.0 $350

Senior Debt/EBITDA
3.5 $300

Debt maturities (C$MM)

3.0 $250
Undrawn 2.5 $200
2.0
1.5 $150
Utilized 1.0 $100
0.5 $50
0.0
$0
Q2/16 Aug 9 2016 2016 2017 2018 2019 2020 2021

Bank debt ~$122MM (reflects Senior (bank) debt reduced by Only near-term maturity is
Q2/16 bank debt $314MM less $192 million (~61%) Aug 9, 2016 $13MM Term Facility due Nov
$112.5MM in Plant sale and 11, 2016.
$76.5MM in financing proceeds) One financial covenant is Senior
Debt/EBITDA (3.5:1) US$250MM notes (C$313MM at
Revised $160MM credit facility June 30, 2016) mature May
as at Aug 9, 2016 Pro forma Plant sale and 2020
financings Aug 9, 2016 Senior
Next semi-annual Debt/EBITDA ratio would have C$50MM convertible debenture
redetermination Nov 11, 2016 been 1.43x as at June 30, 2016 mature Sept 30, 2021

7 1 Bank capacity reflects June 30, 2016 bank debt pro forma for transactions and bought deal financings of $122 million versus capacity of $160 million
2 June 30, 2016 debt levels pro forma for transactions and bought deal financings Bellatrix’s Senior Debt to EBITDA ratio would have been approximately 1.43 times as at June 30, 2016.
Material Leverage to Improving
Commodity Prices
Annualized Funds Flow Annualized Funds Flow
Sensitivity Analysis From Operations From Operations
Based on Q2/16 Financial Results ($ millions) ($ per share)
Change of $0.10/Mcf $6.4 $0.03
Change of US$1/bbl $4.0 $0.02
Change of US $0.01 CDN/US exchange rate $0.6 -

AECO Gas WTI Oil

$3.00 $60
$2.50 $50
WTI 2017
$2.00 2017 Strip is $40
Strip is
US$/bbl
$/Mcf

$1.50 +$1.50/Mcf $30

+US$2/bbl
higher $20
$1.00 higher than
$0.50 $10 Q2/16 levels
$0.00 $0
Q2/16 2017 Strip Q2/16 2017 Strip

Note: Sensitivities are based on actual average prices received for the second quarter of 2016 and average production volumes of 38,000 boe/d during that period, as well as the same level of
debt outstanding as at June 30, 2016. Diluted weighted average shares are based upon the second quarter of 2016. These sensitivities are approximations only, and not necessarily valid under
other significantly different production levels or product mixes. Commodity price risk management activities can significantly affect these sensitivities. Commodity price risk management
8 activities are excluded from funds flow from operations sensitivity calculations
Forward strip as at close of day August 8, 2016. AECO forward strip converted from GJ to Mcf at a ratio of 1.05.
 Concentrated Land Base

GREATER FERRIER / WEST CENTRAL ALBERTA STRACHAN

WILLESDEN GREEN Production1 (% of total): 6%

Production1 (% of total): 80% Land2 (net acres): 42,110

Land2 (net acres): 111,866 P+P net locations: 27

P+P net locations: 211 Unbooked net locations: 35

Unbooked net locations: 517

HARMATTAN
GREATER PEMBINA Production1 (% of total): 8%

Production1 (% of total): 4% Land2 (net acres): 77,073

Land2 (net acres): 33,741 P+P net locations: 47

P+P net locations: 29 Unbooked net locations: 147

Unbooked net locations: 115

OTHER
Production1 (% of total): 2%

Land2 (net acres): 318,218

P+P net locations: 10

Unbooked net locations: 16

1Reflects % of June 2016 average corporate volumes

2
9 Net acreage as at June 30, 2016
Note: Proved and Probable locations as at December 31, 2015. Unbooked locations as at June 30, 2016
 Spirit River is the Growth Engine
SPIRIT RIVER PRODUCTION GROWTH
22,000 2010
20,000
Spirit
18,000
Average monthly production (boe/d)

River
16,000 Other
14,000

12,000

10,000 June 2016

8,000

6,000
Other Spirit
4,000
River
2,000

0
Jan 10
Apr 10

Jan 11
Apr 11

Jan 12
Apr 12

Jan 13
Apr 13

Jan 14
Apr 14

Jan 15
Apr 15

Jan 16
Apr 16
Jul 10

Jul 11

Jul 12

Jul 13

Jul 14

Jul 15
Oct 10

Oct 11

Oct 12

Oct 13

Oct 14

Oct 15
Low cost Spirit River volumes comprise a growing proportion of total corporate production (>50%)
Processing facilities and Firm Transportation (FT) capacity in place to facilitate growth
10
 Spirit River Productivity Results
Consistently Rank Best in Class
2015 HIGHEST DELIVERABILITY WELLS IN ALBERTA
20.0

18.0

16.0
First month calendar day rate (Mmcfe/d)

14.0

12.0

10.0

8.0

6.0

4.0
Spirit River

Spirit River

Spirit River

Spirit River

Spirit River

Spirit River

Spirit River

Spirit River

Spirit River

Spirit River

Spirit River

Spirit River

Spirit River

Spirit River

Spirit River

Spirit River

Spirit River

Spirit River

Spirit River

Spirit River

Spirit River

Spirit River
Nikanassin

Montney
Cadomin
2.0

0.0

Spirit River wells claim 22 of the top 25 wells in Alberta in 2015

Bellatrix delivered four of the top 20 wells in 2015
Source: National Bank Financial Inc. research
11 Based on publicly available first month calendar daily average (first month cumulative / 30 days) production rates from January through December 2015
North American Supply Cost Comparison
$4.00

$3.50

$3.00
Henry Hub (US$/MMbtu)

$2.50

$2.00

$1.50

$1.00

$0.50

$0.00

Economics assume 15% Before tax IRR, assumes $US0.83 = $CDN1.00, US$0.75/MMbtu AECO basis, and a 20:1 oil-to-gas pricing ratio;
12 Note (*): Bellatrix economics assume to be free of GORR
Source: RBC Capital Markets Research
 Bellatrix Spirit River Competitiveness

BXE SPIRIT RIVER COMPETITIVE WITH TOP TIER MARCELLUS OPERATOR F&D COSTS AND EFFICIENCIES

BXE Marcellus Type Curves1 Blended SW PA

Spirit River SW PA SW PA SW PA 50% Wet
Type Curve Super rich Wet Dry 50% Dry

Total gross well costs (DCE&T) US$/well2 $3.1 $5.9 $5.8 $5.2 $5.5
Year 1 production MMcfe/d 4.7 4.4 7.0 8.3 7.7
3 Year expected recovery Bcfe 3.0 3.7 5.6 5.9 5.7
5 Year expected recovery Bcfe 3.7 5.2 7.7 7.6 7.6
EUR Bcfe 6.0 16.0 20.6 17.6 19.1
Natural gas % of EUR 76% 46% 49% 100% 74%

F&D costs (3 yr recovery) US$/Mcfe $1.04 $1.60 $1.04 $0.89 $0.96

F&D costs (5 yr recovery) US$/Mcfe $0.84 $1.12 $0.75 $0.68 $0.72
Year 1 capital efficiency US$/boepd $3,952 $7,960 $4,971 $3,747 $4,306

EUR recovered in first 10 years % 78% 50% 55% 59% 57%

1 Marcellus type curves and information based on Range Resources Corporation July 26, 2016 corporate presentation disclosure.
13 2 BXE (drill, complete, equip & tie in) assumed well costs of $4.0MM CAD converted at $1.30 CAD/USD. Marcellus well costs based on Range Resources drill & complete costs.
Spirit River Geology Summary
SPIRIT RIVER STACKED SANDS
• Broad, thick, extensive sand rich valleys in
Notikewin, Falher and Wilrich members
• Tight sandstone: long life reserves with long term
hyperbolic decline profile
• Average thickness 25-40m
• 2 to 3 stacked channels per section
• 2-6 wells per pad
• 3-4 wells per zone to fully develop a section
• Porosity 6-18%; permeability 1-3 mD
• Peak IP rates average 4.0 to 25.0 MMcf/d
• Open and closed fracture systems evident in rock
core and to a lesser degree in rock cuttings

14
 Spirit River Liquids Rich Gas
FERRIER CORE SPIRIT RIVER PLAY
BXE Land Sections
262 Gross1
153 Net1
BXE Net Drilling Inventory2
62 proved
28 probable
294 unbooked
384 total
• Formation depth ~2,400 meters

• Currently drilling 1 mile laterals

• Average 17 frac stages per well

with 40 tonnes per stage

Spirit River
(Notikewin/Falher/Wilrich)
provides significant upside
15 1 Includes Ferrier, Willesden Green, Greater Pembina and Strachan
2 Proved and Probable locations as at December 31, 2015. Unbooked locations and acreage as at June 30, 2016.
Strategic Land Position
GREATER FERRIER/BRAZEAU/WILLESDEN GREEN AREAS OF WEST CENTRAL ALBERTA

Pembina

Brazeau

Ferrier
Willesden Green

Bellatrix

16
Source: Accumap, company presentations and various public sources
 Spirit River All-In Profitability

Full Cycle F&D costs

C$2.50/GJ C$3.00/GJ
Drill $1.7MM
Complete $1.6MM
Full cycle F&D costs $/Mcfe ($0.85) ($0.85) Equip & tie in $0.7MM
Half cycle costs $4.0MM
Land/seismic/facilities $1.1MM
Full cycle costs $5.1MM
Cash costs $/Mcfe ($2.02) ($2.06)
EUR (P50) 6.0 Bcfe
Full cycle F&D $0.85/Mcfe
Sales price $/Mcfe $3.88 $4.38 Cash costs C$2.50/GJ C$3.00/GJ

Royalties (est @ 8%) $0.31/Mcfe $0.35/Mcfe

Profit $/Mcfe $1.01 $1.47 Operating costs 1 $0.75/Mcfe $0.75/Mcfe
Transport2 $0.15/Mcfe $0.15/Mcfe
Profit margin % 26% 34% G&A2 $0.23/Mcfe $0.23/Mcfe
Interest & financing2 $0.58/Mcfe $0.58/Mcfe
Total costs $2.02/Mcfe $2.06/Mcfe
Half Cycle IRR % 35% 63%
Sales price C$2.50/GJ C$3.00/GJ

Total sales price3 $3.88/Mcfe $4.38/Mcfe

Note: Numbers may not add due to rounding
1 Operating costs assume $0.56/Mcf for natural gas through third party plants, $0.20/Mcf for gas processed through BXE Alder plant and $8.00/bbl for oil/condensate. Assumed split is 80% 3rd

party / 20% BXE plant. Includes estimated attributed operating cost impact from $75 million facilities disposition announced May 13, 2016.
2 Representative transport, G&A and interest costs based on actual 2016 first half average corporate costs
3 Sales prices assume AECO at $2.85/Mcf ($2.50/GJ) or $3.42/Mcf ($3.00/GJ) as per scenario with NGL pricing: ethane @ $10/bbl, propane @ $12/bbl, butane @ $30/bbl and condensate @
17 $60/bbl incorporating liquids extraction capabilities given mix of gas through third party and BXE Alder Flats Plant.
 Spirit River Well Costs & Capital Efficiencies
FOCUSED CAPITAL COST REDUCTIONS
$6.0

Long reach
Long reach
$5.0

$4.0
Costs ($millions)

Equip & Tie-in

$3.0 Complete

$2.0 Drill

$1.0

$0.0
2015 - 24 wells 2016 - 10 wells

DRIVES STRONG CAPITAL EFFICIENCIES (IP365 ESTIMATE) AVERAGING <$8,000/BOE/D

$20,000

Spirit River
$15,000
Capital Efficiency ($/boe/d)

IP365 Capital
Efficiency
($/boe/d)
$10,000
Full Capital
Program
$5,000 Average

$0
2015 - 24 wells 2016 - 10 wells
Note: IP365 forecasts based on initial well productivity, reservoir characteristics, and full year well production modeling
18 Capital efficiency calculated as gross well costs (drill, complete, equip and tie-in) divided by gross IP365 production expectation of Falher B and Notikewin wells drilled
Analysis does not include promoted spend within JV development
 Efficiency Gains
AVERAGE SPIRIT RIVER DRILLING CURVES SPUD TO RIG RELEASE BY YEAR
0
20

Days (Spud to Rig Release)

2014 Spirit River Average
500
2015 Spirit River Average 15

1,000 2016 Spirit River Average

10
2016 Spirit River wells
1,500 5
Measured Depth (m)

2,000 0
2014 2015 2016
2,500
DRILL COST BY YEAR
3,000 $3.0

3,500 $2.5

$2.0

Drill Cost ($MM)

4,000
$1.5
4,500
$1.0

5,000 $0.5
0 5 10 15 20
$0.0
Days Spud to Rig Release 2014 2015 2016

Note: Comparative drilling curves based on Bellatrix “hybrid” drilling style which constitutes technique employed for majority of wells drilled since 2014
19 2016 drill costs based on actual results and field estimates
 Spirit River Development Comparison
COMPARATIVE 2015 & H1/2016 SPIRIT RIVER COST & EFFICIENCY METRICS
Frac stages Number of completion days Avg proppant placed per stage (t)
20 30
70
25 60

Proppant per stage (tonnes)

15

Days to complete
Number of stages

20 50

40
10 15
30
10
5 20
5
10
0 0 0
2015 H1/16 2015 H1/16 2015 H1/16 2015 H1/16 2015 H1/16 2015 H1/16
BXE Industry BXE Industry BXE Industry

Reported costs IP90 Gas rate IP90 Capital efficiency

7.0 $8,000
$6.0
Completion cost $7,000
6.0

Capital efficiency ($/boepd)

$5.0
Drill cost $6,000
5.0
Well costs ($ millions)

$4.0 $5,000
IP90 (MMcf/d)

4.0
$3.0 $4,000
3.0
$2.0 $3,000
2.0 $2,000
$1.0
1.0 $1,000
$0.0
2015 H1/16 2015 H1/16 0.0 $0
BXE Industry BXE Industry
BXE Industry

Bellatrix is an industry leader in the development of the Spirit River play

Source: Canadian Discovery Frac Database. Data sourced August 2016
20 Calendar data based on spud date. Production and capital efficiency data for H1/2016 not available due to limited data set of wells with IP90 rates as at August 2016.
 Greater Ferrier Area Infrastructure Overview
GREATER FERRIER EXISTING GREATER FERRIER AREA STRATEGIC INFRASTRUCTURE
INFRASTRUCTURE ACCESS:
Infrastructure gives Bellatrix control
of production and growth
Working interest or operatorship in
3 major gas processing facilities
11 compressor sites
5 oil batteries

BELLATRIX ALDER FLATS PLANT

Bellatrix 25% owner and operator
• Keyera 70% owner
• O’Chiese 5% owner
Phase I - 110 MMcf/d inlet capacity
(on-stream May 2015)
Phase II - 120 MMcf/d inlet capacity
(in service 2018, remaining cost
~$41MM net to BXE)
• C2 Recovery 57%
• C3 Recovery 99%
• C4+ Recovery 100%

Strategic advantage from

owned infrastructure –
lowered costs and
guaranteed access
21
 Significant Investment in Strategic
Infrastructure
OVER $330 MILLION INVESTED SINCE 2013 IN STRATEGIC INFRASTRUCTURE ASSETS
• Monetized approximately $187.5 million in facilities and
plant working interest in 2016 representing approximately +$330MM BREAKDOWN
55% of net infrastructure capital invested since 2013
CURRENT INFRASTRUCTURE OWNERSHIP & OPERATORSHIP Batteries
• 25% owner and operator of the BXE Alder Flats deep-cut gas plant
• Phase 1: 110 MMcf/d
BXE Alder
• Phase 2: incremental 120 MMcf/d (H1 2018)
Plant
Pipelines
• Working interest owner in two other major gas processing facilities

• 11 compressor sites with approximately 70,000 compression horse

power and 392 MMcf/d gas compression capacity
Compressors
• Five major oil batteries with over 12,000 bbl/d oil processing
capacity

• Over 350 kilometers of gathering and product transfer pipelines

Strategic infrastructure investment results in improved reliability of operations and sales,

reduces operating costs, reduces royalty rates, and provides barriers to competition
22
 BXE Alder Flats – Superior Operational
Performance in Core West Central AB Area
SUPERIOR & CONSISTENT PLANT PERFORMANCE FUEL/DISPOSITION EFFICIENCY
120%
Highest utilization Bellatrix Alder Flats Most efficient

100% 3rd Party Plant

3rd Party Plant

80%
Plant utilization (%)

3rd Party Plant

60% 3rd Party Plant

3rd Party Plant

40%
3rd Party Plant

20% 3rd Party Plant

3rd Party Plant

0%
May-15

May-16
Apr-15

Dec-15
Jan-15

Mar-15

Jun-15

Aug-15

Apr-16
Oct-15

Nov-15

Jan-16

Mar-16

Jun-16
Feb-15

Jul-15

Sep-15

Feb-16

3rd Party Plant

0.0% 1.0% 2.0% 3.0% 4.0% 5.0%

Bellatrix Alder Flats 3rd Party Plants Average 3rd Party Plant H1/16 Disposition % of Receipts

BXE Alder Flats ranks best as

BXE Alder Flats has averaged 100% utilization since July 1, 2015
the most efficient
Source: Bellatrix internal data and Alberta Energy Regulator (AER)
Note plant efficiency compares monthly receipts versus licensed gas capacity for third party plants. BXE Alder compares monthly gas receipts versus sales capacity
Note: Fuel disposition efficiency includes fuel, flared and vented dispositions as a % of input plant receipts
Third party plants include greater Ferrier area gas plants: Tidewater Brazeau River Complex, Conoco Sand Creek, Conoco Alder Flats, Keyera Minnehik Buck Lake, Keyera Nordegg, Keyera
23
Brazeau East, Keyera West Pembina, Keyera Brazeau North, Penn West Crimson Lake
 Growing Firm Capacity Within Core Areas

TOTAL BELLATRIX GROSS PROCESSING CAPACITY – GREATER FERRIER

600 BXE Phase 2 deep

cut incremental Total
120 MMcf/d processing
Total Gross Raw Gas Processing Capacity (MMcf/d)

BXE Phase 1 deep

500 capacity
cut 110 MMcf/d
Twin
available net to
400 13-05 booster Rivers Bellatrix
compression & pipeline
expansion estimated at
Twin Rivers
pipeline project >60,000 boe/d
300
in 2018

200

100

0
Q1 - 2014

Q2 - 2014

Q3 - 2014

Q4 - 2014

Q1 - 2015

Q2 - 2015

Q3 - 2015

Q4 - 2015

Q1 - 2016

Q2 - 2016

Q3 - 2016

Q4 - 2016

Q1 - 2017

Q2 - 2017

Q3 - 2017

Q4 - 2017

Q1 - 2018

Q2 - 2018
Third Party Total Capacity BXE Non Op Capacity BXE Deepcut Total Firm Commitments

24
 Focus on Continued Cost Reductions

OPERATING COSTS NET G&A COSTS

$13 $3.50

$12 $3.00

$11

Net G&A expense ($/boe)

$2.50
Operating cost ($/boe)

$10
$2.00
$9
$1.50
$8
$1.00
$7

$6 $0.50

$5 $0.00
2010 2011 2012 2013 2014 2015 H1/16 2010 2011 2012 2013 2014 2015 H1/16

Deep-cut Plant contribution reduces operating Achieved significant cost reductions

costs markedly through 2015

Note: Net G&A expenses after capitalized G&A and recoveries

25
 Track Record of Production and
Reserves Growth
HISTORICAL PRODUCTION HISTORICAL RESERVES
Natural Gas Oil and Liquids Production per share (right side) Natural Gas Oil and Liquids Reserves per share (right side)

45,000 90 260 1.4

250
41,441
240

Production per avg. share (boe/000's shares)

223
40,000 38,065 80
220 1.2
211

Reserves per year end share (boe/share)

35,000 11,998 70 200
1.0
12,469 180
161

Reserves (MMboe)
30,000 60
160
Production (boe/d)

144
0.8
25,000 50 140 124
21,829
120
104 0.6
20,000 40
16,686 6,489 100
80 67
15,000 29,443 30 0.4
11,954 5,717 55
25,596 60 42 42
10,000 8,519 4,540 20 40 25 0.2
2,550 15,340
20
5,000 10,969 10
5,969 7,414 0 0.0
Proved

Proved

Proved

Proved

Proved

Proved
P+P

P+P

P+P

P+P

P+P

P+P
0 0
2010 2011 2012 2013 2014 2015
2010 2011 2012 2013 2014 2015

37% CAGR total corporate production 39% CAGR P+P reserves

19% CAGR production per share 22% CAGR P+P reserves per share
CAGR – Compounded Annual Growth Rate 2010-2015
26 Production per share calculated using basic weighted average shares and reserves per share calculated using year end basic shares outstanding
Compelling Investment Opportunity

Experienced
Unfettered growth
Leadership management
potential with firm
Excellent Organic
with a history of
creating value processing capacity Growth Potential

Large inventory
World Class of high rate of Economics highly Competitive
competitive with
Asset return drilling
locations Marcellus Economics

Low cost operator Low risk development

Low Cost and finder opportunities geared De-risked
for growth

Effective Demonstrated
Well performance
Capital proactive balance
consistently ranked
Leading Well
of liquidity and
Management flexibility among best in basin Results

Material leverage Strong technical team

High Torque to commodity at leading edge of
Technically
price recovery resource development Astute

27
Supplemental Information
 Peer Group Comparison
OPERATING & TRANSPORTATION COSTS/ BOE1
$16
$14
$12
Costs ($/boe)

$10
$8
$6
$4
$2
$0

BXE
NET G&A & STOCK BASED COMPENSATION EXPENSE/ BOE1
$5

$4
Expense ($/boe)

$3

$2

$1

$0

BXE
BELLATRIX IS A LOW COST OPERATOR
Source: Public disclosure or calculated where unavailable
Note: Peer set includes AAV, BIR, BNP, BTE, CR, ERF, KEL, NVA, PPY, POU, PEY, PGF, PNE, SGY, SRX, TET, TVE, VET, VII, WCP.
29 1 First quarter ended March 31, 2016 average costs
Joint Ventures
JOINT VENTURES
Grafton JV (GJV) –
$305 MM
• Effective Date: July 1, 2013
• Wells: 72 wells
• BXE / Partner Contribution:
$55 MM / $250 MM
• Ferrier, Brazeau
CNOR JV - $500 MM
(Grafton managed co.)
• Effective Date: September 29, 2014
• Funds expected to be spent from
2016-2019
• BXE / Partner Contribution: $250
MM / $250 MM
• Development plans/areas to be
determined by management
committee
Bellatrix’s differentiated JV strategy
provides significant benefits
• Accelerates development potential of our multi-billion dollar
inventory of projects
• Non-dilutive mechanism of capital cost funding
• Improved capital efficiency of drilling program irrespective of
well productivity
• Enhances internal rate of return (IRR) of drilling projects
given front end loaded promoted capital
• Insulates against weakening commodity prices given higher
return expectations and improved efficiency metrics

JV Partner earning terms: JV Partner earning terms:

• Pay 82% to earn 54% before
payout
• Reversion to 33% after payout
• Payout: $250MM + 8% IRR
• One time election to convert
33% WI to 17.5% gross
overriding royalty on pre-JV
BXE working interest
• Pay 50% to earn 33% before payout
• Payout: $250MM + 8% IRR
• Convert to 10.67% gross overriding
royalty on pre-JV BXE working
interest
• Pro-rata terms match GJV

30
Additional Long Term
Opportunities
 Cardium Light Oil Resource Play
Greater Pembina

BXE Cardium Sections

379 Gross
271 Net
BXE Net Drilling Inventory1
141 proved
42 probable
231 unbooked
Ferrier
414 total
Willesden Green
Average Lease Operate Expense
~$9.00/boe
Cardium Resource Play Summary Strachan
Largest accumulation of light oil in the WCSB
Approximately 20,000 square miles
Approximately 1.9 Billion bbls produced to date
Currently producing 140,000 bbl/d & 1.0 Bcf/d

Harmattan
Cardium remains a key focus
area for Bellatrix long-term
32 1 Proved and Probable locations as at December 31, 2015. Unbooked locations and acreage
as at June 30, 2016
Balanced Cardium Inventory Provides
Long Term Optionality on Oil Prices

Cardium Gas Cardium High GOR Cardium Oil

→ 96 net drilling locations → 140 net drilling locations → 178 net drilling locations
→ 76% gas / 24% oil & liquids → 64% gas / 36% oil & liquids → 12% gas / 88% oil & liquids
→ Ferrier area → Willesden Green, Strachan → Pembina & Harmattan
& Brazeau areas areas

Average well composition

Cardium Gas Cardium High GOR Cardium Oil

Oil
Natural
NGLs gas

NGLs
Natural Natural NGLs
gas Oil
gas

33 Note: Average well composition derived from average reserve bookings and classified within three representative Cardium type wells
Total well inventory counts include Proved plus Probable undrilled locations at December 31, 2015 and unbooked locations as at June 30, 2016
 Cardium Proven Innovative Development

Leading Cardium driller in 2013/2014 APPLYING CUTTING EDGE EXPLOITATION TECHNIQUES

Horizontal well placement and applying

cutting edge exploitation techniques
results in top-tier well results compared
to industry

DRIVES INDUSTRY LEADING RESULTS

330 IP90 well count 100
310 90
290 80
270 70

Well count
60
250
boe/d

50
230
40
210 30
190 20
170 10
150 0
BTE
VET

TVE

JOY

PWT

ARX
BNE

Baccalieu
LTS

TOG

WCP
BXE

Regent

Comparative chart of IP90 production rates for horizontal wells drilled 2013-2014 in greater Pembina/Ferrier/Willesden Green areas
34 Source: National Bank Financial Inc. Research
Lower Mannville: Liquids-rich Gas Play

Drill locations identified across three GR Porosity

play types
31 horizontal Ellerslie wells drilled by
Angle/BXE at Harmattan to date

Net Drilling Inventory:

16 proved
18 probable
89 unbooked
123 total
Liquids-rich gas plays
Liquids yields up to 205 bbl/MMcf
(sales) in the Harmattan area
Schematic Log

35
Second White Specks: Tight Oil Resource

Laterally continuous fairway: >6,000 sq miles

Thick: 75-225m
Over-pressured: 9-14KPA/m
Thermally mature for oil: Tmax 435-455ºC
High Organic Content (TOC): 1.5-4wt%
Existing vertical production
15 industry HZ’s drilled
12 with published oil/condensate production
On-going technical work

36
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.)
Keith E. Macdonald, CA
Steven J. Pully, CPA, CFA
Raymond G. Smith, P. Eng.
Murray B. Todd, B.Sc., P. Eng.
Keith S. Turnbull, B.Sc., CA
37
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 & COO
Charles R. Kraus, Esq.
Vice President, General Counsel
& Corporate Secretary
Steve G. Toth, CFA
Vice President, Investor Relations
ADDRESS
1920, 800 – 5th Avenue SW
Calgary, Alberta Canada T2P 3T6
Tel: (403) 266-8670
Fax: (403) 264-8163
www.bellatrixexploration.com
investor.relations@bellatrixexp.com
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
EVALUATION ENGINEERS
Sproule Associates Limited
REGISTRAR & TRANSFER AGENT
Computershare Trust Company of Canada
AUDITORS
KPMG LLP
EXCHANGE LISTING
The Toronto Stock Exchange - BXE
The New York Stock Exchange - BXE
1920, 800 – 5th Avenue SW
Calgary, Alberta Canada T2P 3T6
Tel: (403) 266-8670
Fax: (403) 264-8163
www.bellatrixexploration.com