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The information in no way should be construed or interpreted as part of an offering or solicitation of securities. No securities commission or other regulatory authority in Canada or any other country or jurisdiction has in any way passed upon this information and no representation or warranty is made to that effect.

Cautionary Statement on Forward-Looking Information, GAAP and BOE
This Web site may contain forward-looking information including expectations of future production and components of cash flow and earnings and expected future events that are forward looking in nature and subject to substantial risks and uncertainties. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Bellatrix cautions the readers that actual performance will be affected by a number of factors, as many may respond to changes in economic and political circumstances throughout the world. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the company. These risks include, but are not limited to; the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to operational risks in exploration, development and production, delays or changes in plans, risks associated with the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. These external factors beyond the company's control may affect the marketability of oil and natural gas produced, industry conditions including changes in laws and regulations, changes in income tax regulations, increased competition, fluctuations in commodity prices, interest rates, and variations in the Canadian/United States dollar exchange rate. The reader is cautioned not to place undue reliance on this forward-looking information.

The reader is further cautioned that the preparation of financial statements in accordance with GAAP requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues and expenses. Estimating reserves is also critical to several accounting estimates and requires judgments and decisions based upon available geological, geophysical, engineering and economic data. These estimates may change, having either a negative or positive effect on net earnings as further information becomes available, and as the economic environment changes.

The term barrels of oil equivalent ("BOE") may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel (6mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All BOE conversions in this report are derived from converting gas to oil in the ratio of six thousand cubic feet of gas to one barrel of oil.

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• Information to contact or identify you such as your name, address, telephone number, age and date of birth
• Property information such as title, ownership, road use and access information, to allow us to conduct exploration, development and operations activities
• Financial information such as bank accounts, current and estimated payment terms and amounts, to facilitate payment and meet contractual obligations
• Environment, health and safety information to allow us to communicate effectively with you in an emergency situation, such as health information and dependent information
• Information for license and permit applications that is required in order to participate in regulatory processes or as otherwise required by law

• managing and administering contracts (including leases)
• drilling and completions activities
• conducting geophysical operations
• reclamation activities
• acquisition and divestiture activities
• complying with legal and regulatory requirements, including health, safety and environmental rules and regulations
• constructing roads, wellsites, pipelines and facilities
  

• seismic contractors
• land brokers, land agents and surveyors
• road, well or pipeline construction and associated maintenance contractors
• environment, health and safety consultants, management consultants, health coverage and service providers
• geophysical, engineering, environmental, or other consultants
• regulatory authorities