Escolar Documentos
Profissional Documentos
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NYSE: BXE
Advisories
FORWARD LOOKING STATEMENTS: In the interest of providing Bellatrixs shareholders and potential investors with information regarding Bellatrix, including managements assessment of Bellatrixs 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 Companys Spirit River play as a low cost natural gas supply source; the
sufficiency of Companys firm transportation capacity and ability to grow production to 60,000 boe/d; the Companys cost profile and capital efficiencies; the Companys first half 2016 capital, production and operating cost guidance; the Companys liquidity and compliance with the senior debt / EBITDA financial
covenant; future cost reductions associated with the Alder Flats Plant; managements expectations regarding the Mannville/Spirit River and Cardium areas; managements estimates of payouts and the internal rate of return (IRR) of its wells; the Companys future corporate decline rate; estimates of the
Companys future required maintenance capital the impact of strategic infrastructure on revenues, operating costs and netbacks, and forecasted liquid recoveries from the Alder Flats Plant; drilling plans and the timing thereof; commodity price risk management strategies; estimates of commodity prices and
exchange rates; and drilling inventory and costs and time to develop. Certain statements may constitute financial outlooks under applicable securities laws and were approved by management on March 15, 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 Bellatrixs 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, 2014 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 Bellatrixs 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 Bellatrixs 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 Bellatrixs 2015 audited consolidated financial statements for the years ended December 31, 2015 and 2014.
Corporate Profile
MARKET SUMMARY
Ticker Symbol
Shares Outstanding
Market Capitalization2
$315 million
$341 million
$200 million
US$250 million
Enterprise Value2
$1.03 billion
72%
Structural improvement in cost base: Q4/15 costs down 28% YoY with deep cut plant on-stream
Top tier capital efficiencies and cost profile drive full cycle sustainable profitability
2015 Highlights
SUCCESSFULLY DELIVERED ON KEY STRATEGIC OBJECTIVES IN 2015
Completion and
Commissioning of the BXE
Alder Flats Gas Plant
Proactive Financial
Management
5
2015 PDP FD&A excluding $36 million invested directly in BXE Alder Flats Plant. Including total capital investments, PDP FD&A costs averaged $12.37/boe in 2015
FIRST HALF 2016 BUDGET BALANCES SUSTAINED PRODUCTION & FINANCIAL FLEXIBILITY
FIRST HALF 2016 GUIDANCE
Production
Average production (boe/d)
Natural gas weighting (%)
Capital and Operating Guidance
Net capital budget ($ millions)1
Operating costs ($/boe)2
38,500 39,500
72%
$46
$7.25
Capital spending includes exploration and development capital projects and corporate assets, and excludes property acquisitions and dispositions.
Operating costs before net processing revenue/fees
$3.18
60%
$3.02
50%
$3.35
$3.02
$3.35
$3.35
$3.35
40%
30%
20%
10%
0%
Q1/16
Q2/16
Q3/16
Q4/16
Q1/17
Q2/17
Q3/17
Q4/17
OIL HEDGES
50%
40%
30%
20%
10%
0%
Q1/16
Q2/16
Q3/16
Q4/16
70%
60%
CURRENCY HEDGES
USD foreign exchange forward contract:
Percent of total forecast volumes based on mid-point of H1/16 average production guidance (39 mboe/d)
Natural gas hedges converted from $/GJ to $/Mcf based on an assumed average corporate heat content of 40.4 Mj/m3.
All hedges denominated in Canadian dollars unless otherwise noted.
STRACHAN
Production1 (% of total):
6%
Production1 (% of total):
80%
43,390
99,120
27
211
36
518
GREATER PEMBINA
HARMATTAN
Production1 (% of total):
8%
Production1 (% of total):
4%
85,393
40,446
47
29
155
122
OTHER
Production1 (% of total):
2%
357,036
10
95
22,000
2010
20,000
Spirit
River
18,000
16,000
Other
14,000
12,000
10,000
Dec 2015
8,000
6,000
4,000
Other
2,000
Spirit
River
Oct 15
Jul 15
Apr 15
Jan 15
Oct 14
Jul 14
Apr 14
Jan 14
Oct 13
Jul 13
Apr 13
Jan 13
Oct 12
Jul 12
Apr 12
Jan 12
Oct 11
Jul 11
Apr 11
Jan 11
Oct 10
Jul 10
Apr 10
Jan 10
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
9
20.0
16.0
14.0
12.0
10.0
8.0
Spirit River
Spirit River
Spirit River
Spirit River
Montney
Spirit River
Spirit River
Spirit River
Spirit River
Cadomin
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
0.0
Nikanassin
2.0
Spirit River
4.0
Spirit River
6.0
Spirit River
18.0
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
11
Economics assume 15% Before tax IRR, assumes $US0.83 = $CDN1.00, US$0.75/MMbtu AECO basis, and a 20:1 oil-to-gas pricing ratio;
Note (*): Bellatrix economics assume to be free of GORR
Source: RBC Capital Markets Research
BXE
Spirit River
Type Curve
SW PA
Super rich
SW PA
Wet
SW PA
Dry
Blended SW PA
40% Wet
60% Dry
US$/well2
$3.0
$5.9
$5.8
$5.2
$5.4
Year 1 production
MMcfe/d
4.7
4.4
7.0
8.3
7.8
Bcfe
3.0
2.7
5.6
5.9
5.7
Bcfe
3.7
5.2
7.7
7.6
7.6
EUR
Bcfe
6.0
16.0
20.6
17.6
18.8
Natural gas
% of EUR
76%
37%
42%
100%
77%
US$/Mcfe
$1.00
$2.16
$1.04
$0.89
$0.95
US$/Mcfe
$0.81
$1.13
$0.75
$0.68
$0.71
US$/boepd
$3,863
$8,001
$4,971
$3,747
$4,187
78%
50%
55%
59%
57%
12
1 Marcellus
2 BXE
type curves and information based on Range Resources Corporation February 25, 2016 corporate presentation disclosure.
(drill, complete, equip & tie in) assumed well costs of $4.0MM CAD converted at $1.33 CAD/USD. Marcellus well costs based on Range Resources drill & complete costs.
13
Spirit River
(Notikewin/Falher/Wilrich)
provides significant upside for
Bellatrix
14
1
2
C$3 AECO
($0.85)
($0.85)
Cash costs
($1.62)
($1.69)
Sales price
$/Mcfe
$/Mcfe
$3.12
$4.01
Profit
Profit margin
$/Mcfe
$0.65
$1.47
21%
37%
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 60% 3rd party / 40% BXE plant
2 2015 representative transport, G&A and interest costs based on actual 2015 full year average corporate costs
3 Sales prices assume AECO at $2/Mcf ($1.76/GJ) or $3/Mcf ($2.64/GJ) as per scenario with NGL pricing: ethane @
$10/bbl, propane @ $12/bbl, butane @ $30/bbl and condensate @ $60/bbl incorporating liquids extraction
capabilities in H2/15 given mix of gas through third party and BXE Alder Flats Plant
1
15
$1.7MM
$1.6MM
$0.7MM
$4.0MM
$1.1MM
$5.1MM
6.0 Bcfe
$0.85/Mcfe
C$2 AECO
C$3 AECO
$0.25/Mcfe
$0.48/Mcfe
$0.19/Mcfe
$0.26/Mcfe
$0.44/Mcfe
$1.62/Mcfe
$0.32/Mcfe
$0.48/Mcfe
$0.19/Mcfe
$0.26/Mcfe
$0.44/Mcfe
$1.69/Mcfe
C$2 AECO
C$3 AECO
$3.12/Mcfe
$4.01/Mcfe
10
150
135
9
Average Natural Gas Rate (MMcf/d)
Source: Peters & Co. Limited Research Report titled Well Update 2015 Year-in-Review Published February 12, 2016 (wells with peak rates greater than 1.0 MMcf/d)
Excludes companies with less than nine wells
DIRECT
BNP
XTO
PROGRESS
CHEVRON
SHELL
CR
BIR
VELVET
APA
HSE
Repsol
POU
CONOCO
PEY
0
PPY
15
MURPHY
1
CNQ
30
ARX
VII
45
UGR
ECA
60
SRX
CANBRIAM
75
TAQA
NVA
90
AAV
BXE
105
TOU
Number of wells
120
Number of Wells
JUPITER
MMcf/d
Costs ($millions)
$5.0
Equip & Tie-in
$4.0
Complete
$3.0
Drill
$2.0
Average
$1.0
$0.0
$20,000
$15,000
$10,000
$5,000
$0
17
Note: IP365 forecasts based on initial well productivity, reservoir characteristics, and full year well production modeling
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
0
2014 Spirit River Average
500
1,000
2,000
15
10
5
0
2,500
3,000
$3.0
3,500
$2.5
4,000
4,500
5,000
0
10
Days Spud to Rig Release
18
2014
2015
2016
1,500
20
15
20
$2.0
$1.5
$1.0
$0.5
$0.0
2014
Note: Comparative drilling curves based on Bellatrix hybrid drilling style which constitutes technique employed for majority of wells drilled since 2014
2016 drill costs based on actual results and field estimates
2015
2016
Days to complete
15
10
5
25
20
15
10
5
0
0
BXE
$5.0
BXE
Industry
Reported costs
Completion cost
Drill cost
8.0
IP90 (MMcf/d)
$6.0
Well costs ($ millions)
$4.0
$3.0
$2.0
$1.0
$0.0
Industry
6.0
4.0
2.0
0.0
BXE
Industry
BXE
Industry
2.0
1.5
1.0
0.5
0.0
BXE
Number of stages
30
Frac stages
20
$8,000
$6,000
$4,000
$2,000
$0
BXE
Industry
Industry
C2 Recovery 57%
C3 Recovery 99%
60% owner and operator of the BXE Alder Flats deepcut gas plant
Phase 1: 110 MMcf/d
Phase 2: incremental 110 MMcf/d (H1 2018)
+$300MM BREAKDOWN
Batteries
BXE Alder
Plant
Pipelines
Compressors
FUEL/DISPOSITION EFFICIENCY
Bellatrix Alder Flats
Highest utilization
100%
Most efficient
80%
60%
40%
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Mar-15
Feb-15
Jan-15
0%
22
300
Twin
Rivers
pipeline
expansion
13-05 booster
compression &
Twin Rivers
pipeline project
200
100
0
Q2 - 2018
Q1 - 2018
Q4 - 2017
Q3 - 2017
BXE Deepcut
Q2 - 2017
Q1 - 2017
Q4 - 2016
Q3 - 2016
Q2 - 2016
Q1 - 2016
Q4 - 2015
Q3 - 2015
23
Q2 - 2015
Q1 - 2015
Q4 - 2014
Q3 - 2014
Q2 - 2014
Q1 - 2014
500
400
Total
processing
capacity net to
Bellatrix
estimated at
~80,000 boe/d
in 2017
600
$13.00
$12.00
$3.00
Net G&A expense ($/boe)
$11.00
$10.00
$9.00
$8.00
$2.50
$2.00
$1.50
$7.00
$1.00
$6.00
$5.00
2010
2011
2012
2013
2014
2015
Q4/2015
24
$0.50
2010
2011
2012
2013
2014
2015
Q4/2015
11,954
8,519
5,969
7,414
2010
2011
25,596
29,443
30
20
4,540
2,550
5,000
5,717
15,340
10,969
10
0
2012
2013
2014
2015
160
144
140
120
104
100
80
67
60
40
25
0.8
124
42
0.6
0.4
55
42
0.2
25
20
0
0.0
2010
1.0
161
2011
2012
2013
2014
2015
15,000
6,489
180
P+P
16,686
40
1.2
200
Proved
20,000
211
Proved
21,829
220
P+P
50
223
Proved
60
240
P+P
Production (boe/d)
30,000
1.4
250
Proved
12,469
70
260
P+P
11,998
35,000
10,000
80
38,065
Proved
40,000
90
P+P
41,441
Proved
45,000
25,000
Natural Gas
Reserves (MMboe)
Natural Gas
P+P
HISTORICAL PRODUCTION
Utilized
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Q4/15
$300
$250
$250
$200
$150
$100
$50
$0
$0
$0
$0
$0
No near-term note
maturities: US$250 notes
mature in May 2020
Undrawn
Liquidity reflects undrawn capacity on $540 million credit facility excluding outstanding letters of credit
Supplemental Information
$14
Costs ($/boe)
$12
$10
$8
$6
$4
$0
BXE
$2
$5.00
$3.00
$2.00
$1.00
$0.00
BXE
Expense ($/boe)
$4.00
Joint Ventures
JOINT VENTURES
Grafton JV (GJV)
$305 MM
Effective Date: July 1, 2013
Wells: 72 net 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
Development plans/areas to be
determined by management
committee
payout
30
Edson
Pembina
Ferrier
Strachan
Harmattan
330
well count
290
250
230
210
190
170
33
ARX
Baccalieu
PWT
Regent
BTE
JOY
WCP
TOG
TVE
BNE
VET
LTS
150
BXE
boe/d
270
Well count
100
90
80
70
60
50
40
30
20
10
0
310
Comparative chart of IP90 production rates for horizontal wells drilled 2013-2014 in greater Pembina/Ferrier/Willesden Green areas
Source: National Bank Financial Inc. Research
GR
Porosity
34
35
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.)
Robert A. Johnson, P.Geol.
Keith E. Macdonald, CA
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
37
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