Bellatrix Exploration (BXEFF) 20-F 29 Apr 19 2018 FY Annual report (foreign) Financial data

Document Entity Information Doc

Document Entity Information Document	12 Months Ended
	Dec. 31, 2018shares
Document And Entity Information [Abstract]
Entity Registrant Name	Bellatrix Exploration Ltd.
Entity Central Index	0001483405
Document Type	20-F
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Entity Filer Category	Non-accelerated Filer
Entity Well Known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding	80,909,225

BALANCE SHEETS

BALANCE SHEETS - CAD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current assets
Accounts receivable (note 6)	$ 36,955	$ 45,672
Deposits and prepaid expenses	3,516	3,709
Current portion of risk management asset (note 6)	9,852	31,910
Current assets	50,323	81,291
Non-current assets [abstract]
Risk management asset (note 6)	3,291	1,213
Deferred taxes (note 15)	0	48,298
Exploration and evaluation assets (note 8)	17,707	22,731
Property, plant and equipment (note 9)	1,164,422	1,187,390
Total assets	1,235,743	1,340,923
Non-current liabilities [abstract]
Credit Facilities (note 7)	0	52,066
Second Lien Notes (note 7)	137,097	0
Senior Notes (note 7)	196,000	305,409
Convertible Debentures (liability component) (note 7)	41,732	39,426
Risk management liability (note 6)	1,652	3,422
Other deferred liabilities (note 11)	10,863	7,402
Decommissioning liabilities (note 10)	61,487	58,687
Total liabilities	563,018	566,901
Current liabilities
Accounts payable and accrued liabilities	61,211	73,307
Current portion of other deferred liabilities (note 11)	1,909	20,790
Current portion of risk management liability (note 6)	917	4,468
Current portion of Credit Facilities (note 7)	47,763	0
Current portion of decommissioning liability (note 10)	2,387	1,924
Current liabilities	114,187	100,489
SHAREHOLDERS’ EQUITY
Shareholders’ capital (note 12)	1,112,619	1,068,377
Warrants (note 7)	1,652	0
Convertible Debentures (equity component) (note 7)	7,818	7,818
Contributed surplus	56,499	56,092
Retained earnings (deficit)	(505,863)	(358,265)
Total shareholders’ equity	672,725	774,022
Total liabilities and shareholders’ equity	$ 1,235,743	$ 1,340,923

STATEMENTS OF PROFIT (LOSS) AND

STATEMENTS OF PROFIT (LOSS) AND COMPREHENSIVE INCOME (LOSS) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
REVENUES
Petroleum and natural gas sales (note 13)	$ 223,136	$ 243,825	$ 220,124
Royalties	(23,789)	(23,961)	(18,636)
Other income (note 13)	5,576	5,574	7,750
Total revenues net of royalties	204,923	225,438	209,238
Realized gain on commodity contracts (note 6)	30,536	31,324	19,892
Unrealized gain (loss) on commodity contracts (note 6)	(18,082)	45,238	(29,525)
Revenues net of royalties and commodity contracts	217,377	302,000	199,605
EXPENSES
Production	97,526	111,816	113,589
Transportation	27,285	23,549	12,108
General and administrative	28,389	29,377	19,919
Loss on marketable securities	0	461	678
Share-based compensation (note 14)	(503)	532	3,784
Depletion and depreciation (note 9)	105,286	120,652	136,518
Impairment loss (reversal of impairment loss) recognised in profit or loss	2,140	13,150	(264,000)
Loss on onerous contracts (note 11)	5,362	0	0
(Gain) loss on dispositions (note 9)	(8,164)	56,672	170,667
(Gain) loss on Senior Notes settlements (note 7)	(6,145)	0	0
Expenses	251,176	356,209	193,263
NET PROFIT (LOSS) BEFORE FINANCE AND TAXES	(33,799)	(54,209)	6,342
Finance expenses (note 16)	40,754	39,240	48,063
Realized (gain) loss on foreign exchange (note 17)	8,296	797	(277)
Unrealized (gain) loss on foreign exchange (note 17)	15,195	(18,298)	(7,918)
NET PROFIT (LOSS) BEFORE TAXES	(98,044)	(75,948)	(33,526)
TAXES
Deferred tax expense (recovery) (note 15)	48,295	15,415	(6,858)
NET PROFIT (LOSS) AND COMPREHENSIVE INCOME (LOSS)	$ (146,339)	$ (91,363)	$ (26,668)
Net profit (loss) per share (note 18)
Basic (in dollars per share)	$ (2.45)	$ (1.85)	$ (0.62)
Diluted (in dollars per share)	$ (2.45)	$ (1.85)	$ (0.62)

STATEMENTS OF SHAREHOLDERS' EQU

STATEMENTS OF SHAREHOLDERS' EQUITY - CAD ($) $ in Thousands	Total	SHAREHOLDERS’ CAPITAL	CONVERTIBLE DEBENTURES (EQUITY COMPONENT)	CONTRIBUTED SURPLUS	WARRANTS	RETAINED EARNINGS (DEFICIT)
Equity attributable to owners of parent, beginning of period at Dec. 31, 2015		$ 1,000,100	$ 0	$ 50,706	$ 0	$ (240,234)
Issued for property acquisition, net of tax effect		29,080
Issued on Senior Notes settlements		0				0
Flow through shares issued		0
Issued for cash on equity issue		40,400
Share issue costs on equity issue, net of tax effect		(1,781)
Share-based compensation awards		285
Conversion feature of Convertible Debentures issued, net of tax effect			7,818
Share-based compensation expense (note 14)				4,463
Adjustment of share-based compensation expense for forfeitures of unvested share options				(751)
Warrants issued, net of tax (note 7)					0
Net profit (loss)						(26,668)
Equity attributable to owners of parent, end of period at Dec. 31, 2016	$ 863,418	1,068,084	7,818	54,418	0	(266,902)
Issued for property acquisition, net of tax effect		0
Issued on Senior Notes settlements		0				0
Flow through shares issued		0
Issued for cash on equity issue		0
Share issue costs on equity issue, net of tax effect		4
Share-based compensation awards		289
Conversion feature of Convertible Debentures issued, net of tax effect			0
Share-based compensation expense (note 14)				2,233
Adjustment of share-based compensation expense for forfeitures of unvested share options				(559)
Warrants issued, net of tax (note 7)					0
Net profit (loss)						(91,363)
Equity attributable to owners of parent, end of period at Dec. 31, 2017	774,022	1,068,377	7,818	56,092	0	(358,265)
Issued for property acquisition, net of tax effect		12,053
Issued on Senior Notes settlements		31,306				(1,259)
Flow through shares issued		1,143
Issued for cash on equity issue		0
Share issue costs on equity issue, net of tax effect		(387)
Share-based compensation awards		127
Conversion feature of Convertible Debentures issued, net of tax effect			0
Share-based compensation expense (note 14)				525
Adjustment of share-based compensation expense for forfeitures of unvested share options				(118)
Warrants issued, net of tax (note 7)					1,652
Net profit (loss)						(146,339)
Equity attributable to owners of parent, end of period at Dec. 31, 2018	$ 672,725	$ 1,112,619	$ 7,818	$ 56,499	$ 1,652	$ (505,863)

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CASH FLOW FROM (USED IN) OPERATING ACTIVITIES
Net profit (loss)	$ (146,339)	$ (91,363)	$ (26,668)
Adjustments for:
Depletion, depreciation and impairment (note 9)	107,426	133,802	(127,482)
(Gain) loss on dispositions (note 7)	(8,164)	56,672	170,667
Loss on onerous contracts (note 11)	5,362	0	0
Accretion on decommissioning obligations (note 10)	1,328	1,287	1,713
Non-cash financing and accretion	5,035	4,803	3,323
Share-based compensation (note 14)	(393)	699	3,936
Unrealized (gain) loss on commodity contracts (note 6)	18,082	(45,238)	29,525
Unrealized foreign exchange (gain) loss (note 17)	15,195	(18,298)	(7,918)
Loss on marketable securities	0	461	678
Deferred tax expense (recovery) (note 15)	48,295	15,415	(6,858)
(Gain) loss on Senior Notes settlements	(6,145)	0	0
Realized foreign exchange on Senior Note Settlements (note 7)	8,343	0	0
Decommissioning costs incurred (note 10)	(2,242)	(2,758)	(2,927)
Change in non-cash working capital (note 21)	16,692	(272)	(443)
Cash flows from (used in) operating activities	62,475	55,210	37,546
CASH FLOW FROM (USED IN) FINANCING ACTIVITIES
Issuance of Second Lien Notes (note 7)	39,815	0	0
Transaction costs on Senior Note exchange	(3,617)	0	0
Issuance of share capital, net of issue costs (note 12)	615	4	37,825
Issuance of Convertible Debentures, net of issue costs	0	0	47,610
Issuance of Senior Notes, net of issue costs	0	0	(55)
Settlement of share based payments	(457)	(1,246)	(730)
Advances from (repayment of) loans and borrowings	(4,303)	32,923	(321,601)
Financing obligations (note 11)	(2,675)	(7,558)	(3,997)
Deferred lease inducements (note 11)	(332)	(366)	(340)
Deferred capital obligations (note 11)	(3,795)	(14,693)	(3,291)
Change in non-cash working capital (note 21)	(6,371)	16,353	601
Cash flows from (used in) financing activities	18,880	25,417	(243,978)
CASH FLOW FROM (USED IN) INVESTING ACTIVITIES
Expenditure on exploration and evaluation assets (note 8)	(577)	(1,664)	(2,349)
Additions to property, plant and equipment (note 9)	(69,515)	(121,586)	(76,531)
Proceeds on sale of property, plant and equipment	1,106	48,370	296,638
Proceeds on sale of marketable securities	0	3,861	0
Change in non-cash working capital (note 21)	(12,369)	(9,608)	(11,326)
Cash flows from (used in) investing activities	(81,355)	(80,627)	206,432
Change in cash	0	0	0
Cash, beginning of year	0	0	0
Cash, end of year	0	0	0
Cash paid:
Interest	35,018	33,930	40,464
Taxes	$ 0	$ 0	$ 0

CORPORATE INFORMATION

CORPORATE INFORMATION	12 Months Ended
	Dec. 31, 2018
General Information About Financial Statements [Abstract]
CORPORATE INFORMATION	CORPORATE INFORMATION Bellatrix Exploration Ltd. (the “Company” or “Bellatrix”) is a publicly traded Western Canadian based growth oriented oil and gas company engaged in the exploration for, and the acquisition, development and production of oil and natural gas reserves with highly concentrated operations in west central Alberta, principally focused on profitable development of the Spirit River liquids rich natural gas play. Common shares of Bellatrix trade on the Toronto Stock Exchange (“TSX”) under the symbol “BXE”. Bellatrix was incorporated in Alberta, Canada and the Company’s registered office and principal place of business is located at 1920, 800 – 5th Avenue SW, Calgary, Alberta, Canada, T2P 3T6.

BASIS OF PREPARATION

BASIS OF PREPARATION	12 Months Ended
	Dec. 31, 2018
Disclosure Of Basis Of Preparation Of Financial Statements [Abstract]
BASIS OF PREPARATION	BASIS OF PREPARATION a. Statement of compliance These financial statements (“financial statements”) were authorized by the Board of Directors on April 29, 2019. The Company prepared these financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). b. Basis of measurement The financial statements are presented in Canadian dollars, the Company’s functional currency, and have been prepared on the historical cost basis except for derivative financial instruments and liabilities for cash-settled share-based payment arrangements measured at fair value. The financial statements have, in management’s opinion, been properly prepared using careful judgment and reasonable limits of materiality, and within the framework of the significant policies summarized in note 3. Significant estimates and judgments used in the preparation of the financial statements are detailed in note 4. c. Basis of presentation These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. As previously announced, the revolving period under the Company’s Credit Facilities expires on May 30, 2019, but is extendible annually thereafter at the option of the Company, subject to lender approval. If the revolving period is not extended in May 2019, the Credit Facilities would enter a six-month term-out period to November 30, 2019. The Company has been advancing efforts and evaluating potential alternatives to optimize its capital structure, improve liquidity and enhance long term stakeholder value. Such efforts include, among other things, Bellatrix’s ongoing discussions with parties across the Company’s capital structure in connection with potential transaction alternatives, including refinancing its outstanding US $145.8 million of 8.50% senior unsecured notes ("Senior Notes") due May 15, 2020 and extending the maturity of the Credit Facilities beyond November 30, 2019. The Company cautions that it can make no assurances as to whether any agreement with respect to a potential transaction may be reached, or the terms or timing of any such potential transaction. See note 22 for additional information on the proposed Recapitalization Transaction. As a result, there is currently significant uncertainty related to these future events and conditions that raise substantial doubt about whether the Company will continue as a going concern, and therefore, whether it will realize its assets and settle its liabilities in the normal course of business and at the amounts stated in the Financial Statements. Readers are cautioned to review note 7 for additional information in this regard. However, management believes that the Company will be successful in obtaining alternative debt financing and extending near term debt maturities as outlined in note 6(d), note 7 and note 22 in a timely manner and, accordingly, has prepared these financial statements on a going concern basis. Accordingly, no adjustments have been made to the financial statements relating to the recoverability and classification of the asset carrying amounts or the amount and classification of liabilities that may be necessary should the Company not continue as a going concern. These adjustments could be material. Bellatrix continues to generate sufficient cash flow to meet its obligations in the ordinary course, including interest payments, capital spending and abandonment and remediation expenses, subject to achieving an extension of debt maturities.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2018
Corporate Information And Statement Of IFRS Compliance [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES a. Revenue Recognition Revenue from the sale of crude oil, natural gas, condensate and natural gas liquids (“NGLs”) is measured based on the consideration specified in contracts with customers and excludes amounts collected on behalf of third parties. Bellatrix recognizes revenue when it transfers control of the product to the buyer. This is generally at the time the customer obtains legal title to the product and when it is physically transferred to the delivery mechanism agreed with the customer, often pipelines or other transportation methods. The amount of revenue recognized is based on the agreed upon transaction price, whereby any variability in revenue is related specifically to the Company's efforts to deliver production. Therefore, the resulting revenue is allocated to the production delivered in the period during which the variability occurs. As a result, none of Bellatrix's variable revenue is considered to be constrained. Bellatrix evaluates its arrangements with third parties and partners to determine if the Company acts as the principal or as an agent. In making this evaluation, management considers if Bellatrix obtains control of the product delivered, which is indicated by Bellatrix having the primary responsibility for the delivery of the product, having the ability to establish prices or having inventory risk. If Bellatrix acts in the capacity of an agent rather than as a principal in a transaction, then the revenue is recognized on a net basis, only reflecting the fee, if any, realized by the Company from the transaction. Processing fees charged to other entities for use of pipelines and facilities owned by the Company are evaluated by management to determine if these originate from contracts with customers or from incidental or collaborative arrangements. Processing fees charged to other entities under contracts with customers are recognized in revenue when the related services are provided. Bellatrix’s revenue transactions do not contain significant financing components and payments are typically due on the 25th day of the month following delivery. The Company does not adjust transaction prices for the effects of a significant financing component when the period between the transfer of the promised goods or services to the customer and payment by the customer is less than one year. The Company does not disclose or quantify information about remaining performance obligations that have an original expected duration of one year or less. b. Transportation Costs paid by Bellatrix for the transportation of crude oil, natural gas, condensate and NGLs to the point of control transfer are recognized when the transportation is provided. c. Joint Interests A portion of the Company’s exploration and development activities are conducted jointly with others. The joint interests are accounted for on a proportionate consolidation basis and as a result, the financial statements reflect only the Company’s proportionate share of the assets, liabilities, revenues, expenses and cash flows from these activities. d. Property, Plant and Equipment and Exploration and Evaluation Assets I. Pre-exploration expenditures Expenditures made by the Company before acquiring the legal right to explore in a specific area do not meet the definition of an asset and therefore are expensed by the Company as incurred. II. Exploration and evaluation expenditures Once the legal right to explore has been acquired, costs incurred are capitalized as intangible exploration and evaluation assets (“E&E"). These costs include, but are not limited to, exploration license expenditures, leasehold property acquisition costs, evaluation costs, including drilling costs directly attributable to an identifiable well and directly attributable general and administrative costs. These costs are accumulated in cost centres by property and are not subject to depletion, until technical feasibility and commercial viability have been determined. E&E assets are assessed for impairment if sufficient data exists to determine technical feasibility and commercial viability, or if facts and circumstances suggest that the carrying amount is unlikely to be recovered. III. Developing and production costs Items of property, plant and equipment (“PP&E”), which include oil and gas development and production assets, are measured at cost less accumulated depletion, depreciation and accumulated impairment losses net of recoveries. Subsequent costs Costs incurred subsequent to the determination of technical feasibility and commercial viability and the costs of replacing parts of PP&E are recognized as oil and natural gas interests only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are recognized in profit or loss as incurred. Such capitalized oil and natural gas interests generally represent costs incurred in developing proved and/or probable reserves and bringing in or enhancing production from such reserves, and are accumulated on a well, field or geotechnical area basis. The carrying amount of any replaced or sold component is derecognized. The costs of the day-to-day servicing of property, plant and equipment are recognized in profit or loss as incurred. Depletion and depreciation Depletion of petroleum and natural gas properties is provided using the unit-of-production method based on production volumes in relation to total estimated proven and probable reserves as determined annually by independent engineers in accordance with National Instrument 51-101, Standards of Disclosure of Oil and Gas Activities . Natural gas reserves and production are converted at the energy equivalent of six thousand cubic feet to one barrel of oil. Calculations for depletion are based on total capitalized costs plus estimated future development costs of proven and probable undeveloped reserves less the estimated net realizable value of production equipment and facilities after the proved and probable reserves are fully produced. Depreciation is recognized on significant facilities to expense the cost of significant components of assets less their residual values over their useful lives. Phase 1 of the Alder Flats Plant and associated equipment are depreciated using the straight-line method over estimated useful lives as follows: • General plant and processing equipment - 40 years • Other properties and equipment - 10 years • Turnarounds - 5 years Depreciation of office furniture and equipment is provided for on a 20% declining balance basis. Depreciation methods, useful lives and residual values are reviewed at each reporting date and, if necessary, any changes would be accounted for prospectively. Dispositions Gains on disposal of an item of PP&E or E&E are determined by comparing the proceeds from disposal with the carrying amount of PP&E or E&E and are recognized separately in the Statements of Profit (Loss) and Comprehensive Income (Loss). Exchanges of properties are measured at fair value, unless the transaction lacks commercial substance or fair value cannot be reasonably measured. Where the exchange is measured at fair value, a gain or loss is recognized in the Statements of Profit (Loss) and Comprehensive Income (Loss). e. Impairment I. Financial assets Impairment of financial assets is determined by measuring the assets' expected credit loss ("ECL"). Accounts receivable are due within one year or less; therefore, these financial assets are not considered to have a significant financing component and a lifetime ECL is measured at the date of initial recognition of the accounts receivable. The ECL pertaining to accounts receivable is assessed at initial recognition and this provision is re-assessed at each reporting date. ECLs are a probability-weighted estimate of all possible default events related to the financial asset and are measured as the difference between the present value of the cash flows due to Bellatrix and the cash flows the Company expects to receive, including cash flows expected from collateral and other credit enhancements that are a part of contractual terms. In making an assessment as to whether financial assets are credit-impaired, the Company considers historically realized bad debts, counterparty's identity, customers pay practices and the terms of the contract under which the obligation arose. The carrying amounts of financial assets are reduced by the amount of the ECL through an allowance account and losses are recognized within general and administrative ("G&A") expense in the Statements of Profit (Loss) and Comprehensive Income. Based on industry experience, the Company considers its accounts receivable to be in default when the receivable is more than 90 days past due. Once the Company has pursued collection activities and it has been determined that the incremental cost of pursuing collection outweighs the benefits, Bellatrix derecognizes the gross carrying amount of the financial asset and the associated allowance from the balance sheets. II. Non-financial assets Developing and producing assets are assessed for impairment if facts and circumstances suggest that the carrying amount exceeds the recoverable amount. The impairment test is performed at the asset or CGU level. The recoverable amount of an asset or a cash-generating unit ("CGU") is the greater of its value in use (“VIU”) and its fair value less costs to sell (“FVLCS”). FVLCS is determined to be the amount for which the asset could be sold in an arm’s length transaction. FVLCS can be determined by using an observable market metric or by using discounted future net cash flows of proved and probable reserves using forecasted prices and costs. VIU is determined by estimating the present value of the future net cash flows expected to be derived from the continued use of the asset or CGU. An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognized in the Company’s Statement of Profit (Loss) and Comprehensive Income (Loss) in the period in which it occurs. Impairment losses recognized in prior years are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depletion and depreciation, if no impairment loss had been recognized. E&E assets are assessed for impairment, both at the time of any triggering facts and circumstances as well as upon their eventual reclassification to producing assets (oil and natural gas interests in PP&E). E&E assets are grouped together with the Company’s CGU’s when they are assessed for impairment. f. Provisions Provisions are recognized when the Company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are determined by discounting the expected cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability, if the risks have not been incorporated into the estimate of cash flows. The increase in the provision due to the passage of time is recognized within finance expense. Onerous contract provisions are recognized when the unavoidable costs of meeting the obligation exceed the economic benefit derived from the contract. The provision for onerous contracts is measured at the present value of estimated future cash flows underlying the obligations less any estimated recoveries, discounted at the risk-free rate. I. Decommissioning liabilities The Company’s activities give rise to dismantling, decommissioning and site disturbance remediation activities. A provision is made for the estimated cost of site restoration and capitalized in the relevant asset category. Decommissioning obligations are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the balance sheet date. Changes in the present value of the estimated expenditure are reflected as an adjustment to the liability and the relevant asset. The accretion or unwinding of the discount on the decommissioning provision is recognized as a finance expense. Actual costs incurred upon settlement of the decommissioning liabilities are charged against the provision to the extent the provision was recognized. II. Environmental liabilities The Company records liabilities on an undiscounted basis for environmental remediation efforts that are likely to occur and where the cost can be reasonably estimated. The estimates, including associated legal costs, are based on available information using existing technology and enacted laws and regulations. The estimates are subject to revision in future periods based on actual costs incurred or new circumstances. Any amounts expected to be recovered from other parties, including insurers, are recorded as an asset separate from the associated liability. g. Share-based Payments I. Equity-settled transactions Bellatrix accounts for options issued under the Company’s share option plan by reference to the fair value of the equity instruments granted. The fair value of each share option is estimated on the date of the grant using the Black-Scholes options pricing model and charged to earnings over the vesting period with a corresponding increase to contributed surplus. The Company estimates a forfeiture rate on the grant date and the rate is adjusted to reflect the actual number of options that actually vest. The expected life of the options granted is adjusted, based on the Company’s best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. II. Cash-settled transactions The Company’s Deferred Share Unit Plan (the “DSU Plan”) is accounted for as a cash settled share based payment plan in which the fair value of the amount payable under the DSU Plan is recognized as an expense with a corresponding increase in liabilities. The liability is remeasured at each reporting date and at settlement date. Any changes in the fair value of the liability are recognized in profit or loss. Awards under the Award Incentive Plan ("Award Plan") may be settled in cash, in common shares of the Company, or a combination thereof. The Company’s Restricted and Performance Award Plan is accounted for as a cash settled share based payment plan in which the fair value of the amounts payable under the Award Plan are recognized incrementally as an expense over the vesting period, with a corresponding change in liabilities. The liability is remeasured at each reporting date and at settlement date. Any changes in the fair value of the liability are recognized in profit or loss. h. Income Taxes Income tax expense is comprised of current and deferred tax. Income tax expense is recognized in profit or loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. I. Current tax Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from, or paid, to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted, or substantively enacted, by the date of the statement of financial position. II. Deferred tax Deferred tax is recognized using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is not a business combination. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted, or substantively enacted, by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. i. Financial Instruments All financial assets are initially measured at fair value. Financial assets are subsequently measured at either amortized cost, fair value through other comprehensive income ("FVOCI") or fair value through profit or loss ("FVTPL"), depending on the Company's business model for managing the financial assets, and the contractual cash flow characteristics of the financial assets. Financial assets are not reclassified subsequent to their initial recognition, except if the Company changes its business model for managing financial assets. A financial asset is subsequently measured at amortized cost if it meets both of the following conditions: (i). The asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and (ii). The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets that meet condition (ii) above that are held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets is subsequently measured at FVOCI. All other financial assets are subsequently measured at FVTPL, with changes in fair value recognized in profit or loss. Accounts receivable are classified and measured at amortized cost. Financial liabilities are classified and measured at amortized cost using the effective interest rate method, except for derivatives that are liabilities, deferred share units, restricted awards and performance awards, which are all classified and measured at FVTPL. Accounts payable and accrued liabilities, Credit Facilities, Second Lien Notes, Senior Notes, Convertible Debentures and finance lease obligations are classified and measured at amortized cost. Financial instruments measured at fair value on the balance sheet require classification into one of the following levels of the fair value hierarchy: Level 1 – Valuation based on quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 – Valuation based on inputs other than quoted prices included in level 1, that are observable directly or indirectly. Level 3 – Valuation based on inputs that are not based on observable market data. The fair value hierarchy level at which a fair value measurement is categorized is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. The Company has categorized its financial instruments that are fair valued on the balance sheet according to the fair value hierarchy. Transaction costs attributable to financial instruments classified as other than held-for-trading are included in the recognized amount of the related financial instrument and recognized over the life of the resulting financial instrument using the effective interest rate method. The Company utilizes financial derivatives and commodity sales contracts requiring physical delivery to manage the price risk attributable to anticipated sale of petroleum and natural gas production and foreign exchange exposures. The Company does not enter into derivative financial instruments for trading or speculative purposes. The Company has not designated its financial derivative contracts as effective accounting hedges, and thus has not applied hedge accounting, even though the Company considers all commodity contracts to be economic hedges. As a result, financial derivatives are classified as FVTPL and are recorded on the balance sheet at fair value, with fair value changes recorded in profit or loss. The derivative financial instruments are initiated within the guidelines of the Company’s corporate hedging policy. This includes linking all derivatives to specific assets and liabilities on the balance sheet, to specific firm commitments, or forecasted transactions. The Company accounts for its commodity sales and purchase contracts, which were entered into and continue to be held for the purpose of receipt or delivery of non-financial items, in accordance with its expected purchase, sale or usage requirements as executory contracts. As such, physical sales and purchase contracts are not recorded at fair value on the balance sheet. Settlements on these physical sales and purchase contracts are recognized in petroleum and natural gas sales. j. Compound Financial Instruments The Company's compound financial instruments are comprised of its Warrants issued with the Second Lien Notes and the Convertible Debentures that can be converted to common shares at the option of the holder. The number of shares to be issued does not vary with changes in fair value. The Second Lien Notes and Convertible Debentures liability component are recognized initially at the fair value of a similar liability that does not have an equity conversion option. The equity component is recognized initially as the difference between the fair value of the Second Lien Notes and Convertible Debenture and the fair value of the liability components. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of the Second Lien Notes and Convertible Debentures is measured at amortized cost using the effective interest method. The Warrants and equity component of the Convertible Debentures are not re-measured subsequent to initial recognition. k. Lease Obligations Leases which effectively transfer substantially all of the risks and rewards of ownership to the Company are classified as finance leases and are accounted for as an acquisition of an asset and an assumption of an obligation at the inception of the lease, measured as the present value of minimum lease payments to a maximum of the asset’s fair value. The asset is amortized in accordance with the Company’s depletion and depreciation policy. The obligations recorded under finance lease payments are reduced by the lease payments made. Assets held under other leases are classified as operating leases and are not recognized in the balance sheet. Payments made under operating leases are recognized in profit or loss on a straight-line basis over the term of the lease. Lease incentives received from landlords are deferred and recognized as an integral part of the total lease expense, over the term of the lease. l. Basic and Diluted per Share Calculations Basic per share amounts are calculated using the weighted average number of shares outstanding during the period. The Company uses the treasury share method to determine the dilutive effect of share options. Under the treasury share method, only “in the money” dilutive instruments impact the diluted calculations in computing diluted per share amounts. m. Finance Income and Expenses Finance income is recognized as it accrues in profit or loss, using the effective interest method. Finance expense comprises interest expense on borrowings, amortization of financing costs and discounts, and accretion of the discount on provisions. n. Borrowing Costs Borrowing costs incurred for the construction of qualifying assets are capitalized during the period of time that is required to complete and prepare the assets for their intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use. All other borrowing costs are recognized in profit or loss using the effective interest method. The capitalization rate used to determine the amount of borrowing costs to be capitalized is the weighted average interest rate applicable to the Company’s outstanding borrowings during the period. o. Cash and Cash Equivalents Cash and cash equivalents include cash and short-term investments with original maturities of three months or less. p. Business Combinations Business combinations are accounted for using the acquisition method. The identifiable assets acquired and liabilities and contingent liabilities assumed are measured at their fair values at the acquisition date. The cost of an acquisition is measured as the aggregate consideration transferred, measured at the acquisition date fair value. If the cost of the acquisition is less than the fair value of the net assets acquired, the difference is recognized immediately in profit or loss. If the cost of the acquisition is more than the fair value of the net assets acquired, the difference is recognized on the balance sheet as goodwill. Acquisition costs incurred are expensed. q. Foreign Currency Translation Monetary assets and liabilities denominated in a foreign currency are translated at the rate of exchange in effect at the balance sheet date. Revenues and expenses are translated at the period average rates of exchange. Translation gains and losses are included in earnings in the period in which they arise. Bellatrix’s functional and presentation currency is Canadian dollars.

CRITICAL JUDGEMENTS AND ACCOUNT

CRITICAL JUDGEMENTS AND ACCOUNTING ESTIMATES	12 Months Ended
	Dec. 31, 2018
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract]
CRITICAL JUDGEMENTS AND ACCOUNTING ESTIMATES	CRITICAL JUDGMENTS AND ACCOUNTING ESTIMATES The financial statements of the Company have been prepared by management in accordance with IFRS. The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, and contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period and accompanying notes. By their nature, these estimates are subject to measurement uncertainty and the effect on the financial statements of changes in such estimates in future periods could be material. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. a. Critical Accounting Judgments I. Oil and Gas Reserves Reserves and resources are used in the units of production calculation for depletion, depreciation and amortization, and the impairment analysis which affect net profit or loss. There are numerous uncertainties inherent in estimating oil and gas reserves. Estimating reserves is very complex, requiring many judgments based on geological, geophysical, engineering and economic data. Changes in these judgments could have a material impact on the estimated reserves. These estimates may change, having either a negative or positive effect on net profit as further information becomes available and as the economic environment changes. Identification of CGUs Bellatrix’s assets are aggregated into CGUs, for the purpose of calculating impairment, based on their ability to generate largely independent cash flows, geography, geology, production profile and infrastructure of their assets. Impairment Indicators and Impairment Reversal Judgment is required to assess when impairment indicators exist and impairment testing is required with respect to exploration and evaluation assets and property, plant and equipment. IV. Joint Arrangements Judgment is required to determine when the Company has joint control over an arrangement. In establishing joint control, the Company considers whether unanimous consent is required to direct the activities that significantly affect the returns of the arrangement, such as the capital and operating activities of the arrangement. Additionally, the Company assesses the rights and obligations arising from the arrangement by considering its governance structure, legal form, and terms agreed upon by the parties sharing control, including the contractual rights of each partner, dispute resolution procedures, termination provisions, and procedures for subsequent transactions in its determination of joint control. Once joint control has been established, judgment is also required to classify the joint arrangement. The type of joint arrangement is determined through analysis of the rights and obligations arising from the arrangement by considering its legal structure, legal form and terms agreed upon by the parties sharing control. An arrangement that is not structured through a separate vehicle in which the controlling parties have rights to the assets, revenues and substantially all of the economic benefits generated through the arrangement, in addition to obligations for the liabilities and expenses, is classified as a joint operation. An arrangement in which these criteria are not met is classified as a joint venture. V. Non-monetary Transactions Judgment is required to determine whether non-monetary transactions have commercial substance. b. Critical Estimates and Assumptions I. Recoverability of asset carrying values The Company assesses its oil and gas properties, including exploration and evaluation assets, for possible impairment if there are events or changes in circumstances that indicate that carrying values of the assets may not be recoverable, or at least at every reporting date. The assessment of any impairment of property, plant and equipment is dependent upon estimates of recoverable amount that take into account factors such as reserves, future estimated commodity prices, royalties and costs, economic and market conditions, timing of cash flows, discount rates, the useful lives of assets and their related salvage values. By their nature, these estimates and assumptions are subject to measurement uncertainty and may impact the carrying value of the Company’s assets in future periods. Decommissioning obligations Provisions for decommissioning obligations associated with the Company’s drilling operations are based on current legal and constructive requirements, technology, price levels and expected plans for remediation. Actual costs and cash outflows can differ from estimates because of changes in laws and regulations, public expectations, prices, discovery and analysis of site conditions and changes in clean up technology. Income taxes Deferred tax assets and liabilities are recognized for the estimated tax consequences between amounts included in the financial statements and their tax base using substantively enacted future income tax rates. Timing of future revenue streams and future capital spending changes can affect the timing of any temporary differences, and accordingly affect the amount of the deferred tax asset or liability calculated at a point in time. Deferred tax assets are recognized when it is considered probable that deductible temporary differences will be recovered in future periods, which requires Management judgment. These differences could materially impact earnings.

CHANGES IN SIGNIFICANT ACCOUNTI

CHANGES IN SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2018
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract]
CHANGES IN SIGNIFICANT ACCOUNTING POLICIES	CHANGES IN SIGNIFICANT ACCOUNTING POLICIES NEWLY ADOPTED ACCOUNTING POLICIES IFRS 9 Financial Instruments ("IFRS 9") The Company adopted IFRS 9 effective January 1, 2018 . IFRS 9 replaces IAS 39 - Financial Instruments: Recognition and Measurement (“IAS 39”). IFRS 9 introduces new requirements for the classification and measurement of financial assets, amends the requirements related to hedge accounting, and introduces a forward-looking expected loss impairment model. The adoption of this standard had no impact on the Company’s financial statements on the date of adoption, or for comparative periods. There was no change in the carrying amounts recognized under IAS 39, despite the new measurement categories stipulated under IFRS 9. The adoption of the expected credit loss impairment model for financial assets measured at amortized cost did not result in any additional provision for impairment. The Company has applied IFRS 9 retrospectively, without restatement. There was no change to the measurement categories for financial liabilities. Financial liability classifications are all unchanged from their classifications under IAS 39. Deferred share units, restricted awards and performance awards continue to be classified as FVTPL. Accounts payable and accrued liabilities, Credit Facilities, Second Lien Notes, Senior Notes, Convertible Debentures (each as defined in Note 7) and finance lease obligations are classified as amortized cost. A comparison of financial instrument subsequent measurement categories, pre and post adoption of IFRS 9, is as follows: Financial Assets and Liabilities IAS 39 IFRS 9 Accounts receivable Amortized cost Amortized cost Commodity risk management contracts FVTPL FVTPL Foreign exchange risk management contracts FVTPL FVTPL Accounts payable and accrued liabilities Amortized cost Amortized cost Deferred share units FVTPL FVTPL Restricted awards FVTPL FVTPL Performance awards FVTPL FVTPL Credit Facilities Amortized cost Amortized cost Second Lien Notes N/A Amortized cost Senior Notes Amortized cost Amortized cost Convertible Debentures Amortized cost Amortized cost Finance lease obligation Amortized cost Amortized cost IFRS 15 Revenue from Contracts with Customers ("IFRS 15") The Company adopted IFRS 15 with a date of initial application of January 1, 2018. Bellatrix used the cumulative effect method to adopt the new standard. Bellatrix has reviewed its revenue streams and major contracts with customers using the IFRS 15 five-step model and there are no material changes to the timing or amounts of revenue recognized. However, IFRS 15 contains new disclosure requirements. See note 13. IFRS 3 Business Combinations ("IFRS 3") The Company early adopted the amended IFRS 3 with a date of initial application of November 1, 2018. The amendment provides clarification on determining whether an acquisition made is of a business or a group of assets and introduces an optional concentration test that permits a simplified assessment. The amendments are applied prospectively to all business combinations and asset acquisitions. These impact the asset acquisitions from two joint venture partners in the fourth quarter of 2018 which management has assessed do not meet the definition of a business combination. FUTURE ACCOUNTING POLICIES IFRS 16 Leases ("IFRS 16") IFRS 16 replaces IAS 17 - "Leases" and the standard will come into effect for annual periods beginning on or after January 1, 2019 . For lessees applying IFRS 16, a single recognition and measurement model for leases would apply, with required recognition of right-of-use (“ROU”) assets and lease liabilities for most leases. All contracts that meet the definition of a lease under IFRS 16, including those presently accounted for as operating leases, will be recorded on the balance sheet. The standard may be applied retrospectively or using a modified retrospective approach. The Company has selected to use the modified retrospective approach which does not require restatement of prior period financial information as the cumulative effect of applying the standard to prior periods is recorded as an adjustment to opening retained earnings. On initial adoption, Bellatrix has elected to use the following practical expedients permitted under the standard: • Certain short-term leases and leases of low value assets that have been identified at January 1, 2019 will not be recognized on the balance sheet. • At January 1, 2019, Bellatrix will not recognize leases with terms ending within 12 months as short-term leases. • Leases having similar characteristics will be measured as a portfolio by applying a single discount rate. • For certain leases having associated initial direct costs, Bellatrix will, at initial measurement on transition, exclude these direct costs from the measurement of the ROU asset. • At January 1, 2019, any provision for onerous contracts previously recognized will be applied to the associated ROU asset recognized upon transition to IFRS 16, In these cases, there will be no impairment assessment made under IAS 36 - “Impairment of Assets”. On adoption of IFRS 16, the Company will recognize lease liabilities in relation to leases under the principles of the new standard measured at the present value of the remaining lease payments, discounted using the Company’s incremental borrowing rate as at January 1, 2019. The associated ROU assets will be measured at the amount equal to the lease liability on January 1, 2019 less any amount previously recognized under IAS 37 for onerous contracts with no impact on retained earnings. Adoption of the new standard will result in the recognition of additional lease liabilities and ROU assets in excess of approximately $80 million . The Company’s leases that will be recognized on its balance sheet at January 1, 2019 include leases of office leases, compressor leases and equipment leases. The impact on the statement of profit (loss) and comprehensive income (loss) will be as follows: • Lower general and administrative expenses, operating costs and higher other income • Higher finance expenses due to the interest recognized on the lease obligations; and • Higher depreciation expense related to the ROU assets.

FINANCIAL RISK MANAGEMENT

FINANCIAL RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2018
Financial Instruments [Abstract]
FINANCIAL RISK MANAGEMENT	FINANCIAL RISK MANAGEMENT a. Overview The Company has exposure to the following risks from its use of financial instruments: • Credit risk • Liquidity risk • Market risk ▪ Foreign exchange risk ▪ Commodity price risk ▪ Interest rate risk This note presents information about the Company’s exposure to each of the above risks, the Company’s objectives, policies and processes for measuring and managing risk, and the Company’s management of capital. Further quantitative disclosures are included throughout these financial statements. The Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. The Board has implemented and monitors compliance with risk management policies. The Company’s risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to market conditions and the Company’s activities. b. Capital Management The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain the future development of the business. The Company manages its capital structure and makes adjustments to it based on changes in economic conditions and the risk characteristics of the underlying petroleum and natural gas assets. The Company considers its capital structure to include shareholders’ equity, Credit Facilities, Second Lien Notes, Senior Notes, Convertible Debentures, and working capital. In order to maintain or adjust the capital structure, the Company may from time to time issue common shares, senior notes, convertible debentures or other debt instruments, adjust its capital spending, and/or dispose of certain assets to manage current and forecasted debt levels. Bellatrix does not pay dividends. Bellatrix remains highly focused on key business objectives of maintaining financial strength and liquidity, and optimizing capital investments in the current commodity price environment. In order to preserve liquidity and capital resources, in January 2019 , Bellatrix’s Board of Directors approved a 2019 net capital budget of between $40 million and $50 million . Bellatrix expects to be able to fund its 2019 capital program by reinvesting cash flow, supplemented by borrowing under its Credit Facilities. Bellatrix continually monitors its capital spending program in light of prevailing commodity prices and the United States/Canadian dollar exchange rate with the aim of ensuring the Company will be able to meet future anticipated obligations incurred from normal ongoing operations with adjusted funds flow and borrowings under its Credit Facilities, as necessary. Please refer to note 7 and ‘Liquidity Risk’ below for further discussion. The Company monitors its capital structure based on the ratio of total net debt to annualized adjusted funds flow (defined below). This ratio is calculated as total net debt, defined as outstanding Credit Facilities, Second Lien Notes, Senior Notes, Convertible Debentures (liability component), and plus or minus adjusted working capital (defined below), divided by adjusted funds flow (defined below) for the most recent calendar quarter, annualized (multiplied by four). The total net debt to annualized adjusted funds flow ratio may increase at certain times as a result of acquisitions, fluctuations in commodity prices, timing of capital expenditures and other factors. In order to facilitate the management of this ratio, the Company prepares capital expenditure budgets which are reviewed and updated as necessary depending on varying factors including current and forecast prices, successful capital deployment and general industry conditions. The budgets are approved by the Board of Directors. The Company’s capital structure and its calculation of total net debt and the total net debt to adjusted funds flow ratio as defined by the Company is as follows: Debt to Adjusted Funds Flow Ratio Year ended December 31, ($000s, except where noted) 2018 2017 Shareholders’ equity 672,725 774,022 Credit Facilities 47,763 52,066 Adjusted working capital deficiency (1) 20,740 23,926 Subtotal 68,503 75,992 Second Lien Notes (mature on September 11, 2023) (2) 137,097 — Senior Notes (mature May 15, 2020) (2) 196,000 305,409 Net debt (1) 401,600 381,401 Convertible Debentures (liability component) 41,732 39,426 Total net debt (1) at year end 443,332 420,827 Debt to adjusted funds flow ratio (annualized) (3) (4) Adjusted funds flow (4) (annualized) 62,032 62,800 Net debt (1) to periods adjusted funds flow ratio (annualized) (3) 6.5 x 6.1 x Total net debt to periods adjusted funds flow ratio (annualized) (3) 7.1 x 6.7 x Debt to adjusted funds flow ratio (4) Adjusted funds flow for the year (4) 48,025 58,240 Net debt (1) to adjusted funds flow ratio (4) for the year 8.4 x 6.5 x Total net debt (1) to adjusted funds flow ratio (4) for the year 9.2 x 7.2 x (1) Net debt and total net debt as presented do not have a standardized meaning prescribed by IFRS and therefore may not be comparable with the calculation of similar measures for other entities. The Company’s calculation of total net debt excludes other deferred liabilities, long-term risk management contract liabilities and decommissioning liabilities. Total net debt includes the adjusted working capital deficiency, amounts outstanding under Credit Facilities, Second Lien Notes, Senior Notes and Convertible Debentures (liability component). The adjusted working capital deficiency as presented does not have a standardized meaning prescribed by IFRS and therefore may not be comparable with the calculation of similar measures for other entities. The Company calculated adjusted working capital deficiency as net working capital deficiency excluding current risk management contract assets and liabilities, current portion of other deferred liabilities, current portion of Credit Facilities and current portion of decommissioning liability. Net debt excludes the liability component of Convertible Debentures that is included in total net debt. (2) For the year ended December 31, 2018 , Second Lien Notes and Senior Notes includes an unrealized foreign exchange loss of $18.6 million ( 2017 : $22.2 million gain) and does not include an unrealized gain of $3.4 million ( 2017 : $3.9 million loss ) on foreign exchange contracts. (3) For the years ended December 31, 2018 and 2017 , net debt and total net debt to period’s adjusted funds flow ratio (annualized) is calculated based upon fourth quarter adjusted funds flow annualized. (4) Adjusted funds flow as presented do not have a standardized meaning prescribed by IFRS and therefore may not be comparable with the calculation of similar measures for other entities. Adjusted funds flow is calculated as cash flow from operating activities, excluding decommissioning costs incurred, changes in non-cash working capital incurred, and transaction costs. c. Credit Risk Credit risk is the risk of financial loss to Bellatrix if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from Bellatrix’s trade receivables from joint venture partners, petroleum and natural gas marketers, and financial derivative counterparties. Credit risk is considered very low for the Company's risk management contracts due to the external credit ratings of its counterparties and Bellatrix's process for selecting and monitoring credit-worthy counterparties. A substantial portion of Bellatrix’s accounts receivable are with customers and joint interest partners in the petroleum and natural gas industry and are subject to normal industry credit risks . Receivables from petroleum and natural gas marketers are normally collected on the 25th day of the month following production. Bellatrix currently sells substantially all of its production to ten primary purchasers under standard industry sale and payment terms. The most significant 60 day exposure to a single counterparty is approximately $13.9 million . Purchasers of Bellatrix’s natural gas, crude oil and natural gas liquids are subject to a periodic internal credit review to minimize the risk of non-payment. Bellatrix has continued to closely monitor and reassess the creditworthiness of its counterparties, including financial institutions. This has resulted in Bellatrix mitigating its exposures to certain counterparties by obtaining financial assurances or reducing credit where it is deemed warranted and permitted under contractual terms. Bellatrix may be exposed to third party credit risk through its contractual arrangements with its current or future partners and joint venture partners, marketers of its petroleum and natural gas production, derivative counterparties and other parties. As at December 31, 2018 , accounts receivable was comprised of the following: Aging ($000s) Not past due (less Past due (90 days Total Joint venture and other trade accounts receivable $ 6,672 $ 8,316 $ 14,988 Revenue and other accruals 23,252 297 23,549 Less: Allowance for expected credit loss Balance, beginning of year — (889 ) (889 ) Provision — (693 ) (693 ) Balance, end of year — (1,582 ) (1,582 ) Total accounts receivable $ 29,924 $ 7,031 $ 36,955 The carrying amount of accounts receivable and risk management assets represent the maximum credit exposure. d. Liquidity Risk Liquidity risk is the risk that Bellatrix will not be able to meet its financial obligations as they become due. Bellatrix actively manages its liquidity through daily and longer-term cash, debt and equity management strategies. Such strategies encompass, among other factors: having adequate sources of financing available through its Credit Facilities, estimating future cash generated from operations based on reasonable production and pricing assumptions, analysis of economic risk management opportunities, and maintaining sufficient cash flows for compliance with the Senior Debt Covenants described in note 7. The Company also mitigates liquidity risk by maintaining an insurance program to minimize exposure to insurable losses. The Company prepares annual capital expenditure budgets which are regularly monitored and updated as necessary. Further, the Company utilizes authorizations for expenditures on both operated and non-operated projects to further manage capital expenditures. To facilitate the capital expenditure program, the Company has revolving reserve based Credit Facilities, as outlined in note 7, which are reviewed semi-annually by the lenders thereunder. The borrowing base under the Company’s Credit Facilities is $100 million and total commitments were $95 million at December 31, 2018. Amounts outstanding under the Credit Facilities were $47.8 million and total outstanding letters of credit were $13.9 million at December 31, 2018. The term of the Company’s Credit Facilities is to May 30, 2019 , and the Credit Facilities are extendible annually thereafter at the option of the Company, subject to lender approval. If not renewed in May 2019 , the Credit Facilities would enter a six-month term-out period to November 30, 2019 . The Credit Facilities outline limitations based on percentages of the prior quarter’s sale volumes, which may be hedged through financial commodity price risk management contracts. Bellatrix also has Second Lien Notes, Senior Notes and Convertible Debentures outstanding with fixed interest rates, as outlined in note 7, which mature on September 11, 2023, May 15, 2020 and September 30, 2021 , respectively. The maturity date of Second Lien Notes will be accelerated to March 14, 2020 if more than US $25 million principal amount of Senior Notes remains outstanding as at March 14, 2020. There remains uncertainty and liquidity risk until such time as the Company implements a financing arrangement that addresses the pending maturities under the May 2020 Senior Notes and the Credit Facilities. During 2018, US$104.2 million of Senior Notes were exchanged for Second Lien Notes and common shares. Bellatrix is engaged in ongoing confidential discussions with parties across the Company’s capital structure in connection with potential transaction alternatives, including refinancing the remaining Senior Notes which mature in May 2020 in order to extend the maturity of the Credit Facilities beyond November 30, 2019 . There are no assurances that a transaction will be completed and that an extension of the Credit Facilities will be obtained by the Company or on what terms. Bellatrix is aware that the Company's outstanding Senior Notes have recently been trading at a discount to par value. In order to reduce future cash interest payments, as well as future amounts due at maturity or upon redemption, Bellatrix may, from time to time, seek to purchase such debt for cash, in exchange for other debt or equity securities, or for a combination of cash and securities, in each case in open market purchases and/or privately negotiated transactions. Bellatrix will evaluate any such transactions in light of then existing market conditions, taking into account the Company's current liquidity and prospects for future access to capital. In addition, Bellatrix remains in active discussions with existing and potential new lenders with a view to providing additional liquidity to Bellatrix. The amounts involved in any such transactions, individually or in the aggregate, may be material. As at December 31, 2018 the Company has eliminated net debt associated with its Senior Notes by US $32.1 million (approximately CDN $41.8 million ). This included a US $24.1 million reduction through note exchanges for common shares of Bellatrix, as well as a US $8.0 million reduction (approximately CDN $10.5 million ) through the Second Lien Refinancing exchange. In addition, the Second Lien Refinancing exchange benefited the Company’s long term debt maturity profile as it extended the maturity on US $72.1 million of Senior Notes by three years, from 2020 to 2023. At December 31, 2018 Exchanging Noteholders had subscribed for US $30 million additional Second Lien Notes (see note 7), of which US $9.0 million had been spent and US $21.0 million was committed for use on capital expenditures, development capital, and Senior Notes purchases. On January 22, 2019 , the Company announced that its board of directors had determined to commence procedures for the voluntary delisting of the Company's common shares from the New York Stock Exchange ("NYSE"). Bellatrix has filed a Form 25 with the Securities and Exchange Commission ("SEC") to affect the voluntary delisting of Bellatrix's common shares from the NYSE and the last day of trading was February 11, 2019 . Future liquidity depends primarily on cash flow generated from operations, availability under the Credit Facilities (as noted above) and the ability to access debt and equity markets and the ability to refinance the May 2020 Senior Notes. From time to time, the Company accesses capital markets to meet its additional financing needs and to maintain flexibility in funding its capital programs. As at December 31, 2018 , the Company has the ability to issue up to an additional $476.0 million in equity securities under its $500 million Shelf Prospectus, which expires on July 29, 2020 . There can be no assurance that future debt or equity financing, additional credit under the Credit Facilities, or cash generated by operations will be available or sufficient to meet these requirements or for other corporate purposes or, if debt or equity financing is available, that it will be on terms acceptable to Bellatrix. The following are the contractual maturities of financial liabilities as at December 31, 2018 : Liabilities ($000s) Total < 1 Year 1-3 Years 3-5 Years More than Accounts payable and accrued liabilities $ 61,211 $ 61,211 $ — $ — $ — Risk management liability 2,569 917 1,652 — — Credit Facilities 47,763 47,763 — — — Second Lien Notes (1)(2) 139,331 — — 139,331 — Senior Notes (1) 198,904 — 198,904 — — Convertible Debentures (1) 50,000 — 50,000 — — Finance lease obligation 5,721 475 938 915 3,393 Total $ 505,499 $ 110,366 $ 251,494 $ 140,246 $ 3,393 (1) Principal amount of the instruments (2) Maturity date of Second Lien Notes will be accelerated to March 14, 2020 if more than US$25 million principal amount of Senior Notes remaining outstanding as at March 14, 2020 . e. Market Risk Market risk is the risk that changes in market prices, such as foreign exchange rates, commodity prices, and interest rates will affect the Company’s net profit or the value of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable limits, while maximizing returns. f. Foreign Exchange Risk Foreign exchange risk is the risk that fluctuations in the Canadian/United States dollar foreign exchange rate may impact the Company’s cash flows and net profit (loss). The Company’s realized commodity prices for crude oil and natural gas are based upon United States dollar denominated commodity prices. Fluctuations in the Canadian/United States dollar foreign exchange rate may thus impact commodity prices received by the Company. In addition, the Company has United States dollar denominated Second Lien Notes, Senior Notes and related interest obligations of which future cash payments are directly impacted by the exchange rate in effect on the payment date. The Company may utilize foreign exchange derivative contracts to manage foreign exchange risks in order to maintain cash flow stability. Foreign exchange derivative transactions are in accordance with the risk management policy that has been approved by the Board of Directors. The aggregate amount hedged under all foreign exchange derivative contracts is limited to the outstanding principal amount of the Second Lien Notes, Senior Notes or 60% of the Company’s United States dollar revenues over the previous three months. Additionally, the term of foreign exchange contracts is limited to the remaining term of the related Second Lien Notes or Senior Notes or a maximum of three years. See note 17 for the foreign exchange risk management contacts that the Company has entered at December 31, 2018 . For the year ended December 31, 2018 , a $0.01 increase or decrease in the CDN$/US$ foreign exchange rate, with all other variables held constant, would impact the profit (loss) before income taxes by approximately $0.6 million . g. Commodity Price Risk Commodity price risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in commodity prices. Commodity prices for petroleum and natural gas are impacted by not only the relationship between the Canadian and United States dollar, as outlined above, but also global economic events that dictate the levels of supply and demand. The Company utilizes both financial derivatives and physical delivery sales contracts to manage commodity price risks. All such transactions are conducted in accordance with the commodity price risk management policy that has been approved by the Board of Directors. The Company’s formal commodity price risk management policy permits management to use specified price risk management strategies including fixed price contracts, costless collars and the purchase of floor price options, other derivative financial instruments, and physical delivery sales contracts to reduce the impact of price volatility and ensure minimum prices for a maximum of thirty months beyond the current date. The program is designed to provide price protection on a portion of the Company’s future production in the event of adverse commodity price movement, while retaining significant exposure to upside price movements. By doing this, the Company seeks to provide a measure of stability to cash flows from operating activities, as well as, to ensure Bellatrix realizes positive economic returns from its capital developments and acquisition activities. For the year ended December 31, 2018 , if the prices for AECO natural gas had increased or decreased by $0.10 /mcf, with all other variables held constant, net loss before tax would have be impacted by $5.5 million . For the year ended December 31, 2018 , if prices for WTI crude oil had increased or decreased by $1.00 /bbl, with all other variables held constant, net profit would be impacted by $3.7 million . As at December 31, 2018 , the Company has entered into commodity price risk management arrangements as follows: Natural gas fixed price arrangements Type Period Volume Price Index Natural gas fixed Financial January 2019 10,000 GJ/d $ 2.54 CDN AECO Natural gas fixed Financial February 2019 10,000 GJ/d $ 2.43 CDN AECO Natural gas fixed Financial April 1, 2019 to October 31, 2019 20,000 GJ/d $ 1.79 CDN AECO Natural gas basis differential arrangements Type Period Volume Price Index Natural gas Financial April 1, 2019 to October 31, 2020 10,551 GJ/d $ (1.17 )US AECO 7A/NYMEX Natural gas Financial January 1, 2019 to October 31, 2020 10,551 GJ/d $ (1.19 )US AECO 7A/NGI Chicago Natural gas Financial January 1, 2019 to October 31, 2020 5,275 GJ/d $ (1.23 )US AECO/Dawn Gas Daily Crude oil call option arrangements Type Period Volume Price Index Oil Financial January 1, 2019 to December 31, 2019 1,000 bbl/d $ 87.50 CDN WTI - NYMEX Oil Financial January 1, 2020 to December 31, 2020 1,000 bbl/d $ 77.90 CDN WTI - NYMEX The following is a summary of the net risk management asset (liability) as at December 31, 2018 and December 31, 2017 : ($000s) 2018 2017 Current portion commodity contract asset $ 9,852 $ 31,910 Commodity contract asset (long term) 3,291 1,213 Current portion commodity contract liability (917 ) (4,468 ) Commodity contract liability (long term) (1,652 ) — Foreign exchange contract liability (long term) — (3,422 ) Net risk management asset (liability) $ 10,574 $ 25,233 Subsequent to December 31, 2018, the Company monetized certain natural gas basis differential arrangements from April 1, 2019 to October 31, 2019 of 26,377 GJ/d for proceeds of $2.4 million . In addition, the Company entered into commodity price risk management arrangements as follows: Natural gas fixed price arrangements Type Period Volume Price Index Natural gas fixed Financial March 2019 40,000 GJ/d $ 2.38 CDN AECO h. Interest Rate Risk Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in the market interest rates. The Company is exposed to interest rate fluctuations on its Credit Facilities which bear a floating rate of interest. As at December 31, 2018 , if interest rates had been 1% lower with all other variables held constant, net loss before income tax for the year ended December 31, 2018 would have been approximately $0.5 million lower, due to lower interest expense. An equal and opposite impact would have occurred to net earnings had interest rates been 1% higher. i. Fair Value The Company’s financial instruments as at December 31, 2018 include accounts receivable, deposits, risk management assets and liabilities, accounts payable and accrued liabilities, finance lease obligations, Credit Facilities, Second Lien Notes, Senior Notes and Convertible Debentures. The fair value of accounts receivable, deposits, accounts payable and accrued liabilities approximate their carrying amounts due to their short-terms to maturity. The Company enters into risk management contracts under master netting arrangements. Under these arrangements, the amounts owed by each counterparty for commodity contracts outstanding in the same commodity are aggregated into a single net amount receivable or payable. If a default occurs, the net amount subject to a master netting arrangement is receivable or payable for settlement purposes. The carrying amounts of commodity and foreign exchange contracts held under master netting arrangements are recorded on a net basis. At December 31, 2018 and 2017 , the impact of netting gross amounts is negligible. The risk management assets and liabilities at December 31, 2018 include commodity contracts. The fair value of commodity contracts is determined by discounting the difference between the contracted price and published forward price curves as at the balance sheet date, using the remaining contracted petroleum and natural gas volumes. The fair value of foreign exchange contracts is determined based on the difference between the contracted forward rate and current forward rates, using the remaining settlement amount. Credit Facilities bear interest at a floating market rate and the credit and market premiums therein are indicative of current rates; accordingly the fair market value approximates the carrying value. The fair value of financial assets and liabilities, excluding working capital and Credit Facilities discussed above, is attributable to the following fair value hierarchy levels at December 31, 2018 and December 31, 2017 : ($000s) Fair Value 2018 Carrying Value Level 1 Level 2 Level 3 Financial assets Risk management asset 13,143 — 13,143 — Financial liabilities Risk management liability 2,569 — 2,569 — Finance lease obligation 5,721 — 7,494 — Second Lien Notes (3) 137,097 — 139,337 — Senior Notes (2) 196,000 — 119,342 — Convertible Debentures (1) 41,732 — 22,500 — (1) The fair value of the Convertible Debentures is based on the closing market price on the TSX of $45.00 per Debenture as at December 31, 2018 , and represents the market value of the entire instrument. (2) The fair value of the Senior Notes is based on the closing market price of $60.00 per Senior Note as at December 31, 2018 . (3) The fair value of Second Lien Notes approximates the carrying value given the September 11, 2018 date of issuance and additional notes issued on December 11, 2018 at the same terms. ($000s) Fair Value 2017 Carrying Value Level 1 Level 2 Level 3 Financial assets Risk management asset 33,123 — 33,123 — Financial liabilities Risk management liability 7,890 — 7,890 — Finance lease obligation 6,891 — 8,932 — Convertible Debentures (1) 39,426 — 46,000 — Senior Notes (2) 305,409 — 299,258 — (1) The fair value of the Convertible Debentures is based on the closing market price on the TSX of $92.00 per Debenture as at December 31, 2017 , and represents the market value of the entire instrument. (2) The fair value of the Senior Notes is based on the closing market price of $95.63 per Senior Note as at December 31, 2017 .

DEBT

DEBT	12 Months Ended
	Dec. 31, 2018
Financial Instruments [Abstract]
DEBT	DEBT ($000s) 2018 2017 Credit Facilities - current $ 47,763 $ — Credit Facilities - non-current — 52,066 Second Lien Notes (mature on September 11, 2023 to December 12, 2023) 137,097 — Senior Notes (mature on May 15, 2020) 196,000 305,409 Convertible Debentures (liability component) 41,732 39,426 Debt $ 422,592 $ 396,901 Credit Facilities At December 31, 2018 , the Company had $47.8 million outstanding under its syndicated revolving credit facilities (the “Credit Facilities”) provided by four financial institutions. In connection with the completion of the Second Lien Refinancing (defined below), the agreement governing the Credit Facilities was amended and restated, with the borrowing base reconfirmed at $100 million with total commitments of $95 million . The terms of the Credit Facilities were amended and restated to, among other things, allow for the completion of the transactions comprising the Second Lien Refinancing, amend the interest and fees payable under the Credit Facilities and provide for an additional financial covenant (refer to Covenants below). The term of the Credit Facilities is to May 30, 2019, and the Credit Facilities are extendible annually thereafter at the option of the Company, subject to lender approval. If not renewed in May 2019, the Credit Facilities would enter a six -month term-out period to November 30, 2019. The next semi-annual redetermination is scheduled for May 2019. The Credit Facilities bear interest at a floating rate. For the year ended December 31, 2018 the weighted average interest rate for amounts borrowed under the Credit Facilities was 4.42% . The Credit Facilities are secured by a $1.0 billion debenture containing a first ranking charge and security interest. The Company has provided a negative pledge and undertaking to provide fixed charges over its properties in certain circumstances. As at December 31, 2018 , total outstanding letters of credit were $13.9 million which reduced the amount otherwise available to be drawn under the Credit Facilities. Second Lien Notes During 2018, Bellatrix completed a debt refinancing transaction (the "Second Lien Refinancing") pursuant to a note purchase agreement ("Note Purchase Agreement") with certain holders of the Senior Notes (the “Exchanging Noteholders”) to exchange US $80.1 million of the Company’s Senior Notes for US$72.1 million of second lien notes due 2023 (the “Second Lien Notes”). The Second Lien Notes bear interest at 8.5% per annum, payable quarterly, and are secured by a $250 million demand debenture over all of the Company’s assets, which is subordinated to the security provided under the Credit Facilities. The Note Purchase Agreement provides that the maturity date of Second Lien Notes will be accelerated to March 14, 2020 if more than US$25 million principal amount of Senior Notes remains outstanding as at March 14, 2020 . In addition, the Exchanging Noteholders have agreed to subscribe for between US$30 million and US$40 million of additional Second Lien Notes, with the proceeds to be used for capital expenditures, development capital and Senior Notes purchases. During 2018 Bellatrix issued US$30 million of additional Second Lien Notes to the Exchanging Noteholders. The Exchanging Noteholders also agreed to allow for up to US$50 million in additional Second Lien Note issuances to be used exclusively for future Senior Note exchanges on or before February 28, 2019. Such availability period has as of March 14, 2019 not been further extended by the parties to the Second Lien Notes Agreement. However, the Company remains in ongoing confidential discussions with parties across its capital structure in connection with potential transaction alternatives. If any of the incremental US$50 million of Second Lien Note capacity is utilized, then the Exchanging Noteholders' commitment to subscribe for additional Second Lien Notes will be limited to US$30 million . The Note Purchase Agreement also provides for the ability to issue additional subordinate secured and unsecured debt in subsequent refinancing and capital raising transactions. Pursuant to the Note Purchase Agreement, Bellatrix issued warrants to purchase an aggregate of 3,088,205 common shares of Bellatrix to the Exchanging Noteholders at an exercise price of $1.30 per Common Share expiring five years from the issuance date of the warrants. The Warrants will only vest if and when the Company accesses any of the incremental US$50 million of Second Lien Note capacity. Second Lien Notes ($000s) Liability Component Warrants Balance, December 31, 2017 $ — $ — Issuance of Second Lien Notes in exchange for Senior Notes (2) 92,451 1,652 Issuance of additional Second Lien Notes for cash proceeds 39,815 — Unrealized foreign exchange gain (1) 4,719 — Amortization of discount 112 — Balance, December 31, 2018 $ 137,097 $ 1,652 (1) Exchange rate (CDN$/US$1.00) at December 31, 2018 was 1.3646 . (2) Warrants component of Second Lien Notes is presented net of tax. Convertible Debentures At December 31, 2018 Bellatrix had outstanding $50 million of 6.75% convertible unsecured subordinated debentures (the “Convertible Debentures”). The Convertible Debentures bear interest at a rate of 6.75% per annum, payable semiannually in arrears on September 30 and March 31 of each year. The maturity date of the Convertible Debentures is September 30, 2021 . As at December 31, 2018 , each $1,000 principal amount of Convertible Debenture is convertible at the option of the holder into approximately 123.4568 common shares of Bellatrix (representing a conversion price of $8.10 ). The Convertible Debentures are not redeemable prior to September 30, 2019 , except in limited circumstances following a Change of Control (as defined by the terms of the indenture governing the Convertible Debentures). On and after September 30, 2019 and prior to September 30, 2020 , the Convertible Debentures are redeemable at Bellatrix’s option, in whole or in part from time to time, at a redemption price equal to their principal amount plus accrued and unpaid interest thereon, if any, if the weighted average trading price of Bellatrix's common shares specified period is not less than 125% of the conversion price. On or after September 30, 2020 , the Convertible Debentures are redeemable at Bellatrix's option, in whole or in part from time to time, at a redemption price equal to the principal amount thereof plus accrued and unpaid interest thereon, if any, up to but excluding the date set for redemption. The Convertible Debentures are direct, subordinated unsecured obligations of the Company, subordinated to the Credit Facilities, the Second Lien Notes, the Senior Notes and any other senior indebtedness. ($000s) Liability Component Equity Component Balance, December 31, 2016 $ 37,420 $ 7,818 Effective interest on Convertible Debentures $ 2,006 $ — Balance, December 31, 2017 $ 39,426 $ 7,818 Effective interest on Convertible Debentures 2,306 — Balance, December 31, 2018 $ 41,732 $ 7,818 Senior Notes At December 31, 2018 , the Company had outstanding US$145.8 million (2017: US$250 million ) of 8.50% senior unsecured notes due May 15, 2020 (the “Senior Notes”). During the year ended December 31, 2018 Bellatrix reduced the Senior Notes outstanding by $134.1 million (US $104.2 million ) through the Second Lien Refinancing, as well as the transactions described below. Interest is payable on the Senior Notes semi-annually and the Senior Notes are redeemable at the Company's option, in whole or in part at specified redemption prices. The Senior Notes are carried at amortized cost, net of debt issuance costs of $1.3 million , which accrete up to the principal balance at maturity using an effective interest rate of 9.6% . The Senior Notes were initially recognized at fair value, net of debt issue costs, and have subsequently been carried at amortized cost. ($000s) Amount Balance, December 31, 2016 $ 324,691 Unrealized foreign exchange gain (1) (2) (22,079 ) Amortization of discount and debt issue costs 2,797 Balance, December 31, 2017 $ 305,409 Unrealized foreign exchange gain (3) (4) 22,032 Amortization of discount and debt issue costs 2,617 Settlement of Senior Notes for equity (30,673 ) Settlement of Senior Notes for Second Lien Notes (103,385 ) Balance, December 31, 2018 $ 196,000 (1) Exchange rate (CDN$/US$1.00) at December 31, 2017 was 1.2518 . (2) Amount does not include unrealized loss on foreign exchange contracts of $3.9 million . (3) Exchange rate (CDN$/US$1.00) at December 31, 2018 was 1.3646 . (4) Amount does not include unrealized gain on foreign exchange contracts of $3.4 million . During the year ended December 31, 2018 , Bellatrix entered into agreements (the "Exchange Agreements") with third parties to exchange US$24.1 million aggregate principal amount of Senior Notes (the "Surrendered Senior Notes") for an aggregate of 19,900,032 Common Shares (the "Note Exchanges"). The Surrendered Senior Notes were exchanged at a value of US$900 for each US$1,000 principal amount of Senior Notes (the "Repurchase Value"). Pursuant to the terms of the Exchange Agreements, the Repurchase Value was applied towards the purchase of the Common Shares at a deemed price per Common Share, which was based on a 5% discount to the volume average trading price on the TSX for a period not less than five trading days preceding the effective date of the applicable Exchange Agreement. Bellatrix recorded a gain of $6.1 million on settlement. Covenants The agreement governing the Credit Facilities includes two financial covenants that must be met quarterly. The covenants require that the Company maintain a ratio of outstanding Senior Debt (defined below) to consolidated earnings before interest, taxes, depletion, depreciation and amortization (“EBITDA”), as defined by the terms of the agreement governing the Credit Facilities and adjusted for non-cash charges, for a trailing twelve month period of not more than 5.0 times until December 31, 2020 , 4.5 times during the fiscal year ended December 31, 2021 and 4.0 times thereafter (the “Senior Debt Covenant”) and a First Lien Debt (defined below) to EBITDA ratio of not more than 3.0 times (the "First Lien Covenant"). As at December 31, 2018 , the Company was in compliance with the Senior Debt Covenant and First Lien Covenant with a Senior Debt to EBITDA ratio of 2.88 times and a First Lien Debt to EBITDA ratio of 1.15 times. The agreement governing the Second Lien Notes contains one financial covenant which requires the Company to maintain a ratio of outstanding Senior Debt to EBITDA for a trailing twelve month period of not more than 5.0 times until December 31, 2020 , 4.5 times during the fiscal year ended December 31, 2021 and 4.0 times thereafter (the “Second Lien Covenant”). The calculations for the financial covenants are based on specific definitions that are not in accordance with IFRS and the calculations cannot be readily replicated by referring to the financial statements. The following table lists the covenant under the Credit Facilities and Second Lien Notes and the Company’s compliance therewith as at December 31, 2018 . Covenant as at Position at December 31, 2018 December 31, 2018 Credit Facilities – Covenants Maximum Ratio Senior Debt (1) to EBITDA (2) for the last four fiscal quarters 5.00 x 2.88 x First Lien Debt (3) to EBITDA (2) for the last four fiscal quarters 3.00 x 1.15 x Second Lien Notes - Covenant Senior Debt (1) to EBITDA (2) for the last four fiscal quarters 5.00 x 2.88 x (1) “Senior Debt” is defined as Consolidated Total Debt, excluding any unsecured or subordinated debt (Senior Notes and Convertible Debentures (liability component)). “Consolidated Total Debt” is defined as determined on a consolidated basis in accordance with GAAP and without duplication, all Debt of the Borrower. The Company’s calculation of Consolidated Total Debt excludes decommissioning liabilities, onerous contracts and deferred tax liability. The calculation includes outstanding letters of credit, Credit Facilities, finance lease obligations, deferred lease inducements, deferred capital obligations, deferred financing obligations and net working capital deficiency (excess), calculated as working capital deficiency excluding current risk management contract assets and liabilities, current decommissioning liabilities and current onerous contracts. Senior Debt at December 31, 2018 was $224.4 million . (2) EBITDA is calculated based on terms and definitions set out in the agreements governing the Credit Facilities and Second Lien Notes which adjusts net income for financing costs, income taxes, depletion and depreciation, certain specific unrealized and non-cash transactions, and acquisition and disposition activity and is calculated based on a trailing twelve month basis. EBITDA for the trailing twelve months ended December 31, 2018 was $77.9 million . (3) "First Lien Debt" is defined as Consolidated Total Debt, excluding any unsecured, second lien or subordinated debt (Second Lien Notes, Senior Notes and Convertible Debentures (liability component)). First Lien Debt at December 31, 2018 was $89.8 million . The Senior Notes do not contain any maintenance financial covenants, but do contain covenants limiting the Company’s ability to incur additional indebtedness, including borrowings under the Credit Facilities, unless one of two alternative tests are satisfied. The first test applies to all future indebtedness and requires that, after giving effect to the incurrence of additional indebtedness, the Company’s fixed charge coverage ratio (which is the ratio of cash flow to fixed charges (both as defined in the Note Indenture) over the trailing four fiscal quarters) will be at least 2.25 to 1.0 . The second test allows the Company to incur additional indebtedness, irrespective of the fixed charge coverage ratio test, as long as the additional indebtedness, is not more than, subject to certain exceptions, the lesser of (i) the greater of (1) $675 million , and (2) 35% of adjusted consolidated net tangible assets ("ACNTA"), plus $150 million and (ii) 50% of the discounted future net revenues from proved oil and natural gas reserves included in the calculation of ACNTA. ACNTA is defined in the Note Indenture and is determined primarily by the value of discounted future net revenues from proved oil and natural gas reserves plus the capitalized cost attributable to the Company’s unevaluated properties. As a result, the Company can currently incur up to $525 million under bank facilities (which include the Credit Facilities) subject to the maximum borrowing base of the Credit Facilities, without reference to limitations that would otherwise apply due to the fixed charge coverage ratio test. The following table lists the covenant under Second Lien Notes and Senior Notes and the Company’s position therewith as at December 31, 2018 : Covenant as at Position at December 31, 2018 December 31, 2018 Second Lien Notes and Senior Notes – Incurrence Test Minimum Ratio Fixed charge coverage (1) 2.25 x 2.00 x (1) Fixed charge coverage is computed as the ratio of fixed charges (as defined in the Note Indenture, fixed charges generally includes interest expense plus paid or accrued dividends, if any) to trailing twelve month cash flow (as defined in the Note Indenture, cash flow includes the net profit (loss) and adds back provision for taxes, fixed charges, depletion, and various other non-recurring expenses and charges). For the trailing twelve months ended December 31, 2018 , fixed charges were $39.8 million and cash flow was $79.7 million .

EXPLORATION AND EVALUATION ASSE

EXPLORATION AND EVALUATION ASSETS	12 Months Ended
	Dec. 31, 2018
Exploration For And Evaluation Of Mineral Resources [Abstract]
EXPLORATION AND EVALUATION ASSETS	EXPLORATION AND EVALUATION ASSETS ($000s) Cost Balance, December 31, 2016 $ 29,246 Additions 1,664 Dispositions (7,843 ) Transfer to oil and natural gas properties (336 ) Balance, December 31, 2017 22,731 Additions 577 Transfer to oil and natural gas properties (5,601 ) Balance, December 31, 2018 $ 17,707 Exploration and evaluation ("E&E") assets consist of Bellatrix's exploration projects which are pending the determination of proved or probable reserves and production. Bellatrix performed an assessment of possible indicators of impairment or impairment reversal on E&E assets. At December 31, 2018 , impairment indicators were identified for E&E assets, primarily as a result of sustained low natural gas prices. No impairment was recognized on E&E assets as the estimated recoverable amount of the assets exceeded their carrying value. The estimated recoverable amount was based on a fair value less costs of disposal calculation determined principally on recent and relevant land sales .

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2018
Property, plant and equipment [abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT ($000s) Oil and Natural Operated Office Total Cost Balance, December 31, 2016 $ 2,034,954 $ 56,060 $ 26,420 $ 2,117,434 Additions 111,485 12,058 1,888 125,431 Transfer from exploration and evaluation assets 336 — — 336 Disposals (298,102 ) — — (298,102 ) Balance, December 31, 2017 1,848,673 68,118 28,308 1,945,099 Additions 77,837 3,102 1,311 82,250 Transfer from exploration and evaluation assets 5,601 — — 5,601 Disposals (7,736 ) — — (7,736 ) Balance, December 31, 2018 $ 1,924,375 $ 71,220 $ 29,619 $ 2,025,214 Accumulated depletion, depreciation and impairment losses Balance, December 31, 2016 $ 806,656 $ 1,987 $ 12,219 $ 820,862 Charge for the year 116,693 1,122 2,837 120,652 Disposals (196,955 ) — — (196,955 ) Impairment (reversal) 13,150 — — 13,150 Balance, December 31, 2017 739,544 3,109 15,056 757,709 Charge for the year 100,840 1,854 2,592 105,286 Disposals (4,343 ) — — (4,343 ) Impairment $ 2,140 $ — $ — $ 2,140 Balance, December 31, 2018 $ 838,181 $ 4,963 $ 17,648 $ 860,792 Carrying amounts Balance, December 31, 2017 $ 1,109,129 $ 65,009 $ 13,252 $ 1,187,390 Balance, December 31, 2018 $ 1,086,194 $ 66,257 $ 11,971 $ 1,164,422 Bellatrix has included $863 million ( 2017 : $832 million , 2016: $950 million) for future development costs and excluded $41.4 million ( 2017 : $46.6 million . 2016: $ 46.0 million) for estimated salvage from the depletion and depreciation calculation for the three months ended December 31, 2018 . For the year ended December 31, 2018 , the Company capitalized $7.0 million ( 2017 : $7.6 million , 2016: $ 7.0 million) of general and administrative expenses and $0.1 million ( 2017 : $0.8 million , 2016: $ 1.4 million) of share-based compensation costs directly related to exploration and development activities. Acquisitions During the year ended December 31, 2018, Bellatrix completed an acquisition of assets within its core Ferrier area of west central Alberta that includes approximately 2,200 boe/d ( 79% natural gas, 21% liquids) of low decline production. The acquisition was funded through a combination of the issuance of 4.00 million common shares of Bellatrix, $7.66 million in cash and $9.1 million in purchase price adjustments. During the year ended December 31, 2018, Bellatrix completed an acquisition of assets within its core Ferrier area of west central Alberta that includes approximately 1,250 boe/d ( 65% of natural gas, 35% liquids) of low decline (<1 5% ) production. The acquisition was funded through a combination of the issuance of 6.75 million common shares of Bellatrix and $1.75 million in cash. Business Combination Bellatrix completed a property acquisition of complementary assets within its core Ferrier area for total consideration of $29.2 million in June 2016 , paid through the issuance of 4,109,515 common shares of Bellatrix. Bellatrix assessed the property acquisition and determined it to constitute a business combination under IFRS. The acquired assets consisted of $29.7 million of oil and natural gas properties, the value of which was determined using observable market metrics in addition to $0.5 million of decommissioning liabilities assumed as a result of the acquisition. Dispositions Bellatrix recognized a deferred financing obligation and a deferred gain pursuant to the sale of a 35% working interest in the Alder Flats Plant in 2016. The Phase 2 expansion project of the Alder Flats Plant was fully commissioned and began selling volumes mid-March 2018. During the year ended December 31, 2018 Bellatrix recognized a gain of $14.0 million related to the realized deferred gain and unspent portion of the deferred financing obligation. During the fourth quarter of 2018 , Bellatrix completed the renegotiation of processing agreements for facilities in Bellatrix's core area of west central Alberta, which resulted in a reduction of take-or-pay fees effective July 1, 2018. As part of the transaction, Bellatrix divested a non-controlling working interest ownership in an inactive raw gas gathering pipeline. The disposition of the pipeline resulted in a loss on disposition of $3.4 million . During the third quarter of 2017 , Bellatrix completed the sale of certain non-core oil and gas properties in the West Pembina area of Alberta for gross proceeds of $16.0 million , effective July 1, 2017 . Bellatrix recorded a loss of $18.6 million on the sale. During the second quarter of 2017 , Bellatrix completed the sale of certain non-core oil and gas properties in the Strachan area of Alberta for gross proceeds of $34.5 million , effective April 1, 2017 . Bellatrix recorded a loss of $37.0 million on the sale. Additionally, in the second quarter, Bellatrix transferred certain production facilities and infrastructure to a third party midstream company in exchange for proceeds of $20 million . Under the terms of the agreement, Bellatrix will have exclusive access to, and operatorship of, the infrastructure. During the fourth quarter of 2016 , Bellatrix completed two asset dispositions. Firstly, Bellatrix completed the Pembina property sale for total consideration of $47 million , consisting of approximately $42 million in cash and 2,171,667 common shares of the purchaser with a fair value of $5 million at the time of sale. Bellatrix recorded a loss of $26.2 million on the disposition. Secondly, Bellatrix completed the Harmattan property sale for total consideration of $80 million including net cash proceeds of approximately $65 million , and a $15 million loan receivable bearing interest at 10% . Bellatrix recorded a loss of $147.7 million on the disposition. The net cash proceeds from the Pembina and the Harmattan property sales were used to reduce the Company's outstanding Credit Facilities. During the third quarter of 2016 , Bellatrix completed a $112.5 million disposition of a 35% working interest in the Alder Flats Plant (“Alder Flats Plant Sale”) to Keyera Partnership ("Keyera"). As part of the transaction, Bellatrix and Keyera entered into a midstream services and governance agreement pursuant to which Bellatrix will have exclusive access to the purchased capacity (approximately 80.5 MMcf/d post commissioning of Phase 2) for a term of 10 years, and will remain the operator of the Alder Flats Plant. In exchange for granting exclusive access to the purchased capacity during the term, Keyera will be entitled to receive, on an annual basis, a guaranteed fee calculated with reference to the capital fees that Keyera will otherwise receive in accordance with the terms of the construction, ownership and operation agreement governing the Alder Flats Plant. Following completion of the transaction, Bellatrix retains a 25% interest in the Alder Flats Plant, and has the option to reacquire a 5% interest in the Alder Flats Plant near the end of the final year of the agreement at a cost of $8 million . During the second quarter of 2016 , Bellatrix sold certain production facilities to a third party midstream company for proceeds of $75 million effective May 3, 2016 . Pursuant to the agreement, Bellatrix maintains operatorship and preferential access to the facilities for its operated production volumes and will pay an annual rental fee over the eight years duration of the agreement. In addition, Bellatrix retains, at its sole discretion, the option to repurchase the facilities at any time during the agreement period. Payments for use of the facilities are treated as an operating lease and included in Bellatrix’s corporate commitments. For the year ended December 31, 2016 , the Company recognized total net gains on disposition of $6.7 million , relating to gains on wells drilled under a joint venture agreement that was terminated in December 2016 . Impairment Loss Bellatrix performed an assessment of possible indicators of impairment or impairment reversal on all of the Company’s CGUs. At December 31, 2018 , impairment indicators were identified for the Company’s core Central Alberta CGU, non-core North Alberta CGU and non-core South Alberta CGU, primarily as a result of sustained low natural gas prices. The recoverable amount of the Central Alberta, North Alberta and South Alberta CGUs as at December 31, 2018 was determined using a VIU approach, as Bellatrix determined that VIU was greater than FVLCS. VIU was calculated as the net present value of the before-tax cash flows from proved plus probable oil and gas reserves of each CGU based on reserves estimated by Bellatrix’s independent reserves evaluator at December 31, 2018 , adjusted for the net present value of the before-tax abandonment and reclamation costs on proved plus probable undeveloped oil and gas reserves. No impairment was recognized in the Company's core Central Alberta CGU as the estimated recoverable amount of the CGU exceeded its carrying value for the year ended December 31, 2018 . The VIU of the Central Alberta CGU was based on before-tax discount rates ranging from 12 - 15 %. For the year ended December 31, 2018 , a non-cash impairment loss of $0.8 million was recognized in the Company’s non-core North Alberta CGU. The estimated recoverable amount after decommissioning liabilities of the North Alberta CGU as at December 31, 2018 was negative $5.2 million . A non-cash impairment loss of $1.3 million was recognized in the Company’s non-core South Alberta CGU. The estimated recoverable amount after decommissioning liabilities of the South Alberta CGU was negative $18.9 million . The VIU of the North Alberta and South Alberta CGU was based on before-tax discount rates ranging from 15 - 20 %. The VIU of each CGU was based on the following forward commodity price estimates: Year Edmonton Crude Ref Oil (1) AECO Natural Gas (1) Butane (1) Propane (1) Condensate ($/bbl) (1) CDN$/US$ (1) 2019 63.50 1.90 20.96 28.58 67.95 1.32 2020 75.55 2.29 37.02 33.24 78.95 1.28 2021 80.50 2.71 45.89 37.03 83.72 1.25 2022 83.25 3.03 54.95 38.30 86.58 1.25 2023 85.60 3.21 58.21 41.52 88.60 1.25 2024 87.62 3.33 61.33 42.93 90.68 1.25 2025 90.01 3.44 62.10 44.10 93.16 1.25 2026 92.68 3.50 63.95 45.41 95.92 1.25 2027 94.53 3.57 65.22 46.32 97.84 1.25 2028 96.42 3.65 66.53 47.25 99.79 1.25 Thereafter +2% +2% +2% +2% +2% — (1) The InSite price forecasts, effective January 1, 2019 . A 1% increase to the discount rates applied in the impairment calculation for the North Alberta CGU and South Alberta CGU would result in an increase in impairment loss of approximately $0.2 million and nil , respectively for the year ended December 31, 2018 , whereas a 1% decrease to the discount rates applied would result in a corresponding decrease to the impairment loss recognized. Bellatrix performed an assessment of possible indicators of impairment or impairment reversal on all of the Company’s CGUs at December 31, 2017. At December 31, 2017 , impairment indicators were identified for the Company’s non-core North Alberta CGU and non-core South Alberta CGU, primarily as a result of a lack of active development plans in the CGUs. No impairment indicators were identified in the Company’s core Central Alberta CGU in 2017. For the year ended December 31, 2017 , a non-cash impairment loss of $12.2 million was recognized in the Company’s non-core North Alberta CGU. The estimated recoverable amount after decommissioning liabilities of the North Alberta CGU as at December 31, 2017 was negative $4.7 million . A non-cash impairment loss of $1.0 million was recognized in the Company's non-core South Alberta CGU. The estimated recoverable amount after decommissioning liabilities of the South Alberta CGU was negative $18.3 million . The VIU determination of estimated recoverable amounts of each CGU was based on before-tax discount rates ranging from 15 - 20 % and the following forward commodity price estimates: Year Edmonton Crude Ref Oil (1) AECO Gas (1) Butane (1) Propane ($/bbl) (1) Condensate ($/bbl) (1) CDN$/US$ (1) 2018 71.36 2.52 51.38 35.68 74.93 1.27 2019 73.44 2.93 52.88 36.72 77.12 1.25 2020 75.47 3.22 54.34 35.85 79.25 1.23 2021 80.49 3.51 57.96 36.22 84.52 1.22 2022 82.38 3.75 59.31 37.07 86.50 1.20 2023 84.22 3.85 60.64 37.90 88.43 1.19 2024 86.01 3.95 61.93 38.70 90.31 1.18 2025 88.85 4.11 63.97 39.98 93.29 1.18 2026 90.62 4.27 65.25 40.78 95.15 1.18 2027 92.43 4.35 66.55 41.60 97.06 1.18 Thereafter +2% +2% +2% +2% +2% 1.18 (1) The InSite price forecasts, effective January 1, 2018 . At December 31, 2016 , impairments reversal indicators were identified for the Company's core Central Alberta CGU, primarily as a result of a significant increase in the reserves evaluation due to a combination of actual well performance exceeding previous estimates resulting in strong positive technical revisions and infill drilling additions in 2016. Impairment indicators were identified for the Company's non-core South Central CGU given the Company was no longer focused on actively developing these assets. The South Central CGU assets were subsequently sold in the second quarter of 2017. For the year ended December 31, 2016 , a non-cash impairment reversal of $307.0 million was recognized in the Company’s core Central Alberta CGU, representing the maximum amount of impairment reversal able to be taken based on prior impairment loss less depletion and dispositions. The estimated recoverable amount of the Central Alberta CGU as at December 31, 2016 was $1.3 billion . A non-cash impairment loss of $43 million was recognized in the Company's non-core South Central CGU. The estimated recoverable amount of the South Central CGU was $64 million . No impairment was recognized in the Company's non-core North Alberta and South Alberta CGUs in 2016. The VIU determination of estimated recoverable amounts of each CGU was based on before-tax discount rates ranging from 10 - 20 % and the following forward commodity price estimates: Year Edmonton Crude Ref Oil (1) AECO Gas (1) Butane (1) Propane ($/bbl) (1) Condensate ($/bbl) (1) CDN$/US$ (1) 2017 68.33 3.47 47.83 23.92 75.17 1.33 2018 72.32 3.42 52.07 25.31 79.55 1.29 2019 76.05 3.59 54.75 26.62 83.65 1.25 2020 79.54 3.93 57.27 27.84 87.50 1.21 2021 82.82 4.01 59.63 28.99 91.11 1.18 2022 88.60 4.17 63.79 31.01 97.46 1.18 2023 90.37 4.27 65.07 31.63 99.41 1.18 2024 92.18 4.43 66.37 32.26 101.39 1.18 2025 94.02 4.52 67.69 32.91 103.42 1.18 2026 95.90 4.61 69.05 33.57 105.49 1.18 Thereafter +2% +2% +2% +2% +2% 1.18 (1) The InSite price forecasts, effective January 1, 2017 .

DECOMMISSIONING LIABILITIES

DECOMMISSIONING LIABILITIES	12 Months Ended
	Dec. 31, 2018
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
DECOMMISSIONING LIABILITIES	DECOMMISSIONING LIABILITIES The Company’s decommissioning liabilities result from net ownership interests in petroleum and natural gas assets including well sites, gathering systems and processing facilities. At December 31, 2018 , the Company estimated the total undiscounted amount of cash flows required to settle its decommissioning liabilities to be approximately $98.5 million ( 2017 : $94.6 million ) which will be incurred between 2018 and 2066 . A risk-free rate between 1.91% and 2.15% ( 2017 : 1.66% and 2.20% ) and an inflation rate of 2.0% ( 2017 : 2.0% ) were used to calculate the fair value of the decommissioning liabilities as at December 31, 2018 . ($000s) 2018 2017 Balance, beginning of year $ 60,611 $ 62,844 Incurred on development activities 678 1,501 Acquired through asset acquisitions 3,462 — Revisions on estimates 37 3,210 Decommissioning costs incurred (2,242 ) (2,758 ) Reversed on dispositions — (5,473 ) Accretion expense 1,328 1,287 Balance, end of year $ 63,874 $ 60,611

OTHER DEFERRED LIABILITIES

OTHER DEFERRED LIABILITIES	12 Months Ended
	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
OTHER DEFERRED LIABILITIES	OTHER DEFERRED LIABILITIES ($000s) Finance lease obligation Deferred lease inducements Onerous Contracts Deferred financing obligations (1) Deferred gain (1) Deferred Capital Obligation (1) Total Balance, $ 8,429 $ 2,387 $ — $ 7,525 $ 10,706 $ 21,890 $ 50,937 Deferred lease inducements — (366 ) — — — — (366 ) Payments on finance lease (1,538 ) — — — — — (1,538 ) Drawdown deferred financing obligations — — — (6,020 ) — — (6,020 ) Drawdown deferred capital obligations — — — — — (14,693 ) (14,693 ) Change in estimate — — — — 2,314 (2,442 ) (128 ) Balance, $ 6,891 $ 2,021 $ — $ 1,505 $ 13,020 $ 4,755 $ 28,192 Deferred lease inducements — (332 ) — — — — (332 ) Payments on finance lease (1,170 ) — — — — — (1,170 ) Loss on onerous contracts — — 5,362 — — — 5,362 Drawdown deferred financing obligations — — — (1,505 ) — — (1,505 ) Drawdown deferred capital obligations — — — — — (4,755 ) (4,755 ) Realized deferred gain $ — $ — $ — $ — $ (13,020 ) $ — $ (13,020 ) Balance, $ 5,721 $ 1,689 $ 5,362 $ — $ — $ — $ 12,772 Current portion of other deferred liabilities $ 476 $ 340 $ 1,093 $ — $ — $ — $ 1,909 Long term portion of other deferred liabilities $ 5,245 $ 1,349 $ 4,269 $ — $ — $ — $ 10,863 (1) Bellatrix recognized a deferred financing obligation, a deferred gain and a deferred capital obligation pursuant to the sale of a 35% working interest in the Alder Flats Plant in 2016. The Phase 2 expansion project of the Alder Flats Plant was fully commissioned and began selling volumes mid-March 2018. Onerous contracts result from unfavourable leases in which the unavoidable costs of meeting the obligations under the contracts exceed the economic benefits expected to be received. As at December 31, 2018 , the Company recorded a provision of $5.4 million related to unoccupied office lease premises representing the minimum future payments that the Company is required to make. The onerous contract provision is expected to be settled in periods up to and including the year 2024. Finance Lease Obligations Finance leases are for the use of certain constructed facilities. The agreements expire in years 2030 to 2032 , or earlier if certain circumstances are met. At the end of the term of each agreement, the ownership of the facilities is transferred to the Company. Assets under these finance leases at December 31, 2018 totaled $15.3 million ( 2017 : $15.3 million , 2016: $ 15.3 million) with accumulated depreciation of $5.0 million ( 2017 : $4.4 million , 2016: $ 3.7 million). The following is a schedule of future minimum lease payments under the finance lease obligations: Year ending December 31, ($000s) 2019 $ 1,317 2020 1,240 2021 1,164 2022 1,088 2023 1,011 Thereafter 5,514 Total lease payments 11,334 Amount representing implicit interest at 15.28% (5,613 ) Total lease obligation at December 31, 2018 $ 5,721

SHAREHOLDERS' CAPITAL

SHAREHOLDERS' CAPITAL	12 Months Ended
	Dec. 31, 2018
Disclosure of share capital, reserves and other equity interest [Abstract]
SHAREHOLDERS' CAPITAL	SHAREHOLDERS’ CAPITAL During the year ended December 31, 2018 , as described in note 7, Bellatrix acquired and canceled US $24.1 million of the Senior Notes, issuing 19,900,032 common shares of Bellatrix in exchange. Effective July 1, 2017 , the Company consolidated its common shares on the basis of 1 new common share for every 5 old common shares outstanding. All figures in the financial statements have been adjusted to reflect the 5:1 consolidation. The number of outstanding share options, Deferred Share Units, Restricted Awards and Performance Awards have also been adjusted proportionately. The corresponding exercise prices have increased by the same ratio. The conversion price and ratio on the Convertible Debentures have also been adjusted proportionately. Bellatrix is authorized to issue an unlimited number of common shares and 95,978,621 preferred shares. At December 31, 2018 , no preferred shares have been issued. All shares issued are fully paid and have no par value. The common shareholders are entitled to dividends as may be declared by the Board of Directors from time to time; no dividends were declared by the Board of Directors during the years ended December 31, 2018 , 2017 and 2016. 2018 2017 Number Amount ($000s) Number Amount ($000s) Common shares, opening balance 49,378,026 $ 1,068,377 49,317,166 $ 1,068,084 Shares issued on settlement of Senior Notes (note 7) 19,900,032 31,306 — — Shares issued on settlement of share-based compensation 87,516 127 60,860 289 Shares issued on property acquisition, net of tax effect (note 9) 10,750,000 12,053 — — Flow through shares issued 793,651 1,143 — — Share issue costs on equity issue, net of tax effect — (387 ) — 4 Balance, end of year 80,909,225 $ 1,112,619 49,378,026 $ 1,068,377 2016 Number Amount ($000s) Common shares, opening balance 38,392,782 $ 1,000,100 Shares issued on settlement of share-based compensation 55,953 285 Share issue costs on property acquisition, net of tax effect — (98 ) Issued for cash on equity issue (1) 6,758,916 40,400 Share issue costs on equity issue, net of tax effect — (1,781 ) Shares issued for property acquisition 4,109,515 29,178 Balance, end of year 49,317,166 $ 1,068,084 (1) In August 2016 , Bellatrix issued 5,000,000 subscription receipts at a price of $6.00 per subscription receipt for total gross proceeds of $30 million . Proceeds were used to reduce indebtedness under the Company’s credit facilities. Additionally, in October 2016 , Bellatrix issued 1,694,915 common shares on a “flow-through” basis in respect of Canadian Development Expenses (“CDE”) at a price of $5.90 per share resulting in gross proceeds of $10 million .

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2018
Revenue From Contracts With Customers [Abstract]
REVENUE	REVENUE Bellatrix sells its production pursuant to fixed and variable price contracts. The transaction price for variable priced contracts is based on the commodity price, adjusted for quality, location or other factors, whereby each component of the pricing formula can be either fixed or variable, depending on the contract terms. Under the contracts, the Company is required to deliver a fixed or variable volume of crude oil, natural gas, condensate and NGLs to the contract counterparty. Revenue is recognized when a unit of production is delivered to the contract counterparty. The amount of revenue recognized is based on the agreed transaction price. The majority of crude oil and natural gas is sold under contracts of varying terms of up to one year. The majority of Bellatrix’s NGLs are sold pursuant to one multi-year contract. Revenues are typically collected on the 25th day of the month following production. Processing fees charged to third parties are generally earned under multi-year contracts at fixed fees that vary by volume. The following table provides a summary of the Company’s revenue disaggregated by revenue source: ($000s) 2018 2017 2016 Crude oil and condensate $ 51,761 $ 51,448 $ 60,546 NGLs (excluding condensate) 70,970 54,602 31,352 Crude oil, condensate and NGLs 122,731 106,050 91,898 Natural gas 100,405 137,775 128,226 Petroleum and natural gas sales 223,136 243,825 220,124 Other income (1) 5,576 5,574 7,750 Total revenue $ 228,712 $ 249,399 $ 227,874 (1) Other income primarily consists of processing and other third party income. At December 31, 2018 , receivables from contracts with customers, which are included in accounts receivable, were $20.9 million (December 31, 2017: $25.3 million ). At December 31, 2018, the Company had the following contracts with customers for the sale of future production: Commodity Period Volume Price NGL product mix January 1, 2019 - March 31, 2026 10,000 bbl/d Varying indices for the relative components of the product mix Natural gas January 1, 2019 - October 31, 2020 20,000 MMBtu/d Chicago Natural gas January 1, 2019 - October 31, 2020 25,000 MMBtu/d Dawn Natural gas January 1, 2019 - October 31, 2020 15,000 MMBtu/d Malin

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS	12 Months Ended
	Dec. 31, 2018
Share-Based Payment Arrangements [Abstract]
SHARE-BASED COMPENSATION PLANS	SHARE-BASED COMPENSATION PLANS The following tables provide a summary of the Company’s share-based compensation expense (recovery) for the years ended December 31, 2018 , December 31, 2017 and December 31, 2016: ($000s) 2018 2017 2016 Share options expense $ 334 $ 1,074 $ 2,565 Deferred share units expense (recovery) (669 ) (583 ) 834 Restricted awards expense (recovery) (80 ) 178 241 Performance awards expense (recovery) (88 ) (137 ) 144 Share-based compensation expense (recovery) included in general and administrative expense $ (503 ) $ 532 $ 3,784 Share-based compensation expense included in operating expense $ 110 $ 167 $ 152 Total share-based compensation expense (recovery) $ (393 ) $ 699 $ 3,936 The following tables provide a summary of the Company’s share options expense for the years ended December 31, 2018 , December 31, 2017 and December 31, 2016: ($000s) 2018 2017 2016 Share options expense $ 334 $ 1,074 $ 2,565 Share options expense capitalized 73 600 1,147 Gross share option expense $ 407 $ 1,674 $ 3,712 The following table provides a summary of the Company’s share-based compensation liability balances within accounts payable and accrued liabilities: ($000s) Deferred Share Units Restricted Awards Performance Awards Total Liability balance, December 31, 2018 $ 543 $ 321 $ 212 $ 1,076 Liability balance, December 31, 2017 $ 1,212 $ 754 $ 457 $ 2,423 a. Share Option Plan Bellatrix has a share option plan whereby the Company may grant share options to its officers, employees, consultants, and other service providers. Under this plan, the exercise price of each share option is not less than the volume weighted average trading price of the Company’s share price for the five trading days immediately preceding the date of grant. The maximum term of an option grant is five years . Option grants are non-transferable or assignable except in accordance with the share option plan and the holding of share options shall not entitle a holder to any rights as a shareholder of Bellatrix. Share options, entitling the holder to purchase common shares of the Company, have been granted to officers, employees, consultants, and other service providers of Bellatrix. One third of the initial grant of share options normally vests on each of the first, second, and third anniversary from the date of grant. The fair values of all share options granted are estimated on the date of grant using the Black-Scholes option-pricing model. The weighted average fair market value of share options granted during the years ended December 31, 2018 and 2017 , and the weighted average assumptions used in their determination are as noted below: 2018 2017 2016 Inputs: Share price $ 1.48 $ 4.27 $ 5.10 Exercise price $ 1.48 $ 4.55 $ 5.10 Risk free interest rate (%) 2.0 0.9 0.6 Option life (years) 2.8 2.8 2.8 Option volatility (%) 65 71 73 Results: Weighted average fair value of each share option granted $ 0.64 $ 1.87 $ 2.35 Bellatrix calculates volatility based on historical share price. Bellatrix incorporates an estimated forfeiture rate between 3% and 10% ( 2017 : 3% to 10% , 2016 3% to 10% ) for stock options that will not vest, and adjusts for actual forfeitures as they occur. The following tables summarize information regarding Bellatrix’s Share Option Plan: Share Options Continuity Weighted Average Exercise Price Number Balance, December 31, 2015 $ 28.45 2,569,273 Granted $ 5.10 581,820 Forfeited $ 30.43 (287,735 ) Expired $ 26.03 (290,334 ) Balance, December 31, 2016 $ 23.22 2,573,024 Granted $ 4.55 185,000 Forfeited $ 35.10 (877,956 ) Expired $ 17.12 (257,936 ) Balance, December 31, 2017 $ 15.62 1,622,132 Granted $ 1.48 95,000 Forfeited $ 21.99 (722,800 ) Expired $ 36.00 (41,800 ) Balance, December 31, 2018 $ 8.49 952,532 As of December 31, 2018 , a total of 6,472,738 common shares were reserved for issuance on exercise of share options, leaving an additional 5,520,206 available for future share option grants. Share Options Outstanding, December 31, 2018 Outstanding Exercisable Exercise Price At December 31, 2018 Weighted Weighted At December 31, 2018 Weighted Average Exercise $1.48 - $2.67 95,000 $1.48 4.4 — — $2.68 - $4.47 119,000 $3.85 3.5 39,665 $3.85 $4.48 - $5.55 446,532 $5.10 2.6 332,688 $5.10 $5.56 - $10.68 60,000 $6.00 3.3 20,000 $6.00 $10.69 - $17.38 1,600 $15.68 1.2 1,600 $15.68 $17.39 - $19.52 204,000 $18.75 1.4 204,000 $18.75 $19.53 - $46.53 17,400 $33.10 0.7 17,400 $33.10 $46.54 - $46.90 9,000 $46.89 0.5 9,000 $46.89 $1.48 - $46.90 952,532 $8.49 2.6 624,353 $10.92 b. Deferred Share Unit Plan Under Bellatrix’s Deferred Share Unit Plan, the Company may grant to non-employee directors, deferred share units (“DSUs”). Each DSU is a right to receive, on a deferred payment basis, a cash payment equivalent to the volume weighted average trading price of the Company’s common shares for the five trading days immediately preceding the redemption date of such DSU. Participants of the DSU Plan may also elect to receive their annual remuneration in the form of DSUs. Subject to TSX and shareholder approval, Bellatrix may elect to deliver common shares from treasury in satisfaction, in whole or in part, of any payment to be made upon the redemption of the DSUs. The DSUs vest immediately and must be redeemed by December 1st of the calendar year immediately following the year in which the participant ceases to hold all positions with Bellatrix or earlier if the participant elects to have the DSUs redeemed at an earlier date (provided that the DSUs may not be redeemed prior to the date that the participant ceases to hold all positions with Bellatrix). DSU Continuity Number Balance, December 31, 2015 202,927 Granted 184,823 Exercised (10,083 ) Balance, December 31, 2016 377,667 Granted 260,381 Exercised (120,150 ) Balance, December 31, 2017 517,898 Granted 304,056 Balance, December 31, 2018 821,954 c. Award Plan Bellatrix has an Award Incentive Plan (“Award Plan”) where the Company may grant Restricted Awards (“RAs”) and Performance Awards (“PAs”) to officers, employees, and other service providers. During 2016 , the shareholders and the TSX approved the issuance of common shares on settlement of RAs and PAs under the Award Plan. As a result, awards under the Award Plan may be settled in cash, in common shares of the Company, or a combination thereof. In the case of PAs, settlement is subject to a “payout multiplier” (the payout multiplier shall be based on such corporate performance measures as determined by the Board of Directors (or the Compensation Committee) of the Company) and may range between zero and two times. RAs granted to employees vest in equal annual amounts over the course of three years . Each RA entitles its holder to receive a cash payment equal to the weighted average trading price of the Company’s shares trading on the TSX for the five trading days preceding its vesting date. Unvested RAs are forfeited at the time the holder’s employment with the Company ends, except on death in which case they vest immediately. Bellatrix incorporates an estimated forfeiture rate between 3% and 10% for RAs that will not vest, and adjusts for actual forfeitures as they occur. Outstanding RAs are revalued at each financial reporting date to their fair market value at that time, determined by the weighted average trading price of the Company’s shares on the TSX for the five trading days preceding period end. RA Continuity Number of RAs Balance, December 31, 2015 318,762 Granted 284,771 Exercised (113,457 ) Forfeited (63,681 ) Balance, December 31, 2016 426,395 Granted 652,740 Exercised (175,833 ) Forfeited (79,815 ) Balance, December 31, 2017 823,487 Granted 880,200 Exercised (317,840 ) Forfeited (202,846 ) Balance, December 31, 2018 1,183,001 PAs vest on the third anniversary date of their issuance. Each PA entitles its holder to receive a cash payment equal to the weighted average trading price of the Company’s shares trading on the TSX for the five trading days preceding its vesting date, multiplied by a payout multiplier determined by the Company’s Board of Directors based on determined corporate performance measures. Unvested PAs are forfeited at the time the holder’s employment with the Company ends. Bellatrix incorporates an estimated forfeiture rate of 5% for PAs that will not vest, and adjusts for actual forfeitures as they occur. Outstanding PAs are revalued at each financial reporting date to their fair market value at that time, determined by the weighted average trading price of the Company’s shares on the TSX for the 5 trading days preceding period end. PA Continuity Number of PAs Balance, December 31, 2015 249,240 Granted 145,085 Exercised (70,430 ) Forfeited (20,560 ) Balance, December 31, 2016 303,335 Granted 370,000 Exercised (61,920 ) Forfeited (38,360 ) Balance, December 31, 2017 573,055 Granted 335,800 Exercised (77,870 ) Forfeited (67,910 ) Balance, December 31, 2018 763,075

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2018
Income Taxes [Abstract]
INCOME TAXES	INCOME TAXES Bellatrix is a corporation as defined under the Income Tax Act (Canada) and is subject to Canadian federal and provincial taxes. Bellatrix is subject to provincial taxes in Alberta, British Columbia, and Saskatchewan as the Company operates in those jurisdictions. The provision for income taxes differs from the expected amount calculated by applying the combined 2018 federal and provincial corporate income tax rate of 27.0% ( 2017 : 27.0% , 2016: 27.0% ) to net profit (loss) before taxes. This difference results from the following items: ($000s) 2018 2017 2016 Expected income tax expense (recovery) $ (26,471 ) $ (20,506 ) $ (9,052 ) Change in unrecognized deferred tax asset 69,805 44,114 — Non-taxable portion of unrealized foreign exchange (gain) loss 3,972 (4,947 ) (1,938 ) Share based compensation expense 86 610 856 Flow through share issuance 309 108 2,700 Other 594 (3,964 ) 576 Deferred tax expense (recovery) $ 48,295 $ 15,415 $ (6,858 ) The change in the unrecognized deferred tax asset in 2017 was a result of the completion of the non-core property disposition in the second quarter of 2017. The components of the net deferred tax asset at December 31, 2018 are as follows: ($000s) 2018 2017 Deferred tax liabilities: Risk management contract asset (3,549 ) (8,943 ) Convertible Debentures (2,122 ) (2,616 ) Deferred tax assets: Property, plant and equipment and exploration and evaluation assets $ 5,280 $ (6,845 ) Senior Notes — 756 Finance lease obligation — 1,860 Onerous lease — — Deferred financing obligation — 406 Deferred gain on sale — 3,515 Risk management contract liability — 1,206 Decommissioning liabilities — 16,365 Share issue costs 391 840 Non-capital losses — 40,850 Other — 904 Deferred tax asset (liability) $ — $ 48,298 Deferred income tax expense (recovery) is a non-cash item relating to temporary differences between the accounting and tax basis of Bellatrix's assets and liabilities. As at December 31, 2018, Bellatrix was in a net unrecognized deferred tax asset position due to uncertainty of Bellatrix's ability to realize the tax assets in future years (refer to note 2 (c)). This resulted in a non-cash deferred tax expense of $70.2 million during the year ended December 31, 2018 related to the unrecognized benefit of deductible temporary differences in excess of taxable temporary differences of approximately $165 million and non-capital loss carry forwards of $133 million . As at December 31, 2018 , Bellatrix had approximately $1.40 billion in tax pools available for deduction against future income. Included in this tax basis are estimated non-capital loss carry forwards of approximately $133 million that expire in years 2025 through 2036. A continuity of the net deferred income tax asset (liability) for 2018 and 2017 is provided below: ($000s) Balance, January 1, 2018 Recognized in Recognized Balance, December 31, 2018 Property, plant and equipment and exploration and evaluation assets $ (6,845 ) $ 6,845 $ — $ — Decommissioning liabilities 16,365 (16,365 ) — — Risk management contract asset (8,943 ) 8,943 — — Risk management contract liability 1,206 (1,206 ) — — Share issue costs 840 (983 ) 143 — Non-capital losses 38,915 (38,915 ) — — Finance lease obligation 1,860 (1,860 ) — — Onerous lease — — — — Deferred financing obligation 406 (406 ) — — Deferred gain on sale 3,515 (3,515 ) — — Alberta non-capital losses greater than Federal non-capital losses 1,935 (1,935 ) — — Senior Notes 756 (756 ) — — Convertible Debentures (2,616 ) 2,616 — — Other 904 (758 ) (146 ) — Total $ 48,298 $ (48,295 ) $ (3 ) $ — ($000s) Balance, January 1, 2017 Recognized in Recognized Balance, December 31, 2017 Property, plant and equipment and exploration and evaluation assets $ (12,555 ) $ 5,710 $ — $ (6,845 ) Decommissioning liabilities 16,967 (602 ) — 16,365 Risk management contract asset — (8,943 ) — (8,943 ) Risk management contract liability 4,477 (3,271 ) — 1,206 Share issue costs 1,950 (1,110 ) — 840 Non-capital losses 38,895 20 — 38,915 Finance lease obligation 2,276 (416 ) — 1,860 Deferred capital obligation 5,910 (5,910 ) — — Deferred financing obligation 2,032 (1,626 ) — 406 Deferred gain on sale 2,890 625 — 3,515 Alberta non-capital losses greater than Federal non-capital losses 1,935 — — 1,935 Senior Notes 418 338 — 756 Convertible Debentures (3,028 ) 412 — (2,616 ) Other 1,546 (642 ) — 904 Total $ 63,713 $ (15,415 ) $ — $ 48,298 ($000s) Balance, January 1, 2016 Recognized in Recognized Balance, December 31, 2016 Property, plant and equipment and exploration and evaluation assets $ (12,142 ) $ (413 ) $ — $ (12,555 ) Decommissioning liabilities 26,034 (9,067 ) — 16,967 Risk management contract asset (3,600 ) 3,600 — — Risk management contract liability 105 4,372 — 4,477 Share issue costs 2,520 (1,264 ) 694 1,950 Non-capital losses 40,766 (1,871 ) — 38,895 Finance lease obligation 2,717 (441 ) — 2,276 Deferred capital obligation — 5,910 — 5,910 Deferred financing obligation — 2,032 — 2,032 Deferred gain on sale — 2,890 — 2,890 Alberta non-capital losses greater than Federal non-capital losses 1,935 — — 1,935 Senior Notes (65 ) 483 — 418 Convertible Debentures — 66 (3,094 ) (3,028 ) Other 985 561 — 1,546 Total $ 59,255 $ 6,858 $ (2,400 ) $ 63,713

FINANCE INCOME AND EXPENSES

FINANCE INCOME AND EXPENSES	12 Months Ended
	Dec. 31, 2018
Borrowing costs [abstract]
FINANCE INCOME AND EXPENSES	FINANCE INCOME AND EXPENSES ($000s) 2018 2017 2016 Interest on Credit Facilities (1) $ 4,302 $ 2,194 $ 13,516 Interest on Second Lien Notes (2) 3,224 — — Interest on Senior Notes (2) 26,219 30,378 30,771 Interest on Convertible Debentures (2) 5,681 5,381 2,063 Accretion on decommissioning liabilities (non-cash) 1,328 1,287 1,713 Finance expense $ 40,754 $ 39,240 $ 48,063 (1) Includes interest at a floating rate, for the year ended December 31, 2018 . The weighted average interest rates for amounts borrowed under the Credit Facilities was 4.42% . (2) Includes amortized costs related to the issuance of the Second Lien Notes, Senior Notes and Convertible Debentures (detailed in note 7).

FOREIGN EXCHANGE

FOREIGN EXCHANGE	12 Months Ended
	Dec. 31, 2018
Effect Of Changes In Foreign Exchange Rates [Abstract]
FOREIGN EXCHANGE	FOREIGN EXCHANGE Bellatrix incurs gains and losses in relation to the foreign currency translation of its Second Lien Notes and Senior Notes. The Second Lien Notes and Senior Notes are translated from United States dollars to Canadian dollars using the closing foreign exchange rate for the period with an unrealized foreign exchange gain or loss included in earnings in the period. Realized and unrealized foreign exchange gains and losses are recognized as Second Lien Notes and Senior Notes and other minor foreign currency based transactions are translated and settled during the period. During the second quarter of 2018 Bellatrix terminated, at no cost, $62.5 million of United States dollar foreign exchange forward purchase contracts which had a maturity date in May 2020. ($000s) 2018 2017 2016 Unrealized gain (loss) on foreign exchange (18,617 ) 22,165 9,939 Unrealized gain (loss) on foreign exchange contracts 3,422 (3,867 ) (2,021 ) Total Unrealized gain (loss) on foreign exchange $ (15,195 ) $ 18,298 $ 7,918 Realized gain (loss) on foreign exchange $ (8,296 ) $ (797 ) $ 277 Gain (loss) on foreign exchange $ (23,491 ) $ 17,501 $ 8,195

PER SHARE AMOUNTS

PER SHARE AMOUNTS	12 Months Ended
	Dec. 31, 2018
Earnings per share [abstract]
PER SHARE AMOUNTS	PER SHARE AMOUNTS The calculation of basic earnings per share for the year ended December 31, 2018 was based on a net loss of $146.3 million ( 2017 : net loss of $91.4 million , 2016: net loss of $ 26.7 million). 2018 2017 2016 Basic common shares outstanding 80,909,225 49,378,026 49,317,165 Fully dilutive effect of: Share options outstanding 952,532 1,622,132 2,573,024 Shares issuable on conversion of Convertible Debentures 6,172,840 6,172,840 6,172,840 Warrants outstanding 3,088,205 — — Fully diluted common shares outstanding 91,122,802 57,172,998 58,063,029 Weighted average shares outstanding 59,734,872 49,351,848 42,821,013 Dilutive effect of share options, Convertible Debentures and Warrants (1) — — — Diluted weighted average shares outstanding 59,734,872 49,351,848 42,821,013 Net (loss) profit per share - basic $ (2.45 ) $ (1.85 ) $ (0.62 ) Net (loss) profit per share - diluted $ (2.45 ) $ (1.85 ) $ (0.62 ) (1) For the year ended December 31, 2018 , a total of 952,532 ( 2017 : 1,622,132 , 2016: 2,573,024 ) share options, 6,172,840 ( 2017 : 6,172,840 , 2016: 6,172,840 ) shares issuable on conversion of Convertible Debentures and 3,088,205 Warrants (2017: nil , 2016: nil ) were excluded from the calculation as they were anti-dilutive.

COMMITMENTS

COMMITMENTS	12 Months Ended
	Dec. 31, 2018
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
COMMITMENTS	COMMITMENTS The following is a summary of Bellatrix’s commitments as at December 31, 2018 : ($000s) 1 Year 2-3 Years 4-5 Years More than Total Operating leases (1) $ 22,433 $ 41,107 $ 33,782 $ 14,745 $ 112,067 Transportation and processing agreements (2) $ 53,943 $ 92,147 $ 66,161 $ 101,882 $ 314,133 (1) Operating leases is comprised of the Company’s commitment for office space, net of recoveries and gross operating leases for field equipment. The Company is committed to payments under fixed term operating leases for office space which do not currently provide for early termination. (2) Transportation agreements is comprised of commitments to third parties to transport natural gas. Processing agreements is comprised of commitments to process natural gas and natural gas liquids through processing facilities. Bellatrix has commitments of 60,000 MMbtu/d under its physical market diversification contracts, refer to note 13. Bellatrix is involved in litigation and claims arising in the normal course of operations. Such claims are not expected to have a material impact on Bellatrix’s results of operations or cash flows. Bellatrix and Keyera Partnership ("Keyera") have entered into a midstream services and governance agreement pursuant to which Bellatrix will have exclusive access to the purchased capacity (approximately 80.5 MMcf/d post commissioning of Phase 2) for a term of 10 years, and will remain the operator of the Alder Flats Plant. In exchange for exclusive access to the purchased capacity during the term, Keyera will be entitled to receive, on an annual basis, a guaranteed fee calculated with reference to the capital fees that Keyera will otherwise receive in accordance with the terms of the construction, ownership and operation agreement governing the Alder Flats Plant.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2018
Related Party [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Key Management Compensation Key management includes officers and directors (executive and non-executive) of the Company. The compensation paid or payable to key management for employee services is shown below: ($000s) 2018 2017 2016 Short-term employee benefits (1) $ 4,805 $ 4,901 $ 3,933 Share-based compensation (2) (431 ) 452 2,509 Total key management compensation $ 4,374 $ 5,353 $ 6,442 (1) Includes termination benefits for the year ended December 31, 2018 of nil ( 2017 : $1.3 million , 2016: nil ). (2) Share-based compensation includes share options, RAs, PAs, and DSUs. Bellatrix retained one of its directors, Steven J. Pully, who has substantial expertise in debt refinancing transactions, to act as special advisor to a special committee of independent directors (the "Special Committee") that was formed to facilitate and lead the Company's refinancing efforts. As a result of the significant increase in the amount of time Mr. Pully was expected to spend performing in this new role, the Company and Mr. Pully entered into an agreement (the “Advisor Agreement”) pursuant to which Mr. Pully would earn a monthly retainer of $35,000 per month for his services, and could earn additional fees upon the completion of pre-established refinancing milestones. As a result of the successful completion of the Second Lien Refinancing, Mr. Pully earned fees of $1.1 million pursuant to the Advisor Agreement through December 31, 2018 .

SUPPLEMENTAL DISCLOSURES

SUPPLEMENTAL DISCLOSURES	12 Months Ended
	Dec. 31, 2018
Disclosure Of Supplemental Disclosures [Abstract]
SUPPLEMENTAL DISCLOSURES	SUPPLEMENTAL DISCLOSURES ($000s) 2018 2017 2016 Changes in non-cash working capital items: Accounts receivable $ 8,717 $ (6,445 ) $ 18,034 Loans receivable — 15,000 — Deposits and prepaid expenses 193 1,496 2,925 Accounts payable and accrued liabilities (10,958 ) (3,578 ) (32,127 ) Total $ (2,048 ) $ 6,473 $ (11,168 ) Changes related to: Operating activities $ 16,692 $ (272 ) $ (443 ) Financing activities (6,371 ) 16,353 601 Investing activities (12,369 ) (9,608 ) (11,326 ) Total $ (2,048 ) $ 6,473 $ (11,168 ) Statement of Profit (Loss) and Comprehensive Income (Loss) Presentation A mixed presentation of nature and function was used for the Company’s presentation of operating expenses in the Statement of Profit (Loss) and Comprehensive Income (Loss) for the current and comparative years. General and administrative expenses are presented by their function. Other expenses, including production, transportation, depletion and gain (loss) on dispositions are presented by their nature. Such presentation is in accordance with industry practice. Total employee compensation costs included in total production and general administrative expenses in the Statements of Profit (Loss) and Comprehensive Income (Loss) for the years ended December 31, 2018 , 2017 and 2016 are detailed in the following table: ($000s) 2018 2017 2016 Production $ 7,169 $ 7,860 $ 8,360 General and administrative (1) 13,399 19,274 11,616 Employee compensation $ 20,568 $ 27,134 $ 19,976 (1) Amount shown is net of capitalization.

SUBSEQUENT EVENT SUBSEQUENT EVE

SUBSEQUENT EVENT SUBSEQUENT EVENT	3 Months Ended
	Mar. 31, 2019
Disclosure of events after reporting period [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENT On March 29, 2019, Bellatrix announced a proposed recapitalization transaction (the “Recapitalization Transaction”) which involves, among other things, an exchange of all of Bellatrix’s: (i) outstanding 8.5% senior unsecured notes due 2020 (the “Senior Unsecured Notes”), in the aggregate principal amount of approximately US $145.8 million , plus US$ 2 million of accrued interest, for, in the aggregate and taking into account early consent consideration, a combination of US $50 million of new second lien notes (“New Second Lien Notes”) due September 2023, US $50 million of new third lien notes due December 2023 (the “New Third Lien Notes”) and approximately 51% of the outstanding common shares (“Common Shares”) in the capital of Bellatrix outstanding immediately following the implementation of the Recapitalization Transaction (the “Senior Unsecured Noteholder New Common Share Pool”); and (ii) outstanding 6.75% convertible debentures due 2021 (the “Convertible Debentures”) for, in the aggregate and taking into account early consent consideration, approximately 32.5% of the outstanding Common Shares immediately following the implementation of the Recapitalization Transaction. Upon completion of the Recapitalization Transaction, existing shareholders (the “Existing Shareholders”) will retain their existing Common Shares, subject to a share consolidation (the “Share Consolidation”) to be implemented as part of the Recapitalization Transaction, such that Existing Shareholders will own approximately 16.5% of the Common Shares outstanding immediately following implementation of the Recapitalization Transaction. The Recapitalization Transaction will be implemented by way of a corporate plan of arrangement (a “CBCA Plan”) under the Canada Business Corporations Act (the “CBCA”). Completion of the Recapitalization Transaction will be subject to, among other things, approval of the CBCA Plan by the Senior Unsecured Noteholders and Convertible Debentureholders, other stakeholder approvals as may be required by the Ontario Superior Court of Justice (Commercial List) (the “Ontario Court”) and the TSX, any applicable regulatory approvals and the approval of the Court. In connection with the completion of the Recapitalization Transaction, the Company has also agreed to (i) amend the exercise price of the warrants issued to the holders of Existing Second Lien Notes (the “Existing Second Lien Noteholders”) to reflect plan equity value; and (ii) issue to the Existing Second Lien Noteholders additional warrants which, together with those warrants currently held by such holders, would be exercisable for Common Shares equal to approximately 5% of the number of Common Shares outstanding immediately following the implementation of the Recapitalization Transaction. The Common Shares issuable to such warrants upon exercise would dilute all Common Shares outstanding following the completion of the Recapitalization Transaction, including the new Common Shares issued to the Senior Unsecured Noteholders and the Convertible Debentureholders pursuant to the Recapitalization Transaction. In connection with the Recapitalization Transaction, it is anticipated that Bellatrix will continue from the Business Corporations Act (Alberta) (“ABCA”) to the CBCA ( the “Continuance”). Transaction costs of the Recapitalization Transaction for 2019 are expected to be $10.4 million . The Company has executed support agreements (the “Support Agreements”) with holders (the “Initial Consenting Noteholders”) of approximately 90% of the Senior Unsecured Notes and a holder (the “Initial Consenting Debentureholder”) of approximately 50% of the Convertible Debentures. Pursuant to the Support Agreements, the Initial Consenting Noteholders and the Initial Consenting Debentureholder have, among other things, agreed to support the Recapitalization Transaction. The Company has also entered into consent agreements (the “Consent Agreements”) with the Existing Second Lien Noteholders, and the lenders (the “First Lien Lenders”) under the Company’s Credit Facility, pursuant to which the Existing Second Lien Noteholders and the First Lien Lenders have, among other things, agreed to waive certain potential defaults under the terms and conditions of the Existing Second Lien Notes and Credit Facility which may result from the Company’s commencement of proceedings under the CBCA, subject to the terms of those agreements. It is a condition to completion of the Recapitalization Transaction that the Company's existing Credit Facilities (which currently matures on November 30, 2019) be extended for a one -year term on terms substantially similar to those currently in place. On April 16, 2019, Bellatrix obtained an interim order (the “Interim Order”) from the Ontario Court authorizing, among other things, the holding of meetings of the holders of the Senior Unsecured Notes, Convertible Debentures, and the Company’s common shares, in each case to consider and vote upon a corporate plan of arrangement (the “Plan of Arrangement”) under the Canada Business Corporations Act (the “CBCA”) to implement the Recapitalization Transaction. The meetings have been scheduled for May 23, 2019 in Calgary.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2018
Corporate Information And Statement Of IFRS Compliance [Abstract]
Statement of compliance	Statement of compliance These financial statements (“financial statements”) were authorized by the Board of Directors on April 29, 2019. The Company prepared these financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”).
Basis of measurement	Basis of measurement The financial statements are presented in Canadian dollars, the Company’s functional currency, and have been prepared on the historical cost basis except for derivative financial instruments and liabilities for cash-settled share-based payment arrangements measured at fair value. The financial statements have, in management’s opinion, been properly prepared using careful judgment and reasonable limits of materiality, and within the framework of the significant policies summarized in note 3. Significant estimates and judgments used in the preparation of the financial statements are detailed in note 4.
Basis of presentation	These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business.
Revenue Recognition	Revenue Recognition Revenue from the sale of crude oil, natural gas, condensate and natural gas liquids (“NGLs”) is measured based on the consideration specified in contracts with customers and excludes amounts collected on behalf of third parties. Bellatrix recognizes revenue when it transfers control of the product to the buyer. This is generally at the time the customer obtains legal title to the product and when it is physically transferred to the delivery mechanism agreed with the customer, often pipelines or other transportation methods. The amount of revenue recognized is based on the agreed upon transaction price, whereby any variability in revenue is related specifically to the Company's efforts to deliver production. Therefore, the resulting revenue is allocated to the production delivered in the period during which the variability occurs. As a result, none of Bellatrix's variable revenue is considered to be constrained. Bellatrix evaluates its arrangements with third parties and partners to determine if the Company acts as the principal or as an agent. In making this evaluation, management considers if Bellatrix obtains control of the product delivered, which is indicated by Bellatrix having the primary responsibility for the delivery of the product, having the ability to establish prices or having inventory risk. If Bellatrix acts in the capacity of an agent rather than as a principal in a transaction, then the revenue is recognized on a net basis, only reflecting the fee, if any, realized by the Company from the transaction. Processing fees charged to other entities for use of pipelines and facilities owned by the Company are evaluated by management to determine if these originate from contracts with customers or from incidental or collaborative arrangements. Processing fees charged to other entities under contracts with customers are recognized in revenue when the related services are provided. Bellatrix’s revenue transactions do not contain significant financing components and payments are typically due on the 25th day of the month following delivery. The Company does not adjust transaction prices for the effects of a significant financing component when the period between the transfer of the promised goods or services to the customer and payment by the customer is less than one year. The Company does not disclose or quantify information about remaining performance obligations that have an original expected duration of one year or less.
Transportation	Transportation Costs paid by Bellatrix for the transportation of crude oil, natural gas, condensate and NGLs to the point of control transfer are recognized when the transportation is provided.
Joint Interests	Joint Interests A portion of the Company’s exploration and development activities are conducted jointly with others. The joint interests are accounted for on a proportionate consolidation basis and as a result, the financial statements reflect only the Company’s proportionate share of the assets, liabilities, revenues, expenses and cash flows from these activities. Joint Arrangements Judgment is required to determine when the Company has joint control over an arrangement. In establishing joint control, the Company considers whether unanimous consent is required to direct the activities that significantly affect the returns of the arrangement, such as the capital and operating activities of the arrangement. Additionally, the Company assesses the rights and obligations arising from the arrangement by considering its governance structure, legal form, and terms agreed upon by the parties sharing control, including the contractual rights of each partner, dispute resolution procedures, termination provisions, and procedures for subsequent transactions in its determination of joint control. Once joint control has been established, judgment is also required to classify the joint arrangement. The type of joint arrangement is determined through analysis of the rights and obligations arising from the arrangement by considering its legal structure, legal form and terms agreed upon by the parties sharing control. An arrangement that is not structured through a separate vehicle in which the controlling parties have rights to the assets, revenues and substantially all of the economic benefits generated through the arrangement, in addition to obligations for the liabilities and expenses, is classified as a joint operation. An arrangement in which these criteria are not met is classified as a joint venture.
Property, Plant and Equipment	Property, Plant and Equipment and Exploration and Evaluation Assets Pre-exploration expenditures Expenditures made by the Company before acquiring the legal right to explore in a specific area do not meet the definition of an asset and therefore are expensed by the Company as incurred. Exploration and evaluation expenditures Once the legal right to explore has been acquired, costs incurred are capitalized as intangible exploration and evaluation assets (“E&E"). These costs include, but are not limited to, exploration license expenditures, leasehold property acquisition costs, evaluation costs, including drilling costs directly attributable to an identifiable well and directly attributable general and administrative costs. These costs are accumulated in cost centres by property and are not subject to depletion, until technical feasibility and commercial viability have been determined. E&E assets are assessed for impairment if sufficient data exists to determine technical feasibility and commercial viability, or if facts and circumstances suggest that the carrying amount is unlikely to be recovered. Developing and production costs Items of property, plant and equipment (“PP&E”), which include oil and gas development and production assets, are measured at cost less accumulated depletion, depreciation and accumulated impairment losses net of recoveries. Subsequent costs Costs incurred subsequent to the determination of technical feasibility and commercial viability and the costs of replacing parts of PP&E are recognized as oil and natural gas interests only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are recognized in profit or loss as incurred. Such capitalized oil and natural gas interests generally represent costs incurred in developing proved and/or probable reserves and bringing in or enhancing production from such reserves, and are accumulated on a well, field or geotechnical area basis. The carrying amount of any replaced or sold component is derecognized. The costs of the day-to-day servicing of property, plant and equipment are recognized in profit or loss as incurred. Depletion and depreciation Depletion of petroleum and natural gas properties is provided using the unit-of-production method based on production volumes in relation to total estimated proven and probable reserves as determined annually by independent engineers in accordance with National Instrument 51-101, Standards of Disclosure of Oil and Gas Activities . Natural gas reserves and production are converted at the energy equivalent of six thousand cubic feet to one barrel of oil. Calculations for depletion are based on total capitalized costs plus estimated future development costs of proven and probable undeveloped reserves less the estimated net realizable value of production equipment and facilities after the proved and probable reserves are fully produced. Depreciation is recognized on significant facilities to expense the cost of significant components of assets less their residual values over their useful lives. Phase 1 of the Alder Flats Plant and associated equipment are depreciated using the straight-line method over estimated useful lives as follows: • General plant and processing equipment - 40 years • Other properties and equipment - 10 years • Turnarounds - 5 years Depreciation of office furniture and equipment is provided for on a 20% declining balance basis. Depreciation methods, useful lives and residual values are reviewed at each reporting date and, if necessary, any changes would be accounted for prospectively. Dispositions Gains on disposal of an item of PP&E or E&E are determined by comparing the proceeds from disposal with the carrying amount of PP&E or E&E and are recognized separately in the Statements of Profit (Loss) and Comprehensive Income (Loss). Exchanges of properties are measured at fair value, unless the transaction lacks commercial substance or fair value cannot be reasonably measured. Where the exchange is measured at fair value, a gain or loss is recognized in the Statements of Profit (Loss) and Comprehensive Income (Loss).
Exploration and Evaluation Assets	Property, Plant and Equipment and Exploration and Evaluation Assets Pre-exploration expenditures Expenditures made by the Company before acquiring the legal right to explore in a specific area do not meet the definition of an asset and therefore are expensed by the Company as incurred. Exploration and evaluation expenditures Once the legal right to explore has been acquired, costs incurred are capitalized as intangible exploration and evaluation assets (“E&E"). These costs include, but are not limited to, exploration license expenditures, leasehold property acquisition costs, evaluation costs, including drilling costs directly attributable to an identifiable well and directly attributable general and administrative costs. These costs are accumulated in cost centres by property and are not subject to depletion, until technical feasibility and commercial viability have been determined. E&E assets are assessed for impairment if sufficient data exists to determine technical feasibility and commercial viability, or if facts and circumstances suggest that the carrying amount is unlikely to be recovered. Developing and production costs Items of property, plant and equipment (“PP&E”), which include oil and gas development and production assets, are measured at cost less accumulated depletion, depreciation and accumulated impairment losses net of recoveries. Subsequent costs Costs incurred subsequent to the determination of technical feasibility and commercial viability and the costs of replacing parts of PP&E are recognized as oil and natural gas interests only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are recognized in profit or loss as incurred. Such capitalized oil and natural gas interests generally represent costs incurred in developing proved and/or probable reserves and bringing in or enhancing production from such reserves, and are accumulated on a well, field or geotechnical area basis. The carrying amount of any replaced or sold component is derecognized. The costs of the day-to-day servicing of property, plant and equipment are recognized in profit or loss as incurred. Depletion and depreciation Depletion of petroleum and natural gas properties is provided using the unit-of-production method based on production volumes in relation to total estimated proven and probable reserves as determined annually by independent engineers in accordance with National Instrument 51-101, Standards of Disclosure of Oil and Gas Activities . Natural gas reserves and production are converted at the energy equivalent of six thousand cubic feet to one barrel of oil. Calculations for depletion are based on total capitalized costs plus estimated future development costs of proven and probable undeveloped reserves less the estimated net realizable value of production equipment and facilities after the proved and probable reserves are fully produced. Depreciation is recognized on significant facilities to expense the cost of significant components of assets less their residual values over their useful lives. Phase 1 of the Alder Flats Plant and associated equipment are depreciated using the straight-line method over estimated useful lives as follows: • General plant and processing equipment - 40 years • Other properties and equipment - 10 years • Turnarounds - 5 years Depreciation of office furniture and equipment is provided for on a 20% declining balance basis. Depreciation methods, useful lives and residual values are reviewed at each reporting date and, if necessary, any changes would be accounted for prospectively. Dispositions Gains on disposal of an item of PP&E or E&E are determined by comparing the proceeds from disposal with the carrying amount of PP&E or E&E and are recognized separately in the Statements of Profit (Loss) and Comprehensive Income (Loss). Exchanges of properties are measured at fair value, unless the transaction lacks commercial substance or fair value cannot be reasonably measured. Where the exchange is measured at fair value, a gain or loss is recognized in the Statements of Profit (Loss) and Comprehensive Income (Loss).
Impairment	Impairment Financial assets Impairment of financial assets is determined by measuring the assets' expected credit loss ("ECL"). Accounts receivable are due within one year or less; therefore, these financial assets are not considered to have a significant financing component and a lifetime ECL is measured at the date of initial recognition of the accounts receivable. The ECL pertaining to accounts receivable is assessed at initial recognition and this provision is re-assessed at each reporting date. ECLs are a probability-weighted estimate of all possible default events related to the financial asset and are measured as the difference between the present value of the cash flows due to Bellatrix and the cash flows the Company expects to receive, including cash flows expected from collateral and other credit enhancements that are a part of contractual terms. In making an assessment as to whether financial assets are credit-impaired, the Company considers historically realized bad debts, counterparty's identity, customers pay practices and the terms of the contract under which the obligation arose. The carrying amounts of financial assets are reduced by the amount of the ECL through an allowance account and losses are recognized within general and administrative ("G&A") expense in the Statements of Profit (Loss) and Comprehensive Income. Based on industry experience, the Company considers its accounts receivable to be in default when the receivable is more than 90 days past due. Once the Company has pursued collection activities and it has been determined that the incremental cost of pursuing collection outweighs the benefits, Bellatrix derecognizes the gross carrying amount of the financial asset and the associated allowance from the balance sheets. Non-financial assets Developing and producing assets are assessed for impairment if facts and circumstances suggest that the carrying amount exceeds the recoverable amount. The impairment test is performed at the asset or CGU level. The recoverable amount of an asset or a cash-generating unit ("CGU") is the greater of its value in use (“VIU”) and its fair value less costs to sell (“FVLCS”). FVLCS is determined to be the amount for which the asset could be sold in an arm’s length transaction. FVLCS can be determined by using an observable market metric or by using discounted future net cash flows of proved and probable reserves using forecasted prices and costs. VIU is determined by estimating the present value of the future net cash flows expected to be derived from the continued use of the asset or CGU. An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognized in the Company’s Statement of Profit (Loss) and Comprehensive Income (Loss) in the period in which it occurs. Impairment losses recognized in prior years are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depletion and depreciation, if no impairment loss had been recognized. E&E assets are assessed for impairment, both at the time of any triggering facts and circumstances as well as upon their eventual reclassification to producing assets (oil and natural gas interests in PP&E). E&E assets are grouped together with the Company’s CGU’s when they are assessed for impairment. II. Identification of CGUs Bellatrix’s assets are aggregated into CGUs, for the purpose of calculating impairment, based on their ability to generate largely independent cash flows, geography, geology, production profile and infrastructure of their assets. III. Impairment Indicators and Impairment Reversal Judgment is required to assess when impairment indicators exist and impairment testing is required with respect to exploration and evaluation assets and property, plant and equipment. Recoverability of asset carrying values The Company assesses its oil and gas properties, including exploration and evaluation assets, for possible impairment if there are events or changes in circumstances that indicate that carrying values of the assets may not be recoverable, or at least at every reporting date. The assessment of any impairment of property, plant and equipment is dependent upon estimates of recoverable amount that take into account factors such as reserves, future estimated commodity prices, royalties and costs, economic and market conditions, timing of cash flows, discount rates, the useful lives of assets and their related salvage values. By their nature, these estimates and assumptions are subject to measurement uncertainty and may impact the carrying value of the Company’s assets in future periods.
Provisions	Provisions Provisions are recognized when the Company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are determined by discounting the expected cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability, if the risks have not been incorporated into the estimate of cash flows. The increase in the provision due to the passage of time is recognized within finance expense. Onerous contract provisions are recognized when the unavoidable costs of meeting the obligation exceed the economic benefit derived from the contract. The provision for onerous contracts is measured at the present value of estimated future cash flows underlying the obligations less any estimated recoveries, discounted at the risk-free rate. Decommissioning liabilities The Company’s activities give rise to dismantling, decommissioning and site disturbance remediation activities. A provision is made for the estimated cost of site restoration and capitalized in the relevant asset category. Decommissioning obligations are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the balance sheet date. Changes in the present value of the estimated expenditure are reflected as an adjustment to the liability and the relevant asset. The accretion or unwinding of the discount on the decommissioning provision is recognized as a finance expense. Actual costs incurred upon settlement of the decommissioning liabilities are charged against the provision to the extent the provision was recognized. Environmental liabilities The Company records liabilities on an undiscounted basis for environmental remediation efforts that are likely to occur and where the cost can be reasonably estimated. The estimates, including associated legal costs, are based on available information using existing technology and enacted laws and regulations. The estimates are subject to revision in future periods based on actual costs incurred or new circumstances. Any amounts expected to be recovered from other parties, including insurers, are recorded as an asset separate from the associated liability.
Share-based Payments	Share-based Payments Equity-settled transactions Bellatrix accounts for options issued under the Company’s share option plan by reference to the fair value of the equity instruments granted. The fair value of each share option is estimated on the date of the grant using the Black-Scholes options pricing model and charged to earnings over the vesting period with a corresponding increase to contributed surplus. The Company estimates a forfeiture rate on the grant date and the rate is adjusted to reflect the actual number of options that actually vest. The expected life of the options granted is adjusted, based on the Company’s best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. Cash-settled transactions The Company’s Deferred Share Unit Plan (the “DSU Plan”) is accounted for as a cash settled share based payment plan in which the fair value of the amount payable under the DSU Plan is recognized as an expense with a corresponding increase in liabilities. The liability is remeasured at each reporting date and at settlement date. Any changes in the fair value of the liability are recognized in profit or loss. Awards under the Award Incentive Plan ("Award Plan") may be settled in cash, in common shares of the Company, or a combination thereof. The Company’s Restricted and Performance Award Plan is accounted for as a cash settled share based payment plan in which the fair value of the amounts payable under the Award Plan are recognized incrementally as an expense over the vesting period, with a corresponding change in liabilities. The liability is remeasured at each reporting date and at settlement date. Any changes in the fair value of the liability are recognized in profit or loss.
Income Taxes	Income Taxes Income tax expense is comprised of current and deferred tax. Income tax expense is recognized in profit or loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from, or paid, to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted, or substantively enacted, by the date of the statement of financial position. Deferred tax Deferred tax is recognized using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is not a business combination. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted, or substantively enacted, by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.
Financial Instruments	Financial Instruments All financial assets are initially measured at fair value. Financial assets are subsequently measured at either amortized cost, fair value through other comprehensive income ("FVOCI") or fair value through profit or loss ("FVTPL"), depending on the Company's business model for managing the financial assets, and the contractual cash flow characteristics of the financial assets. Financial assets are not reclassified subsequent to their initial recognition, except if the Company changes its business model for managing financial assets. A financial asset is subsequently measured at amortized cost if it meets both of the following conditions: (i). The asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and (ii). The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets that meet condition (ii) above that are held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets is subsequently measured at FVOCI. All other financial assets are subsequently measured at FVTPL, with changes in fair value recognized in profit or loss. Accounts receivable are classified and measured at amortized cost. Financial liabilities are classified and measured at amortized cost using the effective interest rate method, except for derivatives that are liabilities, deferred share units, restricted awards and performance awards, which are all classified and measured at FVTPL. Accounts payable and accrued liabilities, Credit Facilities, Second Lien Notes, Senior Notes, Convertible Debentures and finance lease obligations are classified and measured at amortized cost. Financial instruments measured at fair value on the balance sheet require classification into one of the following levels of the fair value hierarchy: Level 1 – Valuation based on quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 – Valuation based on inputs other than quoted prices included in level 1, that are observable directly or indirectly. Level 3 – Valuation based on inputs that are not based on observable market data. The fair value hierarchy level at which a fair value measurement is categorized is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. The Company has categorized its financial instruments that are fair valued on the balance sheet according to the fair value hierarchy. Transaction costs attributable to financial instruments classified as other than held-for-trading are included in the recognized amount of the related financial instrument and recognized over the life of the resulting financial instrument using the effective interest rate method. The Company utilizes financial derivatives and commodity sales contracts requiring physical delivery to manage the price risk attributable to anticipated sale of petroleum and natural gas production and foreign exchange exposures. The Company does not enter into derivative financial instruments for trading or speculative purposes. The Company has not designated its financial derivative contracts as effective accounting hedges, and thus has not applied hedge accounting, even though the Company considers all commodity contracts to be economic hedges. As a result, financial derivatives are classified as FVTPL and are recorded on the balance sheet at fair value, with fair value changes recorded in profit or loss. The derivative financial instruments are initiated within the guidelines of the Company’s corporate hedging policy. This includes linking all derivatives to specific assets and liabilities on the balance sheet, to specific firm commitments, or forecasted transactions. The Company accounts for its commodity sales and purchase contracts, which were entered into and continue to be held for the purpose of receipt or delivery of non-financial items, in accordance with its expected purchase, sale or usage requirements as executory contracts. As such, physical sales and purchase contracts are not recorded at fair value on the balance sheet. Settlements on these physical sales and purchase contracts are recognized in petroleum and natural gas sales.
Compound financial Instruments	Compound Financial Instruments The Company's compound financial instruments are comprised of its Warrants issued with the Second Lien Notes and the Convertible Debentures that can be converted to common shares at the option of the holder. The number of shares to be issued does not vary with changes in fair value. The Second Lien Notes and Convertible Debentures liability component are recognized initially at the fair value of a similar liability that does not have an equity conversion option. The equity component is recognized initially as the difference between the fair value of the Second Lien Notes and Convertible Debenture and the fair value of the liability components. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of the Second Lien Notes and Convertible Debentures is measured at amortized cost using the effective interest method. The Warrants and equity component of the Convertible Debentures are not re-measured subsequent to initial recognition.
Lease Obligations	Lease Obligations Leases which effectively transfer substantially all of the risks and rewards of ownership to the Company are classified as finance leases and are accounted for as an acquisition of an asset and an assumption of an obligation at the inception of the lease, measured as the present value of minimum lease payments to a maximum of the asset’s fair value. The asset is amortized in accordance with the Company’s depletion and depreciation policy. The obligations recorded under finance lease payments are reduced by the lease payments made. Assets held under other leases are classified as operating leases and are not recognized in the balance sheet. Payments made under operating leases are recognized in profit or loss on a straight-line basis over the term of the lease. Lease incentives received from landlords are deferred and recognized as an integral part of the total lease expense, over the term of the lease.
Basic and Diluted per Share Calculations	Basic and Diluted per Share Calculations Basic per share amounts are calculated using the weighted average number of shares outstanding during the period. The Company uses the treasury share method to determine the dilutive effect of share options. Under the treasury share method, only “in the money” dilutive instruments impact the diluted calculations in computing diluted per share amounts.
Finance Income and Expense	Finance Income and Expenses Finance income is recognized as it accrues in profit or loss, using the effective interest method. Finance expense comprises interest expense on borrowings, amortization of financing costs and discounts, and accretion of the discount on provisions.
Borrowing Costs	Borrowing Costs Borrowing costs incurred for the construction of qualifying assets are capitalized during the period of time that is required to complete and prepare the assets for their intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use. All other borrowing costs are recognized in profit or loss using the effective interest method. The capitalization rate used to determine the amount of borrowing costs to be capitalized is the weighted average interest rate applicable to the Company’s outstanding borrowings during the period.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash and short-term investments with original maturities of three months or less.
Business Combinations	Business Combinations Business combinations are accounted for using the acquisition method. The identifiable assets acquired and liabilities and contingent liabilities assumed are measured at their fair values at the acquisition date. The cost of an acquisition is measured as the aggregate consideration transferred, measured at the acquisition date fair value. If the cost of the acquisition is less than the fair value of the net assets acquired, the difference is recognized immediately in profit or loss. If the cost of the acquisition is more than the fair value of the net assets acquired, the difference is recognized on the balance sheet as goodwill. Acquisition costs incurred are expensed.
Foreign Currency Translation	Foreign Currency Translation Monetary assets and liabilities denominated in a foreign currency are translated at the rate of exchange in effect at the balance sheet date. Revenues and expenses are translated at the period average rates of exchange. Translation gains and losses are included in earnings in the period in which they arise. Bellatrix’s functional and presentation currency is Canadian dollars.
Oil and Gas reserves	Oil and Gas Reserves Reserves and resources are used in the units of production calculation for depletion, depreciation and amortization, and the impairment analysis which affect net profit or loss. There are numerous uncertainties inherent in estimating oil and gas reserves. Estimating reserves is very complex, requiring many judgments based on geological, geophysical, engineering and economic data. Changes in these judgments could have a material impact on the estimated reserves. These estimates may change, having either a negative or positive effect on net profit as further information becomes available and as the economic environment changes.
Decommissioning obligations	II. Decommissioning obligations Provisions for decommissioning obligations associated with the Company’s drilling operations are based on current legal and constructive requirements, technology, price levels and expected plans for remediation. Actual costs and cash outflows can differ from estimates because of changes in laws and regulations, public expectations, prices, discovery and analysis of site conditions and changes in clean up technology.
Income taxes	III. Income taxes Deferred tax assets and liabilities are recognized for the estimated tax consequences between amounts included in the financial statements and their tax base using substantively enacted future income tax rates. Timing of future revenue streams and future capital spending changes can affect the timing of any temporary differences, and accordingly affect the amount of the deferred tax asset or liability calculated at a point in time. Deferred tax assets are recognized when it is considered probable that deductible temporary differences will be recovered in future periods, which requires Management judgment. These differences could materially impact earnings.
Non-monetary Transactions	Non-monetary Transactions Judgment is required to determine whether non-monetary transactions have commercial substance.

CHANGES IN SIGNIFICANT ACCOUN_2

CHANGES IN SIGNIFICANT ACCOUNTING POLICIES CHANGES IN SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract]
Disclosure of financial liabilities at date of initial application of IFRS 9	A comparison of financial instrument subsequent measurement categories, pre and post adoption of IFRS 9, is as follows: Financial Assets and Liabilities IAS 39 IFRS 9 Accounts receivable Amortized cost Amortized cost Commodity risk management contracts FVTPL FVTPL Foreign exchange risk management contracts FVTPL FVTPL Accounts payable and accrued liabilities Amortized cost Amortized cost Deferred share units FVTPL FVTPL Restricted awards FVTPL FVTPL Performance awards FVTPL FVTPL Credit Facilities Amortized cost Amortized cost Second Lien Notes N/A Amortized cost Senior Notes Amortized cost Amortized cost Convertible Debentures Amortized cost Amortized cost Finance lease obligation Amortized cost Amortized cost
Disclosure of financial assets at date of initial application of IFRS 9	A comparison of financial instrument subsequent measurement categories, pre and post adoption of IFRS 9, is as follows: Financial Assets and Liabilities IAS 39 IFRS 9 Accounts receivable Amortized cost Amortized cost Commodity risk management contracts FVTPL FVTPL Foreign exchange risk management contracts FVTPL FVTPL Accounts payable and accrued liabilities Amortized cost Amortized cost Deferred share units FVTPL FVTPL Restricted awards FVTPL FVTPL Performance awards FVTPL FVTPL Credit Facilities Amortized cost Amortized cost Second Lien Notes N/A Amortized cost Senior Notes Amortized cost Amortized cost Convertible Debentures Amortized cost Amortized cost Finance lease obligation Amortized cost Amortized cost

FINANCIAL RISK MANAGEMENT (Tabl

FINANCIAL RISK MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2018
Financial Instruments [Abstract]
Disclosure of capital structure	The Company’s capital structure and its calculation of total net debt and the total net debt to adjusted funds flow ratio as defined by the Company is as follows: Debt to Adjusted Funds Flow Ratio Year ended December 31, ($000s, except where noted) 2018 2017 Shareholders’ equity 672,725 774,022 Credit Facilities 47,763 52,066 Adjusted working capital deficiency (1) 20,740 23,926 Subtotal 68,503 75,992 Second Lien Notes (mature on September 11, 2023) (2) 137,097 — Senior Notes (mature May 15, 2020) (2) 196,000 305,409 Net debt (1) 401,600 381,401 Convertible Debentures (liability component) 41,732 39,426 Total net debt (1) at year end 443,332 420,827 Debt to adjusted funds flow ratio (annualized) (3) (4) Adjusted funds flow (4) (annualized) 62,032 62,800 Net debt (1) to periods adjusted funds flow ratio (annualized) (3) 6.5 x 6.1 x Total net debt to periods adjusted funds flow ratio (annualized) (3) 7.1 x 6.7 x Debt to adjusted funds flow ratio (4) Adjusted funds flow for the year (4) 48,025 58,240 Net debt (1) to adjusted funds flow ratio (4) for the year 8.4 x 6.5 x Total net debt (1) to adjusted funds flow ratio (4) for the year 9.2 x 7.2 x (1) Net debt and total net debt as presented do not have a standardized meaning prescribed by IFRS and therefore may not be comparable with the calculation of similar measures for other entities. The Company’s calculation of total net debt excludes other deferred liabilities, long-term risk management contract liabilities and decommissioning liabilities. Total net debt includes the adjusted working capital deficiency, amounts outstanding under Credit Facilities, Second Lien Notes, Senior Notes and Convertible Debentures (liability component). The adjusted working capital deficiency as presented does not have a standardized meaning prescribed by IFRS and therefore may not be comparable with the calculation of similar measures for other entities. The Company calculated adjusted working capital deficiency as net working capital deficiency excluding current risk management contract assets and liabilities, current portion of other deferred liabilities, current portion of Credit Facilities and current portion of decommissioning liability. Net debt excludes the liability component of Convertible Debentures that is included in total net debt. (2) For the year ended December 31, 2018 , Second Lien Notes and Senior Notes includes an unrealized foreign exchange loss of $18.6 million ( 2017 : $22.2 million gain) and does not include an unrealized gain of $3.4 million ( 2017 : $3.9 million loss ) on foreign exchange contracts. (3) For the years ended December 31, 2018 and 2017 , net debt and total net debt to period’s adjusted funds flow ratio (annualized) is calculated based upon fourth quarter adjusted funds flow annualized. (4) Adjusted funds flow as presented do not have a standardized meaning prescribed by IFRS and therefore may not be comparable with the calculation of similar measures for other entities. Adjusted funds flow is calculated as cash flow from operating activities, excluding decommissioning costs incurred, changes in non-cash working capital incurred, and transaction costs.
Disclosure of credit risk exposure	As at December 31, 2018 , accounts receivable was comprised of the following: Aging ($000s) Not past due (less Past due (90 days Total Joint venture and other trade accounts receivable $ 6,672 $ 8,316 $ 14,988 Revenue and other accruals 23,252 297 23,549 Less: Allowance for expected credit loss Balance, beginning of year — (889 ) (889 ) Provision — (693 ) (693 ) Balance, end of year — (1,582 ) (1,582 ) Total accounts receivable $ 29,924 $ 7,031 $ 36,955
Disclosure of maturity analysis for non-derivative financial liabilities	The following are the contractual maturities of financial liabilities as at December 31, 2018 : Liabilities ($000s) Total < 1 Year 1-3 Years 3-5 Years More than Accounts payable and accrued liabilities $ 61,211 $ 61,211 $ — $ — $ — Risk management liability 2,569 917 1,652 — — Credit Facilities 47,763 47,763 — — — Second Lien Notes (1)(2) 139,331 — — 139,331 — Senior Notes (1) 198,904 — 198,904 — — Convertible Debentures (1) 50,000 — 50,000 — — Finance lease obligation 5,721 475 938 915 3,393 Total $ 505,499 $ 110,366 $ 251,494 $ 140,246 $ 3,393 (1) Principal amount of the instruments (2) Maturity date of Second Lien Notes will be accelerated to March 14, 2020 if more than US$25 million principal amount of Senior Notes remaining outstanding as at March 14, 2020 .
Disclosure of commodity price risk management	As at December 31, 2018 , the Company has entered into commodity price risk management arrangements as follows: Natural gas fixed price arrangements Type Period Volume Price Index Natural gas fixed Financial January 2019 10,000 GJ/d $ 2.54 CDN AECO Natural gas fixed Financial February 2019 10,000 GJ/d $ 2.43 CDN AECO Natural gas fixed Financial April 1, 2019 to October 31, 2019 20,000 GJ/d $ 1.79 CDN AECO Natural gas basis differential arrangements Type Period Volume Price Index Natural gas Financial April 1, 2019 to October 31, 2020 10,551 GJ/d $ (1.17 )US AECO 7A/NYMEX Natural gas Financial January 1, 2019 to October 31, 2020 10,551 GJ/d $ (1.19 )US AECO 7A/NGI Chicago Natural gas Financial January 1, 2019 to October 31, 2020 5,275 GJ/d $ (1.23 )US AECO/Dawn Gas Daily Crude oil call option arrangements Type Period Volume Price Index Oil Financial January 1, 2019 to December 31, 2019 1,000 bbl/d $ 87.50 CDN WTI - NYMEX Oil Financial January 1, 2020 to December 31, 2020 1,000 bbl/d $ 77.90 CDN WTI - NYMEX At December 31, 2018, the Company had the following contracts with customers for the sale of future production: Commodity Period Volume Price NGL product mix January 1, 2019 - March 31, 2026 10,000 bbl/d Varying indices for the relative components of the product mix Natural gas January 1, 2019 - October 31, 2020 20,000 MMBtu/d Chicago Natural gas January 1, 2019 - October 31, 2020 25,000 MMBtu/d Dawn Natural gas January 1, 2019 - October 31, 2020 15,000 MMBtu/d Malin
Disclosure of fair value measurement of assets	The following is a summary of the net risk management asset (liability) as at December 31, 2018 and December 31, 2017 : ($000s) 2018 2017 Current portion commodity contract asset $ 9,852 $ 31,910 Commodity contract asset (long term) 3,291 1,213 Current portion commodity contract liability (917 ) (4,468 ) Commodity contract liability (long term) (1,652 ) — Foreign exchange contract liability (long term) — (3,422 ) Net risk management asset (liability) $ 10,574 $ 25,233 The fair value of financial assets and liabilities, excluding working capital and Credit Facilities discussed above, is attributable to the following fair value hierarchy levels at December 31, 2018 and December 31, 2017 : ($000s) Fair Value 2018 Carrying Value Level 1 Level 2 Level 3 Financial assets Risk management asset 13,143 — 13,143 — Financial liabilities Risk management liability 2,569 — 2,569 — Finance lease obligation 5,721 — 7,494 — Second Lien Notes (3) 137,097 — 139,337 — Senior Notes (2) 196,000 — 119,342 — Convertible Debentures (1) 41,732 — 22,500 — (1) The fair value of the Convertible Debentures is based on the closing market price on the TSX of $45.00 per Debenture as at December 31, 2018 , and represents the market value of the entire instrument. (2) The fair value of the Senior Notes is based on the closing market price of $60.00 per Senior Note as at December 31, 2018 . (3) The fair value of Second Lien Notes approximates the carrying value given the September 11, 2018 date of issuance and additional notes issued on December 11, 2018 at the same terms. ($000s) Fair Value 2017 Carrying Value Level 1 Level 2 Level 3 Financial assets Risk management asset 33,123 — 33,123 — Financial liabilities Risk management liability 7,890 — 7,890 — Finance lease obligation 6,891 — 8,932 — Convertible Debentures (1) 39,426 — 46,000 — Senior Notes (2) 305,409 — 299,258 — (1) The fair value of the Convertible Debentures is based on the closing market price on the TSX of $92.00 per Debenture as at December 31, 2017 , and represents the market value of the entire instrument. (2) The fair value of the Senior Notes is based on the closing market price of $95.63 per Senior Note as at December 31, 2017 .
Disclosure of fair value measurement of liabilities	The fair value of financial assets and liabilities, excluding working capital and Credit Facilities discussed above, is attributable to the following fair value hierarchy levels at December 31, 2018 and December 31, 2017 : ($000s) Fair Value 2018 Carrying Value Level 1 Level 2 Level 3 Financial assets Risk management asset 13,143 — 13,143 — Financial liabilities Risk management liability 2,569 — 2,569 — Finance lease obligation 5,721 — 7,494 — Second Lien Notes (3) 137,097 — 139,337 — Senior Notes (2) 196,000 — 119,342 — Convertible Debentures (1) 41,732 — 22,500 — (1) The fair value of the Convertible Debentures is based on the closing market price on the TSX of $45.00 per Debenture as at December 31, 2018 , and represents the market value of the entire instrument. (2) The fair value of the Senior Notes is based on the closing market price of $60.00 per Senior Note as at December 31, 2018 . (3) The fair value of Second Lien Notes approximates the carrying value given the September 11, 2018 date of issuance and additional notes issued on December 11, 2018 at the same terms. ($000s) Fair Value 2017 Carrying Value Level 1 Level 2 Level 3 Financial assets Risk management asset 33,123 — 33,123 — Financial liabilities Risk management liability 7,890 — 7,890 — Finance lease obligation 6,891 — 8,932 — Convertible Debentures (1) 39,426 — 46,000 — Senior Notes (2) 305,409 — 299,258 — (1) The fair value of the Convertible Debentures is based on the closing market price on the TSX of $92.00 per Debenture as at December 31, 2017 , and represents the market value of the entire instrument. (2) The fair value of the Senior Notes is based on the closing market price of $95.63 per Senior Note as at December 31, 2017 .

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2018
Financial Instruments [Abstract]
Disclosure of detailed information about borrowings	($000s) Liability Component Equity Component Balance, December 31, 2016 $ 37,420 $ 7,818 Effective interest on Convertible Debentures $ 2,006 $ — Balance, December 31, 2017 $ 39,426 $ 7,818 Effective interest on Convertible Debentures 2,306 — Balance, December 31, 2018 $ 41,732 $ 7,818 The following table lists the covenant under Second Lien Notes and Senior Notes and the Company’s position therewith as at December 31, 2018 : Covenant as at Position at December 31, 2018 December 31, 2018 Second Lien Notes and Senior Notes – Incurrence Test Minimum Ratio Fixed charge coverage (1) 2.25 x 2.00 x (1) Fixed charge coverage is computed as the ratio of fixed charges (as defined in the Note Indenture, fixed charges generally includes interest expense plus paid or accrued dividends, if any) to trailing twelve month cash flow (as defined in the Note Indenture, cash flow includes the net profit (loss) and adds back provision for taxes, fixed charges, depletion, and various other non-recurring expenses and charges). For the trailing twelve months ended December 31, 2018 , fixed charges were $39.8 million and cash flow was $79.7 million . The following table lists the covenant under the Credit Facilities and Second Lien Notes and the Company’s compliance therewith as at December 31, 2018 . Covenant as at Position at December 31, 2018 December 31, 2018 Credit Facilities – Covenants Maximum Ratio Senior Debt (1) to EBITDA (2) for the last four fiscal quarters 5.00 x 2.88 x First Lien Debt (3) to EBITDA (2) for the last four fiscal quarters 3.00 x 1.15 x Second Lien Notes - Covenant Senior Debt (1) to EBITDA (2) for the last four fiscal quarters 5.00 x 2.88 x (1) “Senior Debt” is defined as Consolidated Total Debt, excluding any unsecured or subordinated debt (Senior Notes and Convertible Debentures (liability component)). “Consolidated Total Debt” is defined as determined on a consolidated basis in accordance with GAAP and without duplication, all Debt of the Borrower. The Company’s calculation of Consolidated Total Debt excludes decommissioning liabilities, onerous contracts and deferred tax liability. The calculation includes outstanding letters of credit, Credit Facilities, finance lease obligations, deferred lease inducements, deferred capital obligations, deferred financing obligations and net working capital deficiency (excess), calculated as working capital deficiency excluding current risk management contract assets and liabilities, current decommissioning liabilities and current onerous contracts. Senior Debt at December 31, 2018 was $224.4 million . (2) EBITDA is calculated based on terms and definitions set out in the agreements governing the Credit Facilities and Second Lien Notes which adjusts net income for financing costs, income taxes, depletion and depreciation, certain specific unrealized and non-cash transactions, and acquisition and disposition activity and is calculated based on a trailing twelve month basis. EBITDA for the trailing twelve months ended December 31, 2018 was $77.9 million . (3) "First Lien Debt" is defined as Consolidated Total Debt, excluding any unsecured, second lien or subordinated debt (Second Lien Notes, Senior Notes and Convertible Debentures (liability component)). First Lien Debt at December 31, 2018 was $89.8 million . ($000s) Amount Balance, December 31, 2016 $ 324,691 Unrealized foreign exchange gain (1) (2) (22,079 ) Amortization of discount and debt issue costs 2,797 Balance, December 31, 2017 $ 305,409 Unrealized foreign exchange gain (3) (4) 22,032 Amortization of discount and debt issue costs 2,617 Settlement of Senior Notes for equity (30,673 ) Settlement of Senior Notes for Second Lien Notes (103,385 ) Balance, December 31, 2018 $ 196,000 (1) Exchange rate (CDN$/US$1.00) at December 31, 2017 was 1.2518 . (2) Amount does not include unrealized loss on foreign exchange contracts of $3.9 million . (3) Exchange rate (CDN$/US$1.00) at December 31, 2018 was 1.3646 . (4) Amount does not include unrealized gain on foreign exchange contracts of $3.4 million . ($000s) 2018 2017 Credit Facilities - current $ 47,763 $ — Credit Facilities - non-current — 52,066 Second Lien Notes (mature on September 11, 2023 to December 12, 2023) 137,097 — Senior Notes (mature on May 15, 2020) 196,000 305,409 Convertible Debentures (liability component) 41,732 39,426 Debt $ 422,592 $ 396,901 Second Lien Notes ($000s) Liability Component Warrants Balance, December 31, 2017 $ — $ — Issuance of Second Lien Notes in exchange for Senior Notes (2) 92,451 1,652 Issuance of additional Second Lien Notes for cash proceeds 39,815 — Unrealized foreign exchange gain (1) 4,719 — Amortization of discount 112 — Balance, December 31, 2018 $ 137,097 $ 1,652 (1) Exchange rate (CDN$/US$1.00) at December 31, 2018 was 1.3646 . (2) Warrants component of Second Lien Notes is presented net of tax.

EXPLORATION AND EVALUATION AS_2

EXPLORATION AND EVALUATION ASSETS (Tables)	12 Months Ended
	Dec. 31, 2018
Exploration For And Evaluation Of Mineral Resources [Abstract]
Disclosure of detailed information about exploration and evaluation assets	($000s) Cost Balance, December 31, 2016 $ 29,246 Additions 1,664 Dispositions (7,843 ) Transfer to oil and natural gas properties (336 ) Balance, December 31, 2017 22,731 Additions 577 Transfer to oil and natural gas properties (5,601 ) Balance, December 31, 2018 $ 17,707

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2018
Property, plant and equipment [abstract]
Disclosure of detailed information about property, plant and equipment	($000s) Oil and Natural Operated Office Total Cost Balance, December 31, 2016 $ 2,034,954 $ 56,060 $ 26,420 $ 2,117,434 Additions 111,485 12,058 1,888 125,431 Transfer from exploration and evaluation assets 336 — — 336 Disposals (298,102 ) — — (298,102 ) Balance, December 31, 2017 1,848,673 68,118 28,308 1,945,099 Additions 77,837 3,102 1,311 82,250 Transfer from exploration and evaluation assets 5,601 — — 5,601 Disposals (7,736 ) — — (7,736 ) Balance, December 31, 2018 $ 1,924,375 $ 71,220 $ 29,619 $ 2,025,214 Accumulated depletion, depreciation and impairment losses Balance, December 31, 2016 $ 806,656 $ 1,987 $ 12,219 $ 820,862 Charge for the year 116,693 1,122 2,837 120,652 Disposals (196,955 ) — — (196,955 ) Impairment (reversal) 13,150 — — 13,150 Balance, December 31, 2017 739,544 3,109 15,056 757,709 Charge for the year 100,840 1,854 2,592 105,286 Disposals (4,343 ) — — (4,343 ) Impairment $ 2,140 $ — $ — $ 2,140 Balance, December 31, 2018 $ 838,181 $ 4,963 $ 17,648 $ 860,792 Carrying amounts Balance, December 31, 2017 $ 1,109,129 $ 65,009 $ 13,252 $ 1,187,390 Balance, December 31, 2018 $ 1,086,194 $ 66,257 $ 11,971 $ 1,164,422
Disclosure of information for VIU and FVLCS cash-generating units	The VIU determination of estimated recoverable amounts of each CGU was based on before-tax discount rates ranging from 15 - 20 % and the following forward commodity price estimates: Year Edmonton Crude Ref Oil (1) AECO Gas (1) Butane (1) Propane ($/bbl) (1) Condensate ($/bbl) (1) CDN$/US$ (1) 2018 71.36 2.52 51.38 35.68 74.93 1.27 2019 73.44 2.93 52.88 36.72 77.12 1.25 2020 75.47 3.22 54.34 35.85 79.25 1.23 2021 80.49 3.51 57.96 36.22 84.52 1.22 2022 82.38 3.75 59.31 37.07 86.50 1.20 2023 84.22 3.85 60.64 37.90 88.43 1.19 2024 86.01 3.95 61.93 38.70 90.31 1.18 2025 88.85 4.11 63.97 39.98 93.29 1.18 2026 90.62 4.27 65.25 40.78 95.15 1.18 2027 92.43 4.35 66.55 41.60 97.06 1.18 Thereafter +2% +2% +2% +2% +2% 1.18 (1) The InSite price forecasts, effective January 1, 2018 . At December 31, 2016 , impairments reversal indicators were identified for the Company's core Central Alberta CGU, primarily as a result of a significant increase in the reserves evaluation due to a combination of actual well performance exceeding previous estimates resulting in strong positive technical revisions and infill drilling additions in 2016. Impairment indicators were identified for the Company's non-core South Central CGU given the Company was no longer focused on actively developing these assets. The South Central CGU assets were subsequently sold in the second quarter of 2017. For the year ended December 31, 2016 , a non-cash impairment reversal of $307.0 million was recognized in the Company’s core Central Alberta CGU, representing the maximum amount of impairment reversal able to be taken based on prior impairment loss less depletion and dispositions. The estimated recoverable amount of the Central Alberta CGU as at December 31, 2016 was $1.3 billion . A non-cash impairment loss of $43 million was recognized in the Company's non-core South Central CGU. The estimated recoverable amount of the South Central CGU was $64 million . No impairment was recognized in the Company's non-core North Alberta and South Alberta CGUs in 2016. The VIU determination of estimated recoverable amounts of each CGU was based on before-tax discount rates ranging from 10 - 20 % and the following forward commodity price estimates: Year Edmonton Crude Ref Oil (1) AECO Gas (1) Butane (1) Propane ($/bbl) (1) Condensate ($/bbl) (1) CDN$/US$ (1) 2017 68.33 3.47 47.83 23.92 75.17 1.33 2018 72.32 3.42 52.07 25.31 79.55 1.29 2019 76.05 3.59 54.75 26.62 83.65 1.25 2020 79.54 3.93 57.27 27.84 87.50 1.21 2021 82.82 4.01 59.63 28.99 91.11 1.18 2022 88.60 4.17 63.79 31.01 97.46 1.18 2023 90.37 4.27 65.07 31.63 99.41 1.18 2024 92.18 4.43 66.37 32.26 101.39 1.18 2025 94.02 4.52 67.69 32.91 103.42 1.18 2026 95.90 4.61 69.05 33.57 105.49 1.18 Thereafter +2% +2% +2% +2% +2% 1.18 (1) The InSite price forecasts, effective January 1, 2017 . The VIU of each CGU was based on the following forward commodity price estimates: Year Edmonton Crude Ref Oil (1) AECO Natural Gas (1) Butane (1) Propane (1) Condensate ($/bbl) (1) CDN$/US$ (1) 2019 63.50 1.90 20.96 28.58 67.95 1.32 2020 75.55 2.29 37.02 33.24 78.95 1.28 2021 80.50 2.71 45.89 37.03 83.72 1.25 2022 83.25 3.03 54.95 38.30 86.58 1.25 2023 85.60 3.21 58.21 41.52 88.60 1.25 2024 87.62 3.33 61.33 42.93 90.68 1.25 2025 90.01 3.44 62.10 44.10 93.16 1.25 2026 92.68 3.50 63.95 45.41 95.92 1.25 2027 94.53 3.57 65.22 46.32 97.84 1.25 2028 96.42 3.65 66.53 47.25 99.79 1.25 Thereafter +2% +2% +2% +2% +2% — (1) The InSite price forecasts, effective January 1, 2019 .

DECOMMISSIONING LIABILITIES (Ta

DECOMMISSIONING LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2018
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
Disclosure of decommissioning liabilities	($000s) 2018 2017 Balance, beginning of year $ 60,611 $ 62,844 Incurred on development activities 678 1,501 Acquired through asset acquisitions 3,462 — Revisions on estimates 37 3,210 Decommissioning costs incurred (2,242 ) (2,758 ) Reversed on dispositions — (5,473 ) Accretion expense 1,328 1,287 Balance, end of year $ 63,874 $ 60,611

OTHER DEFERRED LIABILITIES (Tab

OTHER DEFERRED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of summary of other liabilities	OTHER DEFERRED LIABILITIES ($000s) Finance lease obligation Deferred lease inducements Onerous Contracts Deferred financing obligations (1) Deferred gain (1) Deferred Capital Obligation (1) Total Balance, $ 8,429 $ 2,387 $ — $ 7,525 $ 10,706 $ 21,890 $ 50,937 Deferred lease inducements — (366 ) — — — — (366 ) Payments on finance lease (1,538 ) — — — — — (1,538 ) Drawdown deferred financing obligations — — — (6,020 ) — — (6,020 ) Drawdown deferred capital obligations — — — — — (14,693 ) (14,693 ) Change in estimate — — — — 2,314 (2,442 ) (128 ) Balance, $ 6,891 $ 2,021 $ — $ 1,505 $ 13,020 $ 4,755 $ 28,192 Deferred lease inducements — (332 ) — — — — (332 ) Payments on finance lease (1,170 ) — — — — — (1,170 ) Loss on onerous contracts — — 5,362 — — — 5,362 Drawdown deferred financing obligations — — — (1,505 ) — — (1,505 ) Drawdown deferred capital obligations — — — — — (4,755 ) (4,755 ) Realized deferred gain $ — $ — $ — $ — $ (13,020 ) $ — $ (13,020 ) Balance, $ 5,721 $ 1,689 $ 5,362 $ — $ — $ — $ 12,772 Current portion of other deferred liabilities $ 476 $ 340 $ 1,093 $ — $ — $ — $ 1,909 Long term portion of other deferred liabilities $ 5,245 $ 1,349 $ 4,269 $ — $ — $ — $ 10,863 (1) Bellatrix recognized a deferred financing obligation, a deferred gain and a deferred capital obligation pursuant to the sale of a 35% working interest in the Alder Flats Plant in 2016. The Phase 2 expansion project of the Alder Flats Plant was fully commissioned and began selling volumes mid-March 2018.
Disclosure of maturity analysis of finance lease payments receivable	The following is a schedule of future minimum lease payments under the finance lease obligations: Year ending December 31, ($000s) 2019 $ 1,317 2020 1,240 2021 1,164 2022 1,088 2023 1,011 Thereafter 5,514 Total lease payments 11,334 Amount representing implicit interest at 15.28% (5,613 ) Total lease obligation at December 31, 2018 $ 5,721

SHAREHOLDERS' CAPITAL (Tables)

SHAREHOLDERS' CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of share capital, reserves and other equity interest [Abstract]
Disclosure of classes of share capital	The common shareholders are entitled to dividends as may be declared by the Board of Directors from time to time; no dividends were declared by the Board of Directors during the years ended December 31, 2018 , 2017 and 2016. 2018 2017 Number Amount ($000s) Number Amount ($000s) Common shares, opening balance 49,378,026 $ 1,068,377 49,317,166 $ 1,068,084 Shares issued on settlement of Senior Notes (note 7) 19,900,032 31,306 — — Shares issued on settlement of share-based compensation 87,516 127 60,860 289 Shares issued on property acquisition, net of tax effect (note 9) 10,750,000 12,053 — — Flow through shares issued 793,651 1,143 — — Share issue costs on equity issue, net of tax effect — (387 ) — 4 Balance, end of year 80,909,225 $ 1,112,619 49,378,026 $ 1,068,377 2016 Number Amount ($000s) Common shares, opening balance 38,392,782 $ 1,000,100 Shares issued on settlement of share-based compensation 55,953 285 Share issue costs on property acquisition, net of tax effect — (98 ) Issued for cash on equity issue (1) 6,758,916 40,400 Share issue costs on equity issue, net of tax effect — (1,781 ) Shares issued for property acquisition 4,109,515 29,178 Balance, end of year 49,317,166 $ 1,068,084 (1) In August 2016 , Bellatrix issued 5,000,000 subscription receipts at a price of $6.00 per subscription receipt for total gross proceeds of $30 million . Proceeds were used to reduce indebtedness under the Company’s credit facilities. Additionally, in October 2016 , Bellatrix issued 1,694,915 common shares on a “flow-through” basis in respect of Canadian Development Expenses (“CDE”) at a price of $5.90 per share resulting in gross proceeds of $10 million .

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2018
Revenue From Contracts With Customers [Abstract]
Disclosure of disaggregation of revenue from contracts with customers	The following table provides a summary of the Company’s revenue disaggregated by revenue source: ($000s) 2018 2017 2016 Crude oil and condensate $ 51,761 $ 51,448 $ 60,546 NGLs (excluding condensate) 70,970 54,602 31,352 Crude oil, condensate and NGLs 122,731 106,050 91,898 Natural gas 100,405 137,775 128,226 Petroleum and natural gas sales 223,136 243,825 220,124 Other income (1) 5,576 5,574 7,750 Total revenue $ 228,712 $ 249,399 $ 227,874 (1) Other income primarily consists of processing and other third party income.
Disclosure of commodity price risk management	As at December 31, 2018 , the Company has entered into commodity price risk management arrangements as follows: Natural gas fixed price arrangements Type Period Volume Price Index Natural gas fixed Financial January 2019 10,000 GJ/d $ 2.54 CDN AECO Natural gas fixed Financial February 2019 10,000 GJ/d $ 2.43 CDN AECO Natural gas fixed Financial April 1, 2019 to October 31, 2019 20,000 GJ/d $ 1.79 CDN AECO Natural gas basis differential arrangements Type Period Volume Price Index Natural gas Financial April 1, 2019 to October 31, 2020 10,551 GJ/d $ (1.17 )US AECO 7A/NYMEX Natural gas Financial January 1, 2019 to October 31, 2020 10,551 GJ/d $ (1.19 )US AECO 7A/NGI Chicago Natural gas Financial January 1, 2019 to October 31, 2020 5,275 GJ/d $ (1.23 )US AECO/Dawn Gas Daily Crude oil call option arrangements Type Period Volume Price Index Oil Financial January 1, 2019 to December 31, 2019 1,000 bbl/d $ 87.50 CDN WTI - NYMEX Oil Financial January 1, 2020 to December 31, 2020 1,000 bbl/d $ 77.90 CDN WTI - NYMEX At December 31, 2018, the Company had the following contracts with customers for the sale of future production: Commodity Period Volume Price NGL product mix January 1, 2019 - March 31, 2026 10,000 bbl/d Varying indices for the relative components of the product mix Natural gas January 1, 2019 - October 31, 2020 20,000 MMBtu/d Chicago Natural gas January 1, 2019 - October 31, 2020 25,000 MMBtu/d Dawn Natural gas January 1, 2019 - October 31, 2020 15,000 MMBtu/d Malin

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS (Tables)	12 Months Ended
	Dec. 31, 2018
Share-Based Payment Arrangements [Abstract]
Summary of Share-Based Compensation Expense (Recovery)	The following tables provide a summary of the Company’s share-based compensation expense (recovery) for the years ended December 31, 2018 , December 31, 2017 and December 31, 2016: ($000s) 2018 2017 2016 Share options expense $ 334 $ 1,074 $ 2,565 Deferred share units expense (recovery) (669 ) (583 ) 834 Restricted awards expense (recovery) (80 ) 178 241 Performance awards expense (recovery) (88 ) (137 ) 144 Share-based compensation expense (recovery) included in general and administrative expense $ (503 ) $ 532 $ 3,784 Share-based compensation expense included in operating expense $ 110 $ 167 $ 152 Total share-based compensation expense (recovery) $ (393 ) $ 699 $ 3,936 The following tables provide a summary of the Company’s share options expense for the years ended December 31, 2018 , December 31, 2017 and December 31, 2016: ($000s) 2018 2017 2016 Share options expense $ 334 $ 1,074 $ 2,565 Share options expense capitalized 73 600 1,147 Gross share option expense $ 407 $ 1,674 $ 3,712
Summary of Company's Share-Based Compensation Liability Balances	The following table provides a summary of the Company’s share-based compensation liability balances within accounts payable and accrued liabilities: ($000s) Deferred Share Units Restricted Awards Performance Awards Total Liability balance, December 31, 2018 $ 543 $ 321 $ 212 $ 1,076 Liability balance, December 31, 2017 $ 1,212 $ 754 $ 457 $ 2,423
Disclosure of Share Options Weighted Average Assumptions Used	The weighted average fair market value of share options granted during the years ended December 31, 2018 and 2017 , and the weighted average assumptions used in their determination are as noted below: 2018 2017 2016 Inputs: Share price $ 1.48 $ 4.27 $ 5.10 Exercise price $ 1.48 $ 4.55 $ 5.10 Risk free interest rate (%) 2.0 0.9 0.6 Option life (years) 2.8 2.8 2.8 Option volatility (%) 65 71 73 Results: Weighted average fair value of each share option granted $ 0.64 $ 1.87 $ 2.35
Disclosure of Share Options Continuity	The following tables summarize information regarding Bellatrix’s Share Option Plan: Share Options Continuity Weighted Average Exercise Price Number Balance, December 31, 2015 $ 28.45 2,569,273 Granted $ 5.10 581,820 Forfeited $ 30.43 (287,735 ) Expired $ 26.03 (290,334 ) Balance, December 31, 2016 $ 23.22 2,573,024 Granted $ 4.55 185,000 Forfeited $ 35.10 (877,956 ) Expired $ 17.12 (257,936 ) Balance, December 31, 2017 $ 15.62 1,622,132 Granted $ 1.48 95,000 Forfeited $ 21.99 (722,800 ) Expired $ 36.00 (41,800 ) Balance, December 31, 2018 $ 8.49 952,532 DSU Continuity Number Balance, December 31, 2015 202,927 Granted 184,823 Exercised (10,083 ) Balance, December 31, 2016 377,667 Granted 260,381 Exercised (120,150 ) Balance, December 31, 2017 517,898 Granted 304,056 Balance, December 31, 2018 821,954 PA Continuity Number of PAs Balance, December 31, 2015 249,240 Granted 145,085 Exercised (70,430 ) Forfeited (20,560 ) Balance, December 31, 2016 303,335 Granted 370,000 Exercised (61,920 ) Forfeited (38,360 ) Balance, December 31, 2017 573,055 Granted 335,800 Exercised (77,870 ) Forfeited (67,910 ) Balance, December 31, 2018 763,075 RA Continuity Number of RAs Balance, December 31, 2015 318,762 Granted 284,771 Exercised (113,457 ) Forfeited (63,681 ) Balance, December 31, 2016 426,395 Granted 652,740 Exercised (175,833 ) Forfeited (79,815 ) Balance, December 31, 2017 823,487 Granted 880,200 Exercised (317,840 ) Forfeited (202,846 ) Balance, December 31, 2018 1,183,001
Disclosure of Range of Exercise Prices of Outstanding Share Options	Share Options Outstanding, December 31, 2018 Outstanding Exercisable Exercise Price At December 31, 2018 Weighted Weighted At December 31, 2018 Weighted Average Exercise $1.48 - $2.67 95,000 $1.48 4.4 — — $2.68 - $4.47 119,000 $3.85 3.5 39,665 $3.85 $4.48 - $5.55 446,532 $5.10 2.6 332,688 $5.10 $5.56 - $10.68 60,000 $6.00 3.3 20,000 $6.00 $10.69 - $17.38 1,600 $15.68 1.2 1,600 $15.68 $17.39 - $19.52 204,000 $18.75 1.4 204,000 $18.75 $19.53 - $46.53 17,400 $33.10 0.7 17,400 $33.10 $46.54 - $46.90 9,000 $46.89 0.5 9,000 $46.89 $1.48 - $46.90 952,532 $8.49 2.6 624,353 $10.92
Disclosure of Number and Weighted Average Remaining Contractual Life of Outstanding Share Options	Share Options Outstanding, December 31, 2018 Outstanding Exercisable Exercise Price At December 31, 2018 Weighted Weighted At December 31, 2018 Weighted Average Exercise $1.48 - $2.67 95,000 $1.48 4.4 — — $2.68 - $4.47 119,000 $3.85 3.5 39,665 $3.85 $4.48 - $5.55 446,532 $5.10 2.6 332,688 $5.10 $5.56 - $10.68 60,000 $6.00 3.3 20,000 $6.00 $10.69 - $17.38 1,600 $15.68 1.2 1,600 $15.68 $17.39 - $19.52 204,000 $18.75 1.4 204,000 $18.75 $19.53 - $46.53 17,400 $33.10 0.7 17,400 $33.10 $46.54 - $46.90 9,000 $46.89 0.5 9,000 $46.89 $1.48 - $46.90 952,532 $8.49 2.6 624,353 $10.92

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2018
Income Taxes [Abstract]
Disclosure of provision for income taxes	This difference results from the following items: ($000s) 2018 2017 2016 Expected income tax expense (recovery) $ (26,471 ) $ (20,506 ) $ (9,052 ) Change in unrecognized deferred tax asset 69,805 44,114 — Non-taxable portion of unrealized foreign exchange (gain) loss 3,972 (4,947 ) (1,938 ) Share based compensation expense 86 610 856 Flow through share issuance 309 108 2,700 Other 594 (3,964 ) 576 Deferred tax expense (recovery) $ 48,295 $ 15,415 $ (6,858 )
Disclosure of net deferred income tax expense (income)	The components of the net deferred tax asset at December 31, 2018 are as follows: ($000s) 2018 2017 Deferred tax liabilities: Risk management contract asset (3,549 ) (8,943 ) Convertible Debentures (2,122 ) (2,616 ) Deferred tax assets: Property, plant and equipment and exploration and evaluation assets $ 5,280 $ (6,845 ) Senior Notes — 756 Finance lease obligation — 1,860 Onerous lease — — Deferred financing obligation — 406 Deferred gain on sale — 3,515 Risk management contract liability — 1,206 Decommissioning liabilities — 16,365 Share issue costs 391 840 Non-capital losses — 40,850 Other — 904 Deferred tax asset (liability) $ — $ 48,298 A continuity of the net deferred income tax asset (liability) for 2018 and 2017 is provided below: ($000s) Balance, January 1, 2018 Recognized in Recognized Balance, December 31, 2018 Property, plant and equipment and exploration and evaluation assets $ (6,845 ) $ 6,845 $ — $ — Decommissioning liabilities 16,365 (16,365 ) — — Risk management contract asset (8,943 ) 8,943 — — Risk management contract liability 1,206 (1,206 ) — — Share issue costs 840 (983 ) 143 — Non-capital losses 38,915 (38,915 ) — — Finance lease obligation 1,860 (1,860 ) — — Onerous lease — — — — Deferred financing obligation 406 (406 ) — — Deferred gain on sale 3,515 (3,515 ) — — Alberta non-capital losses greater than Federal non-capital losses 1,935 (1,935 ) — — Senior Notes 756 (756 ) — — Convertible Debentures (2,616 ) 2,616 — — Other 904 (758 ) (146 ) — Total $ 48,298 $ (48,295 ) $ (3 ) $ — ($000s) Balance, January 1, 2017 Recognized in Recognized Balance, December 31, 2017 Property, plant and equipment and exploration and evaluation assets $ (12,555 ) $ 5,710 $ — $ (6,845 ) Decommissioning liabilities 16,967 (602 ) — 16,365 Risk management contract asset — (8,943 ) — (8,943 ) Risk management contract liability 4,477 (3,271 ) — 1,206 Share issue costs 1,950 (1,110 ) — 840 Non-capital losses 38,895 20 — 38,915 Finance lease obligation 2,276 (416 ) — 1,860 Deferred capital obligation 5,910 (5,910 ) — — Deferred financing obligation 2,032 (1,626 ) — 406 Deferred gain on sale 2,890 625 — 3,515 Alberta non-capital losses greater than Federal non-capital losses 1,935 — — 1,935 Senior Notes 418 338 — 756 Convertible Debentures (3,028 ) 412 — (2,616 ) Other 1,546 (642 ) — 904 Total $ 63,713 $ (15,415 ) $ — $ 48,298 ($000s) Balance, January 1, 2016 Recognized in Recognized Balance, December 31, 2016 Property, plant and equipment and exploration and evaluation assets $ (12,142 ) $ (413 ) $ — $ (12,555 ) Decommissioning liabilities 26,034 (9,067 ) — 16,967 Risk management contract asset (3,600 ) 3,600 — — Risk management contract liability 105 4,372 — 4,477 Share issue costs 2,520 (1,264 ) 694 1,950 Non-capital losses 40,766 (1,871 ) — 38,895 Finance lease obligation 2,717 (441 ) — 2,276 Deferred capital obligation — 5,910 — 5,910 Deferred financing obligation — 2,032 — 2,032 Deferred gain on sale — 2,890 — 2,890 Alberta non-capital losses greater than Federal non-capital losses 1,935 — — 1,935 Senior Notes (65 ) 483 — 418 Convertible Debentures — 66 (3,094 ) (3,028 ) Other 985 561 — 1,546 Total $ 59,255 $ 6,858 $ (2,400 ) $ 63,713

FINANCE INCOME AND EXPENSES (Ta

FINANCE INCOME AND EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2018
Borrowing costs [abstract]
Disclosure Of Finance Costs	($000s) 2018 2017 2016 Interest on Credit Facilities (1) $ 4,302 $ 2,194 $ 13,516 Interest on Second Lien Notes (2) 3,224 — — Interest on Senior Notes (2) 26,219 30,378 30,771 Interest on Convertible Debentures (2) 5,681 5,381 2,063 Accretion on decommissioning liabilities (non-cash) 1,328 1,287 1,713 Finance expense $ 40,754 $ 39,240 $ 48,063 (1) Includes interest at a floating rate, for the year ended December 31, 2018 . The weighted average interest rates for amounts borrowed under the Credit Facilities was 4.42% . (2) Includes amortized costs related to the issuance of the Second Lien Notes, Senior Notes and Convertible Debentures (detailed in note 7).

FOREIGN EXCHANGE (Tables)

FOREIGN EXCHANGE (Tables)	12 Months Ended
	Dec. 31, 2018
Effect Of Changes In Foreign Exchange Rates [Abstract]
Disclosure of effect of changes in foreign exchange rate on profit (loss)	($000s) 2018 2017 2016 Unrealized gain (loss) on foreign exchange (18,617 ) 22,165 9,939 Unrealized gain (loss) on foreign exchange contracts 3,422 (3,867 ) (2,021 ) Total Unrealized gain (loss) on foreign exchange $ (15,195 ) $ 18,298 $ 7,918 Realized gain (loss) on foreign exchange $ (8,296 ) $ (797 ) $ 277 Gain (loss) on foreign exchange $ (23,491 ) $ 17,501 $ 8,195

PER SHARE AMOUNTS (Tables)

PER SHARE AMOUNTS (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings per share [abstract]
Earnings per share	The calculation of basic earnings per share for the year ended December 31, 2018 was based on a net loss of $146.3 million ( 2017 : net loss of $91.4 million , 2016: net loss of $ 26.7 million). 2018 2017 2016 Basic common shares outstanding 80,909,225 49,378,026 49,317,165 Fully dilutive effect of: Share options outstanding 952,532 1,622,132 2,573,024 Shares issuable on conversion of Convertible Debentures 6,172,840 6,172,840 6,172,840 Warrants outstanding 3,088,205 — — Fully diluted common shares outstanding 91,122,802 57,172,998 58,063,029 Weighted average shares outstanding 59,734,872 49,351,848 42,821,013 Dilutive effect of share options, Convertible Debentures and Warrants (1) — — — Diluted weighted average shares outstanding 59,734,872 49,351,848 42,821,013 Net (loss) profit per share - basic $ (2.45 ) $ (1.85 ) $ (0.62 ) Net (loss) profit per share - diluted $ (2.45 ) $ (1.85 ) $ (0.62 ) (1) For the year ended December 31, 2018 , a total of 952,532 ( 2017 : 1,622,132 , 2016: 2,573,024 ) share options, 6,172,840 ( 2017 : 6,172,840 , 2016: 6,172,840 ) shares issuable on conversion of Convertible Debentures and 3,088,205 Warrants (2017: nil , 2016: nil ) were excluded from the calculation as they were anti-dilutive.

COMMITMENTS (Tables)

COMMITMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
Disclosure of maturity analysis of operating lease payments	The following is a summary of Bellatrix’s commitments as at December 31, 2018 : ($000s) 1 Year 2-3 Years 4-5 Years More than Total Operating leases (1) $ 22,433 $ 41,107 $ 33,782 $ 14,745 $ 112,067 Transportation and processing agreements (2) $ 53,943 $ 92,147 $ 66,161 $ 101,882 $ 314,133 (1) Operating leases is comprised of the Company’s commitment for office space, net of recoveries and gross operating leases for field equipment. The Company is committed to payments under fixed term operating leases for office space which do not currently provide for early termination. (2) Transportation agreements is comprised of commitments to third parties to transport natural gas. Processing agreements is comprised of commitments to process natural gas and natural gas liquids through processing facilities.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2018
Related Party [Abstract]
Compensation paid or payable to key management for employee services	The compensation paid or payable to key management for employee services is shown below: ($000s) 2018 2017 2016 Short-term employee benefits (1) $ 4,805 $ 4,901 $ 3,933 Share-based compensation (2) (431 ) 452 2,509 Total key management compensation $ 4,374 $ 5,353 $ 6,442 (1) Includes termination benefits for the year ended December 31, 2018 of nil ( 2017 : $1.3 million , 2016: nil ). (2) Share-based compensation includes share options, RAs, PAs, and DSUs.

SUPPLEMENTAL DISCLOSURES (Table

SUPPLEMENTAL DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Supplemental Disclosures [Abstract]
Disclosure of detailed information about changes in non-cash working capital	($000s) 2018 2017 2016 Changes in non-cash working capital items: Accounts receivable $ 8,717 $ (6,445 ) $ 18,034 Loans receivable — 15,000 — Deposits and prepaid expenses 193 1,496 2,925 Accounts payable and accrued liabilities (10,958 ) (3,578 ) (32,127 ) Total $ (2,048 ) $ 6,473 $ (11,168 ) Changes related to: Operating activities $ 16,692 $ (272 ) $ (443 ) Financing activities (6,371 ) 16,353 601 Investing activities (12,369 ) (9,608 ) (11,326 ) Total $ (2,048 ) $ 6,473 $ (11,168 )
Disclosure of detailed information for employee compensation costs	Total employee compensation costs included in total production and general administrative expenses in the Statements of Profit (Loss) and Comprehensive Income (Loss) for the years ended December 31, 2018 , 2017 and 2016 are detailed in the following table: ($000s) 2018 2017 2016 Production $ 7,169 $ 7,860 $ 8,360 General and administrative (1) 13,399 19,274 11,616 Employee compensation $ 20,568 $ 27,134 $ 19,976 (1) Amount shown is net of capitalization.

BASIS OF PREPARATION Narrative

BASIS OF PREPARATION Narrative (Details) $ in Millions, $ in Millions	Dec. 31, 2018USD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2017USD ($)
Senior Notes
Disclosure of detailed information about borrowings [line items]
Notional amount	$ 145.8		$ 250
Second Lien Note, Second Lien Refinancing
Disclosure of detailed information about borrowings [line items]
Notional amount	$ 104.2	$ 134.1
Stated interest rate | Senior Notes
Disclosure of detailed information about borrowings [line items]
Interest rate	8.50%	8.50%

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment and Exploration and Evaluation Assets (Details)	12 Months Ended
	Dec. 31, 2018
Disclosure of detailed information about property, plant and equipment [line items]
Declining balance basis	20.00%
General plant and processing equipment
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives	40 years
Other properties and equipment
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives	10 years
Turnarounds
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives	5 years

CHANGES IN SIGNIFICANT ACCOUN_3

CHANGES IN SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - Scenario Forecast - In accordance with IFRS 16 $ in Millions	Jan. 01, 2019CAD ($)
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Lease liability	$ 80
Right-of-use assets	$ 80

FINANCIAL RISK MANAGEMENT - Cap

FINANCIAL RISK MANAGEMENT - Capital Management (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019CAD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2017CAD ($)	Dec. 31, 2016CAD ($)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Shareholders’ equity		$ 672,725	$ 774,022	$ 863,418
Credit Facilities		47,763	52,066
Adjusted working capital deficiency		20,740	23,926
Subtotal		68,503	75,992
Second Lien Notes		137,097	0
Senior notes		196,000	305,409
Net debt		401,600	381,401
Convertible Debentures (liability component)		41,732	39,426
Total net debt at year end		443,332	420,827
Unrealized gain (loss) on foreign exchange		(18,617)	22,165	9,939
Unrealized gain (loss) on foreign exchange contracts		3,422	(3,867)	$ (2,021)
Capital Risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Adjusted funds flow (annualized)		$ 62,032	$ 62,800
Net debt to periods adjusted funds flow ratio (annualized)		6.5	6.1
Total net debt to periods adjusted funds flow ratio (annualized)		7.1	6.7
Adjusted funds flow for the year		$ 48,025	$ 58,240
Net debt to adjusted funds flow ratio for the year		8.4	6.5
Total net debt to adjusted funds flow ratio for the year		9.2	7.2
Scenario Forecast | Bottom of range
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net capital budget	$ 40,000
Scenario Forecast | Top of range
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net capital budget	$ 50,000

FINANCIAL RISK MANAGEMENT - Cre

FINANCIAL RISK MANAGEMENT - Credit Risk (Details) - Credit risk $ in Thousands	12 Months Ended
	Dec. 31, 2018CAD ($)customer
Disclosure of detailed information about borrowings [line items]
Number of primary purchasers | customer	10
Joint venture and other trade accounts receivable | Gross
Disclosure of detailed information about borrowings [line items]
Accounts receivable	$ 14,988
Revenue and other accruals | Gross
Disclosure of detailed information about borrowings [line items]
Accounts receivable	23,549
Accounts receivable
Disclosure of detailed information about borrowings [line items]
Accounts receivable	36,955
Accounts receivable | Provision
Disclosure of detailed information about borrowings [line items]
Accounts receivable	(889)
Provision	(693)
Accounts receivable	(1,582)
60 days | Accounts receivable
Disclosure of detailed information about borrowings [line items]
Accounts receivable	13,900
Not past due (less than 90 days) | Joint venture and other trade accounts receivable | Gross
Disclosure of detailed information about borrowings [line items]
Accounts receivable	6,672
Not past due (less than 90 days) | Revenue and other accruals | Gross
Disclosure of detailed information about borrowings [line items]
Accounts receivable	23,252
Not past due (less than 90 days) | Accounts receivable
Disclosure of detailed information about borrowings [line items]
Accounts receivable	29,924
Not past due (less than 90 days) | Accounts receivable | Provision
Disclosure of detailed information about borrowings [line items]
Accounts receivable	0
Provision	0
Accounts receivable	0
Past due (90 days or more) | Joint venture and other trade accounts receivable | Gross
Disclosure of detailed information about borrowings [line items]
Accounts receivable	8,316
Past due (90 days or more) | Revenue and other accruals | Gross
Disclosure of detailed information about borrowings [line items]
Accounts receivable	297
Past due (90 days or more) | Accounts receivable
Disclosure of detailed information about borrowings [line items]
Accounts receivable	7,031
Past due (90 days or more) | Accounts receivable | Provision
Disclosure of detailed information about borrowings [line items]
Accounts receivable	(889)
Provision	(693)
Accounts receivable	$ (1,582)

FINANCIAL RISK MANAGEMENT - Liq

FINANCIAL RISK MANAGEMENT - Liquidity Risk, Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2017CAD ($)	Dec. 31, 2016CAD ($)
Disclosure of detailed information about borrowings [line items]
Line of credit facility, maximum borrowing capacity			$ 95,000
Borrowings			422,592		$ 396,901
Shares available for sale under prospectus			476,000
Shares authorised under prospectus			500,000
Second Lien Notes
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 72,100,000		137,097		0
Borrowing, accelerated maturity, principal amount remaining	25,000,000
Senior Notes
Disclosure of detailed information about borrowings [line items]
Notional amount	145,800,000			$ 250,000,000
Borrowings			196,000		305,409	$ 324,691
Repayments of borrowings, note exchanges for common shares	24,100,000
Repayments of borrowings	32,100,000	$ 41,800
Second Lien Note, Second Lien Refinancing
Disclosure of detailed information about borrowings [line items]
Notional amount	104,200,000		134,100
Repayments of borrowings, through refinancing exchange	8,000,000	$ 10,500
Second Lien Notes, Additional
Disclosure of detailed information about borrowings [line items]
Borrowings	30,000,000
Debt instrument, borrowings spent	9,000,000
Debt instrument, borrowing capacity committed for capital expenditures, development capital, and senior notes	21,000,000
Credit Facilities
Disclosure of detailed information about borrowings [line items]
Line of credit facility, maximum borrowing capacity			95,000
Borrowings			47,800
Credit Facilities - current
Disclosure of detailed information about borrowings [line items]
Borrowings			47,763		$ 0
Letters of credit
Disclosure of detailed information about borrowings [line items]
Borrowings			13,900
Top of range | Second Lien Notes, Additional
Disclosure of detailed information about borrowings [line items]
Notional amount	$ 40,000,000
Top of range | Credit Facilities
Disclosure of detailed information about borrowings [line items]
Notional amount			100,000
Liquidity risk | Second Lien Notes
Disclosure of detailed information about borrowings [line items]
Borrowings			139,331
Liquidity risk | Senior Notes
Disclosure of detailed information about borrowings [line items]
Borrowings			198,904
Liquidity risk | Credit Facilities - current
Disclosure of detailed information about borrowings [line items]
Borrowings			$ 47,763

FINANCIAL RISK MANAGEMENT - L_2

FINANCIAL RISK MANAGEMENT - Liquidity Risk (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2017CAD ($)	Dec. 31, 2016CAD ($)
Disclosure of detailed information about borrowings [line items]
Borrowings		$ 422,592	$ 396,901
Liquidity risk
Disclosure of detailed information about borrowings [line items]
Accounts payable and accrued liabilities		61,211
Risk management liability		2,569
Finance lease obligation		5,721
Total		505,499
1 Year | Liquidity risk
Disclosure of detailed information about borrowings [line items]
Accounts payable and accrued liabilities		61,211
Risk management liability		917
Finance lease obligation		475
Total		110,366
1-3 Years | Liquidity risk
Disclosure of detailed information about borrowings [line items]
Accounts payable and accrued liabilities		0
Risk management liability		1,652
Finance lease obligation		938
Total		251,494
3-5 Years | Liquidity risk
Disclosure of detailed information about borrowings [line items]
Accounts payable and accrued liabilities		0
Risk management liability		0
Finance lease obligation		915
Total		140,246
More than 5 years | Liquidity risk
Disclosure of detailed information about borrowings [line items]
Accounts payable and accrued liabilities		0
Risk management liability		0
Finance lease obligation		3,393
Total		3,393
Credit Facilities - current
Disclosure of detailed information about borrowings [line items]
Borrowings		47,763	0
Credit Facilities - current | Liquidity risk
Disclosure of detailed information about borrowings [line items]
Borrowings		47,763
Credit Facilities - current | 1 Year | Liquidity risk
Disclosure of detailed information about borrowings [line items]
Borrowings		47,763
Credit Facilities - current | 1-3 Years | Liquidity risk
Disclosure of detailed information about borrowings [line items]
Borrowings		0
Credit Facilities - current | 3-5 Years | Liquidity risk
Disclosure of detailed information about borrowings [line items]
Borrowings		0
Credit Facilities - current | More than 5 years | Liquidity risk
Disclosure of detailed information about borrowings [line items]
Borrowings		0
Second Lien Notes
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 72.1	137,097	0
Extended maturity period	3 years
Second Lien Notes | Liquidity risk
Disclosure of detailed information about borrowings [line items]
Borrowings		139,331
Second Lien Notes | 1 Year | Liquidity risk
Disclosure of detailed information about borrowings [line items]
Borrowings		0
Second Lien Notes | 1-3 Years | Liquidity risk
Disclosure of detailed information about borrowings [line items]
Borrowings		0
Second Lien Notes | 3-5 Years | Liquidity risk
Disclosure of detailed information about borrowings [line items]
Borrowings		139,331
Second Lien Notes | More than 5 years | Liquidity risk
Disclosure of detailed information about borrowings [line items]
Borrowings		0
Senior Notes
Disclosure of detailed information about borrowings [line items]
Borrowings		196,000	305,409	$ 324,691
Senior Notes | Liquidity risk
Disclosure of detailed information about borrowings [line items]
Borrowings		198,904
Senior Notes | 1 Year | Liquidity risk
Disclosure of detailed information about borrowings [line items]
Borrowings		0
Senior Notes | 1-3 Years | Liquidity risk
Disclosure of detailed information about borrowings [line items]
Borrowings		198,904
Senior Notes | 3-5 Years | Liquidity risk
Disclosure of detailed information about borrowings [line items]
Borrowings		0
Senior Notes | More than 5 years | Liquidity risk
Disclosure of detailed information about borrowings [line items]
Borrowings		0
Convertible debentures
Disclosure of detailed information about borrowings [line items]
Borrowings		41,732	$ 39,426	$ 37,420
Convertible debentures | Liquidity risk
Disclosure of detailed information about borrowings [line items]
Borrowings		50,000
Convertible debentures | 1 Year | Liquidity risk
Disclosure of detailed information about borrowings [line items]
Borrowings		0
Convertible debentures | 1-3 Years | Liquidity risk
Disclosure of detailed information about borrowings [line items]
Borrowings		50,000
Convertible debentures | 3-5 Years | Liquidity risk
Disclosure of detailed information about borrowings [line items]
Borrowings		0
Convertible debentures | More than 5 years | Liquidity risk
Disclosure of detailed information about borrowings [line items]
Borrowings		$ 0

FINANCIAL RISK MANAGEMENT - For

FINANCIAL RISK MANAGEMENT - Foreign Exchange Risk (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018CAD ($)	Dec. 31, 2017CAD ($)	Dec. 31, 2016CAD ($)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Foreign exchange contract, term	3 years
Change in foreign exchange rate	0.01
Foreign exchange gain (loss)	$ (23,491)	$ 17,501	$ 8,195
Foreign Exchange Risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Percentage of anticipated commodity transaction exposures that are hedged	60.00%
Foreign exchange gain (loss)	$ 600

FINANCIAL RISK MANAGEMENT - Com

FINANCIAL RISK MANAGEMENT - Commodity Price Risk (Details) - Commodity price risk	2 Months Ended	12 Months Ended
	Mar. 14, 2019CAD ($)gigajoule	Dec. 31, 2018CAD ($)gigajoulebarrel_thermal_unit
Natural Gas Fixed Price | Less Than One Year, One
Disclosure of nature and extent of risks arising from financial instruments [line items]
Underlying derivative volume		10,000
Underlying derivative conversion rate		2.54
Natural Gas Fixed Price | Less Than One Year, Two
Disclosure of nature and extent of risks arising from financial instruments [line items]
Underlying derivative volume		10,000
Underlying derivative conversion rate		2.43
Natural Gas Fixed Price | Less Than One Year, Three
Disclosure of nature and extent of risks arising from financial instruments [line items]
Underlying derivative volume		20,000
Underlying derivative conversion rate		1.79
Natural gas
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible change in risk variable amount | $		$ 0.10
Reasonably possible change in risk variable impact on operating profit | $		$ 5,500,000
Natural gas | Later Than One Year And Not Later Than Two Years, One
Disclosure of nature and extent of risks arising from financial instruments [line items]
Underlying derivative volume		10,551
Underlying derivative conversion rate		1.17
Natural gas | Later Than One Year And Not Later Than Two Years, Two
Disclosure of nature and extent of risks arising from financial instruments [line items]
Underlying derivative volume		10,551
Underlying derivative conversion rate		1.19
Natural gas | Later Than One Year And Not Later Than Two Years, Three
Disclosure of nature and extent of risks arising from financial instruments [line items]
Underlying derivative volume		5,275
Underlying derivative conversion rate		1.23
Crude Oil
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible change in risk variable amount | $		$ 1
Reasonably possible change in risk variable impact on operating profit | $		$ 3,700,000
Crude Oil | Later Than One Year Not Later Than Two Years
Disclosure of nature and extent of risks arising from financial instruments [line items]
Underlying derivative volume | barrel_thermal_unit		1,000
Underlying derivative conversion rate		87.50
Crude Oil | Later Than Two Years And Not Later Than Three Years
Disclosure of nature and extent of risks arising from financial instruments [line items]
Underlying derivative volume | barrel_thermal_unit		1,000
Underlying derivative conversion rate		77.90
Subsequent Event | Natural Gas Fixed Price | Later than one year
Disclosure of nature and extent of risks arising from financial instruments [line items]
Underlying derivative volume	40,000
Underlying derivative conversion rate	2.38
Subsequent Event | Natural gas | Later Than One Year Not Later Than Two Years
Disclosure of nature and extent of risks arising from financial instruments [line items]
Underlying derivative volume	26,377
Proceeds from sales or maturity of financial instruments, classified as investing activities | $	$ 2,400,000

FINANCIAL RISK MANAGEMENT - C_2

FINANCIAL RISK MANAGEMENT - Commodity Price Risk, Summary of Net Risk Management Asset (Liability) (Details) - CAD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk management asset	$ 3,291	$ 1,213
Current portion commodity contract liability	(917)	(4,468)
Commodity contract liability (long term)	(1,652)	(3,422)
Net risk management asset (liability)	10,574	25,233
Commodity contract
Disclosure of nature and extent of risks arising from financial instruments [line items]
Current portion commodity contract asset	9,852	31,910
Risk management asset	3,291	1,213
Current portion commodity contract liability	(917)	(4,468)
Commodity contract liability (long term)	(1,652)	0
Foreign exchange contract
Disclosure of nature and extent of risks arising from financial instruments [line items]
Commodity contract liability (long term)	$ 0	$ (3,422)

FINANCIAL RISK MANAGEMENT - Int

FINANCIAL RISK MANAGEMENT - Interest Rate Risk (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018CAD ($)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible increase in risk variable, impact to net income/loss	$ 0.5
Floating interest rate | Interest Rate Risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible decrease in risk variable, percent	1.00%
Reasonably possible decrease in risk variable, impact to net income/loss	$ 0.5
Reasonably possible increase in risk variable, percent	1.00%

FINANCIAL RISK MANAGEMENT - Fai

FINANCIAL RISK MANAGEMENT - Fair Value Hierachy Levels (Details) - CAD ($)	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	$ 1,235,743,000	$ 1,340,923,000
Financial liabilities	563,018,000	566,901,000
Risk management
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	2,569,000	7,890,000
Risk management | Level 1
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	0	0
Risk management | Level 2
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	2,569,000	7,890,000
Risk management | Level 3
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	0	0
Finance lease obligation
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	5,721,000	6,891,000
Finance lease obligation | Level 1
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	0	0
Finance lease obligation | Level 2
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	7,494,000	8,932,000
Finance lease obligation | Level 3
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	0	0
Second Lien Notes
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	137,097,000
Second Lien Notes | Level 1
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	0
Second Lien Notes | Level 2
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	139,337,000
Second Lien Notes | Level 3
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	0
Senior Notes
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	196,000,000	305,409,000
Closing market price per liability	60	95.63
Senior Notes | Level 1
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	0	0
Senior Notes | Level 2
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	119,342,000	299,258,000
Senior Notes | Level 3
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	0	0
Convertible debentures
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	41,732,000	39,426,000
Closing market price per liability	45	92
Convertible debentures | Level 1
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	0	0
Convertible debentures | Level 2
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	22,500,000	46,000,000
Convertible debentures | Level 3
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial liabilities	0	0
Risk management
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	13,143,000	33,123,000
Risk management | Level 1
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	0	0
Risk management | Level 2
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	13,143,000	33,123,000
Risk management | Level 3
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Financial assets	$ 0	$ 0

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) $ in Thousands, $ in Millions	Dec. 31, 2018USD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2017CAD ($)	Dec. 31, 2016CAD ($)
Disclosure of detailed information about borrowings [line items]
Debt		$ 422,592	$ 396,901
Credit Facilities - current
Disclosure of detailed information about borrowings [line items]
Debt		47,763	0
Credit Facilities - non-current
Disclosure of detailed information about borrowings [line items]
Debt		0	52,066
Second Lien Notes (mature on September 11, 2023 to December 12, 2023)
Disclosure of detailed information about borrowings [line items]
Debt	$ 72.1	137,097	0
Senior Notes (mature on May 15, 2020)
Disclosure of detailed information about borrowings [line items]
Debt		196,000	305,409	$ 324,691
Convertible Debentures (liability component)
Disclosure of detailed information about borrowings [line items]
Debt		$ 41,732	$ 39,426	$ 37,420

DEBT - Credit Facilities Narrat

DEBT - Credit Facilities Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018CAD ($)financial_institutions	Dec. 31, 2017CAD ($)
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 422,592	$ 396,901
Line of credit facility, maximum borrowing capacity	95,000
Credit Facilities
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 47,800
Number of financial institutions | financial_institutions	4
Line of credit facility, maximum borrowing capacity	$ 95,000
Length of term-out period	6 years
Debenture securing debt	$ 1,000,000
Letters of credit
Disclosure of detailed information about borrowings [line items]
Borrowings	13,900
Top of range | Credit Facilities
Disclosure of detailed information about borrowings [line items]
Notional amount	$ 100,000
Weighted average | Floating interest rate | Credit Facilities
Disclosure of detailed information about borrowings [line items]
Interest rate	4.42%

DEBT - Second Lien Notes Narrat

DEBT - Second Lien Notes Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)shares	Dec. 31, 2018CAD ($)$ / sharesshares	Dec. 31, 2017CAD ($)
Disclosure of detailed information about borrowings [line items]
Borrowings		$ 422,592	$ 396,901
Warrants outstanding (In shares) | shares	3,088,205	3,088,205
Warrants outstanding, exercise price per share (In CAD per share) | $ / shares		$ 1.30
Warrants outstanding, expiration period	5 years
Senior Notes Due May 15, 2020, Note Purchase Agreement
Disclosure of detailed information about borrowings [line items]
Repayments of borrowings	$ 80,100,000
Second Lien Notes
Disclosure of detailed information about borrowings [line items]
Borrowings	72,100,000	$ 137,097	$ 0
Debenture securing debt		$ 250,000
Borrowing, accelerated maturity, principal amount remaining	25,000,000
Second Lien Notes, Additional
Disclosure of detailed information about borrowings [line items]
Borrowings	30,000,000
Second Lien Notes, Additional, Future Senior Note Exchanges
Disclosure of detailed information about borrowings [line items]
Notional amount	$ 50,000,000
Stated interest rate | Second Lien Notes
Disclosure of detailed information about borrowings [line items]
Interest rate	8.50%	8.50%
Top of range | Second Lien Notes, Additional
Disclosure of detailed information about borrowings [line items]
Notional amount	$ 40,000,000
Bottom of range | Second Lien Notes, Additional
Disclosure of detailed information about borrowings [line items]
Notional amount	$ 30,000,000

DEBT - Schedule of Second Lien

DEBT - Schedule of Second Lien Notes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)$ / $	Dec. 31, 2018CAD ($)$ / $	Dec. 31, 2017CAD ($)	Dec. 31, 2016CAD ($)
Liability Component [Roll Forward]
Beginning balance		$ 396,901
Unrealized foreign exchange gain		(18,617)	$ 22,165	$ 9,939
Ending balance		422,592	396,901
Equity Component [Roll Forward]
Warrants, beginning of period		0
Warrants, end of period		1,652	0
Second Lien Notes
Liability Component [Roll Forward]
Beginning balance		0
Issuance of notes		92,451
Unrealized foreign exchange gain		4,719
Amortization of discount		112
Ending balance	$ 72,100,000	137,097	0
Equity Component [Roll Forward]
Warrants, beginning of period		0
Issuance of Second Lien Notes in exchange for Senior Notes		1,652
Warrants, end of period		$ 1,652	$ 0
Closing foreign exchange rate | $ / $	1.3646	1.3646
Second Lien Notes, Additional
Liability Component [Roll Forward]
Issuance of notes		$ 39,815
Ending balance	$ 30,000,000

DEBT - Convertible Debentures N

DEBT - Convertible Debentures Narrative (Details) - Convertible debentures	Dec. 31, 2018CAD ($)$ / sharesshares
Disclosure of detailed information about borrowings [line items]
Notional amount | $	$ 50,000,000
Shares converted per $1,000 of debt | shares	123.4568
Conversion price (in dollars per share) | $ / shares	$ 8.10
Stated interest rate
Disclosure of detailed information about borrowings [line items]
Interest rate	6.75%
Borrowings, Redemption, Period One | Bottom of range
Disclosure of detailed information about borrowings [line items]
Threshold percentage of stock price trigger	125.00%

DEBT - Rollforward of Convertib

DEBT - Rollforward of Convertible Debentures (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Liability Component
Beginning balance	$ 396,901
Ending balance	422,592	$ 396,901
Equity Component
Beginning balance	7,818
Ending balance	7,818	7,818
Convertible debentures
Liability Component
Beginning balance	39,426	37,420
Effective interest on Convertible Debentures	2,306	2,006
Ending balance	41,732	39,426
Equity Component
Beginning balance	7,818	7,818
Ending balance	$ 7,818	$ 7,818

DEBT - Senior Notes Narrative (

DEBT - Senior Notes Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018CAD ($)shares	Dec. 31, 2017CAD ($)	Dec. 31, 2016CAD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2017CAD ($)
Disclosure of detailed information about borrowings [line items]
Borrowings					$ 422,592		$ 396,901
Borrowings, exchange ratio	90.00%
Settlement of senior notes, net of tax effect	$ 6,145	$ 0	$ 0
Senior Notes
Disclosure of detailed information about borrowings [line items]
Notional amount				$ 145,800,000		$ 250,000,000
Borrowings			$ 324,691		196,000		$ 305,409
Settlement of senior notes, net of tax effect	$ 6,100
Second Lien Note, Second Lien Refinancing
Disclosure of detailed information about borrowings [line items]
Notional amount				104,200,000	$ 134,100
Surrendered Senior Notes
Disclosure of detailed information about borrowings [line items]
Notional amount				$ 24,100,000
Note Exchanges [Member]
Disclosure of detailed information about borrowings [line items]
Number of shares issued for settlement of senior notes | shares	19,900,032
Borrowings, senior notes, discount rate				5.00%	5.00%
Stated interest rate | Senior Notes
Disclosure of detailed information about borrowings [line items]
Interest rate				8.50%	8.50%
Effective interest rate | Senior Notes
Disclosure of detailed information about borrowings [line items]
Interest rate				9.60%	9.60%
Debt issue costs | Senior Notes
Disclosure of detailed information about borrowings [line items]
Borrowings					$ 1,300

DEBT - Rollforward of Senior No

DEBT - Rollforward of Senior Notes (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)$ / $	Dec. 31, 2018CAD ($)$ / $	Dec. 31, 2017CAD ($)$ / $	Dec. 31, 2016CAD ($)
Disclosure of detailed information about borrowings [line items]
Beginning balance		$ 396,901
Unrealized gain (loss) on foreign exchange		(15,195)	$ 18,298	$ 7,918
Ending balance		422,592	396,901
Unrealized gain (loss) on foreign exchange contracts		3,422	(3,867)	(2,021)
Second Lien Notes
Disclosure of detailed information about borrowings [line items]
Beginning balance		0
Amortization of discount and debt issue costs		112
Ending balance	$ 72,100	$ 137,097	0
Closing foreign exchange rate | $ / $	1.3646	1.3646
Senior Notes
Disclosure of detailed information about borrowings [line items]
Beginning balance		$ 305,409	324,691
Unrealized gain (loss) on foreign exchange		22,032	(22,079)
Amortization of discount and debt issue costs		2,617	2,797
Settlement of Senior Notes for equity	$ (30,673)
Settlement of Senior Notes for Second Lien Notes	$ (103,385)
Ending balance		196,000	$ 305,409	$ 324,691
Closing foreign exchange rate | $ / $			1.2518
Unrealized gain (loss) on foreign exchange contracts		$ 3,400	$ (3,900)

DEBT - Covenants Narrative (Det

DEBT - Covenants Narrative (Details)	12 Months Ended
	Dec. 31, 2018CAD ($)covenants
Disclosure of detailed information about borrowings [line items]
Shares available for sale under prospectus	$ 476,000,000
Shares authorised under prospectus	$ 500,000,000
Credit Facilities
Disclosure of detailed information about borrowings [line items]
Number of financial covenants | covenants	2
Fixed charge coverage ratio	2.25
Additional indebtedness, maximum amount	$ 675,000,000
Percentage of adjusted net tangible assets	35.00%
Borrowing amount above ACNTA	$ 150,000,000
Borrowings, covenant, percentage of discounted future net revenues from proved oil and natural gas reserves	50.00%
Current maximum borrowing amount	$ 525,000,000
Credit Facilities, Senior Debt
Disclosure of detailed information about borrowings [line items]
Covenant, maximum	5
Position	2.88
Credit Facilities, First Lien Debt
Disclosure of detailed information about borrowings [line items]
Covenant, maximum	3
Position	1.15
Second Lien Notes
Disclosure of detailed information about borrowings [line items]
Covenant, maximum	5
Position	2.88
2020 | Credit Facilities, Senior Debt
Disclosure of detailed information about borrowings [line items]
Covenant, maximum	5
2020 | Second Lien Notes
Disclosure of detailed information about borrowings [line items]
Covenant, maximum	5
2021 | Credit Facilities, Senior Debt
Disclosure of detailed information about borrowings [line items]
Covenant, maximum	4.5
2021 | Second Lien Notes
Disclosure of detailed information about borrowings [line items]
Covenant, maximum	4.5
Thereafter | Credit Facilities, Senior Debt
Disclosure of detailed information about borrowings [line items]
Covenant, maximum	4
Thereafter | Second Lien Notes
Disclosure of detailed information about borrowings [line items]
Covenant, maximum	4

DEBT - Summary of Covenants Und

DEBT - Summary of Covenants Under Credit Facilities and Second Lien Notes (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018CAD ($)
Disclosure of detailed information about borrowings [line items]
EBITDA	$ 77.9
Credit Facilities, Senior Debt
Disclosure of detailed information about borrowings [line items]
Covenant, maximum	5
Position	2.88
Consolidated total debt	$ 224.4
Credit Facilities, First Lien Debt
Disclosure of detailed information about borrowings [line items]
Covenant, maximum	3
Position	1.15
Consolidated total debt	$ 89.8
Second Lien Notes
Disclosure of detailed information about borrowings [line items]
Covenant, maximum	5
Position	2.88

DEBT - Summary of Covenants U_2

DEBT - Summary of Covenants Under Second Lien Notes and Senior Notes (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018CAD ($)
Disclosure of detailed information about borrowings [line items]
Interest expense and dividends paid or accrued	$ 39.8
Profit (loss) before interest expense, dividends paid or accrued, depletion and other non-recurring charges	$ 79.7
Senior Notes
Disclosure of detailed information about borrowings [line items]
Covenant maximum	2.25
Position	2

EXPLORATION AND EVALUATION AS_3

EXPLORATION AND EVALUATION ASSETS - Summary of Exploration and Evaluation Assets (Details) - Exploration and evaluation assets - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of changes in property, plant and equipment [abstract]
Balance at beginning of period	$ 22,731	$ 29,246
Additions	577	1,664
Dispositions		(7,843)
Transfer to oil and natural gas properties	(5,601)	(336)
Balance at end of period	$ 17,707	$ 22,731

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Summary of Property, Plant and Equipment (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of changes in property, plant and equipment [abstract]
Balance at beginning of period	$ 1,187,390
Balance at end of period	1,164,422	$ 1,187,390
Future development costs	863,000	832,000	$ 950,000
Salvage costs	41,400	46,600	46,000
Capitalized general and administrative expenses	7,000	7,600	7,000
Capitalized share-based compensation expense	100	800	$ 1,400
Cost
Reconciliation of changes in property, plant and equipment [abstract]
Balance at beginning of period	1,945,099	2,117,434
Additions	82,250	125,431
Transfer from exploration and evaluation assets	5,601	336
Disposals	(7,736)	(298,102)
Balance at end of period	2,025,214	1,945,099
Accumulated depletion, depreciation and impairment losses
Reconciliation of changes in property, plant and equipment [abstract]
Balance at beginning of period	(757,709)	(820,862)
Charge for the year	105,286	120,652
Disposals	4,343	196,955
Impairment (reversal)	2,140	13,150
Balance at end of period	(860,792)	(757,709)
Oil and Natural Gas Properties
Reconciliation of changes in property, plant and equipment [abstract]
Balance at beginning of period	1,109,129
Balance at end of period	1,086,194	1,109,129
Oil and Natural Gas Properties | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Balance at beginning of period	1,848,673	2,034,954
Additions	77,837	111,485
Transfer from exploration and evaluation assets	5,601	336
Disposals	(7,736)	(298,102)
Balance at end of period	1,924,375	1,848,673
Oil and Natural Gas Properties | Accumulated depletion, depreciation and impairment losses
Reconciliation of changes in property, plant and equipment [abstract]
Balance at beginning of period	(739,544)	(806,656)
Charge for the year	100,840	116,693
Disposals	4,343	196,955
Impairment (reversal)	2,140	13,150
Balance at end of period	(838,181)	(739,544)
Operated Facilities
Reconciliation of changes in property, plant and equipment [abstract]
Balance at beginning of period	65,009
Balance at end of period	66,257	65,009
Operated Facilities | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Balance at beginning of period	68,118	56,060
Additions	3,102	12,058
Transfer from exploration and evaluation assets	0	0
Disposals	0	0
Balance at end of period	71,220	68,118
Operated Facilities | Accumulated depletion, depreciation and impairment losses
Reconciliation of changes in property, plant and equipment [abstract]
Balance at beginning of period	(3,109)	(1,987)
Charge for the year	1,854	1,122
Disposals	0	0
Impairment (reversal)	0	0
Balance at end of period	(4,963)	(3,109)
Office Furniture and Equipment
Reconciliation of changes in property, plant and equipment [abstract]
Balance at beginning of period	13,252
Balance at end of period	11,971	13,252
Office Furniture and Equipment | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Balance at beginning of period	28,308	26,420
Additions	1,311	1,888
Transfer from exploration and evaluation assets	0	0
Disposals	0	0
Balance at end of period	29,619	28,308
Office Furniture and Equipment | Accumulated depletion, depreciation and impairment losses
Reconciliation of changes in property, plant and equipment [abstract]
Balance at beginning of period	(15,056)	(12,219)
Charge for the year	2,592	2,837
Disposals	0	0
Impairment (reversal)	0	0
Balance at end of period	$ (17,648)	$ (15,056)

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018CAD ($)Boe / dshares	Dec. 31, 2017CAD ($)	Dec. 31, 2016CAD ($)
Disclosure of detailed information about property, plant and equipment [line items]
Additions to property, plant and equipment	$ 69,515	$ 121,586	$ 76,531
Ferrier Asset Acquisition One
Disclosure of detailed information about property, plant and equipment [line items]
Number of barrels of oil | Boe / d	2,200
Number of barrels of oil, natural gas, percentage	79.00%
Number of barrels of oil, liquids, percentage	21.00%
Number of shares issued for property acquisition | shares	4,000,000
Additions to property, plant and equipment	$ 7,660
Purchase price adjustments	$ 9,100
Ferrier Asset Acquisition Two
Disclosure of detailed information about property, plant and equipment [line items]
Number of barrels of oil | Boe / d	1,250
Number of barrels of oil, natural gas, percentage	65.00%
Number of barrels of oil, liquids, percentage	35.00%
Number of shares issued for property acquisition | shares	6,750,000
Additions to property, plant and equipment	$ 1,750

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT - Business Combination (Details) - Ferrier $ in Millions	Jun. 30, 2016CAD ($)shares
Disclosure of detailed information about business combination [line items]
Consideration transferred, acquisition-date fair value	$ 29.2
Number of shares issued (in shares) | shares	4,109,515
Financial assets recognised as of acquisition date	$ 29.7
Financial liabilities recognised as of acquisition date	$ 0.5

PROPERTY, PLANT AND EQUIPMENT_4

PROPERTY, PLANT AND EQUIPMENT - Dispositions (Details) $ in Millions	3 Months Ended						12 Months Ended
	Dec. 31, 2018CAD ($)MMcf / d	Sep. 30, 2017CAD ($)	Jun. 30, 2017CAD ($)	Dec. 31, 2016CAD ($)shares	Sep. 30, 2016CAD ($)MMcf	Jun. 30, 2016CAD ($)	Dec. 31, 2018CAD ($)MMcf / d	Dec. 31, 2016CAD ($)shares
Disclosure of detailed information about property, plant and equipment [line items]
Midstream services and governance agreement, purchased capacity access limits | MMcf / d	80.5						80.5
Midstream services and governance agreement, purchased capacity contract term							10 years
Rental fee period						8 years
Alder Flats Plant Sale
Disclosure of detailed information about property, plant and equipment [line items]
Percentage of working interest disposed of				35.00%	35.00%			35.00%
Proceeds from disposal of oil and gas assets					$ 112.5
Midstream services and governance agreement, purchased capacity access limits | MMcf					80.5
Midstream services and governance agreement, purchased capacity contract term					10 years
Percentage of voting equity interests acquired					25.00%
Option to reacquire working interest in oil and gas assets, working interest percentage					5.00%
Cost To reacquire working interest in oil and gas assets					$ 8
Gains on disposals of property, plant and equipment							$ 14
Production Facilities, West Central Alberta
Disclosure of detailed information about property, plant and equipment [line items]
Losses on disposals of property, plant and equipment	$ 3.4
Oil and Gas Properties, West Pembina Area Of Alberta
Disclosure of detailed information about property, plant and equipment [line items]
Losses on disposals of property, plant and equipment		$ 18.6
Proceeds from disposal of oil and gas assets		$ 16		$ 42
Consideration from disposal of oil and gas assets				$ 47				$ 47
Shares received from purchaser from disposal of oil and gas assets | shares				2,171,667				2,171,667
Fair value of shares from purchaser from disposal of oil and gas assets				$ 5				$ 5
Oil And Gas Properties, Strachan Area Of Alberta
Disclosure of detailed information about property, plant and equipment [line items]
Losses on disposals of property, plant and equipment			$ 37	26.2
Proceeds from disposal of oil and gas assets			34.5
Oil and Gas Properties, Harmattan [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Losses on disposals of property, plant and equipment				147.7
Proceeds from disposal of oil and gas assets				65
Consideration from disposal of oil and gas assets				80				80
Loan receivable from disposal of oil and gas assets				$ 15				$ 15
Loan receivable from disposal of oil and gas assets, interest percentage				10.00%				10.00%
Oil and Gas Properties, Willesden Green Area Of Alberta
Disclosure of detailed information about property, plant and equipment [line items]
Proceeds from disposal of oil and gas assets			$ 20
Production Facilities [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Proceeds from disposal of oil and gas assets						$ 75
Drilling Oil and Gas Wells [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Gains on disposals of property, plant and equipment								$ 6.7

PROPERTY, PLANT AND EQUIPMENT_5

PROPERTY, PLANT AND EQUIPMENT - Impairment Loss (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about property, plant and equipment [line items]
Increase to discount rate	1.00%
Decrease in discount rate	1.00%
South Central
Disclosure of detailed information about property, plant and equipment [line items]
Impairment loss		$ 1,000,000
Recoverable amount of asset or cash-generating unit		18,300,000
Cash Generating Unit, North Alberta
Disclosure of detailed information about property, plant and equipment [line items]
Impairment loss	$ 800,000
Recoverable amount of asset or cash-generating unit	5,200,000
Increase to impairment loss	200,000
Central Alberta
Disclosure of detailed information about property, plant and equipment [line items]
Impairment loss	0	12,200,000
Recoverable amount of asset or cash-generating unit		$ 4,700,000
Cash Generating Unit, South Alberta
Disclosure of detailed information about property, plant and equipment [line items]
Impairment loss	1,300,000
Recoverable amount of asset or cash-generating unit	18,900,000
Increase to impairment loss	$ 0
Bottom of range
Disclosure of detailed information about property, plant and equipment [line items]
Discount rate used in current estimate of value in use	15.00%
Discount rate used in current measurement of fair value less costs of disposal		15.00%
Bottom of range | Central Alberta
Disclosure of detailed information about property, plant and equipment [line items]
Discount rate used in current estimate of value in use	12.00%
Top of range
Disclosure of detailed information about property, plant and equipment [line items]
Discount rate used in current estimate of value in use	20.00%
Discount rate used in current measurement of fair value less costs of disposal		20.00%
Top of range | Central Alberta
Disclosure of detailed information about property, plant and equipment [line items]
Discount rate used in current estimate of value in use	15.00%

PROPERTY, PLANT AND EQUIPMENT_6

PROPERTY, PLANT AND EQUIPMENT - VIU Cash Generating Units (Details)	Dec. 31, 2018$ / $$ / MMBTU$ / bbl	Dec. 31, 2017$ / $$ / MMBTU$ / bbl	Dec. 31, 2016$ / $$ / MMBTU$ / bbl
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections | $ / $	1.32	1.27	1.33
Later than one year not later than two years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections | $ / $	1.28	1.25	1.29
Later than two years and not later than three years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections | $ / $	1.25	1.23	1.25
Later than three years and not later than four years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections | $ / $	1.25	1.22	1.21
Later than four years and not later than five years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections | $ / $	1.25	1.20	1.18
Later than five years and not later than six years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections | $ / $	1.25	1.19	1.18
Later than six years and not later than seven years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections | $ / $	1.25	1.18	1.18
Later than seven years and not later than eight years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections | $ / $	1.25	1.18	1.18
Later than eight years and not later than nine years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections | $ / $	1.25	1.18	1.18
Later than nine years and not later than ten years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections | $ / $	1.25	1.18	1.18
Thereafter
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections | $ / $	0	1.18	1.18
Edmonton Crude Ref Oil
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	63.50	71.36	68.33
Edmonton Crude Ref Oil | Later than one year not later than two years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	75.55	73.44	72.32
Edmonton Crude Ref Oil | Later than two years and not later than three years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	80.50	75.47	76.05
Edmonton Crude Ref Oil | Later than three years and not later than four years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	83.25	80.49	79.54
Edmonton Crude Ref Oil | Later than four years and not later than five years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	85.60	82.38	82.82
Edmonton Crude Ref Oil | Later than five years and not later than six years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	87.62	84.22	88.60
Edmonton Crude Ref Oil | Later than six years and not later than seven years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	90.01	86.01	90.37
Edmonton Crude Ref Oil | Later than seven years and not later than eight years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	92.68	88.85	92.18
Edmonton Crude Ref Oil | Later than eight years and not later than nine years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	94.53	90.62	94.02
Edmonton Crude Ref Oil | Later than nine years and not later than ten years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	96.42	92.43	95.90
Edmonton Crude Ref Oil | Thereafter
Disclosure of information for cash-generating units [line items]
Value in use commodity rate increase per year applied to cash flow projections	2.00%	2.00%	2.00%
AECO Gas
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections | $ / MMBTU	1.90	2.52	3.47
AECO Gas | Later than one year not later than two years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections | $ / MMBTU	2.29	2.93	3.42
AECO Gas | Later than two years and not later than three years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections | $ / MMBTU	2.71	3.22	3.59
AECO Gas | Later than three years and not later than four years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections | $ / MMBTU	3.03	3.51	3.93
AECO Gas | Later than four years and not later than five years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections | $ / MMBTU	3.21	3.75	4.01
AECO Gas | Later than five years and not later than six years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections | $ / MMBTU	3.33	3.85	4.17
AECO Gas | Later than six years and not later than seven years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections | $ / MMBTU	3.44	3.95	4.27
AECO Gas | Later than seven years and not later than eight years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections | $ / MMBTU	3.50	4.11	4.43
AECO Gas | Later than eight years and not later than nine years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections | $ / MMBTU	3.57	4.27	4.52
AECO Gas | Later than nine years and not later than ten years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections | $ / MMBTU	3.65	4.35	4.61
AECO Gas | Thereafter
Disclosure of information for cash-generating units [line items]
Value in use commodity rate increase per year applied to cash flow projections	2.00%	2.00%	2.00%
Butane
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	20.96	51.38	47.83
Butane | Later than one year not later than two years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	37.02	52.88	52.07
Butane | Later than two years and not later than three years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	45.89	54.34	54.75
Butane | Later than three years and not later than four years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	54.95	57.96	57.27
Butane | Later than four years and not later than five years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	58.21	59.31	59.63
Butane | Later than five years and not later than six years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	61.33	60.64	63.79
Butane | Later than six years and not later than seven years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	62.10	61.93	65.07
Butane | Later than seven years and not later than eight years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	63.95	63.97	66.37
Butane | Later than eight years and not later than nine years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	65.22	65.25	67.69
Butane | Later than nine years and not later than ten years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	66.53	66.55	69.05
Butane | Thereafter
Disclosure of information for cash-generating units [line items]
Value in use commodity rate increase per year applied to cash flow projections	2.00%	2.00%	2.00%
Propane
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	28.58	35.68	23.92
Propane | Later than one year not later than two years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	33.24	36.72	25.31
Propane | Later than two years and not later than three years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	37.03	35.85	26.62
Propane | Later than three years and not later than four years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	38.30	36.22	27.84
Propane | Later than four years and not later than five years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	41.52	37.07	28.99
Propane | Later than five years and not later than six years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	42.93	37.90	31.01
Propane | Later than six years and not later than seven years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	44.10	38.70	31.63
Propane | Later than seven years and not later than eight years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	45.41	39.98	32.26
Propane | Later than eight years and not later than nine years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	46.32	40.78	32.91
Propane | Later than nine years and not later than ten years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	47.25	41.60	33.57
Propane | Thereafter
Disclosure of information for cash-generating units [line items]
Value in use commodity rate increase per year applied to cash flow projections	2.00%	2.00%	2.00%
Condensate
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	67.95	74.93	75.17
Condensate | Later than one year not later than two years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	78.95	77.12	79.55
Condensate | Later than two years and not later than three years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	83.72	79.25	83.65
Condensate | Later than three years and not later than four years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	86.58	84.52	87.50
Condensate | Later than four years and not later than five years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	88.60	86.50	91.11
Condensate | Later than five years and not later than six years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	90.68	88.43	97.46
Condensate | Later than six years and not later than seven years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	93.16	90.31	99.41
Condensate | Later than seven years and not later than eight years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	95.92	93.29	101.39
Condensate | Later than eight years and not later than nine years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	97.84	95.15	103.42
Condensate | Later than nine years and not later than ten years
Disclosure of information for cash-generating units [line items]
Value in use commodity rate applied to cash flow projections	99.79	97.06	105.49
Condensate | Thereafter
Disclosure of information for cash-generating units [line items]
Value in use commodity rate increase per year applied to cash flow projections	2.00%	2.00%	2.00%

DECOMMISSIONING LIABILITIES - N

DECOMMISSIONING LIABILITIES - Narrative (Details) - Provision for decommissioning liabilities - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of other provisions [line items]
Undiscounted liabilities	$ 98.5	$ 94.6
Inflation rate	2.00%	2.00%
Bottom of range
Disclosure of other provisions [line items]
Risk-free interest rate	1.91%	1.66%
Top of range
Disclosure of other provisions [line items]
Risk-free interest rate	2.15%	2.20%

DECOMMISSIONING LIABILITIES - R

DECOMMISSIONING LIABILITIES - Rollforward of Decommissioning Liabilities (Details) - Provision for decommissioning liabilities - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of other provisions [line items]
Balance, beginning of year	$ 60,611	$ 62,844
Incurred on development activities	678	1,501
Acquired through asset acquisitions	3,462	0
Revisions on estimates	37	3,210
Decommissioning costs incurred	(2,242)	(2,758)
Reversed on dispositions	0	(5,473)
Accretion expense	1,328	1,287
Balance, end of year	$ 63,874	$ 60,611

OTHER DEFERRED LIABILITIES - Su

OTHER DEFERRED LIABILITIES - Summary of Other Liabilities (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2016
Disclosure of financial liabilities [line items]
Other liabilities, beginning of period	$ 28,192	$ 50,937
Deferred lease inducements	(332)	(366)	$ (340)
Payments on finance lease	(1,170)	(1,538)
Loss on onerous contracts	(5,362)	0	0
Drawdown deferred financing obligations	(1,505)	(6,020)
Drawdown deferred capital obligations	(4,755)	(14,693)
Realized deferred gain	(13,020)
Other liabilities, end of period	12,772	28,192	50,937
Payment For Change In Estimate		(128)
Current portion of other deferred liabilities	1,909	20,790
Long term portion of other deferred liabilities	10,863	7,402
Finance lease obligation
Disclosure of financial liabilities [line items]
Other liabilities, beginning of period	6,891	8,429
Deferred lease inducements	0	0
Payments on finance lease	(1,170)	(1,538)
Loss on onerous contracts	0
Drawdown deferred financing obligations	0	0
Drawdown deferred capital obligations	0	0
Realized deferred gain	0
Other liabilities, end of period	5,721	6,891	8,429
Payment For Change In Estimate		0
Current portion of other deferred liabilities	476
Long term portion of other deferred liabilities	5,245
Deferred lease inducements
Disclosure of financial liabilities [line items]
Other liabilities, beginning of period	2,021	2,387
Deferred lease inducements	(332)	(366)
Payments on finance lease	0	0
Loss on onerous contracts	0
Drawdown deferred financing obligations	0	0
Drawdown deferred capital obligations	0	0
Realized deferred gain	0
Other liabilities, end of period	1,689	2,021	2,387
Payment For Change In Estimate		0
Current portion of other deferred liabilities	340
Long term portion of other deferred liabilities	1,349
Onerous Contracts
Disclosure of financial liabilities [line items]
Other liabilities, beginning of period	0	0
Deferred lease inducements	0	0
Payments on finance lease	0	0
Loss on onerous contracts	(5,362)
Drawdown deferred financing obligations	0	0
Drawdown deferred capital obligations	0	0
Realized deferred gain	0
Other liabilities, end of period	5,362	0	0
Payment For Change In Estimate		0
Current portion of other deferred liabilities	1,093
Long term portion of other deferred liabilities	4,269
Deferred financing obligations
Disclosure of financial liabilities [line items]
Other liabilities, beginning of period	1,505	7,525
Deferred lease inducements	0	0
Payments on finance lease	0	0
Loss on onerous contracts	0
Drawdown deferred financing obligations	(1,505)	(6,020)
Drawdown deferred capital obligations	0	0
Realized deferred gain	0
Other liabilities, end of period	0	1,505	7,525
Payment For Change In Estimate		0
Current portion of other deferred liabilities	0
Long term portion of other deferred liabilities	0
Deferred gain
Disclosure of financial liabilities [line items]
Other liabilities, beginning of period	13,020	10,706
Deferred lease inducements	0	0
Payments on finance lease	0	0
Loss on onerous contracts	0
Drawdown deferred financing obligations	0	0
Drawdown deferred capital obligations	0	0
Realized deferred gain	(13,020)
Other liabilities, end of period	0	13,020	10,706
Payment For Change In Estimate		2,314
Current portion of other deferred liabilities	0
Long term portion of other deferred liabilities	0
Deferred Capital Obligation
Disclosure of financial liabilities [line items]
Other liabilities, beginning of period	4,755	21,890
Deferred lease inducements	0	0
Payments on finance lease	0	0
Loss on onerous contracts	0
Drawdown deferred financing obligations	0	0
Drawdown deferred capital obligations	(4,755)	(14,693)
Realized deferred gain	0
Other liabilities, end of period	0	4,755	$ 21,890
Payment For Change In Estimate		$ (2,442)
Current portion of other deferred liabilities	0
Long term portion of other deferred liabilities	$ 0
Alder Flats Plant Sale
Disclosure of financial liabilities [line items]
Percentage of working interest disposed of			35.00%	35.00%

OTHER DEFERRED LIABILITIES - Na

OTHER DEFERRED LIABILITIES - Narrative (Details) - CAD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of recognised finance lease as assets by lessee [line items]
Other liabilities	$ 12,772	$ 28,192	$ 50,937
Operated Facilities | Cost
Disclosure of recognised finance lease as assets by lessee [line items]
Recognised finance lease as assets	15,300	15,300	15,300
Operated Facilities | Accumulated depreciation
Disclosure of recognised finance lease as assets by lessee [line items]
Recognised finance lease as assets	5,000	4,400	3,700
Onerous Contracts
Disclosure of recognised finance lease as assets by lessee [line items]
Other liabilities	$ 5,362	$ 0	$ 0

OTHER DEFERRED LIABILITIES - Sc

OTHER DEFERRED LIABILITIES - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2018CAD ($)
Disclosure of finance lease and operating lease by lessee [line items]
Total lease payments	$ 11,334
Amount representing implicit interest at 15.28%	(5,613)
Total lease obligation at December 31, 2018	$ 5,721
Implicit interest rate	15.28%
2019
Disclosure of finance lease and operating lease by lessee [line items]
Total lease payments	$ 1,317
2020
Disclosure of finance lease and operating lease by lessee [line items]
Total lease payments	1,240
2021
Disclosure of finance lease and operating lease by lessee [line items]
Total lease payments	1,164
2022
Disclosure of finance lease and operating lease by lessee [line items]
Total lease payments	1,088
2023
Disclosure of finance lease and operating lease by lessee [line items]
Total lease payments	1,011
Thereafter
Disclosure of finance lease and operating lease by lessee [line items]
Total lease payments	$ 5,514

SHAREHOLDERS' CAPITAL - Summary

SHAREHOLDERS' CAPITAL - Summary of Shareholders' Capital (Details) $ / shares in Units, $ in Thousands, $ in Millions	1 Months Ended		12 Months Ended
	Oct. 31, 2016CAD ($)$ / sharesshares	Aug. 31, 2016CAD ($)$ / sharesshares	Dec. 31, 2018USD ($)shares	Dec. 31, 2018CAD ($)shares	Dec. 31, 2017CAD ($)shares	Dec. 31, 2016CAD ($)shares	Jul. 01, 2017
Disclosure of classes of share capital [line items]
Stockholders equity note stock split conversion ratio							500.00%
Number of shares outstanding, beginning of period (in shares) | shares			49,378,026	49,378,026	49,317,165
Number of shares outstanding, end of period (in shares) | shares			80,909,225	80,909,225	49,378,026	49,317,165
Equity attributable to owners of parent, beginning of period				$ 774,022	$ 863,418
Equity attributable to owners of parent, end of period				$ 672,725	$ 774,022	$ 863,418
Preference shares
Disclosure of classes of share capital [line items]
Number of shares authorised | shares			95,978,621	95,978,621
Issued capital
Disclosure of classes of share capital [line items]
Number of shares issued for settlement of senior notes | shares			19,900,032	19,900,032	0
Number of shares outstanding, beginning of period (in shares) | shares			49,378,026	49,378,026	49,317,166	38,392,782
Shares issued on settlement of share-based compensation (in shares) | shares			87,516	87,516	60,860	55,953
Shares issued on property acquisition, net of tax effect (in shares) | shares			10,750,000	10,750,000	0	4,109,515
Flow through shares issued (in shares) | shares			793,651	793,651	0
Number of shares outstanding, end of period (in shares) | shares			80,909,225	80,909,225	49,378,026	49,317,166
Equity attributable to owners of parent, beginning of period				$ 1,068,377	$ 1,068,084	$ 1,000,100
Shares issued on settlement of Senior Notes (note 7)				31,306	0	0
Shares issued on settlement of share-based compensation				127	289	$ 285
Number of shares issued through property acquisition, net | shares						0
Issue of equity, issued for property acquisition, net of issue costs and tax effect, net						$ (98)
Issued for property acquisition, net of tax effect						$ 29,178
Number of subscription receipts issued on equity issue | shares	1,694,915	5,000,000				6,758,916
Issue of equity, price per share (in cad per share) | $ / shares	$ 5.90	$ 6
Issue of equity	$ 10,000	$ 30,000				$ 40,400
Flow through shares issued				1,143	0	0
Share issue costs on equity issue, net of tax effect				(387)	4	(1,781)
Equity attributable to owners of parent, end of period				$ 1,112,619	$ 1,068,377	$ 1,068,084
Senior Notes
Disclosure of classes of share capital [line items]
Repayments of borrowings, note exchanges for common shares			$ 24.1

REVENUE - Revenue Disaggregated

REVENUE - Revenue Disaggregated by Revenue Source (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	$ 228,712	$ 249,399	$ 227,874
Receivables from contracts with customers	20,900	25,300
Crude oil and condensate
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	51,761	51,448	60,546
NGLs (excluding condensate)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	70,970	54,602	31,352
Crude oil, condensate and NGLs
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	122,731	106,050	91,898
Natural gas
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	100,405	137,775	128,226
Petroleum and natural gas sales
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	223,136	243,825	220,124
Other income
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	$ 5,576	$ 5,574	$ 7,750

REVENUE Contrats with Customers

REVENUE Contrats with Customers for the Sale of Future Production (Details) - Commodity price risk - Later than one year	Dec. 31, 2018barrel_thermal_unitMMBTU
Varying | NGL Product Mix
Disclosure of nature and extent of risks arising from financial instruments [line items]
Underlying derivative volume | barrel_thermal_unit	10,000
Chicago | Natural gas
Disclosure of nature and extent of risks arising from financial instruments [line items]
Underlying derivative volume	20,000
Dawn | Natural gas
Disclosure of nature and extent of risks arising from financial instruments [line items]
Underlying derivative volume	25,000
Malin | Natural gas
Disclosure of nature and extent of risks arising from financial instruments [line items]
Underlying derivative volume	15,000

SHARE-BASED COMPENSATION PLAN_2

SHARE-BASED COMPENSATION PLANS - Summary of Share-based Compensation Expense (Recovery) (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation expense (recovery) included in general and administrative expense	$ (503)	$ 532	$ 3,784
Share-based compensation expense included in operating expense	110	167	152
Total share-based compensation expense (recovery)	(393)	699	3,936
Share Options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation expense (recovery) included in general and administrative expense	334	1,074	2,565
Deferred Share Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation expense (recovery) included in general and administrative expense	(669)	(583)	834
Restricted Awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation expense (recovery) included in general and administrative expense	(80)	178	241
Performance Awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation expense (recovery) included in general and administrative expense	$ (88)	$ (137)	$ 144

SHARE-BASED COMPENSATION PLAN_3

SHARE-BASED COMPENSATION PLANS - Summary of Share Option Expense (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share options expense	$ (503)	$ 532	$ 3,784
Share Options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share options expense	334	1,074	2,565
Share options expense capitalized	73	600	1,147
Gross share option expense	$ 407	$ 1,674	$ 3,712

SHARE-BASED COMPENSATION PLAN_4

SHARE-BASED COMPENSATION PLANS - Summary of Company's Share-Based Compensation Liability Balance (Details) - CAD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Liabilities balance	$ 1,076	$ 2,423
Deferred Share Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Liabilities balance	543	1,212
Restricted Awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Liabilities balance	321	754
Performance Awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Liabilities balance	$ 212	$ 457

SHARE-BASED COMPENSATION PLAN_5

SHARE-BASED COMPENSATION PLANS - Options Fair Value Measurements (Details)	12 Months Ended
	Dec. 31, 2018CAD ($)yearday	Dec. 31, 2017CAD ($)year	Dec. 31, 2016CAD ($)year
Disclosure of terms and conditions of share-based payment arrangement [line items]
Maximum term of options granted	5 years
Share price (in CAD per share)	$ 1.48	$ 4.27	$ 5.10
Exercise price (in CAD per share)	$ 1.48	$ 4.55	$ 5.10
Risk free interest rate (%)	2.00%	0.90%	0.60%
Option life (years) | year	2.8	2.8	2.8
Option volatility (%)	65.00%	71.00%	73.00%
Weighted average fair value of each share option granted (in CAD per share)	$ 0.64	$ 1.87	$ 2.35
Bottom of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Forfeiture rate	3.00%	3.00%	3.00%
Top of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Forfeiture rate	10.00%	10.00%	10.00%
Share Options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of trading days to determine weighted average trading price for options granted | day	5
Share Options | Tranche One
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	33.33%
Share Options | Tranche Two
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	33.33%
Share Options | Tranche Three
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	33.33%

SHARE-BASED COMPENSATION PLAN_6

SHARE-BASED COMPENSATION PLANS - Options Roll Forward (Details)	12 Months Ended
	Dec. 31, 2018CAD ($)shares	Dec. 31, 2017CAD ($)shares	Dec. 31, 2016CAD ($)shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of share options outstanding, beginning of period (in CAD per share) | $	$ 15.62	$ 23.22	$ 28.45
Weighted average exercise price of share options granted (in CAD per share) | $	1.48	4.55	5.10
Weighted average exercise price of share options forfeited (in CAD per share) | $	21.99	35.10	30.43
Weighted average exercise price of share options expired (in CAD per share) | $	36	17.12	26.03
Weighted average exercise price of share options outstanding, end of period (in CAD per share) | $	$ 8.49	$ 15.62	$ 23.22
Number of share options outstanding, beginning of period (in shares)	1,622,132	2,573,024	2,569,273
Number of share options granted (in shares)	95,000	185,000	581,820
Number of share options forfeited (in shares)	(722,800)	(877,956)	(287,735)
Number of share options expired (in shares)	(41,800)	(257,936)	(290,334)
Number of share options outstanding, end of period (in shares)	952,532	1,622,132	2,573,024
Share Options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of common shares reserved for issuance (in shares)	6,472,738
Number of shares available for future grants (in shares)	5,520,206

SHARE-BASED COMPENSATION PLAN_7

SHARE-BASED COMPENSATION PLANS - Options Range of Exercise Price (Details)	Dec. 31, 2018CAD ($)sharesyear	Dec. 31, 2017CAD ($)shares	Dec. 31, 2016CAD ($)shares	Dec. 31, 2015CAD ($)shares
Disclosure of range of exercise prices of outstanding share options [line items]
Number of share options outstanding (in shares) | shares	952,532	1,622,132	2,573,024	2,569,273
Weighted average exercise price of share options outstanding (in CAD per share)	$ 8.49	$ 15.62	$ 23.22	$ 28.45
Share options outstanding, weighted average remaining contractual life (in years) | year	2.6
Number of share options exercisable (in shares) | shares	624,353
Weighted average exercise price of share options exercisable (in CAD per share)	$ 10.92
Bottom of range
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of outstanding share options (in CAD per share))	1.48
Top of range
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of outstanding share options (in CAD per share))	$ 46.90
Exercise Price Range One
Disclosure of range of exercise prices of outstanding share options [line items]
Number of share options outstanding (in shares) | shares	95,000
Weighted average exercise price of share options outstanding (in CAD per share)	$ 1.48
Share options outstanding, weighted average remaining contractual life (in years) | year	4.4
Number of share options exercisable (in shares) | shares	0
Weighted average exercise price of share options exercisable (in CAD per share)	$ 0
Exercise Price Range One | Bottom of range
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of outstanding share options (in CAD per share))	1.48
Exercise Price Range One | Top of range
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of outstanding share options (in CAD per share))	$ 2.67
Exercise Price Range Two
Disclosure of range of exercise prices of outstanding share options [line items]
Number of share options outstanding (in shares) | shares	119,000
Weighted average exercise price of share options outstanding (in CAD per share)	$ 3.85
Share options outstanding, weighted average remaining contractual life (in years) | year	3.5
Number of share options exercisable (in shares) | shares	39,665
Weighted average exercise price of share options exercisable (in CAD per share)	$ 3.85
Exercise Price Range Two | Bottom of range
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of outstanding share options (in CAD per share))	2.68
Exercise Price Range Two | Top of range
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of outstanding share options (in CAD per share))	$ 4.47
Exercise Price Range Three
Disclosure of range of exercise prices of outstanding share options [line items]
Number of share options outstanding (in shares) | shares	446,532
Weighted average exercise price of share options outstanding (in CAD per share)	$ 5.10
Share options outstanding, weighted average remaining contractual life (in years) | year	2.6
Number of share options exercisable (in shares) | shares	332,688
Weighted average exercise price of share options exercisable (in CAD per share)	$ 5.10
Exercise Price Range Three | Bottom of range
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of outstanding share options (in CAD per share))	4.48
Exercise Price Range Three | Top of range
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of outstanding share options (in CAD per share))	$ 5.55
Exercise Price Range Four
Disclosure of range of exercise prices of outstanding share options [line items]
Number of share options outstanding (in shares) | shares	60,000
Weighted average exercise price of share options outstanding (in CAD per share)	$ 6
Share options outstanding, weighted average remaining contractual life (in years) | year	3.3
Number of share options exercisable (in shares) | shares	20,000
Weighted average exercise price of share options exercisable (in CAD per share)	$ 6
Exercise Price Range Four | Bottom of range
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of outstanding share options (in CAD per share))	5.56
Exercise Price Range Four | Top of range
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of outstanding share options (in CAD per share))	$ 10.68
Exercise Price Range Five
Disclosure of range of exercise prices of outstanding share options [line items]
Number of share options outstanding (in shares) | shares	1,600
Weighted average exercise price of share options outstanding (in CAD per share)	$ 15.68
Share options outstanding, weighted average remaining contractual life (in years) | year	1.2
Number of share options exercisable (in shares) | shares	1,600
Weighted average exercise price of share options exercisable (in CAD per share)	$ 15.68
Exercise Price Range Five | Bottom of range
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of outstanding share options (in CAD per share))	10.69
Exercise Price Range Five | Top of range
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of outstanding share options (in CAD per share))	$ 17.38
Exercise Price Range Six
Disclosure of range of exercise prices of outstanding share options [line items]
Number of share options outstanding (in shares) | shares	204,000
Weighted average exercise price of share options outstanding (in CAD per share)	$ 18.75
Share options outstanding, weighted average remaining contractual life (in years) | year	1.4
Number of share options exercisable (in shares) | shares	204,000
Weighted average exercise price of share options exercisable (in CAD per share)	$ 18.75
Exercise Price Range Six | Bottom of range
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of outstanding share options (in CAD per share))	17.39
Exercise Price Range Six | Top of range
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of outstanding share options (in CAD per share))	$ 19.52
Exercise Price Range Seven
Disclosure of range of exercise prices of outstanding share options [line items]
Number of share options outstanding (in shares) | shares	17,400
Weighted average exercise price of share options outstanding (in CAD per share)	$ 33.10
Share options outstanding, weighted average remaining contractual life (in years) | year	0.7
Number of share options exercisable (in shares) | shares	17,400
Weighted average exercise price of share options exercisable (in CAD per share)	$ 33.10
Exercise Price Range Seven | Bottom of range
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of outstanding share options (in CAD per share))	19.53
Exercise Price Range Seven | Top of range
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of outstanding share options (in CAD per share))	$ 46.53
Exercise Price Range Eight
Disclosure of range of exercise prices of outstanding share options [line items]
Number of share options outstanding (in shares) | shares	9,000
Weighted average exercise price of share options outstanding (in CAD per share)	$ 46.89
Share options outstanding, weighted average remaining contractual life (in years) | year	0.5
Number of share options exercisable (in shares) | shares	9,000
Weighted average exercise price of share options exercisable (in CAD per share)	$ 46.89
Exercise Price Range Eight | Bottom of range
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of outstanding share options (in CAD per share))	46.54
Exercise Price Range Eight | Top of range
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of outstanding share options (in CAD per share))	$ 46.90

SHARE-BASED COMPENSATION PLAN_8

SHARE-BASED COMPENSATION PLANS - Deferred Share Unit Plan (Details) - Deferred Share Units - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments outstanding, beginning of period (in shares)	517,898	377,667	202,927
Number of instruments granted (in shares)	304,056	260,381	184,823
Number of instruments exercised (in shares)		(120,150)	(10,083)
Number of instruments outstanding, end of period (in shares)	821,954	517,898	377,667

SHARE-BASED COMPENSATION PLAN_9

SHARE-BASED COMPENSATION PLANS - Award Plan (Details)	12 Months Ended
	Dec. 31, 2018sharesday	Dec. 31, 2017shares	Dec. 31, 2016shares
Restricted Awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	3 years
Number of trading days to determine weighted average trading price for instruments granted | day	5
Number of instruments outstanding, beginning of period (in shares)	823,487	426,395	318,762
Number of instruments granted (in shares)	880,200	652,740	284,771
Number of instruments exercised (in shares)	(317,840)	(175,833)	(113,457)
Number instruments forfeited (in shares)	(202,846)	(79,815)	(63,681)
Number of instruments outstanding, end of period (in shares)	1,183,001	823,487	426,395
Performance Awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of trading days to determine weighted average trading price for instruments granted | day	5
Forfeiture rate	5.00%
Number of instruments outstanding, beginning of period (in shares)	573,055	303,335	249,240
Number of instruments granted (in shares)	335,800	370,000	145,085
Number of instruments exercised (in shares)	(77,870)	(61,920)	(70,430)
Number instruments forfeited (in shares)	(67,910)	(38,360)	(20,560)
Number of instruments outstanding, end of period (in shares)	763,075	573,055	303,335
Bottom of range | Restricted Awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Forfeiture rate	3.00%
Bottom of range | Performance Awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Payout multiplier	0.00%
Top of range | Restricted Awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Forfeiture rate	10.00%
Top of range | Performance Awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Payout multiplier	200.00%

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax expense (income)	$ 70.2
Unrecognized benefit of deductible temporary differences in excess of taxable temporary differences	165
Tax pools available for deduction	$ 1,400
Federal and provincial corporate income tax rate	27.00%	27.00%	27.00%
Non-capital loss carryforwards
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax pools available for deduction against future income	$ 133

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Expected and Actual Income Tax Expense (Recovery) (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Taxes [Abstract]
Expected income tax expense (recovery)	$ (26,471)	$ (20,506)	$ (9,052)
Change in unrecognized deferred tax asset	69,805	44,114	0
Non-taxable portion of unrealized foreign exchange (gain) loss	3,972	(4,947)	(1,938)
Share based compensation expense	86	610	856
Flow through share issuance	309	108	2,700
Other	594	(3,964)	576
Deferred tax expense (recovery)	$ 48,295	$ 15,415	$ (6,858)

INCOME TAXES - Deferred Tax Lia

INCOME TAXES - Deferred Tax Liabilities and Assets (Details) - CAD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred taxes assets	$ 0	$ 48,298
Deferred tax asset (liability)	0	48,298	$ 63,713	$ 59,255
Risk management contract asset
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liabilities	(3,549)	(8,943)
Deferred tax asset (liability)	0	(8,943)	0	(3,600)
Convertible Debentures
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liabilities	(2,122)	(2,616)
Deferred tax asset (liability)	0	(2,616)	(3,028)	0
Property, plant and equipment and exploration and evaluation assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liabilities		(6,845)
Deferred taxes assets	5,280
Deferred tax asset (liability)	0	(6,845)	(12,555)	(12,142)
Senior Notes
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred taxes assets	0	756
Deferred tax asset (liability)	0	756	418	(65)
Finance lease obligation
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred taxes assets	0	1,860
Deferred tax asset (liability)	0	1,860	2,276	2,717
Onerous lease
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred taxes assets	0	0
Deferred tax asset (liability)	0	0
Deferred financing obligation
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred taxes assets	0	406
Deferred tax asset (liability)	0	406	2,032	0
Deferred gain on sale
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred taxes assets	0	3,515
Deferred tax asset (liability)	0	3,515	2,890	0
Risk management contract liability
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred taxes assets	0	1,206
Decommissioning liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred taxes assets	0	16,365
Deferred tax asset (liability)	0	16,365	16,967	26,034
Share issue costs
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred taxes assets	391	840
Deferred tax asset (liability)	0	840	1,950	2,520
Non-capital losses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred taxes assets	0	40,850
Deferred tax asset (liability)	0	38,915	38,895	40,766
Other
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred taxes assets	0	904
Deferred tax asset (liability)	$ 0	$ 904	$ 1,546	$ 985

INCOME TAXES - Continuity of De

INCOME TAXES - Continuity of Deferred Tax Asset (Liability) (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	$ 48,298	$ 63,713	$ 59,255
Recognized in profit (loss)	(48,295)	(15,415)	6,858
Recognized in equity	(3)	0	(2,400)
Ending balance	0	48,298	63,713
Property, plant and equipment and exploration and evaluation assets
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	(6,845)	(12,555)	(12,142)
Recognized in profit (loss)	6,845	5,710	(413)
Recognized in equity	0	0	0
Ending balance	0	(6,845)	(12,555)
Decommissioning liabilities
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	16,365	16,967	26,034
Recognized in profit (loss)	(16,365)	(602)	(9,067)
Recognized in equity	0	0	0
Ending balance	0	16,365	16,967
Risk management contract asset
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	(8,943)	0	(3,600)
Recognized in profit (loss)	8,943	(8,943)	3,600
Recognized in equity	0	0	0
Ending balance	0	(8,943)	0
Risk management contract liability
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	1,206	4,477	105
Recognized in profit (loss)	(1,206)	(3,271)	4,372
Recognized in equity	0	0	0
Ending balance	0	1,206	4,477
Share issue costs
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	840	1,950	2,520
Recognized in profit (loss)	(983)	(1,110)	(1,264)
Recognized in equity	143	0	694
Ending balance	0	840	1,950
Non-capital losses
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	38,915	38,895	40,766
Recognized in profit (loss)	(38,915)	20	(1,871)
Recognized in equity	0	0	0
Ending balance	0	38,915	38,895
Finance lease obligation
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	1,860	2,276	2,717
Recognized in profit (loss)	(1,860)	(416)	(441)
Recognized in equity	0	0	0
Ending balance	0	1,860	2,276
Onerous lease
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	0
Recognized in profit (loss)	0
Recognized in equity	0
Ending balance	0	0
Deferred capital obligation
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	0	5,910	0
Recognized in profit (loss)		(5,910)	5,910
Recognized in equity		0	0
Ending balance		0	5,910
Deferred financing obligation
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	406	2,032	0
Recognized in profit (loss)	(406)	(1,626)	2,032
Recognized in equity	0	0	0
Ending balance	0	406	2,032
Deferred gain on sale
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	3,515	2,890	0
Recognized in profit (loss)	(3,515)	625	2,890
Recognized in equity	0	0	0
Ending balance	0	3,515	2,890
Alberta non-capital losses greater than Federal non-capital losses
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	1,935	1,935	1,935
Recognized in profit (loss)	(1,935)	0	0
Recognized in equity	0	0	0
Ending balance	0	1,935	1,935
Senior Notes
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	756	418	(65)
Recognized in profit (loss)	(756)	338	483
Recognized in equity	0	0	0
Ending balance	0	756	418
Convertible Debentures
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	(2,616)	(3,028)	0
Recognized in profit (loss)	2,616	412	66
Recognized in equity	0	0	(3,094)
Ending balance	0	(2,616)	(3,028)
Other
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	904	1,546	985
Recognized in profit (loss)	(758)	(642)	561
Recognized in equity	(146)	0	0
Ending balance	$ 0	$ 904	$ 1,546

FINANCE INCOME AND EXPENSES (De

FINANCE INCOME AND EXPENSES (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about borrowings [line items]
Accretion on decommissioning liabilities (non-cash)	$ 1,328	$ 1,287	$ 1,713
Finance expense	40,754	39,240	48,063
Credit Facilities
Disclosure of detailed information about borrowings [line items]
Interest	4,302	2,194	13,516
Second Lien Notes
Disclosure of detailed information about borrowings [line items]
Interest	3,224	0	0
Senior Notes
Disclosure of detailed information about borrowings [line items]
Interest	26,219	30,378	30,771
Convertible debentures
Disclosure of detailed information about borrowings [line items]
Interest	$ 5,681	$ 5,381	$ 2,063
Weighted average | Floating interest rate | Credit Facilities
Disclosure of detailed information about borrowings [line items]
Interest rate	4.42%

FOREIGN EXCHANGE - Detail of G

FOREIGN EXCHANGE - Detail of Gain (Loss) on Foreign Exchange (Details) $ in Thousands, $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2018USD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2017CAD ($)	Dec. 31, 2016CAD ($)
Effect Of Changes In Foreign Exchange Rates [Abstract]
Foreign exchange forward purchase contracts terminated	$ 62.5
Unrealized gain (loss) on foreign exchange		$ (18,617)	$ 22,165	$ 9,939
Unrealized gain (loss) on foreign exchange contracts		3,422	(3,867)	(2,021)
Total Unrealized gain (loss) on foreign exchange		(15,195)	18,298	7,918
Realized gain (loss) on foreign exchange		(8,296)	(797)	277
Gain (loss) on foreign exchange		$ (23,491)	$ 17,501	$ 8,195

PER SHARE AMOUNTS - Narrative

PER SHARE AMOUNTS - Narrative (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings per share [abstract]
Net profit (loss)	$ 146,339	$ 91,363	$ 26,668

PER SHARE AMOUNTS - Disclosure

PER SHARE AMOUNTS - Disclosure of Per Share Amounts (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings per share [abstract]
Basic common shares outstanding (in shares)	80,909,225	49,378,026	49,317,165
Fully dilutive effect of:
Share options outstanding (in shares)	952,532	1,622,132	2,573,024
Shares issuable on conversion of Convertible Debentures (in shares)	6,172,840	6,172,840	6,172,840
Warrants outstanding (in shares)	3,088,205	0	0
Fully diluted common shares outstanding (in shares)	91,122,802	57,172,998	58,063,029
Weighted average shares outstanding (in shares)	59,734,872	49,351,848	42,821,013
Dilutive effect of share options (in shares)	0	0	0
Diluted weighted average shares outstanding (in shares)	59,734,872	49,351,848	42,821,013
Net (loss) profit per share - basic (in dollars per share)	$ (2.45)	$ (1.85)	$ (0.62)
Net (loss) profit per share - diluted (in dollars per share)	$ (2.45)	$ (1.85)	$ (0.62)

COMMITMENTS - Summary of Operat

COMMITMENTS - Summary of Operating Lease Maturities (Details) MMBTU in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018CAD ($)MMcf / dMMBTU
Disclosure of maturity analysis of operating lease payments [line items]
Operating leases	$ 112,067
Transportation and processing agreements	$ 314,133
Market diversification contract commitments | MMBTU	60
Midstream services and governance agreement, purchased capacity access limits | MMcf / d	80.5
Midstream services and governance agreement, purchased capacity contract term	10 years
1 Year
Disclosure of maturity analysis of operating lease payments [line items]
Operating leases	$ 22,433
Transportation and processing agreements	53,943
2-3 Years
Disclosure of maturity analysis of operating lease payments [line items]
Operating leases	41,107
Transportation and processing agreements	92,147
4-5 Years
Disclosure of maturity analysis of operating lease payments [line items]
Operating leases	33,782
Transportation and processing agreements	66,161
More than 5 years
Disclosure of maturity analysis of operating lease payments [line items]
Operating leases	14,745
Transportation and processing agreements	$ 101,882

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of transactions between related parties [line items]
Short-term employee benefits	$ 4,805,000	$ 4,901,000	$ 3,933,000
Share-based compensation	(431,000)	452,000	2,509,000
Key management personnel compensation	4,374,000	5,353,000	6,442,000
Key management personnel compensation, termination benefits	0	$ 1,300,000	$ 0
Director
Disclosure of transactions between related parties [line items]
Retainage deposit	35,000
Fees earned from advisor agreement	$ 1,100,000

SUPPLEMENTAL DISCLOSURES - Chan

SUPPLEMENTAL DISCLOSURES - Changes in Non-cash Working Capital (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Supplemental Disclosures [Abstract]
Accounts receivable	$ 8,717	$ (6,445)	$ 18,034
Loans receivable	0	15,000	0
Deposits and prepaid expenses	193	1,496	2,925
Accounts payable and accrued liabilities	(10,958)	(3,578)	(32,127)
Increase (decrease) in working capital	(2,048)	6,473	(11,168)
Operating activities	16,692	(272)	(443)
Financing activities	(6,371)	16,353	601
Investing activities	$ (12,369)	$ (9,608)	$ (11,326)

SUPPLEMENTAL DISCLOSURES - Cons

SUPPLEMENTAL DISCLOSURES - Consolidated Statement of Comprehensive Income (Loss) Presentation (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of defined benefit plans [line items]
Employee compensation	$ 20,568	$ 27,134	$ 19,976
Production
Disclosure of defined benefit plans [line items]
Employee compensation	7,169	7,860	8,360
General and administrative
Disclosure of defined benefit plans [line items]
Employee compensation	$ 13,399	$ 19,274	$ 11,616

SUBSEQUENT EVENT - Narrative (D

SUBSEQUENT EVENT - Narrative (Details)	May 31, 2019USD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2017CAD ($)	Dec. 31, 2016CAD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018CAD ($)
Subsequent Event1 [Line Items]
Transaction costs		$ (3,617,000)	$ 0	$ 0
Scenario Forecast
Subsequent Event1 [Line Items]
Repayments of borrowings	$ 145,800,000
Accrued interest	$ 2,000,000
Debt instrument, covenant, percentage of outstanding common shares following the implementation of the recapitalization transaction, senior unsecured notes	51.00%
Debt instrument, covenant, percentage of outstanding common shares following the implementation of the recapitalization transaction, convertible debentures	32.50%
Debt instrument, covenant, percentage of outstanding common shares owned following the implementation of the recapitalization transaction	16.50%
Debt instrument, covenant, percentage of warrants exercisable for commons shares	5.00%
Transaction costs	$ 10,400,000
Debt instrument, covenant, executed support agreements percentage, senior unsecured notes	90.00%
Debt instrument, covenant, executed support agreements percentage, convertible debentures	50.00%
Credit Facilities | Scenario Forecast
Subsequent Event1 [Line Items]
Debt term	1 year
Second Lien Notes (mature on September 11, 2023 to December 12, 2023) | Stated interest rate
Subsequent Event1 [Line Items]
Interest rate					8.50%	8.50%
Second Lien Notes (mature on September 11, 2023 to December 12, 2023) | Stated interest rate | Scenario Forecast
Subsequent Event1 [Line Items]
Interest rate	8.50%
Second Lien Notes, Additional, Future Senior Note Exchanges
Subsequent Event1 [Line Items]
Notional amount					$ 50,000,000
Second Lien Notes, Additional, Future Senior Note Exchanges | Scenario Forecast
Subsequent Event1 [Line Items]
Notional amount	$ 50,000,000
Third Lien Notes, Additional, Future Senior Note Exchanges
Subsequent Event1 [Line Items]
Notional amount	$ 50,000,000
Convertible debentures
Subsequent Event1 [Line Items]
Notional amount						$ 50,000,000
Convertible debentures | Stated interest rate
Subsequent Event1 [Line Items]
Interest rate					6.75%	6.75%
Convertible debentures | Stated interest rate | Scenario Forecast
Subsequent Event1 [Line Items]
Interest rate	6.75%