Bellatrix has been talked about a lot on this site. Valuation analysis was based on an expectation of rising oil prices.
As turns out, oil has not done too badly. And yet BXE is still hitting new lows. Why? I would answer this question by pointing out that BXE is 76% Natural Gas. Alberta Nat Gas prices (AECO) have had a terrible 2017 and are hovering around multi-year lows.
Chart here. Click Gas, then AECO.
Bottom line: don't buy a gas stock based on analysis of oil. AECO gas has only mild correlation with oil. Jin, I would be interrested to hear your thoughts.