Sep 3 2013
Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") is pleased to announce it has successfully closed the previously announced asset sale (the "Asset Sale") and joint venture (the "Joint Venture") with the Canadian subsidiaries of Daewoo International Corporation ("Daewoo") and Devonian Natural Resources Private Equity Fund ("Devonian").
Under the terms of the associated agreements, Bellatrix sold, effective July 1, 2013, to the Canadian subsidiaries of Daewoo and Devonian an aggregate 50% of the Company's working interest share of its producing assets, an operated compressor station and gathering system and related land acreage in the Baptiste area of West Central Alberta (the "Sold Assets") for gross consideration of $52.5 million. The Sold Assets are producing approximately 268 boe/d (67% gas and 33% oil and liquids) net to the Sold Assets and include 3,858 net acres of Cardium rights and 1,119 net acres of Mannville rights.
The Joint Venture which is effective as of July 1, 2013 will encompass a multiyear commitment to jointly develop the aforementioned acreage in Ferrier and Willesden Green of West Central Alberta encompassing 70 gross wells with anticipated total capital expenditures to the Joint Venture of approximately $200 million.
As previously announced, on closing Bellatrix has increased its net capital expenditure plan for 2013 to approximately $235 million, and utilized the net proceeds from the disposition to reduce the Company's indebtedness, and ultimately will direct it to the continued development of its Cardium and Mannville asset base.
The Company's updated corporate presentation is available at www.bellatrixexploration.com.
Bellatrix Exploration Ltd. is a 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 in the provinces of Alberta, British Columbia and Saskatchewan. Common shares and convertible debentures of Bellatrix trade on the Toronto Stock Exchange ("TSX") under the symbols BXE and BXE.DB.A, respectively and the common shares of Bellatrix trade on the NYSE MKT under the symbol BXE.
All amounts in this press release are in Canadian dollars unless otherwise identified.
Source: http://www.bellatrixexploration.com/