TSX, NYSE MKT: BXE
CALGARY, Sept. 30, 2014 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix"
or the "Company") (TSX, NYSE MKT: BXE) is pleased to announce that
based upon the success of the first joint venture with Grafton Energy
Co I Ltd. ("Grafton Fund 1"), Bellatrix has entered into a new
multi-year joint venture arrangement with Canadian Non-Operated
Resources Corp. ("CNOR"), a non-operated oil and gas company managed by
Grafton Asset Management Inc. pursuant to which CNOR has committed $250
million in capital towards future accelerated development of a portion
of Bellatrix's extensive undeveloped land holdings. Between Grafton
Fund 1 and CNOR, a total of $500 million has now been committed to the
development of Bellatrix's lands.
Under the terms of the agreement, CNOR will pay 50% of the drilling,
completion, equipping and tie-in capital expenditures associated with
development plans to be proposed by Bellatrix and approved by a
management committee comprised of representatives of Bellatrix and CNOR
in order to earn 33% of Bellatrix's working interest before payout and
automatically converting to a 10.67% gross overriding royalty on
Bellatrix's pre-joint venture working interest after payout (being
recovery of CNOR's capital investment plus an 8% return on investment).
The joint venture funding is available immediately; however, Bellatrix
expects the funds to be spent primarily from 2016 through 2018.
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 of Bellatrix trade on the Toronto Stock Exchange ("TSX") and on
the NYSE MKT under the symbol BXE.
Canadian Non-Operated Resources Corp. is a newly formed, Calgary-based
oil and gas company, focused on partnerships with top tier operators to
develop oil and gas assets in the Western Canadian Sedimentary Basin.
CNOR seeks to provide non-operated partner capital due to the vast and
growing capital requirements inherent to full-scale development of
unconventional resources. CNOR is led by Richard Grafton, Founder and
Chief Executive Officer of Grafton Asset Management Inc.
Grafton Asset Management Inc. is a Calgary based energy investment firm.
For all CNOR or Grafton Asset Management Inc. inquiries please direct
your questions to Ashley Vickers, Investor Relations (email@example.com, 403-991-4274 or 403-228-8247).
All amounts in this press release are in Canadian dollars unless
Forward looking statements: Certain information set forth in this news
release, including management's assessments of the future plans and
operations, the future development of Bellatrix' lands, the costs
associated therewith, and the source of funds therefor, and the
expected timing of the expenditure of funds under the new joint venture
agreement may contain forward-looking statements, and necessarily
involve risks and uncertainties, certain of which are beyond
Bellatrix's control, including the risk that the management committee
under the joint venture does not approve future capital expenditures,
risks associated with oil and gas exploration, development,
exploitation, production, marketing and transportation, loss of markets
and other economic and industry conditions, volatility of commodity
prices, currency fluctuations, imprecision of reserve estimates,
environmental risks, competition from other producers, inability to
retain drilling services, incorrect assessment of value of acquisitions
and failure to realize the benefits therefrom, delays resulting from or
inability to obtain required regulatory approvals, the lack of
availability of qualified personnel or management, stock market
volatility and ability to access sufficient capital from internal and
external sources and economic or industry condition changes. Actual
results, performance or achievements could differ materially from those
expressed in, or implied by, these forward-looking statements and,
accordingly, no assurance can be given that any events anticipated by
the forward-looking statements will transpire or occur, or if any of
them do so, what benefits that Bellatrix will derive therefrom. To the
extent such estimates constitute a financial outlook, they were
approved by management on date hereof and are included herein to
provide readers with an understanding of management's expectations and
assumptions about future activities and results and readers are
cautioned that the information may not be appropriate for other
purposes. Additional information on these and other factors that could
affect Bellatrix are included in reports on file with Canadian
securities regulatory authorities and the United States Securities and
Exchange Commission and may be accessed through the SEDAR website (www.sedar.com), the SEC's website (www.sec.gov) or at Bellatrix's website www.bellatrixexploration.com. The forward looking statements contained in this press release are
made as of the date hereof and Bellatrix undertakes no obligations to
update publicly or revise any forward looking statements or
information, whether as a result of new information, future events or
otherwise, unless so required by applicable securities laws.
SOURCE Bellatrix Exploration Ltd.
Raymond G. Smith, P.Eng., President and CEO (403) 750-2420
Edward J. Brown, CA, Executive Vice President, Finance and CFO (403) 750-2655
Brent A. Eshleman, P.Eng., Executive Vice President and COO (403) 750-5566
Troy Winsor, Investor Relations (800) 663-8072