TSX, NYSE MKT: BXE
CALGARY, Nov. 13, 2012 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix"
or the "Company") (TSX: BXE) is pleased to announce that it has entered
into an agreement to acquire additional highly prospective Cardium and
Notikewin/Falher lands and production in the Willesden Green area of
The assets to be acquired complement and are adjacent to Bellatrix's
core area in the Ferrier/Willesden Green Cardium light oil resource
play in West Central Alberta. With this acquisition, Bellatrix will be
able to expand its land position in the highly prospective Cardium
fairway in a cost effective manner while providing Bellatrix with the
opportunity to apply its industry leading development techniques to
these adjacent lands.
Key attributes of the of the Willesden Green assets to be acquired:
Current production capability of approximately 500 boe/d (32% oil and
liquids and 68% natural gas).
16 gross (11.95 net) sections of Cardium and Mannville prospective lands
in the Ferrier/Willesden Green Cardium resource play.
25 net Cardium development locations increasing Bellatrix's ready to
drill inventory to approximately 669 net locations.
4 net Notikewin/Falher development locations increasing Bellatrix's
drill ready inventory to approximately 358 net locations
25% working interest in an operated compressor station and gathering
The purchase price of $21 million is expected to be funded using the
Company's existing credit facilities. The Company recently received
unanimous consent from its lenders to maintain its credit facilities at
the existing $200 million level through to May 31, 2013.
The acquisition is expected to close on November 15, 2012 with an
effective date of November 1, 2012.
The Company's current 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
All amounts in this press release are in Canadian dollars unless
Forward looking statements: Certain information set forth in this news
release, including anticipated closing date of the acquisition
disclosed herein, expected means of funding the purchase price of the
acquisition discussed herein, expected benefits of the acquisition
discussed herein, expectations of Bellatrix's ability to apply its
current development techniques to the lands to be acquired, expected
drilling locations and drilling inventory and management's assessments
of the future plans and operations and their effect may contain
forward-looking statements, and necessarily involve risks and
uncertainties, certain of which are beyond Bellatrix's control,
including risks associated with oil and gas exploration, development,
exploitation, production, marketing and transportation, failure to
close the acquisition discussed herein at the time and on the terms
expected, failure to achieve the expected benefits of the acquisition
discussed herein, risks that the lands to be acquired will not be
amendable to the same development techniques as Bellatrix's other
lands, 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. 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. Furthermore, the forward-looking statements contained in this news
release are made as of the date of this news release, and Bellatrix
does not undertake any obligation to update publicly or to revise any
of the included forward looking statements, whether as a result of new
information, future events or otherwise, except as may be expressly
required by applicable securities law.
BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead.
SOURCE: Bellatrix Exploration Ltd.
Raymond G. Smith, P.Eng., President and CEO (403) 750-2420
Edward J. Brown, CA, Vice President, Finance and CFO (403) 750-2655
Brent A. Eshleman, P.Eng., Executive Vice President (403) 750-5566
Troy Winsor, Investor Relations (800) 663-8072