Bellatrix Exploration Ltd. announces that the previously announced Korean JV closing will not be extended beyond May 31, 2013
TSX, NYSE MKT: BXE
CALGARY, June 3, 2013 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix" or
the "Company") (TSX, NYSE MKT: BXE) announces that the Seoul Korea
based company was not able to meet the remaining closing conditions
required to close the previously announced Ferrier area Korean $300
million Cardium Joint Venture on May 31, 2013. Bellatrix has not
extended the deadline for satisfying such conditions beyond May 31,
2013 and as a result Bellatrix will consider alternative joint venture
partners for the proposed Ferrier area Cardium Joint Venture as well as
continuing to consider other joint venture partners for the Company's
other interests in the Cardium resource play.
Raymond Smith, President and CEO is returning from Seoul, Korea on
Monday, June 3, 2013. A conference call to discuss the status of
Bellatrix's Korean JV will be held on Tuesday, June 4, 2013 at 11:00 am
MDT/1:00 pm EDT. To participate, please call toll-free 1-888-231-8191
or 647-427-7450. The conference call will also be recorded and
available by calling 1-855-859-2056 or 403-451-9481 and entering
passcode 88904051 followed by the pound sign.
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 under the symbols BXE and BXE.DB.A, respectively, and
the common shares of Bellatrix trade on the NYSE MKT under the symbol
BXE.
Forward looking statements: Certain information set forth in this news
release, including management's assessments of the future plans and
operations including management's plans to consider alternative joint
venture partners for the proposed Ferrier area Cardium Joint Venture as
well as continuing to consider other joint venture partners for the
Company's other interests in the Cardium resource play, may be
considered forward-looking statements, and necessarily involve risks
and uncertainties, certain of which are beyond Bellatrix's control,
including risks related to finding satisfactory parties willing and
able to to participate in a Cardium Joint Venture with the Company.
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 (the "SEC") 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.
SOURCE: Bellatrix Exploration Ltd.
Raymond G. Smith, P.Eng., President and CEO (403) 750-2420
or
Edward J. Brown, CA, Executive Vice President, Finance and CFO (403) 750-2655
or
Brent A. Eshleman, P.Eng., Executive Vice President (403) 750-5566
or
Troy Winsor, Investor Relations (800) 663-8072
Bellatrix Exploration Ltd.
2300, 530 - 8th Avenue SW
Calgary, Alberta, Canada T2P 3S8
Phone: (403) 266-8670
Fax: (403) 264-8163
www.bellatrixexploration.com
Copyright CNW Group 2013
Source: Canada Newswire
(June 3, 2013 - 8:00 AM EDT)
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