Bellatrix Exploration Ltd. and Angle Energy Inc. announce securityholder and court approvals for arrangement
CALGARY, Dec. 10, 2013 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix"
or the "Company") (TSX, NYSE MKT: BXE) and Angle Energy Inc. ("Angle")
(TSX: NGL) are pleased to announce that they have today received
securityholder approval for the previously announced plan of
arrangement (the "Arrangement") pursuant to which Bellatrix will
acquire all the issued and outstanding common shares of Angle (the
"Angle Shares") and 5.75% convertible unsecured subordinated debentures
of Angle with a maturity date of January 31, 2016 (the "Angle
Debentures"). Pursuant to the Arrangement, Angle shareholders will
receive, for each Angle Share held, at the election of the Angle
shareholders: (i) $3.85 cash; or (ii) 0.4734 of a Bellatrix common
share (a "Bellatrix Share"), subject to the cash amount payable to
Angle shareholders equalling $69.7 million and thus subject to
prorating. Angle debentureholders will receive, for each $1,000
principal amount of the Angle Debentures, an amount equal to $1,040 per
Angle Debenture, plus accrued and unpaid interest to the day
immediately prior to the effective date of the Arrangement.
The Arrangement required the approval of both the Angle shareholders and
debentureholders and, in addition, in accordance with the rules of the
Toronto Stock Exchange, the issuance of Bellatrix Shares pursuant to
the Arrangement required the approval of the Bellatrix shareholders.
Pursuant to the provisions of the Business Corporations Act (Alberta), the Arrangement also required the approval of the Alberta
Court of Queen's Bench, which was also received today.
The Arrangement was approved by Angle shareholders and debentureholders
holding greater than 99% of the Angle Shares and Angle Debentures, as
applicable, who voted on the Arrangement. The Arrangement is expected
to be completed on December 11, 2013.
ADVISORIES:
Forward-Looking Statements: This press release contains forward looking statements. More
particularly, this press release contains statements concerning the
expected timing of completing the Arrangement. Certain forward-looking
statements are based on certain key expectations and assumptions made
by the management of Bellatrix and Angle, including among others, that
all remaining conditions for completion of the Arrangement will be
satisfied. Although Bellatrix and Angle believe that the expectations
reflected in these forward looking statements are reasonable, undue
reliance should not be placed on them because Bellatrix and Angle can
give no assurance that they will prove to be correct. Since forward
looking statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties, some of which are
beyond the control of Bellatrix and Angle. Risks include 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 and Angle will derive therefrom.
Additional information on these and other factors that could affect
Bellatrix and Angle are included in reports on file with Canadian
securities regulatory authorities and, with respect to Bellatrix, 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 or at Angle's website www.angleenergy.com, as applicable. The forward looking statements contained in this press
release are made as of the date hereof and Bellatrix and Angle
undertake 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.
For 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
1-(800) 663-8072
Bellatrix Exploration Ltd.
Suite No. 1920, 800 - 5th Avenue SW
Calgary, Alberta, Canada T2P 3T6
Phone: (403) 266-8670
Fax: (403) 264-8163
(www.bellatrixexploration.com)
For Angle Energy Inc.:
Heather Christie-Burns
President and Chief Operating Officer
or
Gregg Fischbuch
Chief Executive Officer
or
Ken Hillier
Chief Financial Officer
Angle Energy Inc.
Suite 700, 324 Eighth Avenue SW
Calgary, Alberta T2P 2Z2
Phone: (403) 263-4534
Fax: (403) 263-4179
(www.angleenergy.com)
Copyright CNW Group 2013
Source: Canada Newswire
(December 10, 2013 - 5:00 PM EST)
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