Last updated on April 24, 2014 at 21:24 EDT

Bellatrix announces the successful closing of its previously announced $200 million strategic joint venture partnership and $52.5 million asset disposition

September 3, 2013


CALGARY, Sept. 3, 2013 /PRNewswire/ – Bellatrix Exploration Ltd. (“Bellatrix”
or the “Company”) (TSX, NYSE MKT: BXE) 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.

Forward looking statements: Certain information set forth in this news
release, including management’s assessments of the future plans and
operations including, anticipated capital expenditures of the Joint
Venture, increase in capital expenditure budget upon closing,
utilization of net proceeds from the Asset Sale, may contain
forward-looking statements, and necessarily involve risks and
uncertainties, certain of which are beyond Bellatrix’s control,
including risks related to satisfaction of conditions precedent to the
closing of the Asset Sale and the Joint Venture and related to closing
thereof, 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.
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.

Conversion: The term barrels of oil equivalent (“boe”) may be
misleading, particularly if used in isolation. A boe conversion ratio
of six thousand cubic feet of natural gas to one barrel of oil
equivalent (6 mcf/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. Given that the value ratio based on
the current price of crude oil as compared to natural gas is
significantly different from the energy equivalency of 6:1, utilizing a
conversion on a 6:1 basis may be misleading as an indication of value.
All boe conversions herein are derived from converting gas to oil in
the ratio of six thousand cubic feet of gas to one barrel of oil.

SOURCE Bellatrix Exploration Ltd.

Source: PR Newswire