Bellatrix announces closing of Daewoo acquisition and extension of its revolving credit facilities

Two workers standing besides pipes.

Bellatrix Exploration Ltd. is a publicly traded Western Canadian based growth oriented oil and gas company. — Photo courtesy Bellatrix Exploration Ltd.

Bellatrix Exploration Ltd. (“Bellatrix” or the “Company”) (TSX, NYSE: BXE) announces that it has closed the previously announced acquisition of complementary assets from POSCO DAEWOO E&P Canada Corporation (“Daewoo”). The acquired assets are located in Bellatrix’s core Ferrier area of west central Alberta and include approximately 1,250 boe/d (65% natural gas, 35% liquids) of low decline (<15%) production. The acquisition was funded through a combination of $1.75 million in cash and 6.75 million common shares of Bellatrix and had an effective date of September 1, 2018.

Bellatrix recently completed the renewal and extension of its syndicated revolving credit facilities (“Credit Facilities”) and the semi-annual redetermination of the borrowing base thereunder.  The term of the Credit Facilities has been renewed to May 30, 2019, and remains extendible annually thereafter at the option of the Company, subject to lender approval. If not renewed in May 2019, the Credit Facilities would enter a six-month term-out period. As part of the renewal of the Credit Facilities, the borrowing base under the Credit Facilities has been reconfirmed at $100 million (unchanged), with total commitments set at $95 million (unchanged). The next semi-annual redetermination is scheduled for May 2019.

Bellatrix Exploration Ltd. is a publicly traded 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, with highly concentrated operations in west central Alberta, principally focused on profitable development of the Spirit River liquids rich natural gas play.

Forward looking statements apply. 

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