TSX, NYSE MKT: BXE
Nov. 13, 2012
/PRNewswire/ - 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/
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 system.
The purchase price of
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
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
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
. Common shares and convertible debentures of Bellatrix trade on the
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.