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Bellatrix Announces An Increase Of $100 Million In Capital Committed To A $244 Million Joint Venture In The Notikewin/Falher In The Willesden Green Area And In The Cardium In The Brazeau Area


CALGARY, Sept. 10, 2013 /PRNewswire/ - Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") (TSX, NYSE MKT: BXE) is pleased to announce that Grafton Energy Co I Ltd. ("Grafton"), has elected to exercise  an option to increase its committed capital investment by an additional $100 million on the same terms and conditions as the previously announced joint venture (the "Joint Venture") to accelerate development on a portion of Bellatrix's extensive undeveloped land holdings.

The Joint Venture is in Willesden Green and Brazeau areas of West-Central Alberta. Under the terms of the amended agreement, Grafton will contribute 82%, or $200 million, to the $244 million Joint Venture to participate in an expected 58 Notikewin/ Falher and Cardium well program. Under the agreement, Grafton will earn 54% of Bellatrix's working interest in each well drilled in the well program until payout (being recovery of Grafton's capital investment plus an 8% return) on the total program, reverting to 33% of Bellatrix's working interest ("WI") after payout. At any time after payout of the entire program, Grafton shall have the option to elect to convert all wells from the 33% WI to a 17.5% Gross Overriding Royalty ("GORR") on Bellatrix's pre-Joint Venture working interest.  Grafton also has an additional one-time option within 12 months of the effective date to increase its exposure by an additional $50 million on the same terms and conditions. The effective date of the agreement is July 1, 2013 and has a term of 2 years.  If the $50 million option is exercised, Bellatrix shall have until the end of the third anniversary of the effective date to spend the additional capital.

As a result of the Joint Venture and based on the initial funding commitment, Bellatrix's updated net capital expenditure plan for 2013 is expected to be approximately $240 million, not including Grafton capital. Based on the timing of proposed expenditures in the latter half of 2013, completion of anticipated infrastructure and normal production declines, execution of the updated 2013 capital expenditure plan is expected to provide average daily production of 23,000 to 24,000 boe/d and 2013 exit rate of 30,000 to 31,000 boe/d.

The Company's updated 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 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.

Grafton Asset Management Inc. ("Grafton") is an energy focused, Calgary-based investment management firm. Grafton creates bespoke energy investment solutions on behalf of sovereign, institutional and private clients through its proprietary access and intelligence in the Canadian energy sector. As a financial partner, Grafton provides both investors and energy companies with unique financing strategies to meet requisite investment mandates and a variety of risk parameters.

For all Grafton Asset Management Inc. inquiries, please direct your questions to Ashley Vickers, Investor Relations (, 403-991-4274 or 403-228-8247).

All amounts in this press release are in Canadian dollars unless otherwise identified.

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