TSX, NYSE: BXECALGARY, Nov. 7, 2016 /PRNewswire/ - Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") (TSX, NYSE: BXE) is pleased to announce that it has closed the previously announced sale of certain non-core Cardium focused assets in the greater Pembina area of Alberta (the "Pembina asset sale") to InPlay Oil Corp. ("New InPlay"). Pursuant to the Pembina asset sale, the Company received cash consideration of $42 million (before adjustments), and was issued 2,171,667 common shares of New InPlay ("New InPlay Shares") with a deemed value of $5 million. The New InPlay Shares will commence trading on the Toronto Stock Exchange under the new trading symbol, "IPO", within two to three business days following the date hereof. The net cash proceeds from the Pembina asset sale were used to further reduce outstanding bank debt, including repayment in full of the $12.9 million non-revolving term loan previously outstanding. Concurrent with the closing of the Pembina asset sale, Bellatrix also completed the November semi-annual borrowing base redetermination and the renewal of its syndicated revolving credit facilities (the "Credit Facilities"). Effective upon the closing of the Pembina asset sale, total commitments under the Credit Facilities were set at $130 million, comprised of a $25 million operating facility provided by a Canadian bank and a $105 million syndicated facility provided by nine financial institutions. During the third quarter of 2016, the maturity date of the Credit Facilities was extended from July 1, 2017 to October 1, 2017, which maturity date may be further extended for a period of up to three years with the consent of the lenders. The next regularly scheduled borrowing base redetermination is expected to take place in May of 2017 following completion of the Company's year-end independent reserves evaluation. With the semi-annual redetermination now complete, Bellatrix maintains approximately $55 million of available capacity based on current bank debt outstanding of approximately $75 million (excluding letters of credit). Other than the $75 million currently outstanding on the Credit Facilities, the Company has no debt maturities until 2020 and 2021. Closing of the Pembina asset sale represents another significant milestone for Bellatrix in 2016. Debt reduction initiatives completed to date, including the Pembina asset sale, position Bellatrix with an improved balance sheet, and an ability to take advantage of stronger future commodity prices and an improving macro outlook. Additionally these strategic measures have decreased financing charges and interest costs, and reduced financial constraints on future project planning, all while preserving the Company's core asset base.