Bellatrix Exploration Ltd. Announces Market Price to be used for Issuance of Common Shares on Redemption of Debentures

CNW Group

TSX, NYSE MKT: BXE

CALGARY , Oct. 11, 2013 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") (BXE.TO) is pleased to announce that upon redemption of its currently outstanding 4.75% Convertible Unsecured Subordinated Debentures due April 30, 2015 (the "Debentures") common shares of the Company (the "Common Shares") will be issued to satisfy the principal amount of the Debentures plus accrued and unpaid interest up to, but excluding, the Redemption Date (as defined below) based on a price of $8.02 per Common Share (the "Redemption Issuance Price"). As a result, holders of Debentures who have not elected to convert their Debentures prior to the Redemption Date will receive approximately 127.5112 Common Shares for each $1,000 principal amount of Debentures (which includes Common Shares issued based on the Redemption Issuance Price to satisfy accrued and unpaid interest up to, but excluding, the Redemption Date). As set out in the previously issued press release and notice of redemption, the redemption date of the Debentures will be October 21, 2013 (the "Redemption Date").

Pursuant to the terms of the Debentures, the Redemption Issuance Price was calculated based on 95% of the volume weighted average trading price of the Common Shares on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending on October 11, 2013 .

Each holder not wishing to receive Common Shares upon redemption of the Debentures at the Redemption Issuance Price has the right to convert their Debentures into Common Shares at a conversion price of $5.60 per Common Share (the "Conversion Price") at any time on or prior to October 18, 2013 . A holder electing to convert the principal amount of their Debentures will receive approximately 178.5714 Common Shares for each $1,000 principal amount of Debentures converted plus a cash payment for accrued unpaid interest up to, but excluding, the conversion date.

No fractional shares will be issued on redemption or conversion but, in lieu thereof, the Company shall pay the cash equivalent thereof determined on the basis of the current market price of the Common Shares (as calculated in accordance with the terms of the Debentures) on the Redemption Date or conversion date, as applicable (less any tax required to be deducted, if any).

As the Debentures were issued in "book-entry only" form and are held by CDS Clearing and Depository Services Inc., beneficial holders of Debentures must contact their broker, dealer, bank, trust company or other nominee to exercise their right to convert their Debentures. Beneficial holders who intend to convert their Debentures should ensure that they contact their broker, dealer, bank, trust company or other nominee well in advance of the Redemption Date to ensure that they understand the procedure required to exercise their right of conversion. All holders of Debentures who fail to deliver a notice of conversion on or prior to October 18, 2013 (or such other earlier time as may be indicated by their broker, dealer, bank, trust company or other nominee) shall have their Debentures redeemed on the Redemption Date and shall receive that number of Common Shares obtained by dividing the Redemption Price by the Redemption Issuance Price.

The Debentures will be delisted from trading on the TSX at the close of trading on the Redemption Date.

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 .  The Common Shares and Debentures trade on the TSX under the symbols BXE and BXE.DB.A, respectively and the Common Shares trade on the NYSE MKT under the symbol BXE.

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

SOURCE Bellatrix Exploration Ltd.

Contact:

Raymond G. Smith, P.Eng., President and CEO (403) 750-2420
or
Edward J. Brown, CA, Executive Vice President, Finance and CFO (403) 750-2655
or
Brent A. Eshleman, P.Eng., Executive Vice President (403) 750-5566
or
Troy Winsor, Investor Relations (800) 663-8072

Bellatrix Exploration Ltd.
Suite No. 1920, 800 - 5th Avenue SW
Calgary, Alberta, Canada T2P 3T6
Phone: (403) 266-8670
Fax: (403) 264-8163
(www.bellatrixexploration.com)

Rates

View Comments (0)

Recommended for You

  • Obama to GOP: 'Stop just hating all the time'

    KANSAS CITY, Mo. (AP) — Pointing the finger at Republicans for congressional inaction, President Barack Obama chided lawmakers Wednesday for spending the waning days before their month-long summer break trying to sue him rather than addressing economic issues that could boost the middle class.

    Associated Press
  • Wisconsin Supreme Court upholds 2011 union law

    MADISON, Wis. (AP) — The fight over Wisconsin Gov. Scott Walker's signature policy achievement, a law effectively ending collective bargaining for most public employees, ended Thursday with the state Supreme Court declaring it to be constitutional.

    Associated Press36 mins ago
  • Tycoon Worth $62.9 Billion Shares Money Secret

    This billionaire investing wizard has a dead-simple system for making money you can start using today.

    AdChoicesThe Motley FoolSponsored
  • Airbus adamant no room for more talks in cancelled Japan jet deal

    Airbus on Thursday said its decision to cancel a $2.2 billion jet order from Skymark Airlines was final, rejecting the Japanese carrier's suggestion that talks were still ongoing. The European aircraft maker said this week it had informed Skymark that its purchase of six A380 superjumbos "has been…

    AFP
  • Play

    Why Do Millennials Prefer Cash to Investing Money?

    In the last year, the S&P 500 delivered 17% and cash investments delivered 1%. Which would you rather have? In a Bankrate study, millennials said they'd rather have the cash. The Mutual Fund Store's Senior Vice President of Investments Andy Smith joins Simon Constable on the News Hub to discuss.…

    WSJ Live
  • Don’t be fooled, all is not well for stocks

    Josh Brown of Ritholtz Wealth Management on what's next for stocks as summer rolls along

    Yahoo Finance
  • Panasonic, Tesla to build giant battery plant in US

    Japanese electronics giant Panasonic and US electric vehicle maker Tesla Motors said Thursday they will jointly build and operate a huge lithium ion battery plant known as the Gigafactory. Under the deal, Tesla will run the operations at the proposed US-based plant, while its Japanese partner will…

    AFP
  • 4 Unusual Savings Strategies That Really Work

    It's just one of those facts of life: Saving money can be really hard. If you're trying to save and not getting ahead, it might be time to try one of these easy, everyday savings habits that will help you tighten your finances.

    U.S.News & World Report LP
  • Former IRS official called GOP 'crazies' in email

    WASHINGTON (AP) — A former IRS official at the heart of the agency's tea party controversy called Republicans "crazies" and more in newly released emails.

    Associated Press
  • Need Cash? Drive with Uber and get paid!

    Like to Drive? Know the City? Apply to be a Driver with Uber. It's Easy and A Great Way to Make Some Extra Cash. Click To Get Started Now!

    AdChoicesUberSponsored
  • Alcatel-Lucent cuts losses but shares slump

    Telecommunication equipment group Alcatel-Lucent said Thursday it cut net losses by more than half in the second quarter as it battles to rebuild after years of setbacks. Alcatel-Lucent said its quarterly net loss was 298 million euros ($399 million), down from 885 million euros for the same period…

    AFP
  • Bank of America ordered to pay $1.27 billion for 'Hustle' fraud

    By Jonathan Stempel NEW YORK (Reuters) - A federal judge on Wednesday ordered Bank of America Corp to pay a $1.27 billion penalty for fraud over shoddy mortgages sold by the former Countrywide Financial Corp. U.S. District Judge Jed Rakoff in Manhattan ruled after a jury last October found the…

    Reuters
  • Sanctions will damage Russia if not lifted quickly

    MOSCOW (AP) — U.S. and European sanctions against Russia's energy and finance sectors are strong enough to cause deep, long-lasting damage within months unless Moscow persuades the West to repeal them by withdrawing support for Ukrainian insurgents.

    Associated Press
  • Forget iPhone 6, this could be a huge deal for Apple

    The expected iPhone 6 and iWatch may not be the only big things down the pike for Apple.

    Talking Numbers
  • Play

    Tesla's Earnings: What to Watch For

    Electric-car maker Tesla is scheduled to be released after the bell Thursday, and Mike Ramsey joins MoneyBeat with Paul Vigna to preview the results.

    WSJ Live
  • GE, Synchrony Financial Lower Sights for Thursday IPO

    General Electric Co. (NYSE: GE) spinoff Synchrony Financial priced its initial public offering of 125 million shares at $23 at the bottom of the expected range of $23 to $26 a share. At that price gross ...

    24/7 Wall St.
  • Cure the lunchtime blues. #BeMoreTea Credit: Sam Cannon

    AdChoicesbemoreteaSponsored
  • Boeing to make longest 787-10 Dreamliner exclusively in South Carolina

    By Harriet McLeod NORTH CHARLESTON S.C. (Reuters) - Boeing Co said on Wednesday it will build its biggest Dreamliner, the 787-10, exclusively at its South Carolina plant in North Charleston, a move that marked the continuing evolution of Boeing's production strategy for its flagship jet. The newest…

    Reuters
  • Analyst’s Four Gold Miner Takeover Targets May Include a Gigantic Winner

    A new research report from Cowen suggests that some of the senior gold miners are looking to make acquisitions now and will make the play to acquire some of the undervalued developers.

    24/7 Wall St.
  • Why You Should Prepare for the Next Bear Market Now

    The stock market is going gangbusters these days, with the S&P 500 close to surpassing 2,000 points. While the index may never fall back to that level, bear markets will one day hit us hard again. It's a good idea to develop a plan for the next bear market now, while your asset values aren't free…

    U.S.News & World Report LP
  • Goldman Sachs Predicts The Slow Decline Of Wal-Mart And Target

    The heyday of big box discount retailers is...

    Business Insider
  • Eastern Europe Punished in Markets After Opposing Putin

    Investors are punishing many former Soviet bloc nations for their ties to Russia even as these countries, now European Union members, support sanctions on President Vladimir Putin for his actions in Ukraine. After the ruble, currencies from eastern Europe accounted for five of the six…

    Bloomberg
  • Probe exposes flaws behind HealthCare.gov rollout

    WASHINGTON (AP) — Management failures by the Obama administration set the stage for computer woes that paralyzed the president's new health care program last fall, nonpartisan investigators said in a report released Wednesday.

    Associated Press
  • American Express Cards

    Earn Cash Back, Travel, or Points. Find the Card That's Right For You!

    AdChoicesAmerican ExpressSponsored