Bellatrix closes US$250 million private offering of senior unsecured notes

On May 21, 2015, Bellatrix Exploration Ltd. (Bellatrix) closed its private offering to eligible purchasers in the United States and Canada of US$250 million of 8.500% senior unsecured notes due 2020.

In accordance with the terms of Bellatrix's bank credit facility, closing of the note offering will result in an automatic reduction of the company's borrowing base from C$725 million to C$667 million. Upon completion of the note offering, application of the net proceeds of $293 million, and the foregoing automatic borrowing base reduction, Bellatrix's net liquidity increased by approximately C$235 million.

Bellatrix 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.

Further information can be found on Canada Newswire's website.