TSX, NYSE: BXE – CALGARY, Feb. 3, 2017 /CNW/ – Bellatrix Exploration Ltd. (“Bellatrix” or the “Company”) (TSX, NYSE: BXE) announces an extension of the continued listing and trading of Bellatrix’s common shares on the New York Stock Exchange (the “NYSE”) until Bellatrix’s Annual Meeting of Shareholders (the “Shareholder Meeting”) currently planned for May 17, 2017. Bellatrix previously announced on August 5, 2016 that it had received a continued listing standards notice from the NYSE because the average closing price of Bellatrix’s common shares had been less than US$1.00 per share over a period of 30 consecutive trading days. In accordance with NYSE rules, Bellatrix had until February 4, 2017 to regain compliance with the minimum share price requirement. Since the Company is required to obtain shareholder approval for a corporation action, the cure period has been extended to the upcoming Shareholder Meeting as permitted under NYSE rules. The extension granted by the NYSE, which is subject to review on an ongoing basis, should provide Bellatrix with the requisite time to take action to regain compliance with the minimum share price requirement of the NYSE. At Bellatrix’s Shareholder Meeting, shareholders may be asked to consider a potential proposal with respect to corporate actions such as consolidation of share capital. Bellatrix’s Board of Directors has not approved nor considered any such proposal. As is customary, Bellatrix’s Board of Directors will provide notice of the Shareholder Meeting including matters proposed and put forth for consideration in advance of the Shareholder Meeting.
Bellatrix’s common shares are expected to continue to trade, unaffected, on the NYSE during this extension period.
Bellatrix can regain compliance with the minimum share price requirement if the Company’s common shares have a closing share price of at least US$1.00 on the last trading day of any calendar month and also has an average closing share price of at least US$1.00 over the 30 trading-day period ending on the last trading day of that month.
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 of Bellatrix trade on the Toronto Stock Exchange and on the New York Stock Exchange under the symbol BXE.