TSX, NYSE: BXE – CALGARY, July 18, 2016 /CNW/ – Bellatrix Exploration Ltd. (“Bellatrix” or the “Company”) (TSX, NYSE: BXE) is pleased to announce the completion of its semi-annual borrowing base redetermination and the renewal of its syndicated credit facilities (the “Credit Facilities”). Effective July 15, 2016:
- the total commitments under the Company’s Credit Facilities have been set at $365 million;
- the Credit Facilities are comprised of a $210 million revolving facility (the “Revolving Facility”) and a $155 non-revolving facility (the “Term Facility”); and
- the maturity date of the Revolving Facility has been extended to July 1, 2017, and may be further extended for a period not to exceed 3 years, and the maturity date of the Term Facility has been set at November 11, 2016.
Bellatrix continues to be actively engaged in several initiatives intended to reduce outstanding indebtedness, and specifically to repay the Term Facility in full prior to its maturity date. In the past several months, Bellatrix has completed a $75 million facilities monetization transaction (announced on May 13, 2016) and a non-cash asset acquisition from Grafton Energy Co I Ltd. (announced on June 16, 2016), and has entered into an agreement to complete a $112.5 million minority working interest sale in the Bellatrix O’Chiese Nees-Ohpawganu’ck deep-cut gas plant at Alder Flats (the “Alder Flats Plant”) to Keyera Partnership that is expected to close in August 2016 (announced on July 7, 2016). Bellatrix intends to use the cash proceeds from the Alder Flats Plant sale to partially repay indebtedness outstanding under the Credit Facilities, and upon completion of the Alder Flats Plant sale, Bellatrix will have reduced outstanding bank debt by approximately 44% from the $359 million balance outstanding at March 31, 2016.
Bellatrix is also in active discussions with existing and new potential syndicate members about establishing a new long-term revolving credit facility prior to the next semi-annual redetermination.
In connection with the establishment of these revised Credit Facilities, the Company has entered into an amended and restated credit agreement, a copy of which will be filed with Canadian and US securities regulatory authorities and thereafter may be accessed through the SEDAR website (www.sedar.com), through the SEC website (www.sec.gov).
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.
All amounts in this press release are in Canadian dollars.