CALGARY, Alberta – Bellatrix Exploration Ltd. (“Bellatrix” or the “Company“) announced that it had completed the sale of substantially all of its assets pursuant to Bellatrix’s proceedings under the Companies’ Creditors Arrangement Act (the “CCAA Proceedings”). As a result, the Company is in the process of an orderly winding-up of its business pursuant to the CCAA Proceedings, which continues to be overseen by PricewaterhouseCoopers Inc. (“PwC”), the Court appointed monitor in the CCAA Proceedings.
Management of the Company has determined that it will not make any future filings pursuant to its continuous disclosure obligations under applicable securities laws. As a result, it is expected that the applicable securities regulatory authorities in Canada will in due course issue a cease trade order against the Company which will prohibit the trading of any securities of the Company.
Bellatrix is insolvent, does not anticipate carrying on any further business (other than taking the necessary steps to wind-up the business in accordance with the CCAA Proceedings) and may have limited financial resources and personnel to prepare any future filings. Management also believes that having a cease trade order issued against the Company is the best course of action to prevent anyone from trading in securities of the Company, which management believes to be of no value.
In addition, the Company is announcing that the majority of the members of its Board of Directors has resigned effective today. The remaining director and selected members of the management of the Company have remained with the Company to ensure that the wind-up of the Company can be completed in accordance with the CCAA Proceedings.
The Company does not intend to make any further public announcements regarding the winding up of the business nor the CCAA Proceedings. Information regarding the CCAA Proceedings will continue to be made available on the website of PwC at http://www.pwc.com/ca/bellatrix.
For further information, please contact:
Bellatrix Exploration Ltd.
1920, 800 – 5th Avenue SW
Calgary, Alberta, Canada T2P 3T6
Phone: (403) 266-8670
Fax: (403) 264-8163