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News Breaks
August 19, 2014
09:14 EDTBXEOrange Capital to engage Bellatrix with recommendations on strategic alternative
Orange Capital intends to engage Bellatrix Exploration in discussions regarding opportunities to maximize shareholder value. Orange Capital intends to discuss Bellatrix hiring an independent financial advisor tasked to provide the board with recommendations on strategic alternatives, capital allocation and improved investor communications; the size and composition of the board; steps to raise the Bellatrix's valuation to be in line with its intrinsic value, which current valuation is well below the Issuer's intermediate sized company peers in the Canadian exploration and production sector; refraining from future dilutive equity issuances and outlining a clear use of proceeds for all newly raised capital; and exploring alternatives to highlight the value of the Issuer's infrastructure assets, including but not limited to improving disclosure on the cost and fair market value of the Issuer's midstream infrastructure and/or exploring a possible joint venture, initial public offering or sale of the Issuer's midstream assets. Orange Capital intends to discuss such matters identified above not only with Bellatrix management and the board, but also with other shareholders of the Issuer and third parties and may take other steps to bring about changes to increase shareholder value.
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September 30, 2014
08:08 EDTBXEBellatrix Exploration enters into joint venture with CNOR
Bellatrix Exploration entered into a new multi-year joint venture arrangement with Canadian Non-Operated Resources, or CNOR, a non-operated oil and gas company managed by Grafton Asset Management pursuant to which CNOR has committed $250M in capital towards future accelerated development of a portion of Bellatrix's extensive undeveloped land holdings. Between Grafton Fund 1 and CNOR, a total of $500M has now been committed to the development of Bellatrix's lands. Under the terms of the agreement, CNOR will pay 50% of the drilling, completion, equipping and tie-in capital expenditures associated with development plans to be proposed by Bellatrix and approved by a management committee comprised of representatives of Bellatrix and CNOR in order to earn 33% of Bellatrix's working interest before payout and automatically converting to a 10.67% gross overriding royalty on Bellatrix's pre-joint venture working interest after payout. The joint venture funding is available immediately; however, Bellatrix expects the funds to be spent primarily from 2016 through 2018.
September 25, 2014
10:00 EDTBXEBellatrix Exploration management to meet with Northland
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