Bellatrix Exploration Ltd. (stock ticker: BXE) recently completed the renewal and extension of its syndicated revolving credit facilities and the semi-annual redetermination of the borrowing base.
The term of the credit facilities has been renewed to May 30, 2019 and remains extendible annually thereafter at the option, subject to lender approval. If not renewed in May 2019, the credit facilities would enter a six-month term-out period. As part of the renewal of the credit facilities, the borrowing base under the credit facilities has been reconfirmed at $100 million (unchanged), with total commitments set at $95 million (unchanged). The next semi-annual redetermination is scheduled for May 2019.
Bellatrix Closes on Acquisition of Acreage
On Tuesday, Bellatrix reported its plans to acquire complementary assets within its core Ferrier area of west central Alberta.
Today, Bellatrix closed the acquisition of complementary assets from POSCO DAEWOO E&P Canada Corporation (“Daewoo”). The acquired assets are located in Bellatrix’s core Ferrier area of west central Alberta and include approximately 1,250 BOEPD (65% natural gas, 35% liquids) of low decline (<15%) production. The acquisition was funded through a combination of $1.75 million in cash and 6.75 million common shares of Bellatrix and had an effective date of September 1, 2018.
