Bellatrix Exploration Ltd. has successfully closed the previously announced asset sale (the "Asset Sale") and joint venture (the "Joint Venture") with the Canadian subsidiaries of Daewoo International Corporation ("Daewoo") and Devonian Natural Resources Private Equity Fund ("Devonian").

Under the terms of the associated agreements, Bellatrix sold, effective July 1, 2013, to the Canadian subsidiaries of Daewoo and Devonian an aggregate 50% of the Company's working interest share of its producing assets, an operated compressor station and gathering system and related land acreage in the Baptiste area of West Central Alberta (the "Sold Assets") for gross consideration of $52.5 million. The Sold Assets are producing approximately 268 boe/d (67% gas and 33% oil and liquids) net to the Sold Assets and include 3,858 net acres of Cardium rights and 1,119 net acres of Mannville rights.

The Joint Venture which is effective as of July 1, 2013 will encompass a multiyear commitment to jointly develop the aforementioned acreage in Ferrier and Willesden Green of West Central Alberta encompassing 70 gross wells with anticipated total capital expenditures to the Joint Venture of approximately $200 million.

Tags: Bellatrix Exploration Ltd.