Bellatrix Exploration Ltd. has entered into an agreement with a syndicate of underwriters to issue, on a bought deal basis, 21,875,000 common shares (Common Shares) at a price of $8.00 per Common Share for aggregate gross proceeds of approximately $175 million.

Bellatrix has also granted the underwriters an option (the "Over-Allotment Option") to purchase up to an additional 3,281,250 Common Shares to cover over-allotments, if any, for additional gross proceeds of up to approximately $26.25 million. The Over-Allotment Option is exercisable in whole or in part at any time up to the date that is 30 days from the closing of the offering.

The Common Shares will be offered in each of the provinces of Canada other than Quebec by way of a short form prospectus, in the United States on a private placement basis to accredited investors pursuant an exemption from the registration requirements of the United States Securities Act of 1933, as amended.

Proceeds of the offering will be utilized to fund the acquisition by Bellatrix of Angle Energy Inc., fund a portion of the Corporation's obligations under the $240 million Joint Venture with Troika Resources Private Equity Fund and for general corporate purposes.

Tags: Bellatrix Exploration Ltd.