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Bellatrix Exploration Ltd. announces a deferral of the Company's semi-annual borrowing base redetermination to June 30, 2016.
Bellatrix and its syndicate of lenders have mutually agreed to defer the semi-annual borrowing base redetermination under the Company's revolving credit facilities from May 31, 2016 to June 30, 2016. Bellatrix is actively engaged in negotiations on several acquisition and disposition initiatives that, if completed, are expected to materially reduce indebtedness and improve the Company's liquidity, but also impact the borrowing base redetermination. Rather than complete multiple redeterminations, Bellatrix and its lenders have agreed to defer the currently pending redetermination until the end of the second quarter of 2016. While the Company continues its negotiations, there can be no assurance that any agreement or transaction will occur, or if a transaction is undertaken, as to its terms or timing. Given the nature of the negotiations and the need for confidentiality during this process among all parties, the Company does not intend to provide detailed updates until such time as the Company has entered into a definitive agreement, or unless otherwise required by law or regulation or disclosure of which is deemed appropriate.
As previously announced and in connection with the monetization of certain production facilities on May 3, 2016 for proceeds of $75 million, Bellatrix agreed to an interim reduction in the borrowing base to $460 million, with the resulting Credit Facilities comprised of a $65 million operating facility and a $395 million syndicated facility. Bellatrix continues to proactively position the Company to capitalize on future value enhancing opportunities with the goal of creating long term shareholder value. Bellatrix plans to provide second half 2016 capital spending and production guidance in late June with a continued emphasis on developing profitable investment opportunities and prudently managing capital resources.
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