Bellatrix Borrowing Base Redetermined; $600 Million

Bellatrix Exploration Ltd. has reported the completion of the current semi-annual borrowing base redetermination under its bank credit facilities.

Bellatrix's syndicate of lenders has completed its semi-annual review of the borrowing base under the Company's revolving credit facilities and has approved Bellatrix's request for a revised borrowing base of $600 million. The semi-annual redetermination was initially scheduled to be completed in May 2015, but was deferred to facilitate the Company's offering of US$250 million of 8.5% senior unsecured notes due 2020 (the "Senior Notes"), which was completed on May 21, 2015. The revised borrowing base incorporates an automatic reduction equal to two times the annual interest cost of the Senior Notes and a redetermination based on the syndicate's review of the current estimated value of the Company's proved reserves under the syndicate's pricing assumptions. The revised borrowing base is anticipated to result in lower standby fees charged on unutilized amounts available under the credit facilities. As at May 31, 2015, Bellatrix had drawn approximately $365 million on its credit facilities, and after giving effect to the redetermined borrowing base, Bellatrix would have had access to approximately $235 million of liquidity under the credit facilities before deducting outstanding letters of credit.

The Company's credit facilities are available on an extendible revolving basis and consist of a $75 million operating facility provided by a Canadian bank and a $525 million syndicated facility provided by nine financial institutions, subject to a borrowing base test. The three year revolving facilities mature on May 30, 2017, unless extended for a further period not to exceed a maximum term of up to three years. The borrowing base is subject to re-determination on May 31 and November 30 in each year prior to maturity, with the next semi-annual redetermination scheduled to occur on November 30, 2015.