Bellatrix announces $576M acquisition, $240M exploration JV

|About: Bellatrix Exploration Ltd (BXE)|By:, SA News Editor

Bellatrix Exploration (BXE -4.1%) enters into a $240M joint venture partnership with TCA Energy to drill and develop lands in the Ferrier Cardium area of Alberta; TCA will contribute 50% towards the capital program for the drilling of an expected 63 gross wells, and in exchange will receive 35% of BXE's working interest.

BXE also agrees to acquire Canadian-based oil and gas explorer Angle Energy (ANGZF.PK) in a deal valued at ~$576M.

BXE plans to issue ~21.8M common shares on a bought deal basis at $8 each for total gross proceeds of ~$175M.

BXE shares halted.