Seeking Alpha

Bellatrix Exploration in $250M bought deal financing

  • Bellatrix Exploration (BXE) says it plans to issue 25.65M common shares at $9.75 each on a bought-deal basis, for ~$250M in proceeds to be used to temporarily reduce debt, fund its ongoing capex program and for general corporate purposes.
  • BXE also says it is increasing its 2014 capex budget to $500M from $440M, which should result in 2014 exit production of ~48K boe/day; projected Q2 production of 38K boe/day and FY 2014 production of 41K boe/day remains unchanged from previous guidance.
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