Bellatrix Exploration in $250M bought deal financing

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

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.