Bellatrix announces it has entered into a $200 million strategic joint venture partnership and a $52.5 million asset disposition

Bellatrix announces it has entered into a $200 million strategic joint venture 
partnership and a $52.5 million asset disposition with Daewoo International 
Corporation and Devonian Natural Resources Private Equity Fund. 
CALGARY, Aug. 1, 2013 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix" or the 
"Company") (TSX, NYSE MKT: BXE) is pleased to announce it has entered into a 
definitive agreement for an asset sale (the "Asset Sale") and joint 
venture (the "Joint Venture") with Daewoo International Corporation ("Daewoo") 
and Devonian Natural Resources Private Equity Fund ("Devonian"). Under the 
terms of the associated agreements, Bellatrix will sell, effective July 1, 
2013, to Devonian and Daewoo jointly 50% of the Company's working interest 
share of its producing assets, an operated compressor station and gathering 
system and related land acreage in the Baptiste area of West Central Alberta 
(the "Sold Assets") for gross consideration of $52.5 million, subject to 
closing adjustments. The Sold Assets are producing approximately 268 boe/d 
(67% gas and 33% oil and liquids) net to the Sold Assets and include 3,858 net 
acres of Cardium rights and 1,119 net acres of Mannville rights. 
The Joint Venture which will be effective as of July 1, 2013 will encompass a 
multiyear commitment to jointly develop the aforementioned acreage in Ferrier 
and Willesden Green of West Central Alberta encompassing 70 gross wells with 
anticipated total capital expenditures to the Joint Venture of approximately 
$200 million. Certain conditions precedent to closing, including Korean 
governmental and regulatory approvals, areexpected to be satisfied or waived 
by August 30, 2013 which is expected to enable closing to occur on or before 
September 16, 2013. 
Upon closing Bellatrix plans to increase its previously announced net capital 
expenditure plan for 2013 to approximately $235 million, and will utilize the 
net proceeds from the disposition to reduce the Company's indebtedness, and 
ultimately will direct it to the continued development of its Cardium and 
Mannville asset base. 
Bellatrix continues to focus on growth by development of its core Cardium and 
Notikewin/Falher assets utilizing its large inventory of geological prospects. 
The Company has developed an inventory of 692 net remaining Cardium locations 
and 401 net Notikewin/Falher locations as of January 1, 2013 representing net 
remaining capital requirements of $4.34 billion based on current costs. Based 
on the drilling commitment in the Joint Venture, the Joint Venture represents 
approximately 4.5% of the aforementioned inventory. As at June 30, 2013, 
Bellatrix has approximately 201,891 net undeveloped acres of land in Alberta, 
British Columbia and Saskatchewan and including all opportunities has 
approximately 1,700 net exploitation drilling opportunities identified, with 
capital requirements of $8.22 billion based on current costs representing over 
40 years of drilling inventory based on current annual cash flow. The 
Company continues to focus on adding Cardium and Notikewin/Falher prospective 
The Company's updated corporate presentation is available at 
Bellatrix Exploration Ltd. is a Western Canadian based growth oriented oil and 
gas company engaged in the exploration for, and the acquisition, development 
and production of oil and natural gas reserves in the provinces of Alberta, 
British Columbia and Saskatchewan. Common shares and convertible debentures 
of Bellatrix trade on the Toronto Stock Exchange ("TSX") under the symbols BXE 
and BXE.DB.A, respectively and the common shares of Bellatrix trade on the 
NYSE MKT under the symbol BXE. 
All amounts in this press release are in Canadian dollars unless otherwise 
Forward looking statements: Certain information set forth in this news 
release, including management's assessments of the future plans and operations 
including, expected timing of satisfaction of conditions precedent to closing 
of the Asset Sale and the Joint Venture, anticipated capital expenditures of 
the Joint Venture, planned increase in capital expenditure budget upon 
closing, utilization of net proceeds from the Asset Sale, the Company's 
drilling inventory and capital requirements related thereto and time for 
development thereof may contain forward-looking statements, and necessarily 
involve risks and uncertainties, certain of which are beyond Bellatrix's 
control, including risks related to satisfaction of conditions precedent to 
the closing of the Asset Sale and the Joint Venture and related to closing 
thereof, risks associated with oil and gas exploration, development, 
exploitation, production, marketing and transportation, loss of markets and 
other economic and industry conditions, volatility of commodity prices, 
currency fluctuations, imprecision of reserve estimates, environmental risks, 
competition from other producers, inability to retain drilling services, 
incorrect assessment of value of acquisitions and failure to realize the 
benefits therefrom, delays resulting from or inability to obtain required 
regulatory approvals, the lack of availability of qualified personnel or 
management, stock market volatility and ability to access sufficient capital 
from internal and external sources and economic or industry condition changes. 
Actual results, performance or achievements could differ materially from those 
expressed in, or implied by, these forward-looking statements and, 
accordingly, no assurance can be given that any events anticipated by the 
forward-looking statements will transpire or occur, or if any of them do so, 
what benefits that Bellatrix will derive therefrom. Additional information on 
these and other factors that could affect Bellatrix are included in reports on 
file with Canadian securities regulatory authorities and the United States 
Securities and Exchange Commission and may be accessed through the SEDAR 
website (, the SEC's website or at Bellatrix's 
website Furthermore, the forward-looking 
statements contained in this news release are made as of the date of this news 
release, and Bellatrix does not undertake any obligation to update publicly or 
to revise any of the included forward looking statements, whether as a result 
of new information, future events or otherwise, except as may be expressly 
required by applicable securities law. 
Conversion: The term barrels of oil equivalent ("boe") may be misleading, 
particularly if used in isolation. A boe conversion ratio of six thousand 
cubic feet of natural gas to one barrel of oil equivalent (6 mcf/bbl) is based 
on an energy equivalency conversion method primarily applicable at the burner 
tip and does not represent a value equivalency at the wellhead. Given that the 
value ratio based on the current price of crude oil as compared to natural gas 
is significantly different from the energy equivalency of 6:1, utilizing a 
conversion on a 6:1 basis may be misleading as an indication of value. All boe 
conversions herein are derived from converting gas to oil in the ratio of six 
thousand cubic feet of gas to one barrel of oil.

SOURCE  Bellatrix Exploration Ltd. 
Raymond G. Smith, P.Eng., President and CEO (403) 750-2420 or Edward J. Brown, 
CA, Executive Vice President, Finance and CFO (403)  750-2655 or Brent A. 
Eshleman, P.Eng., Executive Vice President (403) 750-5566 or Troy Winsor, 
Investor Relations (800) 663-8072 
Bellatrix Exploration Ltd. 2300, 530 - 8th Avenue SW Calgary, Alberta, Canada 
T2P 3S8 Phone: (403) 266-8670 Fax: (403) 264-8163 
To view this news release in HTML formatting, please use the following URL: 
CO: Bellatrix Exploration Ltd.
ST: Alberta
-0- Aug/01/2013 15:08 GMT
Press spacebar to pause and continue. Press esc to stop.