Bellatrix Shares Rise on Joint Venture Closing: Calgary MoverJeremy van Loon
Bellatrix Exploration Ltd. rose the most in five months after the Canadian oil and natural gas explorer said it closed a joint venture with Grafton Energy Co. worth C$122 million ($95 million).
The shares jumped 12 percent to C$6.18 at the close in Toronto, the most since Jan. 22. The stock has gained 45 percent this year.
Bellatrix completed an agreement with Grafton Energy to develop resources in the Willesden Green and Brazeau areas of Alberta, the company said today in a statement. Grafton will contribute C$100 million to development of the resources.
“The deal has further room to accelerate development of the plays,” Casimir Capital, which has a buy rating on the stock, said today in a note to investors.