TSX, NYSE: BXE
CALGARY, Feb. 3, 2017 /CNW/ - Bellatrix Exploration Ltd.
("Bellatrix" or the "Company") (TSX, NYSE: BXE) announces an
extension of the continued listing and trading of Bellatrix's
common shares on the New York Stock Exchange (the "NYSE") until
Bellatrix's Annual Meeting of Shareholders (the "Shareholder
Meeting") currently planned for May
17, 2017. Bellatrix previously announced on
August 5, 2016 that it had received a
continued listing standards notice from the NYSE because the
average closing price of Bellatrix's common shares had been less
than US$1.00 per share over a period
of 30 consecutive trading days. In accordance with NYSE rules,
Bellatrix had until February 4, 2017
to regain compliance with the minimum share price requirement.
Since the Company is required to obtain shareholder approval for a
corporation action, the cure period has been extended to the
upcoming Shareholder Meeting as permitted under NYSE rules.
The extension granted by the NYSE, which is subject to review on an
ongoing basis, should provide Bellatrix with the requisite time to
take action to regain compliance with the minimum share price
requirement of the NYSE. At Bellatrix's Shareholder Meeting,
shareholders may be asked to consider a potential proposal with
respect to corporate actions such as consolidation of share
capital. Bellatrix's Board of Directors has not approved nor
considered any such proposal. As is customary, Bellatrix's
Board of Directors will provide notice of the Shareholder Meeting
including matters proposed and put forth for consideration in
advance of the Shareholder Meeting.
Bellatrix's common shares are expected to continue to trade,
unaffected, on the NYSE during this extension period.
Bellatrix can regain compliance with the minimum share price
requirement if the Company's common shares have a closing share
price of at least US$1.00 on the last
trading day of any calendar month and also has an average closing
share price of at least US$1.00 over
the 30 trading-day period ending on the last trading day of that
month.
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 of Bellatrix
trade on the Toronto Stock Exchange and on the New York Stock
Exchange under the symbol BXE.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of applicable securities laws. More particularly and
without limitation, this press release contains forward-looking
statements regarding Bellatrix's intentions and ability to regain
compliance with the minimum share price requirement of the NYSE,
the potential that the Company's shareholders may be asked to
consider a corporate action proposal at its upcoming Shareholder
Meeting, and management's expectation that the Company's common
shares will continue to trade, unaffected, on the NYSE during the
extension period. All statements, other than statements of
historical facts, that address activities that Bellatrix assumes,
plans, expects, believes, projects, aims, estimates or anticipates
(and other similar expressions) will, should or may occur in the
future are forward-looking statements. The forward-looking
statements provided in this news release are based on management's
current belief, based on currently available information, as to the
outcome and timing of future events. Bellatrix cautions that its
intention to regain compliance with the NYSE's continued listing
standards and other forward-looking statements relating to
Bellatrix are subject to all of the risks and uncertainties
normally incident to such endeavors, and to Bellatrix's business of
exploring for, developing, producing and selling oil and natural
gas.
These risks relating to Bellatrix include, but are not limited
to, oil and natural gas price volatility, its access to cash flows
and other sources of liquidity to fund its capital expenditures,
its ability to replace production, the impact of the current
financial and economic environment on its business and financial
condition, a lack of availability of, or increase in costs relating
to, goods and services, environmental risks, drilling and other
operating risks, regulatory changes, the uncertainty inherent in
estimating future oil and gas production or reserves and other
risks as described in reports (including, without limitation, under
the heading "Risk Factors" in the Company's Annual Information Form
for the year ended December 31, 2015) on file with Canadian
and US securities regulatory authorities and may be accessed
through the SEDAR website (www.sedar.com), through the SEC website
(www.sec.gov), and at Bellatrix's website
(www.bellatrixexploration.com). Furthermore, the forward-looking
statements contained herein are made as at the date hereof 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 required by applicable securities laws.
SOURCE Bellatrix Exploration Ltd.