UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

___________________

 

Form 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of December, 2015

 

Commission File Number: 001-35644

 

___________________

 

Bellatrix Exploration Ltd.

(Translation of registrant's name into English)

 

1920, 800 5^th Avenue SW

Calgary, Alberta  T2P 3T6

Canada

 (Address of principal executive offices)

___________________

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☐                                           Form 40-F ☒

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)  ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)  ☐

 

 

 

 

 

DOCUMENTS INCLUDED AS PART OF THIS FORM 6-K

 

See the Exhibit Index hereto.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

	Bellatrix Exploration Ltd.
Date:  December 1, 2015	By:	/s/ Charles R. Kraus
	Name:	Charles R. Kraus
	Title:	Vice President, General Counsel & Corporate Secretary

 

 

 

 

 

 

EXHIBIT INDEX

 

Exhibit		Description
99.1		News Release Dated December 1, 2015 - BELLATRIX ANNOUNCES BORROWING BASE REDETERMINATION AND MUTUAL EXPIRATION OF SHAREHOLDER AGREEMENT WITH ORANGE CAPITAL

 

 

 Exhibit 99.1

 

 

For Immediate Release – Calgary, Alberta

TSX, NYSE: BXE

 

BELLATRIX ANNOUNCES BORROWING BASE REDETERMINATION AND MUTUAL EXPIRATION OF SHAREHOLDER AGREEMENT WITH ORANGE CAPITAL

 

CALGARY, ALBERTA (December 1, 2015) – Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") (TSX, NYSE: BXE) announces the results of its semi-annual borrowing base redetermination under the Company's secured revolving credit facilities (“Credit Facility”), resulting in approximately $200 million of available liquidity based on September 30, 2015 debt balances.

 

Effective November 30, 2015, the borrowing base of the Company’s Credit Facility has been reduced by 10% from $600 million to $540 million. The Credit Facility is available on an extendible revolving term basis and consists of a $65 million operating facility provided by a Canadian bank and a $475 million syndicated facility provided by nine financial institutions, subject to a borrowing base test. The revised borrowing base incorporates a redetermination based on the syndicate's review of the current estimated value of the Company's proved reserves under the syndicate's pricing assumptions, and is anticipated to result in lower standby fees charged on unutilized amounts available under the Credit Facility. After giving effect to the redetermination, the Company’s liquidity position remains strong and the Company maintains significant balance sheet flexibility to manage effectively through the commodity price cycle.

 

Bellatrix also announces that the Company and Orange Capital LLC (“Orange Capital”) have mutually agreed to allow the expiration, as of November 30, 2015, of the shareholder agreement entered into on December 12, 2014 (the “Shareholder Agreement”). Through its two director nominees, Orange Capital continues to work collaboratively with Bellatrix management and the board of directors with the shared goal to maximize long-term value for all shareholders. Orange Capital beneficially owns approximately 32.7 million shares or 17.0% of the Company's basic shares outstanding and US$15 million or 6% of the Company’s 8.5% senior unsecured notes due 2020.

 

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”.

All amounts in this press release are in Canadian dollars unless otherwise identified.

For further information, please contact:

Steve G. Toth, Vice President, Investor Relations (403) 750-1270

or

Troy Winsor, Investor Relations (800) 663-8072

 

 

Bellatrix Exploration Ltd.

1920, 800 – 5^th Avenue SW

Calgary, Alberta, Canada T2P 3T6

Phone: (403) 266-8670

Fax: (403) 264-8163

www.bellatrixexploration.com