Bellatrix Announces Completion of Sale Transaction with Spartan

CALGARY, Alberta, June 01, 2020 (GLOBE NEWSWIRE) — Bellatrix Exploration Ltd. (“Bellatrix” or the “Company”) announces the closing of its sale transaction (the “Transaction”) previously announced on April 23, 2020 and approved by the Court of Queen’s Bench of Alberta on May 8, 2020 in Bellatrix’s proceedings under the Companies’ Creditors Arrangement Act (the “CCAA”).

Pursuant to the Transaction, Return Energy Inc. (renamed Spartan Delta Corp.), through its wholly-owned subsidiary, Winslow Resources Inc. (the “Purchaser”), has acquired substantially all of Bellatrix’s assets relating to its oil and gas business, with the exception of the Company’s working capital and certain other excluded assets. In addition, the Purchaser has assumed a number of liabilities of Bellatrix relating to its joint ventures and other agreements, and environmental obligations relating to the purchased assets.

Materials publicly filed in the CCAA proceedings are made available on the website of PricewaterhouseCoopers Inc., the Court-appointed monitor in the CCAA proceedings, at http://www.pwc.com/ca/bellatrix.