Activist investor Orange Capital LLC has taken a 5.3% stake in Calgary-based Bellatrix Exploration Ltd., according to regulatory filings.
New York-based Orange Capital is seeking board changes and management-succession planning among other initiatives, and wants the oil-and-natural-gas exploration company to explore strategic alternatives including a sale, the filing said.
Orange Capital has been building its position in the Bellatrix since July 2, and is the company’s largest shareholder slightly ahead of Fiera Capital Corp., which holds 5.2% , according to data compiled by Bloomberg.
Orange Capital’s position is valued at C$80.4 million ($73.2 million) based on Monday’s closing price of C$7.91 a share in Toronto.
Bellatrix has gained 1.3% this year for a market value of C$1.5 billion compared with a 15% rise in the Standard & Poor’s/TSX Energy Index.
Recommended Reading
Oceaneering Won $200MM in Manufactured Products Contracts in Q4 2023
2024-02-05 - The revenues from Oceaneering International’s manufactured products contracts range in value from less than $10 million to greater than $100 million.
E&P Highlights: Feb. 5, 2024
2024-02-05 - Here’s a roundup of the latest E&P headlines, including an update on Enauta’s Atlanta Phase 1 project.
CNOOC’s Suizhong 36-1/Luda 5-2 Starts Production Offshore China
2024-02-05 - CNOOC plans 118 development wells in the shallow water project in the Bohai Sea — the largest secondary development and adjustment project offshore China.
TotalEnergies Starts Production at Akpo West Offshore Nigeria
2024-02-07 - Subsea tieback expected to add 14,000 bbl/d of condensate by mid-year, and up to 4 MMcm/d of gas by 2028.
US Drillers Add Oil, Gas Rigs for Third Time in Four Weeks
2024-02-09 - Despite this week's rig increase, Baker Hughes said the total count was still down 138 rigs, or 18%, below this time last year.