Bellatrix Completes Acquisition of Angle Energy For $69.7 Million

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
CA$69.7MM
Description

Acquired all of the issued and outstanding common shares of the Calgary-based E&P company.

Bellatrix Exploration Ltd. (NYSE: BXE; TO: BXE) and Angle Energy Inc. (TO: NGL) announced De. 11 that it closed the plan of arrangement to acquire all of the issued and outstanding common shares of Angle for $69.7 million in cash and some 30.2 million Bellatrix common shares.

The Calgary-based company, Bellatrix, also acquired all of the issued and outstanding 5.75% convertible unsecured subordinated debentures of Angle with a maturity date of Jan. 31, 2016 in the aggregate principal amount of $60 million on the basis of $1,040 in cash per $1,000 principal amount of the Angle debentures, plus accrued and unpaid interest to yesterday.

Management of Bellatrix thinks that the combination of Bellatrix's top-tier asset base with Angle's high quality, low-cost, high working interest asset base has created one of the largest, intermediate producers in the West Central Alberta fairway with a dominant and highly focused position in the Cardium and Lower Mannville.

As part of the arrangement, Angle and its subsidiary Angle Energy Inc. were amalgamated with Bellatrix and continued under the name "Bellatrix Exploration Ltd." and the Angle shares will be delisted from the Toronto Stock Exchange.

AltaCorp Capital Inc. and Macquarie Capital Markets Canada Ltd. were financial advisors to Bellatrix. FirstEnergy Capital Corp. and Cormark Securities Inc. were financial advisors to Angle.