The combination of Bellatrix’s asset base with Angle’s working interest asset base will result in one of the intermediate producers in the West Central Alberta fairway to focus on the Cardium and Lower Mannville.
Bellatrix president and CEO Ray Smith said that company’s shareholders will benefit from the acquisition of Angle’s asset base.
Under the terms of the acquisition, Angle shareholders will receive, for each Angle Share held, at the election of the Angle shareholders $3.85 cash; or 0.4734 of a Bellatrix common share subject to the cash amount payable to Angle shareholders equalling $69.7m and thus subject to prorating.
FirstEnergy Capital and Cormark Securities have acted as financial advisors to Angle with respect to the acquisition.
