Bellatrix Exploration Ltd (Canada) BXEFF

CCAA Extended to April 7 ...

[RichyRich$]

The PWC Monitor is projecting Bellatrix will have $25 million cash on hand by April 30 + $2 Million BP owes them. High AECO NG prices have thrown Bellatrix into profitability. With apx $375M total debt. Even if we got bought out for only $400M. That would be $25M after debt paid off + $27M projected cash. Would leave $52M for the common shareholders. Which are majority owned by the banks now. This is not the typical CCAA where banks don't own the common shares and wouldn't hesitate to throw under the bus like Pengrowth. The banks will want the common share to be paid to the max. That's the difference maker on why we will fare out well. Pretty well... a buyout at $400 Million will give us $1.27/share. Anything over $400M buyout and we'll be laughing to the bank. Adjusted book value won't have a bearing on what the banks and bidders think it's worth. If they see it worth over $400M they'll pay up. We'll most likely hear buyout news the first week in February because they usually announce buyouts 2 months before the close date... which would have to be by April 7 (the New CCAA Deadline). I believe a deal is already inked. We'll hear first week of February I predict.