Bellatrix Exploration Ltd (Canada) BXEFF

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Orange Capital intends to engage Bellatrix Exploration in discussions regarding opportunities to maximize shareholder value. Orange Capital intends to discuss Bellatrix hiring an independent financial advisor tasked to provide the board with recommendations on strategic alternatives, capital allocation and improved investor communications; the size and composition of the board; steps to raise the Bellatrix's valuation to be in line with its intrinsic value, which current valuation is well below the Issuer's intermediate sized company peers in the Canadian exploration and production sector; refraining from future dilutive equity issuances and outlining a clear use of proceeds for all newly raised capital; and exploring alternatives to highlight the value of the Issuer's infrastructure assets, including but not limited to improving disclosure on the cost and fair market value of the Issuer's midstream infrastructure and/or exploring a possible joint venture, initial public offering or sale of the Issuer's midstream assets. Orange Capital intends to discuss such matters identified above not only with Bellatrix management and the board, but also with other shareholders of the Issuer and third parties and may take other steps to bring about changes to increase shareholder value.