Bellatrix Exploration Ltd (Canada) BXEFF

I Spoke With PWC Regarding the Debt Swap for Common Shares

[RichyRich$]

They said that the bank/lenders that did that $110M of debt forgiveness swapped for apx. 83% of the common shares, have no conditions or recourse on that. Meaning that if we lose all our money, then the bank/lenders lose that $110M. The bank/lenders that did that debt swap are the same ones that are in the Tier 1,2,3 lenders. So the great news about this is that it means Mr. BANK will not want to lose $110M! They'll be fighting on our behalf to make sure the best sale or plan is approved to benefit the common shareholders. That's what I was banking on as assurance. Bellatrix won't throw the retail shares holders under the bus now like last spring because the banks are now majority holders of the common shares! They pretty well need apx. $3.23 to break-even. I'd be happy if they work a deal for half back at $1.60! Also, the deadline for expressions of interest of November 13 can be extended. So if there was not enough initial interest, they could extend to a later date as AECO NG recovers more and the operations are still continuing. They're still drilling during this process. I think it'll work out. There's great value for a large oil company to buy Bellatrix for $500M to diversify into NG as LNG Canada Pipelines are being built.