Bellatrix Exploration Ltd (Canada) BXEFF

RE:RE:RE:RE:FYI

[RichyRich$]

In Bellatrix's last Investor Report they said their Plant Facility alone was worth $500 Million. Not even including all the land and P&P Reserves value. Its unfathomable that they would accept $87M. I hope the courts reject it as negligent. I read the report from the company that is buying... Spartan. And their wording showed that they raised $100M through a credit facility to buy Bellatrix. So it shows they only needed $100M debt to buy Bellatrix. And they bragged in the report that their debt on Bellatrix will now be $320M less than it was when Bellatrix. It sounds like Bellatrix racked the debt higher to $420M. Maybe after loss in unfavorable currency exchange on the debt plus maybe they had to pay BP a contract breakage settlement etc. So if Spartan needed $100M debt to buy Bellatrix. And Bellatrix debt was $420M. Then it seems like when they say their debt as Spartan for Bellatrix is now $320M lower than it was for Bellatrix. The $420M Bellatrix debt - $100M outside debt Spartan would incur for the buyout. Meaning the Banks/Lenders of Bellatrix lose $300M in this sale! That sounds ludicrous! Why wouldn't the bank/lenders just renegotiate the loan to a further date and let Bellatrix continue. Let them borrow a bit from the new Government COVI-19 loan interest bailout loans. How did the board of directors and banks even agree to $87M? Something seems off. I called PWC and left a message. I want confirmation from PWC that we get nothing before I throw in the towel. Even when you look at the Q3 report, Bellatrix wrote the new realistic true book value per share as $1.22/share. The bookvale per share used to be $15.00 then around $8.00 after the share consolidation June 2019. So they lowered the true value book value to an eight lower. To $1.22/share. True value book value is a more realistic valuation that's supposed to reflect a realistic buyout value. We should have gotten bought out $425M to $450M and gotten around $1.22/share. Accepting $87M + $15M in debt payment is negligent by the stakeholders and board to agree on that. I hope the courts don't allow it. Maybe Shauna can shed some light. When I spoke with her last October, she said she had her lifes savings invested in BXE.