Bellatrix Sells Assets to South Korea's POSCO and PE Fund for $53M
Bellatrix Exploration Ltd. (TSX, NYSE MKT: BXE) has agreed to a joint venture deal under which it will sell a 50% working interest in producing assets in the Baptiste area of Alberta for $52.5 million to South Korea's Daewoo International Corp., a subsidiary of POSCO, and Devonian Natural Resources Private Equity Fund. The Calgary-based oil and gas company will utilize the proceeds to reduce debt and continue development of its Cardium and Mannville resource plays. The joint venture is expected to involve capital expenditures of around $200 million.
2 August 2013•5 mins read
