Bellatrix To Acquire Angle Energy - Quick Facts

(RTTNews) - Angle Energy Inc. (NGL.TO) announced it has entered into an arrangement agreement with Bellatrix Exploration Ltd. (BXE.TO, BXE) pursuant to which Bellatrix, has agreed to acquire all of the issued and outstanding common shares of Angle and all of Angle's issued and outstanding 5.75% convertible unsecured subordinated debentures with a maturity date of January 31, 2016.

Angle shareholders will receive, at their election, for each Angle common share held, either: $3.85 in cash; or 0.4734 of a Bellatrix common share, subject to the cash amount payable to Angle shareholders equaling $69.7 million and thus subject to prorating. Bellatrix will also assume Angle's net debt, estimated at $185 million, as at September 30, 2013. The total value of the arrangement is approximately $576 million.

Pursuant to the arrangement agreement, holders of the debentures will be asked to vote on the arrangement, as a separate class. However, completion of the arrangement is not conditional on receipt of such approval.

The board of Bellatrix has approved the arrangement and recommended that shareholders vote in favour of the issuance of the Bellatrix common shares pursuant to the arrangement.