Bellatrix Exploration secures $151m partner

Korean support: Bellatrix Exploration seals partner for Cardium play

AFP/Scanpix

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Bill Lehane

 22 January 2013 12:03 GMT

Canadian junior Bellatrix Exploration and a South Korean partner have agreed a C$300 million ($302.2 million) joint venture agreement on the Canadian junior’s Cardium acreage in Alberta.

The unidentified South Korean outfit will pay C$150 million ($151 million) in return for a 33% share of Bellatrix Exploration’s working interest in an expected 83 wells on the west-central Albertan holdings.

The partner will retain a 20% share of the working interest after it has recovered the C$150 million investment under the deal, which is expected to close by the end of April.

Toronto-listed Bellatrix Exploration said it would boost its capital expenditure plans for the year by $50 million to between $230 million and $240 million as a result of the deal.

The Calgary-based outfit, which expects…

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