TORONTO, Nov. 30, 2015 /CNW/ - Pursuant to the terms of the Settlement Agreement entered into on December 12, 2014 between Orange Capital, LLC ("Orange Capital"), on behalf of Orange Capital Master I, Ltd. ("OCMI"), OC Offshore Investments II, SPC – Segregated Portfolio A ("OCOI") and OC Offshore Investments II, SPC – Segregated Portfolio B ("OCOIB") which are investment funds managed by it (collectively, "Orange") and Bellatrix Exploration Ltd. ("Bellatrix"), the standstill restrictions imposed on Orange expired on November 30, 2015. Orange, including Daniel Lewis, a director of Bellatrix, continues to work collaboratively with Bellatrix's management and the other members of the board of directors with the shared goal of maximizing long-term value for all shareholders.
Orange beneficially owns and controls 32,727,712 common shares, representing approximately 17.0% of the issued and outstanding common shares of Bellatrix ("Shares") based on 191,963,910 Shares issued and outstanding as stated by Bellatrix in its management's discussion and analysis for the third quarter ended September 30, 2015 (the "Outstanding Shares"). Orange also beneficially owns and controls US$15,000,000 8.5% senior unsecured notes due May 15, 2020. By virtue of his role as Managing Member of Orange Capital, Daniel Lewis has control or direction over all of the Shares beneficially held by Orange Capital which are held by OCMI, OCOI and OCOIB. Orange may, in the future, take such actions in respect of its holdings as Orange deems appropriate in light of the circumstances then existing.
About Orange Capital, LLC
Orange Capital is a New York based investment firm. The firm is a value-oriented investor in event-driven securities. The firm allocates across the capital structure on an opportunistic basis. Orange Capital was co-founded in 2005 by Daniel Lewis and Russell Hoffman. Prior to founding the firm, Orange Capital's portfolio manager, Daniel Lewis, was a director with Citigroup's Global Special Situations Group.
Neither the issuance of this news release nor the filing by Orange of an "early warning" report required to be filed in accordance with applicable Canadian securities laws is an admission that any individual or entity named or referred to in this news release or in an "early warning" report of Orange owns or controls any described securities or is a joint actor with another individual or entity named or referred to in this news release.
Orange's address and other contact information is set forth below. For further information, including to obtain a copy, once filed, of the "early warning" report required to be filed in accordance with applicable Canadian securities laws, contact Orange Capital at the address specified below.
SOURCE Orange Capital, LLC
For further information: Orange Capital, LLC, 1370 Avenue of the Americas, 27th Floor, New York, NY 10019, USA, Attn: Daniel Lewis, Managing Member, Tel: 212-375-6040