TORONTO, May 22, 2015 /CNW/ - On May 22, 2015, 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"), acquired ownership and control over an additional 475,000 common shares (the "Acquired Shares") of Bellatrix Exploration Ltd. ("Bellatrix"). The Acquired Shares represent approximately 0.25% of the issued and outstanding common shares of Bellatrix ("Shares") based on 191,957,243 Shares issued and outstanding as stated by Bellatrix in its management's discussion and analysis for the first financial quarter ended March 31, 2015 (the "Outstanding Shares"). 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. After giving effect to the acquisition of the Acquired Shares, Orange beneficially owns and controls 31,506,112 Shares, representing approximately 16.41% of the Outstanding Shares.
Orange purchased the Acquired Shares for investment purposes. Orange intends to continue to engage management and the board of directors of Bellatrix in discussions regarding opportunities to maximize shareholder value. Orange may, in the future, take such actions in respect of its holdings as Orange deems appropriate in light of the circumstances then existing.
The Acquired Shares were purchased through the facilities of the Toronto Stock Exchange, NYSE, Nasdaq, the OTC and other alternative trading systems and platforms related with such exchanges at an average price of CAD$3.70 per Share.
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, 23rd Floor, New York, NY 10019, USA, Attn: Daniel Lewis, Managing Member, Tel: 212-375-6040