Bellatrix Exploration Ltd.

Bellatrix has entered into an exchange agreement with a holder of its 8.5% senior unsecured notes due May 15, 2020 to exchange in a privately negotiated transaction, $10 million aggregate principal amount of the senior notes for roughly 7.1 million common shares of Bellatrix. Pursuant to the exchange agreement, the senior notes will be acquired at a 10% discount to their face value, and the common shares will be issued at a 5% discount to the volume weighted average price.