Bellatrix Exploration said early Wednesday it entered into an agreement for the sale of non-core assets in the Strachan area of Alberta for $34.5 million. The sale is consistent with the company’s strategy to maintain a focused and concentrated asset base, while strengthening the balance sheet, it said in a statement.
Additionally, Bellatrix plans on reviewing its full-year 2017 capital expenditure budget, with the intention of reinvesting a portion of the proceeds into the company’s “high rate of return Spirit River liquids-rich natural gas play” to maintain current production volume guidance. The remaining funds will be used to lower debt, the statement added. The sale is expected to close on or before June 30.