Spartan Delta Acquires Bellatrix Exploration out of Bankruptcy

Updated 1 year ago

Bellatrix Exploration announced a sale transaction in which Return Energy (to be renamed Spartan Delta) will acquired substantially all of the assets of Bellatrix for $87.4 million in cash plus the assumption of certain liabilities. The deal is subject to approval of an Alberta bankruptcy court and excluded working capital and some other assets. Bellatrix expects to implement the transaction by the end of June 2020, and the deal closed in early June. The closing price was $87.6 million, and Spartan agreed to assume $21.2 million in liabilities.