Bellatrix announces $10 million CDE flow-through financing

Forward looking statements:

This press release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words "may", "expects" , "remain", "intends", "anticipates", "ongoing", "initiative" and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward-looking statements concerning the expected timing for closing of the Private Placement, the expected use of proceeds from the Private Placement and the Company's expectation that it shall incur and renounce Qualifying Expenditures after the closing date and prior to December 31, 2016 in the aggregate amount of not less than the total amount of the gross proceeds raised from the Private Placement.

Forward-looking statements necessarily involve risks, including, without limitation, risk that all necessary approvals for the closing of the Private Placement are not received, other conditions for the closing of the Private Placement are not satisfied or any other events occur that delay or prevent the closing of the Private Placement and that the Company is not able to incur and renounce Qualifying Expenditures prior to December 31, 2016. Events or circumstances may cause actual results to differ materially from those predicted, as a result of the risk factors set out and other known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Bellatrix. In addition, forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect and which have been used to develop such statements and information in order to provide shareholders with a more complete perspective on Bellatrix's future operations. Such information may prove to be incorrect and readers are cautioned that the information may not be appropriate for other purposes. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct.

In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: that all necessary approvals for the closing of the Private Placement will be received, other conditions for the closing of the Private Placement will be satisfied, no other events will occur that delay or prevent the closing of the Private Placement and no events will occur that prevent the Company from incurring and renouncing Qualifying Expenditures prior to December 31, 2016. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Additional information on these and other factors that could affect Bellatrix's operations and financial results are included in reports (including, without limitation, under the heading "Risk Factors" in the Company's Annual Information Form for the year ended December 31, 2015) on file with Canadian and US securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com), through the SEC website (www.sec.gov), and at Bellatrix's website (www.bellatrixexploration.com). Furthermore, the forward-looking statements contained herein are made as at the date hereof and Bellatrix does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

SOURCE Bellatrix Exploration Ltd.