Pursuant to the Pembina asset sale, the Company received cash consideration of $42 million (before adjustments), and was issued 2,171,667 common shares of New InPlay ("New InPlay Shares") with a deemed value of $5 million. The New InPlay Shares will commence trading on the Toronto Stock Exchange under the new trading symbol, "IPO", within two to three business days following the date hereof. The net cash proceeds from the Pembina asset sale were used to further reduce outstanding bank debt, including repayment in full of the $12.9 million non-revolving term loan previously outstanding. Concurrent with the closing of the Pembina asset sale, Bellatrix also completed the November semi-annual borrowing base redetermination and the renewal of its syndicated revolving credit facilities (the "Credit Facilities").