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Press release from CNW Group

Bellatrix closes previously announced flow-through financing

Thursday, August 12, 2010

Bellatrix closes previously announced flow-through financing11:55 EDT Thursday, August 12, 2010/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/CALGARY, Aug. 12 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix") is pleased to announce that it has closed its previously announced flow-through financing of 4,710,000 common shares issued on a flow-through basis ("Flow-Through Shares") at $4.25 each for aggregate gross proceeds of $20,017,500. The offering was completed on a bought deal, private placement basis through an underwriting syndicate led by Wellington West Capital Markets Inc. and including Canaccord Genuity Corp., National Bank Financial Inc., Macquarie Capital Markets Canada Ltd., Haywood Securities Inc. and Byron Securities Limited.The proceeds from the issuance of the Flow-Through Shares will be used to incur eligible Canadian exploration expenses which will be renounced to subscribers effective on or before December 31, 2010.Bellatrix is a growth oriented exploration and production company based in Calgary, Alberta, Canada.ADVISORY: This press release contains forward-looking statements. More particularly, this press release contains statements concerning the anticipated use of the net proceeds of the offering. Although Bellatrix believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Bellatrix can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The specific intended use of the net proceeds of the offering by Bellatrix might change if the board of directors of Bellatrix determines that it would be in the best interests of Bellatrix to deploy the proceeds for some other purpose, and which may be subject to various risks including risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, environmental risks, competition from other producers, inability to retain drilling rigs and other services, capital expenditure costs, including drilling, completion and facilities costs, unexpected decline rates in wells, wells not performing as expected, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Bellatrix's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com), at Bellatrix's website (www.bellatrixexploration.com).The forward-looking statements contained in this press release are made as of the date hereof and Bellatrix undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.For further information: BELLATRIX EXPLORATION LTD.: Raymond G. Smith, P.Eng., President & CEO, (403) 750-2420; Edward Brown, CA, Vice President, Finance & CFO, (403) 750-2655; Troy Winsor, Investor Relations, (800) 663-8072