Mr. Steve Toth reports

BELLATRIX ANNOUNCES ACQUISITION AND RETIREMENT OF US$10 MILLION OF ITS SENIOR UNSECURED NOTES DUE 2020

Bellatrix Exploration Ltd. has entered into an exchange agreement with a holder of its 8.5 per cent senior unsecured notes due May 15, 2020, to exchange, in a privately negotiated transaction, $10-million (U.S.) aggregate principal amount of the senior notes for 7,081,837 common shares of Bellatrix. Pursuant to the exchange agreement, the senior notes will be acquired at a 10-per-cent discount to their face value and the common shares will be issued at a 5-per-cent discount to the volume-weighted average price on the Toronto Stock Exchange for a 20-trading-day period preceding April 30, 2018, subject to the satisfaction or waiver of the closing conditions. The terms of the exchange agreement require the company to qualify the common shares issuable in the exchange pursuant to a prospectus supplement to be filed by Bellatrix under the company's existing base shelf prospectus. The Toronto Stock Exchange has conditionally approved the listing of the common shares to be issued pursuant to the exchange on the TSX. In addition, application has been made to list the common shares to be issued pursuant to the exchange on the New York Stock Exchange. Listing will be subject to the company fulfilling all of the listing requirements of the TSX and the NYSE, as applicable. The transaction is expected to close on or before May 7, 2018.

The reduction of $10-million (U.S.) of senior notes outstanding provides annualized interest savings of approximately $1.1-million using the current Canadian-dollar/U.S.-dollar exchange rate. The exchange agreement is consistent with Bellatrix's strategy to improve financial strength, optimize its capital structure and enhance long-term shareholder value.

The holder currently exercises control or direction over 517,430 Bellatrix common shares. In addition, the holder currently exercises control or direction over $25,027,000 principal amount of convertible debentures of Bellatrix, which are convertible into 3,089,753 common shares based on a conversion price of $8.10 per common share. Following completion of the exchange, it is expected that the holder will exercise control or direction over an aggregate of 7,599,267 common shares, or 13.5 per cent of the company's issued and outstanding common shares, and, if the holder was to elect to convert the convertible debentures held by the holder, the holder would exercise control or direction over an aggregate of 10,689,020 common shares, or 17.9 per cent of the company's issued and outstanding common shares (assuming no other holder of the convertible debentures elected to convert its convertible debentures). Under the terms of the exchange agreement and in an undertaking provided to the TSX, the holder has agreed to not convert the convertible debentures it holds if it would result in the holder beneficially holding greater than 19.9 per cent of the issued and outstanding common shares of the company.

Bellatrix Exploration is a publicly traded, Western Canadian-based, growth-oriented oil and gas company engaged in the exploration for and the acquisition, development and production of oil and natural gas reserves, with highly concentrated operations in west-central Alberta, principally focused on profitable development of the Spirit River liquids-rich natural gas play.

We seek Safe Harbor.