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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost nine cents to $44.85 on the New York Merc, while Brent for September lost nine cents to $47.08 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.60 to WTI ($30.25), unchanged. Natural gas for August added 0.1 cent to $2.659. The TSX energy index added 1.53 points to close at 193.62.

Bellatrix Exploration Ltd. (BXE) lost 14 cents to $1.19 on 11.7 million shares. Yesterday after the close, it announced an $80-million bought deal, comprising $50-million in convertible debentures maturing in 2021 and $30-million in subscription receipts at $1.20. The announcement came a day after Bellatrix finally announced the outcome of its credit facility review, which, to no one's surprise, was reduced. The company had warned in early May that a reduction was likely. At the time, the facility was $540-million and was scheduled to be reviewed on May 31. Bellatrix persuaded the lenders to postpone the review date to July 15 while it looked for ways to improve its situation. Notably, it sold $75-million worth of infrastructure, arranged a $29-million non-cash acquisition of producing assets and, on July 7, agreed to sell an interest in its Alder Flats gas plant to Keyera for $112.5-million. That last deal is expected to close next month. This week, the lenders came to their conclusion about the facility: It will be reduced to $365-million, comprising a $210-million revolving portion that matures in a year and a $155-million non-revolving portion that matures in November. This was not exactly a rousing vote of confidence in the company. Bellatrix said it would talk with current and potential lenders about establishing a new long-term revolving credit facility, and will also try to come up with ways to repay the $155-million non-revolving portion in full before the maturity date.

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