Bellatrix says Korean partner fails to close on $300M joint venture

Both sides would have contributed $150 million for an 83 well project.

CALGARY – Bellatrix Exploration Ltd. has called off a $300-million joint venture after a South Korean partner failed to meet the closing conditions.

The company had announced the deal in January that would have seen both sides contribute $150 million for an 83 well project.

The South Korean partner was not identified.

Bellatrix says it will now consider alternative partners for the proposed Ferrier area Cardium joint venture.

Bellatrix has oil and gas projects in Alberta, Saskatchewan and BC.

©The Canadian Press