NEWS RELEASE

ANGLE ENERGY ANNOUNCES BUSINESS COMBINATION WITH BELLATRIX EXPLORATION LTD.


CALGARY, ALBERTA - October 15, 2013 - Angle Energy Inc. ("Angle" or the "Company") (TSX: NGL) is pleased to announce that it has entered into an arrangement agreement (the "Arrangement Agreement") with Bellatrix Exploration Ltd. ("Bellatrix") (TSX, NYSE MKT: BXE) pursuant to which Bellatrix, has agreed to acquire all of the issued and outstanding common shares (the "Common Shares") of Angle and all of Angle's issued and outstanding 5.75% convertible unsecured subordinated debentures with a maturity date of January 31, 2016 (the "Debentures"). The transaction is to be completed by way of a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement").
Under the terms of the Arrangement, Angle shareholders will receive, at their election, for each Angle Common Share held, either: (i) $3.85 in cash; or (ii) 0.4734 of a Bellatrix common share, subject to the cash amount payable to Angle shareholders equaling $69.7 million and thus subject to prorating. Pursuant to the Arrangement, if approved by holders of the Debentures, such holders of the Debentures will receive $1,040 in cash per Debenture, plus all accrued and unpaid interest to the day immediately prior to the effective date of the Arrangement. Pursuant to the Arrangement, the consideration offered for the Common Shares based on the cash offer of $3.85 per share represents a 31% premium over the 10 day volume weighted average trading price ending October 11, 2013 ("VWAP"), and a 20% premium to the last closing price on the Toronto Stock Exchange (the "TSX"). Based on Bellatrix's closing price on October 11,
2013 of $8.45 and assuming an average cash component of 22% of the total consideration, the
Arrangement implies a price of $3.97 per Common Share, which is a 35% premium to Angle's
10 day VWAP and a 24% premium to the last closing price.
Bellatrix will also assume Angle's net debt, estimated at $185 million (excluding $60 million in Debentures and $16 million in estimated transaction and severance costs associated with the Arrangement, which includes $2.4 million of costs to acquire the Debentures and assuming cashless exercise of in-the-money options based on the cash offer of $3.85), as at September
30, 2013. The total value of the Arrangement is approximately $576 million, based on the volume weighted average trading price of Bellatrix for the 10 trading days ending October 11,
2013 of $8.1324 per Bellatrix share.
"Angle's shareholders will benefit from this business combination with Bellatrix, which is the successful result of a comprehensive review of strategic alternatives available to Angle, announced in July," said Gregg Fischbuch, Chief Executive Officer of Angle. "This complementary transaction creates one of the largest Cardium producers and landholders in
Alberta and provides Angle shareholders an attractive price, with significantly enhanced liquidity and the opportunity for ongoing participation in a larger and well capitalized combined company.
"We believe the combined entity will have the size, technical strength, financial resources and extensive inventory of high-quality light oil and liquids-rich gas locations to provide our shareholders with the opportunity for significant capital appreciation," said Heather Christie- Burns, President and Chief Operating Officer of Angle.

THE ARRANGEMENT AGREEMENT

The Arrangement is subject to customary conditions for a transaction of this nature, which include court and regulatory approvals, including the TSX and the NYSE MKT, the approval of
66 2/3% of Angle shareholders represented in person or by proxy at a special meeting of Angle shareholders to be called to consider the Arrangement, the approval of 66 2/3% of Bellatrix shareholders at a special meeting of Bellatrix shareholders and, if required, the approval of the majority of the minority after excluding the votes cast in respect of the Angle Common Shares held by certain directors and officers of the Company. In addition, majority approval by Bellatrix shareholders at a special meeting of Bellatrix shareholders is required. The board of directors of Bellatrix has approved the Arrangement and recommended that shareholders of Bellatrix vote in favour of the issuance of the Bellatrix common shares pursuant to the Arrangement. Directors and officers of Bellatrix holding approximately 2.2% of the outstanding Bellatrix shares have entered into agreements with Angle pursuant to which they have agreed to vote their Bellatrix common shares in favour of the Arrangement.
Pursuant to the Arrangement Agreement, holders of the Debentures will be asked to vote on the Arrangement, as a separate class. However, completion of the Arrangement is not conditional on receipt of such approval. If the requisite Debenture holder approval is not obtained, the Debentures will be excluded from the Arrangement and dealt with in accordance with their terms. To be part of the Arrangement Agreement, the Arrangement must be approved by 66
2/3% of Angle Debentureholders represented in person or by proxy at an extraordinary meeting of Angle Debentureholders and if required, the approval of the majority of the minority after excluding the votes cast in respect of Debentures held by certain directors and officers of the Company.
A joint management information circular regarding the Arrangement is expected to be mailed to Angle shareholders and debenture holders and Bellatrix shareholders in mid-November 2013 for a special meeting of the holders of Angle Common Shares, an extraordinary meeting of holders of Debentures and special meeting of Bellatrix shareholders, each scheduled to take place in mid December with closing expected to occur shortly thereafter.
The Arrangement Agreement includes customary non-solicitation covenants (subject to the fiduciary obligations of the board of directors of Angle and the right of Bellatrix to match any Superior Proposal within 72 hours (as defined in the Arrangement Agreement)). The
Arrangement Agreement, among other things, provides for a reciprocal non