Pursuant to the Arrangement, holders of Trust Units will receive, for each Trust Unit held, one common share of Bellatrix. Exchangeable shareholders will participate in the Arrangement and receive common shares of Bellatrix on the same basis as the holders of Trust Units based on the number of Trust Units into which such shares are exchangeable on the effective date of the Arrangement.
The Board of Directors and senior management of Bellatrix will be comprised of the current members of the board and senior management of True Energy Inc. ("True Energy"), the administrator of the Trust.
The specific details of the Arrangement as well as information in respect of the Trust and Bellatrix are set forth in the information circular and proxy statement mailed to Securityholders in connection with the Special Meeting, which is also available for viewing electronically under True's profile on SEDAR at www.sedar.com.
The Board of Directors of True Energy has unanimously concluded that the Arrangement is in the best interests of the Trust and Securityholders and unanimously recommends that Securityholders vote in favour of the resolution approving the Arrangement and related matters. All of the officers and directors of True Energy and certain principal unitholders holding approximately 13% of the outstanding Trust Units have agreed to vote their Trust Units in favour of the Arrangement.
The Trust is also pleased to announce the appointment of Robert A. Johnson as a director of True Energy.
The Trust has drilled, completed and placed on production its first 100% working interest well in
True Energy Trust is an exploration and production oil and gas trust based in