Press Release

CALGARY, May 13, 2016  – Bellatrix Exploration Ltd. (“Bellatrix” or the “Company”) (TSX, NYSE: BXE) announces its financial and operating results for the three months ended March 31, 2016.  This press release contains forward-looking statements.  Please refer to our cautionary language on forward-looking statements and the other matters set forth at the end of this press release and the beginning of the Management’s Discussion and Analysis (the “MD&A”) for the three months ended March 31, 2016 and 2015. Bellatrix’s unaudited condensed consolidated financial statements and notes, and the MD&A are available on Bellatrix’s website at www.bellatrixexploration.com, and are filed on SEDAR at www.sedar.com.

(1) The Company has entered into various commodity price risk management contracts which are considered to be economic hedges. Per unit metrics after risk management include only the realized portion of gains or losses on commodity contracts. The Company does not apply hedge accounting to these contracts. As such, these contracts are revalued to fair value at the end of each reporting date. This results in recognition of unrealized gains or losses over the term of these contracts which is reflected each reporting period until these contracts are settled, at which time realized gains or losses are recorded. These unrealized gains or losses on commodity contracts are not included for purposes of per unit metrics calculations disclosed.

⁽²⁾ The terms “funds flow from operations”, “funds flow from operations per share”, “adjusted net profit (loss)”, “total net debt”, “operating netbacks”, “total capital expenditures – net”, “adjusted working capital deficiency (excess)”, and “total revenue” do not have standard meanings under generally accepted accounting principles (“GAAP”). Refer to “Non-GAAP measures” disclosed at the end of this Press Release.

⁽³⁾ Basic weighted average shares for the three months ended March 31, 2016 were 191,963,910 (2015: 191,953,095).

In computing weighted average diluted profit (loss) per share, weighted average diluted adjusted net profit (loss) per share, weighted average diluted cash flow from operating activities per share, and weighted average diluted funds flow from operations per share for the three months ended March 31, 2016, a total of nil (2015: nil) common shares were added to the denominator as a consequence of applying the treasury stock method to the Company’s outstanding share options, resulting in diluted weighted average common shares of 191,963,910 (2015: 191,953,095).

⁽⁴⁾ A boe conversion ratio of 6 mcf: 1 bbl has been used, which is based on an energy equivalency conversion method primarily applicable at the burner tip. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency of the conversion ratio, utilizing the 6:1 conversion ratio may be misleading as an indication of value.

⁽⁵⁾ TSX and Other include the trading statistics for the Toronto Stock Exchange (“TSX”) and other Canadian trading markets.

Read More: http://investors.bellatrixexploration.com/2016-05-13-Bellatrix-Exploration-Ltd-Announces-First-Quarter-2016-Financial-and-Operating-Results

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Press Release

CALGARY, ALBERTA – March 24, 2016: CERF Incorporated (the “Company” or “CERF”) (TSX VENTURE: CFL) today announced that Mr. Ken Olson has been appointed Chief Financial Officer (“CFO”) of CERF, effective May 1, 2016. Mr. Olson replaces Mr. Derrek R. Wong, who has resigned as Vice President, Finance and CFO of CERF. Mr. Wong will work closely with Mr. Olson, and Mr. Ken Stephens, CERF’s founding CFO and a director of CERF, to ensure a seamless transition.

Mr. Olson is an accomplished finance and accounting executive with more than 23 years of experience in both private and publicly-traded companies. Before joining CERF, Mr. Olson served as the CFO of a publicly traded oilfield drilling and completion services company operating both in Canada and internationally, where he oversaw all aspects of corporate finance, investor relations, cash management, financial budgeting and reporting, IT services, taxation, financial controls, and regulatory compliance. Mr. Olson also served as Vice President, Finance for Sanjel Corporation, a private pressure pumping and completion services company operating in Canada and internationally, and as Vice President Finance for the Wireless Business Unit of CSI Wireless Inc.
“We are very excited to welcome Ken to the CERF executive team. He brings decades of experience and deep leadership skills to CERF,” said Austin Fraser, President, CERF Incorporated. “With his broad business background and accomplishments in the Energy Services Sector, Ken’s understanding of operational efficiencies will be instrumental to CERF’S ongoing transformation”.

Mr. Olson began his career at PricewaterhouseCoopers, in Calgary Alberta, earning his chartered accountant designation in 1995.

About CERF Incorporated:

CERF is a Canadian public corporation with two primary divisions: Energy Services and Industrials. The Energy Services division is comprised of one reporting segment, the Oilfield Rentals Segment and is engaged in the rental of oilfield equipment to the Western Canadian Oil and Gas Industry. The Industrials division is comprised of two reporting segments, the Industrial Rentals Segment and the Waste Management Segment. The Industrial Rentals Segment is engaged in the rental, sales and service of construction and industrial equipment. The Waste Management Segment operates waste handling facilities throughout Alberta and also removes and disposes of waste from commercial, residential and industrial customers. CERF Incorporated trades on the TSX Venture Exchange under the symbol “CFL”.

Cautionary Note Regarding Forward-Looking Information

This news release contains certain “forward-looking information” within the meaning of Canadian securities laws, which may include, but is not limited to, the planned starting date for Mr. Olson as CERF’s CFO. Although CERF has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated, described or intended. There can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, prospective investors should not place undue reliance on forward-looking information. Other than as required by applicable securities law, CERF assumes no obligation to update or revise such forward-looking information to reflect new events or circumstances.

For further information contact
Austin Fraser
President
P: (403) 826-5701
E: afraser@cerfcorp.com

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Press Release

CALGARY, ALBERTA–(Nov. 5, 2015) – Suncor Energy Inc. (“Suncor”) has been informed that the Alberta Securities Commission (“ASC”) will hold a hearing on November 26, 2015. The purpose of the hearing is to consider the new shareholder rights plan adopted by the Canadian Oil Sands Limited (“COS” TSX Symbol “COS”) board of directors on October 6, 2015 in response to Suncor’s offer to acquire all of the outstanding shares of COS made to COS shareholders on October 5, 2015. The hearing is a result of Suncor’s application for an order to cease trade the new shareholder rights plan, which is in addition to COS’ original shareholder rights plan which was in place prior to Suncor making its Offer.

Suncor’s Offer was made as a 60 day “permitted bid” in accordance with the terms of the COS shareholder rights plan approved by the COS board of directors and shareholders in 2013. COS’ new shareholder rights plan, adopted after Suncor’s bid without shareholder approval, would require a take-over bid to be open for 120 days in order to constitute a “permitted bid”.

“We are asking the ASC to strike down the new rights plan so that COS shareholders can decide for themselves – and in a timely fashion – whether to tender their shares to our full and fair Offer,” said Steve Williams, Suncor’s president and chief executive officer. “COS has had more than enough time to identify and present to shareholders any value enhancement alternatives that may exist. The board and management of COS have been aware of our interest for more than 239 days, and our Offer respects the 60 day permitted bid term that the COS board of directors asked its shareholders to reconfirm in 2013. We believe this new COS rights plan is an inappropriate defensive tactic that runs counter to the best interests of COS shareholders.”

Suncor’s Offer provides a period of 60 days for COS to consider ways to improve shareholder value and for COS shareholders to consider the Suncor Offer. Suncor believes this period is more than adequate for COS to consider a transaction with Suncor or present its shareholders with another value-enhancing alternative.

About Suncor’s Offer to COS shareholders

Suncor is offering to acquire all of the outstanding shares of COS. Under the terms of the Offer, each COS shareholder will receive consideration of 0.25 of a Suncor share per COS share. Based on the closing price of Suncor’s shares on October 30, 2015, this Offer represents an implied value of $9.73 per COS share or a significant 57% premium to the pre-Offer trading price of $6.19 per COS share. Due to the subsequent increase in Suncor’s share price, as at October 30, 2015, this also represents an increase of over 10% in the implied value of COS shares since the Offer was announced on October 5, 2015.

In addition to this immediate value, COS shareholders will receive a 45% cash dividend increase and a tax-deferred rollover. COS shareholders will also benefit from ongoing ownership of shares of Suncor, a financially stronger, more diversified and stable company that, relative to COS, has delivered better share price performance even in the current low oil price environment. Over the past five years, through changing oil price environments, Suncor has increased its dividend by 190% and delivered a total shareholder return of over 15%. During that same period, Canadian Oil Sands has cut its dividend by 90% and its shareholders have endured a negative total shareholder return of 69%.

For more information about Suncor’s Offer for COS, visit http://www.suncorofferforcanadianoilsands.com

D.F. King has been retained as information agent for the Offer. Shareholders may contact D.F. King at:
Toll Free in North America: 1-866-521-4427
Banks, Brokers and Collect Calls: 1-201-806-7301
Toll Free Facsimile: 1-888-509-5907
Email: inquiries@dfking.com

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