Confronted with "risk-adverse" South Korean capitalists, Calgary-based mid-size manufacturer Bellatrix Expedition deserted a C$ 300 million (US$ 289 million) joint-venture but is positive it can have a brand-new partnership in place within 2 months, Bellatrix Chief Executive Officer Ray Smith claimed Tuesday.

The "next time we make an announcement [on a deal] it will certainly be closed," he told experts throughout a teleconference.

Smith returned Monday from a week in Korea when he said Bellatrix anticipated the JV with an unrevealed Korean business to speed up growth of a Cardium light oil resource play in Alberta would certainly close, or at worst need a 30-day expansion from the May 31 due date.

Instead, he found that the Korean capitalist, which has actually been defined by Bellatrix as a private mutual fund, turned edgy and also was not prepared to progress.

Smith claimed his impact is that "nobody [in Korea] wants to take the chance of a blunder since that would cost them their task."

He stated the Korean company carried out two independent engineering evaluations of the Cardium prospect and also both records showed "extra aggressive [growth] curves" than three different reports appointed by Bellatrix.

When the closing problems were not met by the May 31 deadline, Bellatrix "decided to end the process," as well as look for take care of other interested celebrations in Korea as well as North America, Smith stated.

He stated Bellatrix's concern is to accelerate growth of what he referred to as a 40-year land supply on terms that match those of the original JV contract.

The proposal was introduced in January and also would certainly have seen the partners add just as to drill 83 more than two years in Canada's largest light oil formation.

Established in cooling tower water treatment chemicals , Bellatrix produced 19,343 barrels of oil equivalent/d in the initial quarter, up concerning 3,440 boe/d from a year earlier, in Alberta, Saskatchewan as well as British Columbia. It is currently averaging 22,500 boe/d and expects to leave 2013 at regarding 32,000 boe/d. The business associates most of its growth to the Cardium and also Notikewin plays in Alberta.

Smith claimed the business is waiting to bring 3 even more Cardium wells onstream, preparing for result of 1,500-2,000 b/d per well, as well as still anticipates capital spending of concerning C$ 230 million in 2013.