Calgary-based Bellatrix Exploration Ltd. says it has struck a deal to exit Companies' Creditors Arrangement Act court protection after six months through a sale of its assets to Return Energy Inc.

Return would pay $87.4 million in cash under the agreement and assume liabilities it estimated to be worth about $14.8 million.

Upon closing the deal, it says it would be renamed Spartan Delta Corp. and undergo a one-for-100 share consolidation.

The proposed transaction is subject to the approval of the Court of Queen's Bench of Alberta and other conditions. CCAA gives an insolvent corporation protection from creditors while it restructures its business and financial affairs.

Bellatrix says the agreement was negotiated after an extensive review of potential transactions and alternatives with a view to maximizing value for stakeholders.

Return says the acquisition is "transformational" and will create an oil and gas producer with output of more than 25,000 barrels of oil equivalent per day from a strong land base in west central Alberta.