market folly

Seth Klarman's investment firm Baupost Group has filed an amended 13G with the SEC regarding its stake in Bellatrix Exploration (BXE).  Per the filing, Baupost now owns 4.51% of the company with over 8.65 million shares.

This is down from the 23.99 million shares Baupost reported owning at the end of 2015.  The latest filing was made due to activity on March 31st.  Shares are down 17% thus far in 2016, and down over 62% over the past year.

Per Google Finance, Bellatrix Exploration is "an intermediate energy producer focused on exploration and development of light oil and liquids-rich natural gas opportunities in the Western Canada Sedimentary Basin. The Company develops its two core resource plays, the Cardium and the Notikewin/Falher intervals in Western Canada. The Company has a joint venture (the Daewoo and Devonian Partnership) with Daewoo International Corporation (Daewoo) and Devonian Natural Resources Private Equity Fund (Devonian) in the Baptiste area of West-Central 3 Alberta. The Company also has a joint venture (the Troika Joint Venture) with TCA Energy Ltd. (TCA) in the Ferrier Cardium area of West-Central Alberta. "