The company had announced the deal in January that would have seen both sides contribute $150 million for an 83 well project.
The South Korean partner was not identified.
Bellatrix said Monday it will now consider alternative partners for the proposed Ferrier area Cardium joint venture.
Shares in the company closed down 35 cents at $5.10 on the Toronto Stock Exchange.
Bellatrix has oil and gas projects in Alberta, Saskatchewan and B.C.