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wallabe_shorton Aug 27, 2008 8:20am
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Bellamont earns $119,841 in Q2 2008
Bellamont earns $119,841 in Q2 2008Great results. Just part of the news:
Bellamont earns $119,841 in Q2 2008
Bellamont Exploration Ltd (C:BMX)
Shares Issued 44,649,115
Last CloseBMX.A 8/21/2008 $1.50
Wednesday August 27 2008 - News Release
Mr. Danny Geremia reports
BELLAMONT EXPLORATION LTD. ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THETHREE MONTH PERIOD ENDING JUNE 30, 2008
Bellamont Exploration Ltd. has released the financial and operating resultsfor the three-month period ending June 30, 2008.
Bellamont 2008 second quarter highlights:
- Drilled one well (1.0 net), resulting in one (1.0 net) producing oil well;
- During the quarter, had capital expenditures totalling $6.7-million comprising $4.6-million in property acquisitions, and $2.1-million related toward drilling, completions and equipping of new wells;
- Production averaged 372 barrels of oil equivalent per day for the quarter in comparision with the second quarter 2007 production average of 69 barrels of oil equivalent per day. Current production is now in excess of 600 barrels of oil equivalent per day;
- Increased undeveloped land to 59,846 (36,318 net) in the quarter from 52,006 (32,182 net) gross undeveloped acres in the previous quarter;
- A working capital surplus of $11.4-million;
- Closed an acquisition for $4.6-million on May 13, 2008, of undeveloped lands and approximately 90 barrels of oil equivalent per day of production in the immediate vicinity of its core Rycroft Montney oil discovery;
- Added Robert G. Peters, president of Black Diamond Cattle Company, to the corporation's board of directors; who beneficially owns a total of four million Class A shares of the corporation, representing 11.67 per cent of the total outstanding Class A shares;
- Announced in Stockwatch on May 21, 2008, a bought-deal financing for gross proceeds of $15.0-million;
- Increased its credit facility with a Canadian chartered bank to $7.25-million;
- Increased its 2008 capital budget from $14.0-million to $24.0-million.