Bellamont Exploration Ltd. Releases 2011 Year End Financial Results
March 20 2012 - 7:00AM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/ CALGARY, March 20, 2012 /CNW/ -
Bellamont Exploration Ltd. (the "Corporation" or "Bellamont") is
pleased to provide a summary of its financial results for the three
months and year ended December 31, 2011. FINANCIAL AND OPERATING
HIGHLIGHTS During year ended December 31, 2011, Bellamont achieved
the following: -- Achieved a record production level averaging
2,435 Boe/d for the year; -- Increased funds flow from operations
for the year by 21% over 2010 to $19.2 million; -- Increased oil
and liquids production 24% year over year; -- Increased oil and
liquids weighting to 47.0% of corporate total production from 39.0%
in 2010; -- Increased operating netback to $28.04/Boe for the year,
a 22% improvement over 2010, which was the result of the increased
oil and liquids weighting and higher realized crude oil price in
2011; and -- Increased its undeveloped land position 34.5% from
54,059 to 72,734 net acres. FINANCIAL HIGHLIGHTS The Corporation
will file its audited financial statements and related management's
discussion and analysis ("MD&A") for the year ended December
31, 2011, with Canadian securities regulatory authorities on
SEDAR. Copies of these documents may be accessed
electronically on SEDAR at www.sedar.com or at
www.bellamont.com. Certain selected financial and
operational information for the three months and year ended
December 31, 2011 and December 31, 2010 are set out below and
should be read in conjunction with Bellamont's financial statements
and MD&A. Three Months Ended December 31, Year Ended December
31, ($000s, except per share amounts) 2011 2010 2011 2010 FINANCIAL
Petroleum and natural gas sales 10,534 10,225 46,766 36,936 Funds
generated from operations(1) 4,025 4,511 19,158 15,799 Per share
basic and diluted 0.03 0.03 0.14 0.12 Net loss (6,586) (9,609)
(3,826) (16,196) Per share basic and diluted (0.05) (0.07) (0.03)
(0.12) Net capital expenditures (2) 5,211 10,650 22,228 89,758 Net
debt(1) 35,832 32,787 OPERATING Production Crude Oil (Bbls per day)
918 865 978 774 Natural gas (Mcf per day) 6,646 8,921 7,812 8,576
Natural gas liquids (Bbls per day) 121 169 155 139 Total (Boe per
day) 2,147 2,522 2,435 2,342 Average realized prices Crude Oil ($
per Bbl) 90.13 77.51 87.98 74.10 Natural gas ($ per Mcf) 3.43 3.90
3.97 4.17 Natural gas liquids ($ per Bbl) 73.96 54.64 71.41 58.19
Average realized price ($ per Boe) 53.34 44.08 52.62 43.19
Netbacks(1) ($ per Boe) Petroleum and natural gas sales 53.34 44.08
52.62 43.19 Royalties (8.21) (5.09) (8.93) (5.92) Operating and
transportation expenditures (18.97) (14.63) (15.65) (14.33)
Operating netback 26.16 24.36 28.04 22.94 Undeveloped land holdings
Gross acres 94,058 75,846 Net acres 72,734 54,059 Average working
interest 77% 71% COMMON SHARES Shares outstanding, end of period
Class A shares 151,562,699 140,787,699 Class B shares - 1,012,000
Weighted average shares Basic and diluted (3) 143,003,134
140,787,699 141,408,247 134,007,136 (1) Funds generated from
operations, Net debt and Netbacks as presented do not have any
standardized meaning prescribed by GAAP and therefore may not be
comparable with the calculation of similar measures for other
entities. Please refer to the Non-GAAP Measures section of the
MD&A for more details. (2) Total net capital expenditures,
including acquisitions. (3) For the periods ended March 31, 2010,
through to September 30, 2011, the Class B shares are converted at
the minimum Class A share price of $1.00 and added to the Class A
shares. Thus, each Class B share converted to 10 Class A shares for
the purpose of funds generated from operations per share and cash
flow from operating activities per share. Class B shares were
converted to Class A shares on December 14, 2011; they have been
factored accordingly into the weighted average basic share
calculation. SPECIAL SHAREHOLDER MEETING Bellamont has scheduled a
special meeting of the Bellamont Shareholders to approve the
previously announced arrangement under the Business Corporations
Act (Alberta) (the "Arrangement") involving Bellamont, Storm
Resources Ltd. ("Storm") and the Bellamont Shareholders. The
meeting will be held in the Plaza Room at the Metropolitan
Conference Centre at 333 - 4(th) Avenue S.W., Calgary, Alberta on
Thursday, March 22, 2012 at 9:00 a.m. (Calgary time).
FORWARD-LOOKING STATEMENTS This press release may contain
forward-looking statements including expectations of future
production, cash flow and earnings. More particularly, this press
release contains statements concerning Bellamont's future
production estimates, expansion of oil and gas property interests,
exploration and development drilling and capital expenditures.
These statements are based on current expectations that involve a
number of risks and uncertainties, which could cause actual results
to differ from those anticipated. These risks include, but
are not limited to: the risks associated with the oil and gas
industry (e.g. operational risks in development, exploration and
production; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections
relating to production, costs and expenses, and health, safety and
environmental risks), commodity price, price and exchange rate
fluctuation and uncertainties resulting from potential delays or
changes in plans with respect to exploration or development
projects or capital expenditures. Additional information on
these and other factors that could affect Bellamont's operations or
financial results are included in Bellamont's reports on file with
Canadian securities regulatory authorities. The forward-looking
statements or information contained in this news release are made
as of the date hereof and Bellamont undertakes no obligation to
update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws OIL
AND GAS ADVISORY This press release contains disclosure expressed
as "Boe/d". All oil and natural gas equivalency volumes have been
derived using the ratio of six thousand cubic feet of natural gas
to one barrel of oil. Equivalency measures may be misleading,
particularly if used in isolation. A conversion ratio of six
thousand cubic feet of natural gas to one barrel of oil is based on
an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the well
head. Discovered Petroleum Initially‐In‐Place (DPIIP) is equivalent
to Original Oil In Place (OOIP). DPIIP, also known as a
"discovered resource", is defined as that quantity of petroleum
that is estimated, as of a given date, to be contained in known
accumulations prior to production. The recoverable portion of
discovered petroleum initially‐in‐place includes production,
reserves and contingent resources; the remainder is
unrecoverable. A recovery project cannot be defined for this
volume of discovered petroleum initially‐in‐place at this time.
There is no certainty that it will be commercially viable to
produce any portion of the resources. The TSX Venture Exchange has
not reviewed and does not accept responsibility for the adequacy or
accuracy of this release. Not for distribution to U.S. newswire
services or for dissemination in the United States. Any
failure to comply with this restriction may constitute a violation
of U.S. securities law. Bellamont Exploration Ltd. CONTACT: Steve
Moran, President and Chief Executive Officer, (403)802-1355;
orTavis Carlson, Vice President Finance and Chief Financial
Officer1208, 250- 2nd Street S.W. Calgary, Alberta T2P 0C1Email:
info@bellamont.comwww.bellamont.com
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