Bellamont Exploration Ltd. announces first quarter 2009 results and appointment of Mr. Scott Saxberg, President and C.E.O. of Crescent Point Energy Trust, as its new Chairman of the Board of Directors


    CALGARY, May 26 /CNW/ - Bellamont Exploration Ltd. (the "Corporation" or
"Bellamont") (TSXV:BMX.A) (TSXV:BMX.B) is pleased to provide a summary of its
2009 First Quarter Results.


    -   Increased average production for the 9th consecutive quarter to
        717 Boe/d (71% natural gas), an increase of 13% from Q4 2008 and 110%
        from Q1 in 2008;
    -   Reduced operating expenses on a per Boe basis by 9.3% from the prior
    -   Incurred Capital Expenditures of $2.8 million by performing 5
        (4.3 net) recompletions and 1 (1 net) workover resulting in 3.3 net
        gas wells that cumulatively production tested approximately
        2.8 mmcf/d net to the Corporation;
    -   Exited the quarter with $2.2 million working capital surplus;
    -   Reconfirmed with its lender a $7.25 million line of credit, currently
    -   Acquired 1280 acres at Alberta Crown Land Sales in a core operating
    -   Appointed Scott Saxberg, President and CEO of Crescent Point Energy
        Trust as Chairman of the Board of Directors.


    The Corporation will file its unaudited financial statements and related
management's discussion and analysis ("MD&A") for the three months ended March
31, 2009, with Canadian securities regulatory authorities on the SEDAR. Copies
of these documents may be accessed electronically on SEDAR at or
at Certain selected financial and operational information
for the quarter ended March 31, 2009 and 2008 comparatives are set out below
and should be read in conjunction with Bellamont's financial statements and

                                                          Three Months Ended
                                                                    March 31
                                                            2009        2008
    Financial ($)
    Petroleum and natural gas sales                    2,251,030   1,965,227
    Funds generated from operations(1)                   359,163     778,073
      Per share basic and diluted                           0.01        0.02
    Cash flow from operating activities                  113,486     707,557
      Per share basic and diluted                              -        0.02
    Net Loss and Comprehensive Loss                   (1,383,212)   (285,604)
      Per share basic and diluted                          (0.03)      (0.01)
    Capital expenditures                               2,791,000   4,877,000
    Net working capital surplus                        2,235,395   3,027,700
      Liquids (Bbls per day)                                 211         111
      Natural gas (Mcf per day)                            3,039       1,383
      Barrels of oil equivalent (Boe per day, 6:1)           717         341
    Average realized price
      Crude oil ($ per Bbl)                                45.68       93.28
      Natural gas ($ per Mcf)                               5.05        8.13
      Natural gas liquids ($ per Bbl)                      47.25       93.44
      Barrels of oil equivalent ($ per Boe, 6:1)           34.86       63.25
    Netback per Boe (6:1) ($)
      Petroleum and natural gas sales                      34.86       63.25
      Royalties                                            (7.50)      (9.97)
      Operating expenses                                  (13.50)     (16.70)
      Transportation expenses                              (1.60)      (2.81)
    Operating Netback                                      12.26       33.77

    Undeveloped land holdings
      Gross acres                                         68,118      45,978
      Net acres                                           40,715      28,323
      Average working interest                             60.0%       61.0%

    Common Shares
    Shares outstanding, end of period
      Class A Shares                                  44,649,115  34,292,449
      Class B Shares                                   1,012,000   1,012,000
    Weighted average shares
      Basic and Diluted Shares Outstanding(2)         54,769,115  44,412,449
    (1) Management uses funds generated from operations to analyze operating
        performance and leverage. Funds generated from operations as
        presented do not have any standardized meaning prescribed by Canadian
        GAAP and therefore it may not be comparable with the calculation of
        similar measures for other entities.
    (2) For the period ended March 31, 2009 the Class B shares are converted
        at the minimum Class A share price of $1.00 and added to the Class A
        shares to calculate basic shares and the diluted shares outstanding.


    Bellamont's strategy is to build a low risk reserve, production and cash
flow base through acquiring, developing and exploring primarily in the Peace
River Arch area of Alberta. Bellamont has a strong, technically focused
management team that internally generates and develops high quality, large
resource based prospects. Specific to the Peace River Arch area, the
Corporation has compiled an undeveloped land inventory of 45,116 gross acres
(29,743 net).
    In 2009, the Corporation plans to spend $7.0 million of capital and
expects 2009 average production of 825 Boe/d and a year-end exit of 900 Boe/d.
This is an increase of over 70 percent over 2008 average production of 475
    The Corporation's balance sheet remains strong with an estimated $2.2
million of positive working capital as of March 31, 2009 and a $7.25 million
unutilized line of credit that has recently been renewed with Bellamont's
lender. Bellamont has the financial flexibility to expand its budget to pursue
acquisition and exploration opportunities as commodity prices improve.
    The Corporation intends to maintain its discipline and concentrate on
strategic opportunities that are accretive on cash flow, production and
reserves on a per share basis, while maintaining a strong balance sheet. The
Corporation currently has no flow-through obligations.
    Bellamont will be presenting at the Small Explorers and Producers
Association of Canada (SEPAC) Investor Showcase, at 1:25 p.m. on Monday June
15, 2009 at the Westin Calgary, 320- 4th Avenue S.W. In conjunction with its
presentation Bellamont will be posting a new corporate presentation on its web
page. Readers are encouraged to visit the Corporation's web page at to view the SEPAC presentation and subsequent updates.
    The Corporation advises that Mr. Vincent Chahley, Bellamont's Chairman of
the Board of Directors since inception, has recently accepted a position with
a Calgary based investment bank and as result, has decided not to stand for
re-election for its board of directors at the upcoming annual meeting. The
Corporation wishes to extend its sincere appreciation and thanks to Mr.
Chahley for the time, advice and energy he has been able to dedicate to the
company as its Chairman. We wish him all the best in his future endeavors.
    As a result of Mr. Chahley's imminent departure, the Corporation is
pleased to announce the appointment of Mr. Scott Saxberg, President and CEO of
Crescent Point Energy Trust, as the new Chairman of the Board of Directors.
Mr. Saxberg has also been a strong asset to the Corporation and we very much
look forward to working together with him in his new capacity.
    Bellamont is an emerging oil and gas company focused on the acquisition,
exploration, development and production of oil and natural gas in western
Canada and trades on the TSX Venture Exchange under the symbols "BMX.A" and
"BMX.B". The Corporation now has 44,649,115 Class A shares and 1,012,000 Class
B shares outstanding.


    Bellamont's annual shareholder meeting will be held at 3:00 p.m. on June
18, 2009 in the Plaza Room at the Metropolitan Centre, 333 Fourth Avenue S.W.,
Calgary Alberta.


    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, capital expenditures and number and drilling
locations to be drilled in 2009. 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.

    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.

    %SEDAR: 00024373E

For further information:

For further information: Steve Moran, President and Chief Executive
Officer, (403) 802-1355; or Danny Geremia, Vice President and Chief Financial
Officer, (403) 802-0160; 200, 1324-17th Avenue S.W., Calgary, Alberta, T2T
5S8, Email:,

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