MERGERS & ACQUISITIONS / Belair & Windstar
BELAIR ENERGY CORPORATION ANNOUNCES AMALGAMATION WITH WINDSTAR ENERGY LTD.
CALGARY, July 10 /CNW/ - BelAir Energy Corporation announced that the
amalgamation of BelAir Energy Corporation with Windstar Energy Ltd. was
completed on June 30, 1998. In December 1997, BelAir acquired 93% of the
outstanding shares of Windstar and under compulsory acquisition provisions
subsequently acquired the remaining 7% to make Windstar a wholly owned
subsidiary of BelAir. The amalgamated company will continue under the name of
BelAir Energy Corporation. As a result of the amalgamation, Windstar will
cease to be a reporting issuer in Alberta.
BelAir's production during the first quarter of 1998 was 500 boepd,
consisting of 175 bpd of oil, 105 bpd of NGLs and 2.2 MMcfpd of natural gas.
BelAir is currently initiating the capital program to develop the 28,000
net acres of undeveloped land that were acquired as a result of the Windstar
takeover and prior asset acquisitions.
BelAir Energy Corporation is based in Calgary and is involved in the
exploration and exploitation of petroleum reserves in Western Canada, BelAir
is listed on The Alberta Stock Exchange and trades under the symbol ''BGY''.
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein.
-30-
For further information: Vic Luhowy, President and Chief Executive
Officer, or Ken MacRitchie, Vice President and Chief Financial Officer, (403)
265-1411, Fax:(403) 263-8119
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