BelAir Energy's net earnings increase in first quarter
BelAir Energy Corp BEC
Shares issued 12,824,000 2001-05-14 close $3.95
Tuesday May 15 2001 News Release
Mr. Victor Luhowy reports
Financial results for the three months ended March 31, 2001, were as follows:
Highlights for the three months ended March 31, 2001, include:
Production averaged 2,700 barrels of oil equivalent per day (boepd, 6:1 natural gas to oil conversion ratio), more than double the average production of 1,289 boepd during the first quarter of 2000.
Cash flow for the first quarter of 2001 is $7.3-million or 51 cents per share that is greater than five times the cash flow of $1.4-million for the first quarter of 2000.
Net earnings for the quarter were $3.2-million or 22 cents per share, more than seven times the earnings of $400,000 for the first quarter of 2000.
HIGHLIGHTS
Three months ended March 31
2001 2000
Gross
revenue $13,335,555 $ 3,206,638
Funds from
operations 7,301,307 1,380,248
Cash flow per
share -- basic 0.51 0.20
Cash flow per
share -- fully
diluted 0.49 0.18
Net earnings 3,167,740 438,067
Net earnings
per share -- basic 0.22 0.06
Net earnings
per share -- fully
diluted 0.21 0.06
Average daily
production
Oil (bpd) 259 545
Natural gas
liquids (bpd) 179 45
Natural gas
(mcfpd) 13,603 4,193
Average daily
oil equivalent
production 2,700 1,289
Net debt 10,110,924 3,854,664
Net debt at the end of the first quarter 2001 was $10.1-million representing a ratio of net debt to annualized cash flow of 0.3 to 1.
In the first quarter of 2001, BelAir drilled nine gross (2.6 net) wells resulting in six gross (2.0 net) natural gas wells and three gross (0.6 net) abandonments.
"The excellent results of our first quarter are a continuation of the strong growth that we fostered during 2000. The wells that we drilled during the first quarter were primarily for natural gas in the Doris area, one of our three core areas, and one that contributes 40 per cent of our production. During the first quarter, natural gas made up 84 per cent of our production," said Victor Luhowy, president of BelAir Energy Corporation. "Seventy-five per cent of the wells that we will drill during 2001 will be in our three core areas of Crossfield, Penhold and Doris, as we continue on our main growth strategy of exploring for natural gas reserves and production." |
