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Gold/Mining/Energy : Belair Energy Corp. (ASE:BEC) -- Ignore unavailable to you. Want to Upgrade?

To: John Trudeau who wrote (102)	5/17/2000 7:51:00 PM
From: David Michaud	Read Replies (1) \| Respond to of 140

BelAir earns $0.44-million in first quarter BelAir Energy Corp BEC Shares issued 5,909,657 2000-05-16 close $1.75 Wednesday May 17 2000 Mr. Vic Luhowy reports Financial results for the three months ended March 31, 2000, were as follows: Highlights Cash flow for the first quarter of 2000 was $1.38-million or 20 cents per share which is greater than four times the cash flow of $.322-million or five cents per share for the first quarter of 1999. Net earnings for the quarter were $0.44-million or six cents per share compared with a loss of $0.2-million or three cents per share for the first quarter of 1999. HIGHLIGHTS Three months ended March 31 2000 1999 Gross revenue $ 3,206,638 $ 1,592,052 Funds from operations 1,380,248 322,564 Cash flow per share 0.20 0.05 Net earnings (loss) 438,067 (203,915) Net earnings (loss) per share 0.06 (0.03) Average daily production Oil (bpd) 545 534 Natural gas liquids (bpd) 45 75 Natural gas (mcfpd) 4,193 3,332 Average daily oil equivalent production 1,009 943 Net debt 3,854,664 5,074,594 Net debt at the end of the first quarter 2000 was $3.8-million representing a debt to annualized cash flow ratio of 0.7 to 1. In the first quarter of 2000, BelAir drilled three gross (1.1 net) wells resulting in three gross (1.1 net) natural gas wells. According to BelAir president, Victor M. Luhowy: "We are building on our strong first quarter results and with the acquisition of CrownJoule, we will be generating cash flow of approximately $1-million per month. Supported by a strong balance sheet and cash flow, we are able to undertake a sustainable drilling program in BelAir's key areas of Crossfield, Penhold, Sylvan Lake and Doris. This program will provide very attractive results for 2000." (c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com