Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Richard Saunders who wrote (7671)	10/5/2000 1:38:35 PM
From: John Trudeau	Respond to of 24899

Richard, did you see BEC's PR today? "Mr. Victor Luhowy reports Kurt D. Miles has joined BelAir as vice-president, land. Mr. Miles holds a BSc from the University of Calgary and brings to BelAir 20 years of experience working in the Western Canadian sedimentary basin. Over his career, he has held numerous positions with oil and gas exploration companies based in Calgary. His latest position was that of vice-president, land and contracts, with Pursuit Resources Corp. "Kurt has a great knowledge and understanding of the oil and gas industry in Western Canada and what it takes to grow a small company," says Victor M. Luhowy, president of BelAir. "Kurt completes our management team at a critical time in our growth cycle. BelAir has built a strong foundation of proven reserves, solid cash flow, strong balance sheet and a large undeveloped land base. BelAir is embarking on a full cycle exploration strategy and Kurt will play a key role in our team to implement this strategy." BelAir also provided an update of its 2000 drilling program. To date, BelAir has drilled 15 gross (7.0 net) wells resulting in 10 gross (5.2 net) natural gas wells, three gross (0.9 net) oil wells and two gross (0.9 net) wells that were dry and abandoned, resulting in a success ratio of 87 per cent. With 11 new locations to be drilled during the fourth quarter, BelAir is well under way to reach its 2000 target of drilling 30 wells. The results of some of the wells that were drilled in the second and third quarters are as follows: Sylvan Lake, central Alberta BelAir completed the drilling of a horizontal well that encountered 195 metres of pay in the horizontal section of the Ellerslie formation. This well offsets a vertical well currently producing 85 barrels of oil a day and 600 thousand cubic feet per day of gas. BelAir's horizontal well is being equipped for production and will come on stream as soon as the gas plant, which will process the well's gas production, comes back on stream after a scheduled maintenance turnaround. BelAir has 85-per-cent interest in this well. Doris, central Alberta In the Doris area, which BelAir acquired in the takeover of CrownJoule Exploration Ltd., BelAir has completed the drilling of four wells. Three of the wells are tied in and on production. BelAir has a 100-per-cent interest in three of the wells and a 34-per-cent interest in the fourth well. Production from these wells is expected to exceed five million cubic feet a day net to BelAir. Penhold, central Alberta BelAir added 800,000 cubic feet a day of production, a 100-per-cent working interest in the Outlook gas plant and 13,500 net acres of land to its existing Penhold assets in an acquisition that closed on May 1, 2000. BelAir's program for the remainder of 2000 and into 2001 will include performing 20 work overs/recompletions on the acquired wells. The new lands will expand BelAir's 2001 drilling program for this area. BelAir has also completed the disposition of non-strategic assets, selling properties with production of approximately 400 barrels of oil equivalent a day. According to President, Victor M. Luhowy: "Even after completing our goal of disposing of our non-core assets, which were producing about 400 boepd, the results of our 2000 drilling program will increase our production beyond 2000 boepd during the fourth quarter. Additional work to be completed during the remainder of the year will add to that production level. We anticipate that our natural gas production will reach 75 per cent of our total production during the fourth quarter. With the strong prices that we are receiving for natural gas, we are on target to achieve our cash flow goal for the year." Hmmmm.... perhaps I'll have to go back to my $5.00 / share forecast by year end. If nothing else, $3.20 by year end - for sure, and probably $5.00 by the end of Q1 2001. Enjoy:) JT