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 : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: SofaSpud who wrote (11071)	6/2/1998 7:06:00 PM
From: SofaSpud	Respond to of 15196

EARNINGS / BelAir Q1 Results BELAIR ENERGY CORPORATION ANNOUNCES FIRST QUARTER RESULTS CALGARY, June 2 /CNW/ - BelAir Energy Corporation today announced its consolidated results for the 3 months ended March 31, 1998. During the first quarter of 1998, BelAir achieved its target base production of 500 boepd. This base was achieved by making three asset acquisitions and a corporate takeover. The last acquisition closed during January, 1998 and brought BelAir's production to 500 boepd. The acquisitions also brought a net 28,000 acres of undeveloped lands to BelAir which will form the basis for the Company's second phase of growth. Production for the first quarter of 1998 averaged 500 boepd, consisting of 2,600 Mcfpd of natural gas, 170 bpd of oil and 70 bpd of NGL's. Average prices for the quarter were $19.99 per barrel of oil and $1.79 per Mcf of gas. Petroleum and natural gas sales before royalties for the period were $812,388. The consolidated loss for the first three months amounted to $172,056. Cash flow for the period was $110,992 or $0.01 per share. During the first quarter, the Company had capital expenditures of $1,420,900. The capital budget of $3,500,000 will be spent primarily in the second half and will be funded from cash flow and available term credit facilities of $3.1 MM. 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