Canadian News
Bellamont Exploration Closes Acquisition Of Peace River Arch Central Area Assets, Appoints Stu Clark To Board - Quick Facts
11/27/2009 6:21 PM ET
(RTTNews) -
Bellamont Exploration Ltd. (BMX-A.V, BMX-B.V) said Friday that it has closed its previously announced acquisition of assets located in the central area of the Peace River Arch adjacent to the company's Sinclair and Saddle Hills properties.
Current production from the properties is about 210 boe/d; comprised of 164 bbl/d of high quality light gravity oil and 279 mcf/d of natural gas, 80% of which is operated.
The purchase price for the assets was C$17.15 million, comprised of C$14 million in cash and 5,080,645 Bellamont Class A shares issued to the vendor, Storm Exploration Inc., at a deemed price of C$0.62 per share.
Bellamont also announced the appointment of Stu Clark to its Board of Directors.
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by RTT Staff Writer
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