Oil and gas exploration company Bellamont Exploration Ltd. (BMX-A.V, BMX-B.V) reported Friday wider year-over-year loss for the third quarter, hurt by a 35% drop in quarterly sales as well as sharply lower production and average realized prices. The company updated its production forecast for 2009 and provided production outlook for the first quarter of 2010.
The Calgary, Canada-based company reported a net and comprehensive loss of C$0.97 million or C$0.02 per share, wider than C$0.51 million or C$0.01 per share in the prior-year quarter.
Petroleum and natural gas sales for the quarter dropped 35.4% to C$2.24 million from C$3.46 million in the year-ago quarter.
Funds generated from operations for the quarter dropped significantly to C$0.75 million or C$0.01 per share from C$1.01 million or C$0.02 per share in the same quarter last year.
Bellamont's total production for the quarter was 822 barrels of oil equivalent or Boe, per day at an average realized price of C$29.62 per Boe, sharply down from 548 boe at an average realized price of C$68.66 per Boe in the year-ago quarter.
Crude oil production totaled 168 barrels per day at average an average realized price of C$68.04 per barrel, compared to 159 barrels per day at an average realized price of C$115.08 per barrel in the comparable quarter a year ago.
Total natural gas production was 3,768 million cubic feet per day or Mcf, at average an average realized price of C$3.02 per Mcf, compared to 2,267 Mcf at an average realized price of C$7.92 per Mcf in the prior-year quarter.
Natural gas liquids produce were 26 barrels per day at average an average realized price of C$60.16 per barrel, compared to 11 barrels per day at an average realized price of C$120.93 per barrel in the corresponding quarter last year.
Capital expenditures for the quarter declined 7.2% to C$3.01 million from C$3.25 million in the same quarter last year.
After the end of the third quarter, the company closed a bought deal financing and a private placement financing raising total gross proceeds of $13.33 million, of which $9.27 million was in the form of subscription receipts that will be exchanged for Bellamont Class A common shares upon closing of the Peace River Arch area acquisition.
Bellamont renewed its line of credit with its lender and is pleased to announce that lender has agreed to increase its line from $7.25 million to $12 million, subject to satisfying certain customary closing conditions relative to the Peace River Arch area acquisition.
Based on the boosted credit line, the company is well positioned to pursue an active capital program in 2010. However, It intends to announce 2010 budget after compiling all the results of its current drilling and completions program.
For the nine-month period, the company reported a net loss of C$3.00 million or C$0.07 per share, sharply wider than C$0.67 million or C$0.01 per share in the same period last year. Petroleum and natural gas sales for the year-to-date period declined 16.5% to C$4.86 million from C$8.21 million in the year-ago period.
Looking ahead, Bellamont Exploration said it expects to exit 2009 at about 1,125 boe/d of production, including the production from the Peace River Arch area acquisition. Earlier, the company expected to exit the year with 1100 Boe/d and add another 100 Boe/d in the first quarter of 2010.
The company also expects to average 1,350 boe/d, about 40% light oil, in the first quarter of 2010.
BMX-A.V closed Thursday's regular trading session on the Vancouver Stock Exchange at C$0.65, while BMX-B.V closed Wednesday's trading session at C$4.25.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.