Bellamont Exploration Ltd. (BMX-A.V), which edged lower yesterday, provided a summary of its financial and operating results for the three and nine months ended September 30, 2011 and announced a new Montney oil pool discovery and an acquisition in its core Grimshaw area. It also provided an update herein with respect to its estimated oil and gas reserves.
Net income for the latest quarter was $1.3 million compared to a net loss of 615,000 in the year earlier period.
Bellamont said it has entered into an agreement to acquire a minority partner's interest in the Grimshaw area. The acquired asset consists of 13 gross sections (5.2 net) of land and includes a 25% working interest in two joint Montney oil wells. Following closing of the acquisition, Bellamont will have a 100% working interest in 17 contiguous sections of lands at Grimshaw.
On reserves, a Preliminary Report indicated total proved reserves of 6,912 Mboe (48.6% oil and natural gas liquids) with a net present value of future net revenue of $106.3 million and total proved plus probable reserves of 15,006 Mboe (45% oil and natural gas liquids) with a net present value of future net revenue of $190.7 million. These findings represent a 30% increase in total corporate proved plus probable reserves and a 26% increase of net present value of future net revenue over 2010.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
