Bellamont Exploration Ltd. (BMXA.TO), which has been trading near a year low of 38 cents, announced that it has entered in to a definitive agreement to sell a non-core property for proceeds of $7.1 million. Closing of the transaction is scheduled for September 15, 2011.
The property, located in the Sinclair area of Alberta, produces approximately 77 Boe/d (67% oil) and has proved plus probable reserves (as of December 31, 2010) of 380 mboe (76% oil). Accordingly, it said, the disposition offers excellent metrics to the corporation of $92,280 per flowing Boe and $18.68/Boe proved plus probable reserves.
"Proceeds from the disposition will initially be used to reduce bank indebtedness and ultimately be redeployed to accelerate development of Bellamont's core areas. The corporation plans to announce an updated capital program and guidance later in the third quarter."
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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.
