This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Bellamont Exploration loses $969,209 in third quarter 2009-11-27 08:12 ET - News Release Mr. Steve Moran reports BELLAMONT EXPLORATION LTD. ANNOUNCES THIRD QUARTER 2009 RESULTS
Bellamont Exploration Ltd. has provided a summary of its 2009 third quarter results. The unaudited financial statements and notes as well as management's discussion and analysis pertaining to the period are available on Bellamont's website and on SEDAR.
FINANCIAL AND OPERATIONAL HIGHLIGHTS
For the three months
ended Sept. 30,
2009 2008
Financial
Petroleum and natural gas sales $ 2,238,856 $ 3,463,349
Funds generated from operations(1) 745,196 1,013,686
Per share basic and diluted 0.01 0.02
Net (loss) (969,209) (508,150)
Per share, basic and diluted (0.02) (0.01)
Capital expenditures 3,012,392 3,246,137
Working capital surplus 5,132,055 9,104,148
------------ ------------
Operating
Production
Crude oil (bbl per day) 168 159
Natural gas (mcf per day) 3,768 2,267
Natural gas liquids (bbl per day) 26 11
Total (boe per day) 822 548
Average realized prices
Crude oil ($ per bbl) 68.04 115.08
Natural gas ($ per mcf) 3.02 7.92
Natural gas liquids ($ per bbl) 60.16 120.93
Average realized price ($ per boe) 29.62 68.66
Netbacks(1) ($ per boe)
Petroleum and natural gas sales 29.62 68.66
Royalties (4.39) (15.21)
Operating expenses (10.15) (17.76)
Transportation expenses (1.06) (1.99)
Operating netback 14.02 33.70
Undeveloped landholdings
Gross acres 64,842 59,526
Net acres 40,357 35,826
Average working interest 62% 61%
FINANCIAL AND OPERATIONAL HIGHLIGHTS
For the nine months
ended Sept. 30,
2009 2008
Financial
Petroleum and natural gas sales $ 6,855,143 $ 8,212,318
Funds generated from operations(1) 1,498,604 3,042,624
Per share, basic and diluted 0.03 0.06
Net (loss) (3,898,546) (673,913)
Per share, basic and diluted (0.07) (0.01)
Capital expenditures 7,505,162 14,753,085
Working capital surplus 5,132,055 9,104,148
------------ ------------
Operating
Production
Crude oil (bbl per day) 181 126
Natural gas (mcf per day) 3,624 1,714
Natural gas liquids (bbl per day) 18 10
Total (boe per day) 802 421
Average realized prices
Crude oil ($ per bbl) 57.62 110.78
Natural gas ($ per mcf) 3.78 8.74
Natural gas liquids ($ per bbl) 56.64 109.99
Average realized price ($ per boe) 31.30 71.18
Netbacks(1) ($ per boe)
Petroleum and natural gas sales 31.30 71.18
Royalties (3.98) (12.77)
Operating expenses (11.82) (16.93)
Transportation expenses (1.29) (2.25)
Operating netback 14.21 39.23
Undeveloped landholdings
Gross acres 64,842 59,526
Net acres 40,357 35,826
Average working interest 62% 61%
(1) Funds generated from operations and netbacks as
presented do not have any standardized meaning prescribed
by Canadian generally accepted accounting principles (GAAP)
and therefore may not be comparable with the calculation of
similar measures for other entities. Please refer to the
non-GAAP measures section of the management discussion and
analysis for more details.
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