Belden & Blake Reports Significant Wildcat Discoveries in the Appalachian Trenton/Black River Trend and Planned 2004 Drilling in the Area.Business Editors NORTH CANTON North Canton, city (1990 pop. 14,748), Stark co., NE Ohio, a suburb of Canton; settled c.1815, inc. as a city 1961. Vacuum cleaners and industrial die castings are among the city's manufactures. , Ohio--(BUSINESS WIRE)--Feb. 9, 2004 Belden & Blake Corporation announced that it has successfully drilled a Trenton/Black River well in Chemung County, New York Chemung County is a county located in the U.S. state of New York. It is part of the 'Elmira, New York Metropolitan Statistical Area' which encompasses all of Chemung County. As of the 2000 census, the population was 91,070. . On a two-hour test, the Curren #1 well flowed at 20.5 million cubic feet (MMcf) of natural gas per day with a flowing pressure of 1,375 pounds per square inch Noun 1. pounds per square inch - a unit of pressure psi pressure unit - a unit measuring force per unit area (psi). The 11,500-foot well was drilled to the Trenton/Black River formation. The Company is currently installing a pipeline and expects to begin producing the well within the next 30 days. Following a pipeline expansion scheduled for completion this summer, the Curren #1 well is expected to produce between 6 and 10 MMcf of natural gas per day. Belden & Blake owns a 49.3% working interest in the well. Belden & Blake also announced the earlier successful completion of a second exploratory well in the Trenton/Black River trend in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . The Harndon #1 well is on production and is currently producing at a 3.5 MMcf of natural gas per day rate with 2,500 psi of flowing pressure. Upon completion of the summer pipeline expansion, the well is expected to produce between 4 and 5 MMcf of natural gas per day. The Company owns a 44.6% working interest in the well. The Company also announced as part of its 2004 capital investment plan that it expects to drill 2 additional exploratory and up to 4 additional development wells in the immediate area during 2004. It is expected that the gross cost of a typical vertical well bore will be $2.0 million. The information in this release includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are made pursuant to Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements, and the business prospects of Belden & Blake are subject to a number of risks and uncertainties which may cause the Company's actual results in future periods to differ materially from the forward-looking statements contained herein. These risks and uncertainties include, but are not limited to, the Company's access to capital, the market demand for and prices of oil and natural gas, the Company's oil and gas production and costs of operation, results of the Company's future drilling activities, the uncertainties of reserve estimates and environmental risks. These and other risks are described in the Company's 10-K and 10-Q reports and other filings with the Securities and Exchange Commission. Belden & Blake Corporation engages in the exploration, development and production of natural gas and oil, and the gathering of natural gas in the Appalachian and Michigan Basins The Michigan Basin is a geologic basin centered on the lower peninsula of the US state of Michigan. The feature is represented by a nearly circular pattern of geologic sedimentary strata in the area with a nearly uniform structural dip toward the center of the peninsula. (a region which includes Ohio, Pennsylvania, New York, and Michigan). |
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