Belden & Blake To Buy Quaker State Production Assets for $56 Million.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)--Belden & Blake Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BELD BELD Braintree Electric Light Department (Massachusetts) BELD Battlefield Environment Laser Designator ) and Quaker State Quaker State may refer to:
See: New York Stock Exchange : KFS KFS Klippel-Feil Syndrome KFS Key Factor for Success KFS Knife, Fork, Spoon (piece of military kit carried on web belt) KFS Keane Federal Systems, Inc. KFS Kaiser-Friedrich-Straße ) today jointly announced the signing of a Letter of Intent for Belden & Blake to buy certain oil and gas properties and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. from Quaker State Corporation for $56 million. The assets include interests in approximately 1,460 producing oil and gas wells 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 , Pennsylvania, Ohio and West Virginia. The wells have estimated proved developed reserves of 2.2 million barrels of oil and 41.9 Bcf (billion cubic feet) of gas. These reserves account for approximately $41 million of the purchase price. Production from the wells in 1995 is forecast at 800 barrels of oil and 21 million cubic feet of gas per day. Approximately 250,000 leasehold acres and an extensive geologic and geophysical database on New York, Pennsylvania and southern Ohio are included in the purchase. The purchase also includes 250 miles of gas gathering lines that are tied directly to interstate natural gas transmission systems and other high volume markets. The transaction is subject to the negotiation and execution of a definitive agreement, the approval of the directors of both companies and certain other conditions. The company has sufficient financing under its existing line of credit and bank commitments to complete the purchase. However, the company is also considering other financing alternatives, including the issuance of common stock or convertible securities. The transaction is expected to close early in the third quarter of 1995. "This is an excellent example of our business plan in action," said Henry S. Belden IV, Belden & Blake's Chairman and Chief Executive Officer. "The producing properties and gathering systems will fit perfectly with our existing operations. The undeveloped acreage will bring our net leasehold position to more than one million acres and the drilling locations and Quaker State's database will greatly enhance our own expanded drilling program. The availability of Quaker State's high quality personnel was an added bonus," Mr. Belden continued. Belden & Blake Corporation is actively engaged in acquiring producing oil and gas properties, exploring for and developing oil and gas reserves and gathering and marketing natural gas in the Appalachian and Michigan Basins. The acquisition of the Quaker State properties will make Belden & Blake the largest oil and gas operator in the Appalachian Basin. CONTACT: Belden & Blake Corp., North Canton Charles P. Faber, 216/499-1660 |
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