Belden & Blake addresses New York Society of Security Analysts.NEW YORK--(BUSINESS WIRE)--Sept. 27, 1995--The following is a summary of a presentation today, Wednesday, Sept. 27, at the 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 Society of Security Analysts by Henry S. Belden IV, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Belden & Blake. 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 ) has a proven growth strategy and the resources and technological skills to continue that growth. Belden & Blake is actively engaged in producing oil and natural gas, acquiring producing oil and gas properties, exploratory and development drilling and gas gathering and marketing 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. . BELD is the largest independent oil and gas company in terms of reserves, acreage held and wells operated in the Appalachian Basin. The company's core business strategy is to continue its profitable growth trend by acquiring strategic producing oil and gas properties; expanding its production and reserves through a conservative mix of developmental and exploratory drilling; and by expanding its gas gathering and marketing business. BELD has grown rapidly through the acquisition of producing properties and related gas gathering facilities, and through the development of our large leasehold An estate, interest, in real property held under a rental agreement by which the owner gives another the right to occupy or use land for a period of time. leasehold n. acreage holdings. From BELD's formation in March 1992, through December 31, 1994, net income has grown at a compound annual rate of 45%, discretionary cash flow Discretionary cash flow Cash flow that is available after the funding of all positive net present value (NPV) capital investment projects; it is available for paying cash dividends, repurchasing common stock, retiring debt, and so on. has grown at a 40% compound annual rate, and total return on the company's stock has averaged 40% per year. Our proved developed reserves have grown at a compound annual rate of 42%. Our production has grown slightly faster. Our gas gathering systems have more than doubled and we are marketing three times as much natural gas as we were three years ago. To date in 1995, the company has acquired an estimated 105 Bcf equivalent of proved developed reserves for approximately $68 million. The reserves acquired represent more than four times the company's estimated production in 1995. Last year we replaced 80% of production with the drill bit. Our finding cost had dropped 32% in just two years. This year we expect to replace more than 100% of 1995 production with the drill bit with a drilling budget of $20 million. If we achieve that objective, our finding cost will have dropped another 17%. We are an efficient operator - with more than 50 years of experience. And, we have the balance sheet and discretionary cash flow that allows us to seek out and take advantage of the many opportunities that we see on the horizon. CONTACT: Belden & Blake, North Canton, Ohio North Canton is a city in Stark County in the U.S. state of Ohio. The population was 16,369 at the 2000 census. History
Patricia A. Harcourt, 216/499-1660 |
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