Belden & Blake announces drilling results, acquisition.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)--Sept. 27, 1996-- 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 ) today announced that through August 31 it had drilled 101 of the approximately 200 wells planned for 1996. Reserves added through the company's drilling activity are estimated at the equivalent of 19.5 Bcf (billion cubic feet) of gas, or approximately 100 percent of the company's oil and gas production for the period. The company expects to replace at least 125% of its 1996 production through its 1996 drilling program. The company also announced that it has purchased a 100 percent working interest in 97 natural gas wells and a 23 mile, ten inch pipeline in northwestern Kentucky. The wells had estimated proved developed gas reserves at July 1, 1996, of 1.9 Bcf. In aggregate the company has acquired an estimated six Bcf of gas and 205,000 barrels of oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally in three separate transactions in the current quarter. The company is currently evaluating a number of additional acquisition opportunities. In addition, the company announced that it has retained Goldman, Sachs & Co. to advise it on future business strategies. Belden & Blake Corporation is actively engaged in producing oil and natural gas, acquiring 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. . CONTACT: Belden & Blake Corp., North Canton Charles P. Faber, 330/499-1660 |
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