-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NMPB/OMByPXF0zyFmSCxB2Fki+BpJKtj3JOQIMVitXe9DGki/lLmQhZ/zR9qghEs ZNKhTQaKbdPj+/8aaFlnyg== /in/edgar/work/20000727/0000950152-00-005492/0000950152-00-005492.txt : 20000921 0000950152-00-005492.hdr.sgml : 20000921 ACCESSION NUMBER: 0000950152-00-005492 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000718 ITEM INFORMATION: FILED AS OF DATE: 20000727 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BELDEN & BLAKE CORP /OH/ CENTRAL INDEX KEY: 0000880114 STANDARD INDUSTRIAL CLASSIFICATION: [1381 ] IRS NUMBER: 341686642 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-20100 FILM NUMBER: 679675 BUSINESS ADDRESS: STREET 1: 5200 STONEHAM RD STREET 2: P O BOX 2500 CITY: NORTH CANTON STATE: OH ZIP: 44720 BUSINESS PHONE: 3304991660 MAIL ADDRESS: STREET 1: 5200 STONEHAM RD STREET 2: P O BOX 2500 CITY: NORTH CANTON STATE: OH ZIP: 44720 8-K 1 e8-k.txt BELDEN & BLAKE CORPORATION 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event) July 18, 2000 ------------- BELDEN & BLAKE CORPORATION -------------------------- (Exact name of registrant as specified in its charter) Ohio 0-20100 34-1686642 - ------------------------------ ------------------------------ ---------------------------------- (State or other jurisdiction of (Commission File Number) (IRS Employer Identification No.) incorporation)
5200 Stoneham Road, North Canton, Ohio 44720 - --------------------------------------------- ---------------- (Address of principal executive offices) (Zip Code) (330) 499-1660 ----------------------------- Registrant's telephone number, including area code 2 Item 5. Other Events ------------ Belden & Blake Corporation ("the Company") has entered into a non-binding letter agreement to obtain a credit facility of up to $125 million from a financial institution. Proceeds from the credit facility will be used to repay outstanding loans under the Company's existing revolving credit facility of approximately $45 million; repay existing term loans of $14 million to Chase Manhattan Bank due January 1, 2001; pay fees associated with obtaining the facility and for general corporate purposes. The credit facility will be secured by providing a security interest in at least 85% of the Company's assets and be subject to a periodic borrowing base determination. The borrowing base will be equal to (i) 65% of the value of the Company's proved developed producing reserves; (ii) 45% of the value of the Company's proved developed non-producing reserves; and (iii) 40% of the value of the Company's proved undeveloped reserves. The price forecast used for calculation of the future net income from proved reserves will be the three-year NYMEX strip for oil and natural gas as of the date of the reserve report. After three years prices will be held constant. The credit facility will mature two years after that facility is initiated and will bear interest at two to three percentage points above Chase Manhattan Bank's published prime interest rate depending upon the amount outstanding. The Company is currently in final negotiations with the financial institution and expects to complete the credit facility in August 2000. OIL AND GAS RESERVES The Company's proved oil and natural gas reserves at July 1, 2000 have been evaluated by Wright & Company, Inc., independent petroleum engineers. Projections of the reserves and cash flow to the evaluated interests were based on economic parameters and operating conditions considered applicable as of July 1, 2000, and were prepared pursuant to the financial reporting requirements of the Securities and Exchange Commission. The following table is a summary of the total proved reserves evaluated effective July 1, 2000: PROVED OIL AND NATURAL GAS RESERVES
Total Proved Total Proved Total Developed Undeveloped Proved Reserves Reserves Reserves --------------------- --------------------- --------------------- Net Reserves to the Evaluated Interests Oil (Bbls) 6,058,801 2,897,705 8,956,506 Gas (Mcf) 251,873,700 111,637,200 363,510,900 Before Tax Cash Flow Undiscounted: $ 866,881,300 $ 367,731,100 $1,234,612,000 Discounted at 10% Per Annum: 400,307,800 120,141,200 520,449,000
3 The following table is a summary of the proved developed and proved undeveloped annual cash flow projections through 2005 and cumulative thereafter, effective July 1, 2000. NET PRODUCTION AND CASH FLOWS
Net Production -------------------------- Cash Flow Oil Gas Operating Capital Discounted Year (Mbbl) (Mmcf) Cash Flows Expenditures at 10% -------------- ------------- ------------- -------------- -- ----------- ------------- ($ in millions) 2000 (6 mos) 282 9,960 $ 40.9 $ 6.0 $ 34.0 2001 602 20,577 86.3 33.3 47.9 2002 638 22,431 95.3 35.8 49.0 2003 643 22,838 97.5 29.8 50.8 2004 613 21,496 92.3 19.5 49.8 2005 556 20,351 86.6 16.6 43.5 Thereafter 5,623 245,858 877.0 0.3 245.4 ------------- ------------- --- ---------- -- ----------- --- ----------- TOTALS 8,957 363,511 $ 1,375.9 $ 141.3 $ 520.4 ============= ============= === ========== == =========== === ===========
The Company's proved developed and proved undeveloped reserves are all located within the states of Michigan, Ohio, Pennsylvania and New York. The Company cautions that there are many uncertainties inherent in estimating proved reserve quantities and in projecting future production rates and the timing of development expenditures. Material revisions of reserve estimates may occur in the future, development and production of the oil and gas reserves may not occur in the periods assumed and actual prices realized and actual costs incurred may vary significantly from those used to arrive at the reserve estimates. Proved reserves represent estimated quantities of natural gas, crude oil and condensate that geological and engineering data demonstrate, with reasonable certainty, to be recoverable in future years from known reservoirs under economic and operating conditions existing at the time the estimates were made. 4 Signatures - ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: July 25, 2000 BELDEN & BLAKE CORPORATION -------------- (Registrant) By : /s/ John L. Schwager -------------------------------------------- John L. Schwager Director, President, and Chief Executive Officer -----END PRIVACY-ENHANCED MESSAGE-----