-----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, AW2kL0yHzu4aR4VJi7XoflK9npBNjebto9wxSlBeh8nVaaqXZTnH/pKg/0cCkTud KffpS+tESuxBdZNJR6xhVQ== 0000950152-02-007164.txt : 20020924 0000950152-02-007164.hdr.sgml : 20020924 20020924172305 ACCESSION NUMBER: 0000950152-02-007164 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020918 ITEM INFORMATION: FILED AS OF DATE: 20020924 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BELDEN & BLAKE CORP /OH/ CENTRAL INDEX KEY: 0000880114 STANDARD INDUSTRIAL CLASSIFICATION: DRILLING OIL & GAS WELLS [1381] IRS NUMBER: 341686642 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20100 FILM NUMBER: 02771333 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 FORMER COMPANY: FORMER CONFORMED NAME: BELDEN & BLAKE ENERGY CORP /OH DATE OF NAME CHANGE: 19920427 8-K 1 l96395ae8vk.txt BELDEN & BLAKE FORM 8-K 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) September 18, 2002 ------------------ BELDEN & BLAKE CORPORATION -------------------------- (Exact name of registrant as specified in its charter) OHIO 0-20100 34-1686642 - ---------------------------- ------------------------ ------------------- (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) 5200 Stoneham Road, North Canton, Ohio 44720 - ---------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (330) 499-1660 -------------- Registrant's telephone number, including area code ITEM 9. REGULATION FD DISCLOSURE Belden & Blake Corporation ("Belden & Blake" or the "Company") is furnishing the following information under Item 9 of this Current Report on Form 8-K. The information in this report is furnished pursuant to Item 9 and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, except if the Company specifically states that the information is to be considered "filed" under the Securities Exchange Act of 1934 or incorporates it by reference into a filing under the Securities Act of 1933 or the Securities Exchange Act of 1934. This report will not be deemed an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD. The information in this document includes forward-looking statements that are made pursuant to Safe Harbor Provisions of the Private Securities Litigation Reform Act 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. NATURAL GAS HEDGE POSITION From September 18, 2002 through September 20, 2002, the Company placed additional hedge positions covering 8,130 Bbtu of its natural gas production for the period from October 2002 through December 2004. The hedges are in the form of swaps based on a New York Mercantile Exchange ("NYMEX") equivalent weighted average price of $3.92 per Mmbtu. In aggregate, since August 30, 2002, the Company has placed additional hedge positions covering 16,860 Bbtu of its natural gas production for the period from October 2002 through March 2005. The hedges are in the form of swaps based on a NYMEX equivalent weighted average price of $3.88 per Mmbtu. The Company has a $100 million revolving credit facility ("the Revolver"). Up to $30 million in letters of credit may be issued pursuant to the Revolver. At September 20, 2002, the Company had $10.8 million of outstanding letters of credit of which $9.5 million was required due to the Company's hedge positions. At September 20, 2002, the outstanding balance under the credit agreement was $35.8 million with $53.4 million of borrowing capacity available for general corporate purposes. The following table reflects the natural gas volumes and the weighted average prices under financial hedges (including settled hedges) and fixed price contracts at September 20, 2002:
NATURAL GAS COLLARS FIXED PRICE CONTRACTS ------------------------------------------------------------------------------- ----------------------- MONTHLY NYMEX SETTLE OF MONTHLY NYMEX SETTLE $1.75 OR HIGHER LOWER THAN $1.75 -------------------------------- ------------------------------ ESTIMATED ESTIMATED NYMEX PRICE ESTIMATED NYMEX WELLHEAD WELLHEAD PER MMBTU WELLHEAD PRICE PER PRICE PER ESTIMATED PRICE PER QUARTER ENDING BBTU FLOOR/CAP PRICE PER MCF MMBTU MCF MMCF MCF - ------------------- ------- -------------- -------------- ------------ ------------- ---------- ---------- December 31, 2002 2,130 $ 2.25 - 4.00 $ 2.47 - 4.22 Monthly Monthly 830 $ 4.12 ------ -------------- -------------- NYMEX NYMEX ---- ------ 2,130 $ 2.25 - 4.00 $ 2.47 - 4.22 settle plus settle plus 830 $ 4.12 ====== ============== ============== $0.50 $0.65 to $0.75 ==== ====== March 31, 2003 1,650 $ 3.40 - 5.23 $ 3.65 - 5.48 180 $ 3.48 June 30, 2003 1,650 3.40 - 5.23 3.55 - 5.38 110 3.12 September 30, 2003 1,650 3.40 - 5.23 3.55 - 5.38 75 2.68 December 31, 2003 1,650 3.40 - 5.23 3.62 - 5.45 70 2.59 ------ -------------- -------------- ---- ------ 6,600 $ 3.40 - 5.23 $ 3.59 - 5.42 435 $ 3.11 ====== ============== ============== ==== ====== NATURAL GAS SWAPS ---------------------------------------------- ESTIMATED NYMEX PRICE WELLHEAD QUARTER ENDING BBTU PER MMBTU PRICE PER MCF - ------------------- ------- -------------- -------------- December 31, 2002 800 $ 3.82 $ 4.00 ------ ------- ------ 800 $ 3.82 $ 4.00 ====== ======= ====== March 31, 2003 1,800 $ 3.92 $ 4.17 June 30, 2003 1,800 3.92 4.07 September 30, 2003 1,800 3.92 4.07 December 31, 2003 1,800 3.92 4.14 ------ ------- ------ 7,200 $ 3.92 $ 4.12 ====== ======= ====== March 31, 2004 2,040 $ 3.84 $ 4.09 June 30, 2004 2,040 3.84 3.99 September 30, 2004 2,040 3.84 3.99 December 31, 2004 2,040 3.84 4.06 ------ ------- ------ 8,160 $ 3.84 $ 4.03 ====== ======= ====== March 31, 2005 1,050 $ 3.87 $ 4.12 ------ ------- ------ 1,050 $ 3.87 $ 4.12 ====== ======= ======
BBTU - BILLION BRITISH THERMAL UNITS MMCF - MILLION CUBIC FEET MMBTU - MILLION BRITISH THERMAL UNITS MCF - THOUSAND CUBIC FEET 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: SEPTEMBER 24, 2002 BELDEN & BLAKE CORPORATION --------------------- (Registrant) By: /s/ Robert W. Peshek ----------------------------------------- Robert W. Peshek, Vice President and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----