##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 þ
    
    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the quarterly period ended June 30, 2010
 or
 o
    
    Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the transition period from  to
 Commission File Number: 0-20100
 BELDEN & BLAKE CORPORATION
  Ohio
    
    34-1686642(State or other jurisdiction of 
incorporation or organization)
    
    (I.R.S. Employer
Identification No.)1001 Fannin Street, Suite 800Houston, Texas
    
    77002(Address of principal executive offices)
    
    (Zip Code)
 (Registrants telephone number, including area code)
 Yes þ No o
 Yes o No o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer þ
    
    Smaller reporting company o
 Yes o No þ




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##### 



PagePART I Financial InformationItem 1. Financial Statements (unaudited)Condensed Consolidated Balance Sheets as of June 30, 2010 and December 31, 2009
    
    
    1Condensed Consolidated Statements of Operations:
Three and six months ended June 30, 2010 and 2009
    
    
    2Condensed Consolidated Statements of Cash Flows:
Six months ended June 30, 2010 and 2009
    
    
    3Notes to Condensed Consolidated Financial Statements
    
    
    4Item 2. Managements Discussion and Analysis of Financial
Condition and Results of Operations
    
    
    10Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    16Item 4. Controls and Procedures
    
    
    17PART II Other InformationItem 1. Legal Proceedings
    
    
    17Item 1A. Risk Factors
    
    
    18Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    18Item 3. Defaults Upon Senior Securities
    
    
    18Item 4. (Removed and Reserved)
    
    
    18Item 5. Other Information
    
    
    18Item 6. Exhibits
    
    
    18Signatures
    
    
    19Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2




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##### Table of Contents



PART I. FINANCIAL INFORMATION
 
 Item 1.
    
    Financial Statements
 BELDEN & BLAKE CORPORATION
 
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (unaudited, in thousands, except share data)
 June 30,
    
    
    December 31,2010
    
    
    2009ASSETSCurrent assetsCash and cash equivalents
    
    $
    80,807
    
    
    $
    46,740Accounts
receivable (less accumulated provision for doubtful accounts:June 30, 2010   $583; December 31, 2009  $393)
    
    
    10,122
    
    
    
    11,821Inventories
    
    
    821
    
    
    
    828Deferred income taxes
    
    
    5,047
    
    
    
    8,272Assets held for sale
    
    
    763
    
    
    
    Other current assets
    
    
    487
    
    
    
    183Derivative asset
    
    
    668
    
    
    
    413Total current assets
    
    
    98,715
    
    
    
    68,257Property and equipment, at costOil and gas properties (successful efforts method)
    
    
    683,354
    
    
    
    684,787Gas gathering systems
    
    
    1,245
    
    
    
    1,275Land, buildings, machinery and equipment
    
    
    2,421
    
    
    
    2,566687,020
    
    
    
    688,628Less accumulated depreciation, depletion and amortization
    
    
    165,604
    
    
    
    151,208Property and equipment, net
    
    
    521,416
    
    
    
    537,420Long-term derivative asset
    
    
    438
    
    
    
    478Other assets
    
    
    1,500
    
    
    
    1,923$
    622,069
    
    
    $
    608,078LIABILITIES AND SHAREHOLDERS EQUITYCurrent liabilitiesAccounts payable
    
    $
    1,331
    
    
    $
    1,696Accounts payable  related party
    
    
    448
    
    
    
    910Accrued expenses
    
    
    16,017
    
    
    
    16,136Current portion of long-term liabilities
    
    
    238
    
    
    
    238Derivative liability
    
    
    14,092
    
    
    
    21,098Total current liabilities
    
    
    32,126
    
    
    
    40,078Long-term liabilitiesBank and other long-term debt
    
    
    43,924
    
    
    
    43,929Senior secured notes
    
    
    161,748
    
    
    
    162,287Subordinated promissory note  related party
    
    
    31,251
    
    
    
    30,491Asset retirement obligations and other long-term liabilities
    
    
    23,538
    
    
    
    22,990Long-term derivative liability
    
    
    43,098
    
    
    
    66,876Deferred income taxes
    
    
    145,606
    
    
    
    137,286Total long-term liabilities
    
    
    449,165
    
    
    
    463,859Shareholders equityCommon stock: without par value; 3,000 shares authorized and 1,534 shares issued
    
    
    
    
    
    
    Paid in capital
    
    
    142,500
    
    
    
    142,500Retained earnings (deficit)
    
    
    4,609
    
    
    
    (29,978
    )Accumulated other comprehensive loss
    
    
    (6,331
    )
    
    
    (8,381
    )Total shareholders equity
    
    
    140,778
    
    
    
    104,141$
    622,069
    
    
    $
    608,078
   1




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##### Table of Contents



BELDEN & BLAKE CORPORATION
 
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (unaudited, in thousands)
 Three months
    
    
    Three months
    
    
    Six months
    
    
    Six monthsended June 30,
    
    
    ended June 30,
    
    
    ended June 30,
    
    
    ended June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009RevenuesOil and gas sales
    
    $
    15,664
    
    
    $
    15,846
    
    
    $
    31,353
    
    
    $
    30,862Gas gathering and marketing
    
    
    1,215
    
    
    
    1,326
    
    
    
    2,805
    
    
    
    3,246Other
    
    
    155
    
    
    
    195
    
    
    
    293
    
    
    
    36917,034
    
    
    
    17,367
    
    
    
    34,451
    
    
    
    34,477ExpensesProduction expense
    
    
    4,997
    
    
    
    4,989
    
    
    
    9,966
    
    
    
    11,219Production taxes
    
    
    265
    
    
    
    231
    
    
    
    600
    
    
    
    553Gas gathering and marketing
    
    
    1,140
    
    
    
    1,263
    
    
    
    2,554
    
    
    
    2,949Exploration expense
    
    
    240
    
    
    
    790
    
    
    
    381
    
    
    
    2,315Impairment of oil and gas properties
    
    
    
    
    
    
    25,230
    
    
    
    
    
    
    
    25,230General and administrative expense
    
    
    1,711
    
    
    
    2,114
    
    
    
    3,543
    
    
    
    4,294Depreciation, depletion and amortization
    
    
    7,196
    
    
    
    9,973
    
    
    
    15,045
    
    
    
    19,348Accretion expense
    
    
    326
    
    
    
    339
    
    
    
    645
    
    
    
    670Gain on sale assets
    
    
    (28,485
    )
    
    
    
    
    
    
    (28,485
    )
    
    
    Derivative fair value (gain) loss
    
    
    (147
    )
    
    
    10,804
    
    
    
    (24,222
    )
    
    
    (20,423
    )(12,757
    )
    
    
    55,733
    
    
    
    (19,973
    )
    
    
    46,155Operating income (loss)
    
    
    29,791
    
    
    
    (38,366
    )
    
    
    54,424
    
    
    
    (11,678
    )Other expense (income)Interest expense
    
    
    5,023
    
    
    
    5,315
    
    
    
    9,997
    
    
    
    10,132Other income, net
    
    
    (33
    )
    
    
    (33
    )
    
    
    (51
    )
    
    
    (100
    )Income (loss) before income taxes
    
    
    24,801
    
    
    
    (43,648
    )
    
    
    44,478
    
    
    
    (21,710
    )Provision (benefit) for income taxes
    
    
    9,314
    
    
    
    (17,282
    )
    
    
    9,891
    
    
    
    (8,586
    )Net income (loss)
    
    $
    15,487
    
    
    $
    (26,366
    )
    
    $
    34,587
    
    
    $
    (13,124
    )
   2




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##### Table of Contents



BELDEN & BLAKE CORPORATION
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 (unaudited, in thousands)
 Six months
    
    
    Six monthsended June 30,
    
    
    ended June 30,2010
    
    
    2009Cash flows from operating activities:Net income (loss)
    
    $
    34,587
    
    
    $
    (13,124
    )Adjustments
to reconcile net income (loss)
to net cash provided by operating activities:Depreciation, depletion and amortization
    
    
    15,045
    
    
    
    19,348Accretion expense
    
    
    645
    
    
    
    670Gain on disposal of oil and gas properties
    
    
    (28,485
    )
    
    
    Amortization of derivatives and other non-cash hedging activities
    
    
    (21,249
    )
    
    
    (17,740
    )Exploration expense
    
    
    344
    
    
    
    1,345Deferred income taxes
    
    
    9,891
    
    
    
    (8,586
    )Impairment of oil and gas properties
    
    
    
    
    
    
    25,230Other non-cash items
    
    
    (48
    )
    
    
    2,144Change in operating assets and liabilitiesAccounts receivable and other current assets
    
    
    2,158
    
    
    
    7,747Inventories
    
    
    (31
    )
    
    
    60Accounts payable and accrued expenses
    
    
    (1,034
    )
    
    
    (2,629
    )Net cash provided by operating activities
    
    
    11,823
    
    
    
    14,465Cash flows from investing activities:Additions to property and equipment
    
    
    (1,804
    )
    
    
    (6,743
    )Proceeds from property and equipment disposals
    
    
    30,581
    
    
    
    746Exploration expense
    
    
    (344
    )
    
    
    (1,345
    )Increase in other assets
    
    
    (71
    )
    
    
    (57
    )Net cash provided by (used in) investing activities
    
    
    28,362
    
    
    
    (7,399
    )Cash flows from financing activities:Repayment of long-term debt and other obligations
    
    
    (72
    )
    
    
    (15,074
    )Debt financing costs
    
    
    
    
    
    
    (350
    )Settlement of derivative liabilities recorded in purchase accounting
    
    
    (6,046
    )
    
    
    (302
    )Net cash used in financing activities
    
    
    (6,118
    )
    
    
    (15,726
    )Net increase (decrease) in cash and cash equivalents
    
    
    34,067
    
    
    
    (8,660
    )Cash and cash equivalents at beginning of period
    
    
    46,740
    
    
    
    22,816Cash and cash equivalents at end of period
    
    $
    80,807
    
    
    $
    14,156
   3




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##### Table of Contents



BELDEN & BLAKE CORPORATION
 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (unaudited)
 June 30, 2010
 (1) Basis of Presentation
   (2) Derivatives and Hedging
    4




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##### Table of Contents



Natural Gas Swaps
    
    
    Crude Oil Swaps
    
    
    Natural Gas Basis SwapsNYMEX
    
    
    
    
    
    NYMEXPrice per
    
    
    
    
    
    
    Price per
    
    
    
    
    
    
    BasisQuarter Ending
    
    Bbtu
    
    
    Mmbtu
    
    
    Mbbls
    
    
    Bbl
    
    
    Bbtu
    
    
    DifferentialSeptember 30, 2010
    
    
    2,234
    
    
    $
    4.12
    
    
    
    44
    
    
    $
    28.82
    
    
    
    1,932
    
    
    $
    0.243December 31, 2010
    
    
    2,234
    
    
    
    4.31
    
    
    
    44
    
    
    
    28.77
    
    
    
    1,932
    
    
    
    0.2434,468
    
    
    $
    4.22
    
    
    
    88
    
    
    $
    28.80
    
    
    
    3,864
    
    
    $
    0.243Year EndingDecember 31, 2011
    
    
    8,231
    
    
    $
    4.19
    
    
    
    157
    
    
    $
    28.77
    
    
    
    5,110
    
    
    $
    0.252December 31, 2012
    
    
    7,005
    
    
    
    4.09
    
    
    
    138
    
    
    
    28.70
    
    
    
    3,660
    
    
    
    0.110December 31, 2013
    
    
    6,528
    
    
    
    4.04
    
    
    
    127
    
    
    
    28.70
    
    
    
    
    
    
    
    
   Asset Derivatives
    
    
    Liability Derivatives(in thousands)
    
    June 30, 2010
    
    
    December 31, 2009
    
    
    June 30, 2010
    
    
    December 31, 2009Oil and natural gas commodity contracts
    
    $
    1,106
    
    
    $
    864
    
    
    $
    (53,684
    )
    
    $
    (85,593
    )Interest rate swaps
    
    
    
    
    
    
    27
    
    
    
    (3,506
    )
    
    
    (2,381
    )Total fair value
    
    $
    1,106
    
    
    $
    891
    
    
    $
    (57,190
    )
    
    $
    (87,974
    )Location of derivatives in our
consolidated balance sheets:Derivative asset
    
    $
    668
    
    
    $
    413
    
    
    $
    
    
    
    $
    Long-term derivative asset
    
    
    438
    
    
    
    478
    
    
    
    
    
    
    
    Derivative liability
    
    
    
    
    
    
    
    
    
    
    (14,092
    )
    
    
    (21,098
    )Long-term derivative liability
    
    
    
    
    
    
    
    
    
    
    (43,098
    )
    
    
    (66,876
    )$
    1,106
    
    
    $
    891
    
    
    $
    (57,190
    )
    
    $
    (87,974
    )
   5




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##### Table of Contents



Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,(in thousands)
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009The following amounts are recorded in Oil and gas sales:Unrealized losses:Oil and natural gas commodity contracts
    
    $
    (343
    )
    
    $
    (603
    )
    
    $
    (3,652
    )
    
    $
    (4,682
    )The following are recorded in Derivative fair value loss (gain):Unrealized (gains) losses:Oil and natural gas commodity contracts
    
    $
    (3,422
    )
    
    $
    10,790
    
    
    $
    (32,200
    )
    
    $
    (22,213
    )Interest rate swaps
    
    
    765
    
    
    
    (290
    )
    
    
    1,152
    
    
    
    (571
    )Total
    
    
    (2,657
    )
    
    
    10,500
    
    
    
    (31,048
    )
    
    
    (22,784
    )Realized (gains) losses:Oil and natural gas commodity contracts
    
    
    2,087
    
    
    
    (442
    )
    
    
    5,982
    
    
    
    892Interest rate swaps
    
    
    423
    
    
    
    746
    
    
    
    844
    
    
    
    1,469Total
    
    
    2,510
    
    
    
    304
    
    
    
    6,826
    
    
    
    2,361Derivative fair value loss (gain)
    
    $
    (147
    )
    
    $
    10,804
    
    
    $
    (24,222
    )
    
    $
    (20,423
    )
 (3) Industry Segment Financial Information
  (4) Fair Value of Financial Instruments
  (5) Supplemental Disclosure of Cash Flow Information
 Six months
    
    
    Six monthsended June 30,
    
    
    ended June 30,(in thousands)
    
    2010
    
    
    2009Cash paid during the period for:Interest
    
    $
    8,923
    
    
    $
    8,951Non-cash investing and financing activities:Accrued additions to property and equipment
    
    
    361
    
    
    
    520Non-cash additions to debt
    
    
    (760
    )
    
    
    (1,383
    )
  6




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##### Table of Contents



(6) Contingencies
  (7) Comprehensive Income
  Three months
    
    
    Three months
    
    
    Six months
    
    
    Six monthsended June 30,
    
    
    ended June 30,
    
    
    ended June 30,
    
    
    ended June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Comprehensive income (loss):Net income (loss)
    
    $
    15,487
    
    
    $
    (26,366
    )
    
    $
    34,587
    
    
    $
    (13,124
    )Other comprehensive income (loss), net of tax:Other items reclassified into earnings, net of tax
    
    
    38
    
    
    
    
    
    
    
    38
    
    
    
    42Reclassification adjustment for derivative loss
reclassified into earnings, net of tax
    
    
    214
    
    
    
    364
    
    
    
    2,012
    
    
    
    2,831Change in accumulated other comprehensive income (loss)
    
    
    252
    
    
    
    364
    
    
    
    2,050
    
    
    
    2,873$
    15,739
    
    
    $
    (26,002
    )
    
    $
    36,637
    
    
    $
    (10,251
    )
 (8) Related Party Transactions
    (9) Impairment of Oil and Gas Properties
   7




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##### Table of Contents



(10) New Accounting Standards
 Accounting for Extractive Activities  Oil &
Gas: Amendments to Paragraph 932-10-S99-1, Modernization of Oil and Gas Reporting
  (11) Fair Value Measurements
  Fair Value Measurements at June 30, 2010 Using:Quoted Prices in
    
    
    SignificantActive Markets
    
    
    Other
    
    
    Significantfor Identical
    
    
    Observable
    
    
    UnobservableAssets
    
    
    Inputs
    
    
    InputsTotal Carrying Value
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)Derivative assets:Oil and natural gas commodity contracts
    
    $
    1,106
    
    
    $
    
    
    
    $
    1,106
    
    
    $
    Derivative liabilities:Oil and natural gas commodity contracts
    
    $
    (53,684
    )
    
    $
    
    
    
    $
    (53,684
    )
    
    $
    Interest rate swaps
    
    
    (3,506
    )
    
    
    
    
    
    
    (3,506
    )
    
    
    Total derivative liabilities
    
    $
    (57,190
    )
    
    $
    
    
    
    $
    (57,190
    )
    
    $
    
 Fair Value Measurements at December 31, 2009 Using:Quoted Prices in
    
    
    SignificantActive Markets
    
    
    Other
    
    
    Significantfor Identical
    
    
    Observable
    
    
    UnobservableAssets
    
    
    Inputs
    
    
    InputsTotal Carrying Value
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)Derivative assets:Oil and natural gas commodity contracts
    
    $
    864
    
    
    $
    
    
    
    $
    864
    
    
    $
    Interest rate swaps
    
    
    27
    
    
    
    
    
    
    
    27
    
    
    
    Total derivative assets
    
    $
    891
    
    
    $
    
    
    
    $
    891
    
    
    $
    Derivative liabilities:Oil and natural gas commodity contracts
    
    $
    (85,593
    )
    
    $
    
    
    
    $
    (85,593
    )
    
    $
    Interest rate swaps
    
    
    (2,381
    )
    
    
    
    
    
    
    (2,381
    )
    
    
    Total derivative liabilities
    
    $
    (87,974
    )
    
    $
    
    
    
    $
    (87,974
    )
    
    $
    
   8




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##### Table of Contents



(12) Asset Retirement Obligations
  Balance as of December 31, 2009
    
    $
    23,083Accretion expense
    
    
    645Liabilities incurred
    
    
    Liabilities settled
    
    
    (31
    )Revisions in estimated cash flows
    
    
    Balance as of June 30, 2010
    
    $
    23,697
  (13) Divestitures
  (14) Subsequent Event
 .
    9




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##### Table of Contents



Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of
Operations.
 Forward-Looking Information
   10




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##### Table of Contents



Results of Operations
  Three months ended June 30,
    
    
    Six months ended June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009ProductionGas (Mmcf)
    
    
    2,489
    
    
    
    3,170
    
    
    
    5,092
    
    
    
    6,347Oil (Mbbls)
    
    
    69
    
    
    
    80
    
    
    
    136
    
    
    
    163Total production (Mmcfe)
    
    
    2,904
    
    
    
    3,652
    
    
    
    5,910
    
    
    
    7,322Average price (1)Gas (per Mcf)
    
    $
    4.28
    
    
    $
    3.63
    
    
    $
    4.20
    
    
    $
    3.67Oil (per Bbl)
    
    
    72.53
    
    
    
    54.01
    
    
    
    72.90
    
    
    
    46.52Mcfe
    
    
    5.39
    
    
    
    4.34
    
    
    
    5.30
    
    
    
    4.21Average costs (per Mcfe)Production expense
    
    $
    1.72
    
    
    $
    1.37
    
    
    $
    1.69
    
    
    $
    1.53Production taxes
    
    
    0.09
    
    
    
    0.06
    
    
    
    0.10
    
    
    
    0.08Depletion
    
    
    2.45
    
    
    
    2.70
    
    
    
    2.52
    
    
    
    2.62
 (1)
    
    The average prices presented above include non-cash amounts related to derivative
contracts. Excluding these non-cash amounts from oil and gas sales revenues would result in the
following average prices: Three months ended June 30,
    
    
    Six months ended June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Gas (per Mcf)
    
    $
    4.42
    
    
    $
    3.82
    
    
    $
    4.92
    
    
    $
    4.41Oil (per Bbl)
    
    
    72.53
    
    
    
    54.01
    
    
    
    72.90
    
    
    
    46.52Mcfe
    
    
    5.51
    
    
    
    4.50
    
    
    
    5.92
    
    
    
    4.85
 Results of Operations  Second Quarters of 2010 and 2009 Compared
 Revenues
     11




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Costs and Expenses
            12




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##### Table of Contents



Results of Operations  Six Months of 2010 and 2009 Compared
 Revenues
     Costs and Expenses
    13




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##### Table of Contents



Liquidity and Capital Resources
 Cash Flows
   14




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##### Table of Contents



Capital Expenditures
   Financing and Credit Facilities
     15




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##### Table of Contents



Item 3.
    
    Quantitative and Qualitative Disclosures About Market Risk
      16




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##### Table of Contents



Natural Gas Swaps
    
    
    Crude Oil Swaps
    
    
    Natural Gas Basis SwapsNYMEX
    
    
    
    
    
    
    NYMEXPrice per
    
    
    
    
    
    
    Price per
    
    
    
    
    
    
    BasisQuarter Ending
    
    Bbtu
    
    
    Mmbtu
    
    
    Mbbls
    
    
    Bbl
    
    
    Bbtu
    
    
    DifferentialSeptember 30,
2010
    
    
    2,234
    
    
    $
    4.12
    
    
    
    44
    
    
    $
    28.82
    
    
    
    1,932
    
    
    $
    0.243December 31, 2010
    
    
    2,234
    
    
    
    4.31
    
    
    
    44
    
    
    
    28.77
    
    
    
    1,932
    
    
    
    0.2434,468
    
    
    $
    4.22
    
    
    
    88
    
    
    $
    28.80
    
    
    
    3,864
    
    
    $
    0.243Year EndingDecember 31,
2011
    
    
    8,231
    
    
    $
    4.19
    
    
    
    157
    
    
    $
    28.77
    
    
    
    5,110
    
    
    $
    0.252December 31, 2012
    
    
    7,005
    
    
    
    4.09
    
    
    
    138
    
    
    
    28.70
    
    
    
    3,660
    
    
    
    0.110December 31, 2013
    
    
    6,528
    
    
    
    4.04
    
    
    
    127
    
    
    
    28.70
    
    
    
    
    
    
    
    
  
 Item 4.
    
    Controls and Procedures
 Evaluation of Disclosure Controls and Procedures
  Change in Internal Controls Over Financial Reporting
  
 PART II OTHER INFORMATION
 
 Item 1.
    
    Legal Proceedings
   17




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##### Table of Contents



Item 1A.
    
    Risk Factors
   
 Item 2.
    
    Unregistered Sales of Equity Securities and Use of Proceeds
  
 Item 3.
    
    Defaults upon Senior Securities
  
 Item 4.
    
    (Removed and Reserved)
 
 Item 5.
    
    Other Information
  
 Item 6.
    
    Exhibits.
  31.1*
    
    Certification of Principal Executive Officer of Belden & Blake Corporation as required by
Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 193431.2*
    
    Certification of Principal Financial Officer of Belden & Blake Corporation as required by
Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 193432.1*
    
    Certification of Chief Executive Officer of Belden & Blake Corporation pursuant to 18 U.S.C.
Section 1350.32.2*
    
    Certification of Chief Financial Officer of Belden & Blake Corporation pursuant to 18 U.S.C.
Section 1350.
 *
    
    Filed herewith.  18




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##### Table of Contents



BELDEN & BLAKE CORPORATIONDate: August 12, 2010
    By:
    /s/ Mark A. HouserMark A. Houser, Chief Executive Officer,Chairman of the Board of Directors and Director
(Principal Executive Officer)Date: August 12, 2010
    By:
    /s/ James M. VanderhiderJames M. Vanderhider, President,Chief Financial Officer and Director
(Principal Financial Officer)  19