##### 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 September 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
    
    (I.R.S. Employerincorporation or organization)
    
    Identification No.)1001 Fannin Street, Suite 800Houston, Texas
    
    77002(Address of principal executive offices)
    
    (Zip Code)
 (Registrants
telephone number, including area code)
 þ o
 o o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer þ
    
    Smaller reporting company o
 o þ




---



##### 



PagePART I Financial InformationItem 1. Financial Statements (unaudited)Condensed Consolidated Balance Sheets as of September 30, 2010 and December 31, 2009
    
    
    1Condensed Consolidated Statements of Operations: Three and nine months ended September 30, 2010 and 2009
    
    
    2Condensed Consolidated Statements of Cash Flows: Nine months ended September 30, 2010 and 2009
    
    
    3Notes to Condensed Consolidated Financial Statements
    
    
    4Item 2. Managements Discussion and Analysis of Financial
Condition and Results of Operations
    
    
    11Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    17Item 4. Controls and Procedures
    
    
    18PART II Other InformationItem 1. Legal Proceedings
    
    
    19Item 1A. Risk Factors
    
    
    19Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    19Item 3. Defaults Upon Senior Securities
    
    
    19Item 4. (Removed and Reserved)
    
    
    19Item 5. Other Information
    
    
    19Item 6. Exhibits
    
    
    19Signatures
    
    
    20Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2




---



##### Table of Contents



PART I. FINANCIAL INFORMATION
 
 Item 1.
    
    Financial Statements
 BELDEN & BLAKE CORPORATION
 
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (unaudited, in thousands, except share data)
 September 30,
    
    
    December 31,2010
    
    
    2009ASSETSCurrent assetsCash and cash equivalents
    
    $
    39,987
    
    
    $
    46,740Accounts
receivable (less accumulated provision for doubtful accounts: 
September 30, 2010  $599; December 31, 2009  $393)
    
    
    11,955
    
    
    
    11,821Inventories
    
    
    821
    
    
    
    828Deferred income taxes
    
    
    2,799
    
    
    
    8,272Other current assets
    
    
    72
    
    
    
    183Derivative asset
    
    
    1,825
    
    
    
    413Total current assets
    
    
    57,459
    
    
    
    68,257Property and equipment, at costOil and gas properties (successful efforts method)
    
    
    684,443
    
    
    
    684,787Gas gathering systems
    
    
    1,245
    
    
    
    1,275Land, buildings, machinery and equipment
    
    
    2,421
    
    
    
    2,566688,109
    
    
    
    688,628Less accumulated depreciation, depletion and amortization
    
    
    172,567
    
    
    
    151,208Property and equipment, net
    
    
    515,542
    
    
    
    537,420Long-term derivative asset
    
    
    280
    
    
    
    478Other assets
    
    
    1,561
    
    
    
    1,923$
    574,842
    
    
    $
    608,078LIABILITIES AND SHAREHOLDERS EQUITYCurrent liabilitiesAccounts payable
    
    $
    1,553
    
    
    $
    1,696Accounts payable  related party
    
    
    491
    
    
    
    910Accrued expenses
    
    
    13,334
    
    
    
    16,136Current portion of long-term liabilities
    
    
    580
    
    
    
    238Derivative liability
    
    
    9,269
    
    
    
    21,098Total current liabilities
    
    
    25,227
    
    
    
    40,078Long-term liabilitiesBank and other long-term debt
    
    
    23,922
    
    
    
    43,929Senior secured notes
    
    
    141,302
    
    
    
    162,287Subordinated promissory note  related party
    
    
    32,039
    
    
    
    30,491Asset retirement obligations and other long-term liabilities
    
    
    23,827
    
    
    
    22,990Long-term derivative liability
    
    
    31,754
    
    
    
    66,876Deferred income taxes
    
    
    147,438
    
    
    
    137,286Total long-term liabilities
    
    
    400,282
    
    
    
    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)
    
    
    12,759
    
    
    
    (29,978
    )Accumulated other comprehensive loss
    
    
    (5,926
    )
    
    
    (8,381
    )Total shareholders equity
    
    
    149,333
    
    
    
    104,141$
    574,842
    
    
    $
    608,078
   1




---



##### Table of Contents



BELDEN & BLAKE CORPORATION
 
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (unaudited, in thousands)
 Three months
    
    
    Three months
    
    
    Nine months
    
    
    Nine monthsended
    
    
    ended
    
    
    ended
    
    
    endedSeptember 30,
    
    
    September 30,
    
    
    September 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009RevenuesOil and gas sales
    
    $
    15,109
    
    
    $
    15,336
    
    
    $
    46,462
    
    
    $
    46,198Gas gathering and marketing
    
    
    1,359
    
    
    
    1,312
    
    
    
    4,164
    
    
    
    4,558Other
    
    
    131
    
    
    
    374
    
    
    
    424
    
    
    
    74316,599
    
    
    
    17,022
    
    
    
    51,050
    
    
    
    51,499ExpensesProduction expense
    
    
    5,056
    
    
    
    5,123
    
    
    
    15,022
    
    
    
    16,342Production taxes
    
    
    265
    
    
    
    246
    
    
    
    865
    
    
    
    799Gas gathering and marketing
    
    
    1,358
    
    
    
    1,247
    
    
    
    3,912
    
    
    
    4,196Exploration expense
    
    
    446
    
    
    
    849
    
    
    
    827
    
    
    
    3,164Impairment of oil and gas properties
    
    
    1,565
    
    
    
    (1,297
    )
    
    
    1,565
    
    
    
    23,933General and administrative expense
    
    
    1,617
    
    
    
    1,631
    
    
    
    5,160
    
    
    
    5,925Depreciation, depletion and amortization
    
    
    6,963
    
    
    
    9,066
    
    
    
    22,008
    
    
    
    28,414Accretion expense
    
    
    336
    
    
    
    319
    
    
    
    981
    
    
    
    989Gain on sale of assets
    
    
    (5,351
    )
    
    
    
    
    
    
    (33,836
    )
    
    
    Derivative fair value (gain) loss
    
    
    (12,473
    )
    
    
    539
    
    
    
    (36,695
    )
    
    
    (19,884
    )(218
    )
    
    
    17,723
    
    
    
    (20,191
    )
    
    
    63,878Operating income (loss)
    
    
    16,817
    
    
    
    (701
    )
    
    
    71,241
    
    
    
    (12,379
    )Other expense (income)Gain on early extinguishment of debt
    
    
    (1,006
    )
    
    
    
    
    
    
    (1,006
    )
    
    
    Interest expense
    
    
    4,765
    
    
    
    5,411
    
    
    
    14,762
    
    
    
    15,543Other income, net
    
    
    (24
    )
    
    
    (155
    )
    
    
    (75
    )
    
    
    (255
    )Income (loss) before income taxes
    
    
    13,082
    
    
    
    (5,957
    )
    
    
    57,560
    
    
    
    (27,667
    )Provision (benefit) for income taxes
    
    
    4,932
    
    
    
    (2,341
    )
    
    
    14,823
    
    
    
    (10,927
    )Net income (loss)
    
    $
    8,150
    
    
    $
    (3,616
    )
    
    $
    42,737
    
    
    $
    (16,740
    )
   2




---



##### Table of Contents



BELDEN & BLAKE CORPORATION
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 (unaudited, in thousands)
 Nine months
    
    
    Nine monthsended
    
    
    endedSeptember 30,
    
    
    September 30,2010
    
    
    2009Cash flows from operating activities:Net income (loss)
    
    $
    42,737
    
    
    $
    (16,740
    )Adjustments to reconcile net inome (loss)
to net cash provided by operating activities:Depreciation, depletion and amortization
    
    
    22,008
    
    
    
    28,414Accretion expense
    
    
    981
    
    
    
    989Gain on sale of assets
    
    
    (33,836
    )
    
    
    Amortization of derivatives and other non-cash hedging activities
    
    
    (35,144
    )
    
    
    (16,640
    )Exploration expense
    
    
    784
    
    
    
    2,181Deferred income taxes
    
    
    14,059
    
    
    
    (10,927
    )Impairment of oil and gas properties
    
    
    1,565
    
    
    
    23,933Gain on early extinguishment of debt
    
    
    (1,006
    )
    
    
    Other non-cash items
    
    
    1,464
    
    
    
    2,704Change in operating assets and liabilitiesAccounts receivable and other current assets
    
    
    2,928
    
    
    
    8,336Inventories
    
    
    (31
    )
    
    
    81Accounts payable and accrued expenses
    
    
    (4,563
    )
    
    
    (4,048
    )Net cash provided by operating activities
    
    
    11,946
    
    
    
    18,283Cash flows from investing activities:Additions to property and equipment
    
    
    (3,332
    )
    
    
    (10,707
    )Proceeds from property and equipment disposals
    
    
    33,759
    
    
    
    17,403Exploration expense
    
    
    (784
    )
    
    
    (2,181
    )Increase in other assets
    
    
    (70
    )
    
    
    (54
    )Net cash provided by investing activities
    
    
    29,573
    
    
    
    4,461Cash flows from financing activities:Repayment of long-term debt and other obligations
    
    
    (20,151
    )
    
    
    (43,577
    )Repayment of senior subordinated notes
    
    
    (19,175
    )
    
    
    Debt redetermination costs
    
    
    (288
    )
    
    
    (1,470
    )Settlement of derivative liabilities recorded in purchase accounting
    
    
    (8,658
    )
    
    
    (30
    )Capital contributions
    
    
    
    
    
    
    7,500Net cash used in financing activities
    
    
    (48,272
    )
    
    
    (37,577
    )Net decrease in cash and cash equivalents
    
    
    (6,753
    )
    
    
    (14,833
    )Cash and cash equivalents at beginning of period
    
    
    46,740
    
    
    
    22,816Cash and cash equivalents at end of period
    
    $
    39,987
    
    
    $
    7,983
   3




---



##### Table of Contents



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




---



##### Table of Contents



Natural Gas Swaps
    
    
    Crude Oil Swaps
    
    
    Natural Gas Basis SwapsNYMEX
    
    
    
    
    
    
    NYMEXPrice per
    
    
    
    
    
    
    Price per
    
    
    
    
    
    
    BasisBbtu
    
    

Mmbtu
    
    
    Mbbls
    
    
    Bbl
    
    
    Bbtu
    
    
    DifferentialQuarter EndingDecember 31, 2010
    
    
    2,234
    
    
    $
    4.31
    
    
    
    44
    
    
    $
    28.77
    
    
    
    1,932
    
    
    $
    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)
    
    September 30, 2010
    
    
    December 31, 2009
    
    
    September 30, 2010
    
    
    December 31, 2009Oil and natural gas commodity contracts
    
    $
    2,105
    
    
    $
    864
    
    
    $
    (38,905
    )
    
    $
    (85,593
    )Interest rate swaps
    
    
    
    
    
    
    27
    
    
    
    (2,118
    )
    
    
    (2,381
    )Total fair value
    
    $
    2,105
    
    
    $
    891
    
    
    $
    (41,023
    )
    
    $
    (87,974
    )Location of derivatives in our consolidated balance sheets:Derivative asset
    
    $
    1,825
    
    
    $
    413
    
    
    $
    
    
    
    $
    Long-term derivative asset
    
    
    280
    
    
    
    478
    
    
    
    
    
    
    
    Derivative liability
    
    
    
    
    
    
    
    
    
    
    (9,269
    )
    
    
    (21,098
    )Long-term derivative liability
    
    
    
    
    
    
    
    
    
    
    (31,754
    )
    
    
    (66,876
    )$
    2,105
    
    
    $
    891
    
    
    $
    (41,023
    )
    
    $
    (87,974
    )
   5




---



##### Table of Contents



Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,(in thousands)
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009The following amounts are recorded in Oil and gas sales:Unrealized losses:Oil and natural gas commodity contracts
    
    $
    (650
    )
    
    $
    (921
    )
    
    $
    (4,302
    )
    
    $
    (5,603
    )The following are recorded in Derivative fair value (gain) loss:Unrealized (gains) losses:Oil and natural gas commodity contracts
    
    $
    (15,640
    )
    
    $
    647
    
    
    $
    (47,840
    )
    
    $
    (21,569
    )Interest rate swaps
    
    
    (1,388
    )
    
    
    (171
    )
    
    
    (236
    )
    
    
    (740
    )Total
    
    
    (17,028
    )
    
    
    476
    
    
    
    (48,076
    )
    
    
    (22,309
    )Realized (gains) losses:Oil and natural gas commodity contracts
    
    
    2,419
    
    
    
    (600
    )
    
    
    8,401
    
    
    
    293Interest rate swaps
    
    
    2,136
    
    
    
    663
    
    
    
    2,980
    
    
    
    2,132Total
    
    
    4,555
    
    
    
    63
    
    
    
    11,381
    
    
    
    2,425Derivative fair value (gain) loss
    
    $
    (12,473
    )
    
    $
    539
    
    
    $
    (36,695
    )
    
    $
    (19,884
    )
 (3) Industry Segment Financial Information
  (4) Fair Value of Financial Instruments
  (5) Supplemental Disclosure of Cash Flow Information
 Nine months ended
    
    
    Nine months ended(in thousands)
    
    September 30, 2010
    
    
    September 30, 2009Cash paid during the period for:Interest
    
    $
    17,144
    
    
    $
    17,062Income taxes
    
    
    764
    
    
    
    Non-cash investing and financing activities:Accrued additions to property and equipment
    
    
    1,472
    
    
    
    566Non-cash additions to debt
    
    
    (1,548
    )
    
    
    (2,118
    )Proceeds
from sale of oil and natural gas properties recorded in accounts
receivable
    
    
    2,951
    
    
    
    
 (6) Contingencies
   6




---



##### Table of Contents



(7) Comprehensive Income
  Three months
    
    
    Three months
    
    
    Nine months
    
    
    Nine monthsended
    
    
    ended
    
    
    ended
    
    
    endedSeptember 30,
    
    
    September 30,
    
    
    September 30,
    
    
    September 30,(in thousands)
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009Comprehensive income (loss):Net income (loss)
    
    $
    8,150
    
    
    $
    (3,616
    )
    
    $
    42,737
    
    
    $
    (16,740
    )Other comprehensive income (loss), net of tax:Other items reclassified into earnings, net of tax
    
    
    
    
    
    
    
    
    
    
    38
    
    
    
    Reclassification adjustment for derivative loss
reclassified into earnings, net of tax
    
    
    406
    
    
    
    557
    
    
    
    2,417
    
    
    
    3,429Change in accumulated other comprehensive income (loss)
    
    
    406
    
    
    
    557
    
    
    
    2,455
    
    
    
    3,429$
    8,556
    
    
    $
    (3,059
    )
    
    $
    45,192
    
    
    $
    (13,311
    )
 (8) Related Party Transactions
    (9) Impairment of Oil and Gas Properties
   7




---



##### Table of Contents



(10) New Accounting Standards
 Fair Value Measurements and Disclosures (Topic 820
  (11) Fair Value Measurements
  Fair Value Measurements at September 30, 2010 Using:Quoted Prices in
    
    
    SignificantActive Markets
    
    
    Other
    
    
    Significantfor Identical
    
    
    Observable
    
    
    Unobservable(in thousands)
    
    TotalCarrying Value
    
    
    Assets(Level 1)
    
    
    Inputs(Level 2)
    
    
    Inputs(Level 3)Derivative assets:Oil and natural gas commodity contracts
    
    $
    2,105
    
    
    $
    
    
    
    $
    2,105
    
    
    $
    Derivative liabilities:Oil and natural gas commodity contracts
    
    $
    (38,905
    )
    
    $
    
    
    
    $
    (38,905
    )
    
    $
    Interest rate swaps
    
    
    (2,118
    )
    
    
    
    
    
    
    (2,118
    )
    
    
    Total deriviative liabilities
    
    $
    (41,023
    )
    
    $
    
    
    
    $
    (41,023
    )
    
    $
    Fair Value Measurements at December 31, 2009 Using:Quoted Prices in
    
    
    SignificantActive Markets
    
    
    Other
    
    
    Significantfor Identical
    
    
    Observable
    
    
    Unobservable(in thousands)
    
    TotalCarrying Value
    
    
    Assets(Level 1)
    
    
    Inputs(Level 2)
    
    
    Inputs(Level 3)Derivative assets:Oil and natural gas commodity contracts
    
    $
    864
    
    
    $
    
    
    
    $
    864
    
    
    $
    Interest rate swaps
    
    
    27
    
    
    
    
    
    
    
    27
    
    
    
    Total deriviative assets
    
    $
    891
    
    
    $
    
    
    
    $
    891
    
    
    $
    Derivative liabilities:Oil and natural gas commodity contracts
    
    $
    (85,593
    )
    
    $
    
    
    
    $
    (85,593
    )
    
    $
    Interest rate swaps
    
    
    (2,381
    )
    
    
    
    
    
    
    (2,381
    )
    
    
    Total deriviative liabilities
    
    $
    (87,974
    )
    
    $
    
    
    
    $
    (87,974
    )
    
    $
    
  8




---



##### Table of Contents



(12) Asset Retirement Obligations
  Balance as of December 31, 2009
    
    $
    23,083Accretion expense
    
    
    981Liabilities incurred
    
    
    9Liabilities settled
    
    
    (87
    )Revisions in estimated cash flows
    
    
    Balance as of September 30, 2010
    
    $
    23,986
  (13) Divestitures
    9




---



##### Table of Contents



(14) Debt
     (15) Subsequent Events
   10




---



##### Table of Contents



Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations.
 Forward-Looking Information
   11




---



##### Table of Contents



Results of Operations
  Three months ended September 30,
    
    
    Nine months ended September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009ProductionGas (Mmcf)
    
    
    2,416
    
    
    
    2,941
    
    
    
    7,507
    
    
    
    9,288Oil (Mbbls)
    
    
    69
    
    
    
    83
    
    
    
    205
    
    
    
    246Total production (Mmcfe)
    
    
    2,829
    
    
    
    3,440
    
    
    
    8,739
    
    
    
    10,762Average price (1)Gas (per Mcf)
    
    $
    4.23
    
    
    $
    3.39
    
    
    $
    4.21
    
    
    $
    3.58Oil (per Bbl)
    
    
    70.89
    
    
    
    64.51
    
    
    
    72.23
    
    
    
    52.61Mcfe
    
    
    5.34
    
    
    
    4.46
    
    
    
    5.32
    
    
    
    4.29Average costs (per Mcfe)Production expense
    
    $
    1.79
    
    
    $
    1.49
    
    
    $
    1.72
    
    
    $
    1.52Production taxes
    
    
    0.09
    
    
    
    0.07
    
    
    
    0.10
    
    
    
    0.07Depletion
    
    
    2.44
    
    
    
    2.61
    
    
    
    2.49
    
    
    
    2.61
 (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,
    
    
    Nine months ended June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Gas (per Mcf)
    
    $
    4.50
    
    
    $
    3.70
    
    
    $
    4.79
    
    
    $
    4.19Oil (per Bbl)
    
    
    70.89
    
    
    
    64.51
    
    
    
    72.23
    
    
    
    52.61Mcfe
    
    
    5.57
    
    
    
    4.73
    
    
    
    5.81
    
    
    
    4.81
 Results of Operations  Third Quarters of 2010 and 2009 Compared
 Revenues
      12




---



##### Table of Contents



Costs and Expenses
             13




---



##### Table of Contents



Results of Operations  Nine Months of 2010 and 2009 Compared
 Revenues
     Costs and Expenses
     14




---



##### Table of Contents



15




---



##### Table of Contents



Liquidity and Capital Resources
 Cash Flows
      Capital Expenditures
   Financing and Credit Facilities
   16




---



##### Table of Contents



Item 3.
    
    Quantitative and Qualitative Disclosures About Market Risk
    17




---



##### Table of Contents



.
   Natural Gas Swaps
    
    
    Crude Oil Swaps
    
    
    Natural Gas Basis SwapsNYMEX
    
    
    
    
    
    
    NYMEXPrice per
    
    
    
    
    
    
    Price per
    
    
    
    
    
    
    BasisBbtu
    
    

Mmbtu
    
    
    Mbbls
    
    
    Bbl
    
    
    Bbtu
    
    
    DifferentialQuarter EndingDecember 31, 2010
    
    
    2,234
    
    
    $
    4.31
    
    
    
    44
    
    
    $
    28.77
    
    
    
    1,932
    
    
    $
    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
   18




---



##### Table of Contents



PART II OTHER INFORMATION
 
 Item 1.
    
    Legal Proceedings
  
 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.
  10.1
    
    
    Seventh Amendment to Credit Agreement dated August 25, 2010 (Incorporated by reference from
Exhibit 10.1 to the Belden & Blake Corporation current report on Form 8-K filed with the SEC
on August 26, 2010).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.  19




---



##### Table of Contents



BELDEN & BLAKE CORPORATIONDate: November 12, 2010
    By:

/s/
Mark A. HouserMark A. Houser, Chief Executive Officer(Principal Executive Officer) Date: November 12, 2010
    By:

/s/
James M. VanderhiderJames M. Vanderhider, President,Chief Financial Officer
 (Principal Financial Officer)  20