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Show The National Enterprise, October 13, 1976 Kenai Will Move Rigs to Calgary NEW YORK Kenai Drilling Limited (OTC 3.00, 3.375) has announced intentions to move two drilling rigs from its southern Alaskan operations into the Calgary, Alberta area and the formation of a new operating subsidiary. Kenai Drilling of Canada, Ltd., as part of a program to conduct drilling operations in western Canada. At the same time, Kenai president Michael R. Green reported the companys results for the second quarter and six months ended July 31, 1976. Kenai posted breakeven operating results for the second quarter, earning $2,459 on revenues of $2,886,455 In the comparable quarter one year ago, the company earned $227,125 or 16 cents per share, on revenues of $2,761,659. For the recent fiscal first half, Kenai's earnings amounted to $182,917, or 13 cents per share, compared with net income of $421,736 or 30 cents per share in the six month period ended July 31. Revenues for the recent half year totaled 6,204,713, up 22 percent from $5,094,81 1 in the comparable two quarters one year ago. Green attributed the results of the second quarter to continued softness in the southern Alaska and Rocky Mountain markets, where the company maintains seven of its 19 drilling rigs. The three Alaska rigs were idle throughout the recent quarter, and results from our Rocky Mountain operations were poor during the period, offsetting the fine performance turned in by our other two drilling operations in west Texas-NeMexico and central he said. In the face of continued idleness in southern Alaska, Green reported the company is in the process of relocating two of the Alaska rigs to the Calgary, Alberta area, to be operated by its newly formed Kenai Drilling of Canada, Ltd. subsidiary. The third Alaskan drilling rig will for the present remain in southern Alaska. w Cali-form- a, Drilex Gains Wyoming Interest DENVER Drilex Oil & Gas (OTC .12, .15) and its two Discoveries in Tintic District Spark Intermountain Trading by AleneE. Bentley and Mary McMillan Gaber SALT LAKE his own reserved manner, Ernest Muth has been sporting somewhat of a mysterious yet anxious grin the past tt several months. And Copper has been too preoccupied with its findings at the Trixie Mine in the Tintic Mining District to explain Ken-neco- month. Muth reports that both the volume and value of stocks traded has increased considerably over the same period last year. Gaining nearly 52 percent, 227,233 shares traded in September compared with 149,800 during the same month last year. Value of the stocks also increased 41.5 percent to $37,556 from $26,530 for the why. President of the Inter- like period last year. The single biggest gainer mountain Stock Exchange, Muth thinks the outcome of in volume so far this year, Kennecotts exploration pro- Muth said, is Petro Silver with ject could well give the ISE the 361,910 shares trading. shot in the arm it so badly "Probably because of its low needs. Kennecott has found price, he said. (Petro Silver considerable values of gold is quoted this week at .02, and silver on property leased .025). Mammoth, increasing alto them by Chief Consolidated (ISE 1.50, 1.75)and two other most 300 percent, is the largest percentage gainer, exchange listed companies South Standard and Eureka Muth reports, with its price increasing from $1.10 to Standard. $3.25. Better than Dow Jones Tremendous Values And, needless to say, the Stock change has enjoyed the days it has seen in a long even outperforming Dow Jones industrials Intermountain Pol-umb- us 20-ac- re In CITY partners have purchased a 100 percent working interest in the Keyhold Field of Crook County, Wyo. from the Drilex Corporation. owns a one third working interest in the field. The Keyhold property consists of a 640 acre lease on which three producing wells have been drilled on spacing. The field is located on the cast edge of the Powder River Basin about 14 miles northeast of the town of Moorcroft. The producing formation is the Lower Fall Ex- best time the last A spokesman for Chief Consolidated, who is understood to be Leonard Weitz, New York, president of Chief, reported to the Dowr Jones wire service last week that Hence: Muth's elation Kennecott had mined 1,441 about the recent findings and tons of ore on the 750 foot hopes for the return of a bull level of the Trixie Mine having market. "A bull market feeds an average grade of 1.3 enthusiasm and endjess prosounces of gold per ton and 8.7 perity that all speculators like ounces of silver per ton. The to think is their ultimate spokesman said Kennecott doom, he said. For now, Muth expects also reported that the average grade on the 750 foot level is continued dramatic response very good with the primary in the Tintic district stocks values being in gold. Such if Kennecott will only make gold values varied from .10 their findings public. ounces to 30 ounces per ton. "Remember, he said, this Silver is said to range from 2 announcement did not come from Kennecott, but from the to 40 ounces per ton. Why this is Utahs an- financial minded president of Chief Consolidated. swer to the Comstock Lode! Ever hopeful the InterAnd never, Muth said. never has the Comstock Lode mountain Stock Exchange will had these kinds of assays. again enjoy another lusty boom Muth1 would like to see a Exclusive Listing merger of the Spokane Stock Exchange with the ISE. Such a marriage, he believes, would Excluding Chief Consolidated, all the companies with give the listed stocks more property in the Tintic district liqudity, greater depth, and arc listed exclusivly on the wider publicity. Muth Friday said the Intermountain Stock Exchange. (Chief is dually listed exchange had approved for on the Pacific Exchange.) And listing another company called they have all been trading at Excalibur Industries, which is the years high: North Lily, engaged in the natural reDragon, South Standard, source industry. The applicaCrown Point. Mammoth and tion is pending approval of the SEC. Eureka Standard. River (Dakota-Lakot- a) which is encountered at the realtive shallow depth of 550-60- 0 feet. Since there is little natural energy in the reservoir at the shallow depth, Drilex said it believes an effective water flood project should result in approximately 50,000 barrels or more production from the present proven area. But, the company added, the boundaries of the Keyhold Field have not been established and there is a possibility of extending the present known area producing extent with additional drilling. Drilex said it will drill one water source well and two water injection wells along with installation of an injection system immediately. As soon as the pilot water flood is determined to be effective, Drilex and its partners intend to conduct a full scale drilling program to determine the extent of the field and increase the water flooding program. |