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Show The National Enterprise . March 23, 1977 A ' Nest Egg for Old Aae ' . - i'- - . - ' '.? T urning on the Gas ' y v- - M ; - y i &' . Should Turn the &'&. if - V'. Red Ink Off M - ' ' . inniio; " - ' , v Card, who headquartered the American arm of the byDeanAlsup Enterprise Staff Writer A Canadian-America- n mining company that has never made a dime since its inception in 1969, has received its first royalty check from Willard Pease Drilling Co., (OTC 4.50, 4.875) Grand Junction, Colo., and vows that 1977 will be a profitable year, for sure. Ironically, Spanallen Mining Ltd. (OTC .40, .50) has held working interests and overriding royalties (25 and 10 percent respectively) on some sizeable Utah gas properties for a couple of years. But it took pressure from a U.S. senator and a natural gas shortage that iced even Washington D.C. to breech the federal red tape and get the gas (from Southern Utah's Cisco Springs area) turned on. Or so the story goes, as told by Spanallen president Eldin Card who declined to name the senator. Card is well regarded by officials of Willard Pease (who does most of the drilling work in the Cisco Springs region) and held in equally-hig- h esteem by the corporate brass at Northwest Pipeline (who buys all the gas produced by Willard Pease). Why then is a highly regarded company like Spanallen with attractive interests in some 4,000 Utah oil and gas acres, continually operating in the red, and whos going to believe the president of said company when he says 1977 will not be like the lean years, 1969 well-manage- d, through 1976? - - - 'Ns, i v: L " "J&F- , .x f Vancouver, B.C. company in Provo in 1973, explains away the eight losing years by saying that those were the investing years, these are the dividending years. Over the past years. Card has been developing and buying property, acquiring leases and securing contracts that will yield profits long into his old age. Card is tenant in common with the Spanallen company on at least two gas wells and one oil well in the Cisco Spring area. The 10 percent royalty is split equally there. Other assets held by the company include small royalties in some 100 jade mines in British Columbia, some uranium properties in southern Utah and some antimony properties in Utahs Sevier County. Brokers at Brown Securities in Provo, who are trading the stock, seem confident that the companys gas royalties will make the difference this year between winning and losing, and they seem equally confident in Card's management abilities. As one broker put it, Theres little to the Spanallen company besides Card. Brown is not making a market in Spanallen, probably because the company has yet to record a profitable year. One broker there calls Spanallen a sleeper and says the brokerage firm will become a market maker when Cards profit predictions begin turning into dollars. And he believes that will happen this year. 1 yi JaiTies TaIcottf!nc., uwiuy a prime source of funds and know-ho- MF-- '.i J w : ' - . s AS , . s s ' f '' '.Xf . , . . ' A ' v. ' i. ' A,? S' v M iw. V' .tf l'A", v'iA A y, S. f. A ' ' , , Sjw s.- i'V- v. - Without Bother. - "t .. ' ' '' ... ' V'f'f f No monthly trips for increases -and renewals. No fatherly, dont grow so f ast s. No costly compensating balances. y i ,.rv f J" i ' . For tomorrows growth, inquire today. ' v. .. ...,v X s V. ' v f f. 50 Cents Per Copy Subscriptions S24 00 per year The National enterprise is published weekly by the National Enterprise Publish11771, Pioneer Station, ing Company, bit, 500 Continental lank lldg, P.0, 6 Salt lake Gty, Utah 14147. (SOI) lei 533-055- Second Class Postage Pmd r. Salt lake Cty. Utah 'tv- 801,531-730- 3 . R. George Gregersen 9(X) Kcnnecott Bldg Salt Lake City, Utah 84111 Publisher Alene E. Bentley Editor loan correspondents for tv' Dean A sup, Mary McMillan Gaber, Jo Schneider Staff Writers Kristopher R. Passey Advertising Manager Peter Harrison Production Manager '' . f S.s'S'i.'i- I |