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Show Amicor Notes Record Sales and Net Income ATLANTA, Ga.,C.E. Ten- and chief executive officer of nesson, Jr., president Amicor, Inc (OTC 3.50, 3.875) announced today that sales and net income for the first three months of 1976 exceeded the levels achieved during any previous first quarter period. The corporation's sales dur- the ing period were $21,422,000, an increase of 6 percent sales over of $20,164,000 for the similar period of 1975. Net income for the period was up 27 percent to $1,1 83,000 or $.23 per share compared with $932,000, or $.19 per share for the first three months of 1975. In commenting upon the operating results for the period, Mr. Tennesson said the improvement in operating results over those of the first quarter of 1975 resulted from a strong performance by both Dyna Technology, Inc.,, and Therma Technology, Inc., and a significant improvement in the operations of Southern Gulf Utilities, Inc. The improvements in sales and earnings for the period were achieved despite extensive general strikes in Italy, which adversely affected the operations of Italicor, Incor- porated throughout the entire first three months of 1976. These strikes, which are entirely beyond our control, reduced the operating effectiveness of our Italian subsiapproximately 50 percent. We anticipate that the magnitude of these strikes will diminish during the second quarter and that Italicor should be able to resume normal operations by middiary Geans like a white tornado. by year, UTAH WELL COMPLETIONS FALL BEHIND LAST TEAR TOTAL Tennesson Mr. miles west of Pineview, about a mile northeast of At Pineview field, American Quasar Petroleum Oil and gas companies have completed 55 wells in Utah so reports the No. 3 Union Pacific well is at a depth of 10,300 far this year. Up to June 1, 1975, operators had drilled 90 feet. The well has flowed oil at the rate of 124 barrels per hour wells in the state. Exploratory well drilling (wildcats) this year on initial testfc In Duchesne County, Burton Hawks Inc., Casper, number 19 compared to the 33 wells drilled this time last year. Currently, 17 drill rigs are active in Utah, down from the 21 received approval from the Division of Oil, Gas & Mining, to drill five exploratory tests generally located about 15 miles active at this time last year. Carlton Stowe, staff minerals specialist, Utah Geological south of the town of Duchesne. The wells arc scheduled to & Mineral Survey, notes the statistical counts compiled from depths of 3,800 to 7,000 feet in the Wasatch formation. Petroleum Information Corporation reports and from the Association of Drilling Contractor Hughes rig studies. Active rigs working in the Rocky Mountain Region NEW DRILLING SCHEDULED IN SOUTHEASTERN UTAH states at present number 170 compared to the 221 rigs at work a year ago. Two new wells are scheduled to be drilled in San Juan Meanwhile, drilling activity in Utah is primarily focused in County of southeastern Utah. Skellv Oil, Casper, Wyoming, the vicinity of Coalville - Pineview and the general overthrust reports it will drill the No. 1 North Ismay well about three and belt region in northern Utah's Summit County. In the extreme a half miles north of the e oil field southeast of northern portion of the county, Utahs depth record well is Monticello. The projected 6,200 foot test well is in the o state line. nearing the 21,000 foot mark. CIG Exploration Company of Montezuma Canyon vicinity near the 1 miles of a About half and north and northeast No. Cook three Denver reports it is drilling at 20,980 feet at the (C), less than a mile from the Wyoming state line and three production in the Aneth field, Dyco Petroleum, Tulsa, will a 6,190 foot dry hole at No. 2 Cahone Mesa. It was miles east of the Bridger Lake oil field. The company says it abandoned in 1962 by Mountain Fuel Supply after tests plans to drill the well to at least 21,500 feet for possible testing revealed slight oil and gas shows. of the Madison formation. Utahs previous depth record was In other around the state, Stowe reports that a set last year by Phillips Petroleum at the 20,450 foot test well new well is to activity be drilled in the Peters Point area east of Price drilled in Sanpete County. and northeast of Sunnyside. Reserve Oil & Gas, Denver, will is well to be new Stowe says a significant drill the No. 13 Unit, a projected 2,000 foot test of the Wasatch exploratory drilled by Colorado Energetics Inc., and Impel Corporation, formation. In Garfield County, Tenneco Oil Company is both of Denver, on the Overthrust Belt in Summit County. The continuing to develop the Upper Valley field southwest of 17-test well companies have scheduled a 16,500 foot test of the Weber Escalante. The company has scheduled the No. 13-to feet. to about 7,100 3 Coal Weber go (Pennsylvanian formation), the No. Company, Coalville. reported. Italicor has not been adversely affected to any significant extent by the continuing decline in the value of the Italian lira, since payments for its products and services are, for the most part, in currenty other than the lira, he added. Mr. Tennesson also stated that shareholders' equity at the close of the period was $19,032,000, an increase of $5,966,000 over $13,066,000 at the end of March, 1975. Working capital at the close of the period was $17,292,000, an increase of $11,146,000 over $6,146,000 at the end of March. 1975. Mr. Tennesson further stated that at this time, all indicators point to 1976 as another excellent year for the corporation. Market Value of Nations Stock Is Up According estimates Securities to preliminary released by the and Exchange Commission, the market value of all outstanding corporate stock in the U.S. was $816.3 billion on Dec. 31, 1975. A year earlier, the market value of total stock outstanding was $608.9 billion. Eleven major institutional groups held $328.2 billion or 40.2 percent of the total stock outstanding on that date. The previous year, their stockholdings were $245.4 billion or 40.3 percent of the total stock outstanding. 11 3-- Tool-Independe- nt Ismay-Flodin- Utah-Colorad- re-wo- rk X Oil & Gas News |