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Show The National Enterprise, September 1, 1976 McMoran Page nine Surety, Dean Witter Mull Merger Completes Gas Well SALT LAKE Dean Witter Organization and Surety Financial Corporation (OTC 3.75, DALLAS McMoran Ex- 4.125) announced last week ploration (OTC 10.625, 11.00) the possibility of Dean Witter has completed a discovery gas acquiring Surety Financial for well on its state tract 849-- in approximately $8 million of the Gulf of Mexico, 15 miles Dean Witter stock. Discussions contemplate east of Corpous Christi and offshore Neuces County, the exchange of .35 of a share of Dean Witter common stock Texas. The well was completed for each share of the 1,623,439 in the frio sand and flowed at a presently outstanding shares rate of 2.4 million cubic feet of of common stock of Surety Financial or the issurance by gas and 28 barrels of condenDean Witter of a total of sate a day during a 568,200 shares. Completion of test on a 1464 inch opening. The company said the test was the transaction would be subof a completed through perfora- ject to the execution tions 9,640 to 9,646 feet deep. merger agreement and to the McMoran said two other approval of the boards of wells were drilled on the tract directors of the two companearlier this year but werent ies, the Utah Insurance Commissioner and other appropcompleted. McMoran Exploration riate regulatory authorities. owns a 24.9 percent interest in Stockholders of Surety Financthe wells and in the 9,145 acre ial will be asked to vote on the lease block. Other interests merger at a special meeting are Transco Exploration with this fall. As of June 30, 1976, 21.5 percent, H. W. Bass & Sons Inc. with 12.5 percent, Surety Financial had $41 milCentura Inc. with 12.5 percent lion in assets and a book value and others with 28.6 percent. per share of $4.45. At that S two-ho- holding company whose principal subsidiary is Deal Witter & Co., Incorporated, San Francisco based national securities brokerage and investment banking firm. For the fiscal year ended Aug. 31, 1975, Dean Witter reported net income of $12,306,000, or offices located throughout the $2.94 per share. For the nine country as well as continuation months ended May 30, 1976, of the sales of Suretys present the company reported earn- policies through its existing ings of $10,270,000 or $2.45 organization of over 300 salesmen. per share. L. James Ellsworth would Discussions of the merger have included the developcontinue as president and ment of a marketing plan for chief executive officer of the sale of Surety Life insur- Surety Life and would be ance products through the elected to the board of Dean system of 130 Dean Witter Witter Organization. ur Billings Marks Groundbreaking PROVO,. Utah Billings is being financed by an Energy Research Corporation $800,000 municipal bond. (OTC 6.125, 6.625) officially broke ground last Tuesday for its new two story, 32,000 square foot facility at 1800 South State in Provo. Security Brokers, Dealers, Corporate Officials, Attorneys. hand for sweaty palms A helping Law Seminars Overseas Juristics Securities Airways Notes Losses Complete, current, concise seminars covering the field of Securities Law, you learn at your leisure from experts. Listen and learn while you commute to the office, while you have lunch, in the evenings as you relax at home. The building will house 32 administrative office units, 10 research labs, a 6,000 square foot electrolyzer manufacturing area, and inventory space. In addition, one of the few existing buildings on the property will be remodeled to house a new hydride manufacturing facility. president Company NEW YORK Overseas said E. the Roger Billings National Airways (OTC 3.25, $500,000 facility should be 4.00) reported operating revcompleted by December. enues of $39,232,000 for the Billings is the first to six months ended June 30, establish themselves in the 1976 and a net loss of e Billings Technology $3,572,000. This compares Park. The company also plans with 1975 six month operating to construct a hydrogen farm revenues of $38,931,000 and project in which an entire farm net income of $824,000. house, tractor, equipment, Included in the 1976 and irrigation system will be results is a net gain of approxwith polcompletely powered imately $3,885,000 representlution free hydrogen. ing insurance proceeds from Plans to include a hydro- the loss of a 0 aircraft one-ha38 to in January, 1976. Included in gen village of one acre home sites are also the 1975 results is a net gain of on the agenda. Billings $1,037,000 resulting from the all or have to Energy hopes disposition of flight equiphomes of these running ment. part on hydrogen within two years. For the second quarter of Billings himself plans to build 1976, ONA reported revenues a home in the Park and of $23,825,000 and a net loss expects it to be completed by of $2,821,000 compared with years end with conversion to net income of $1,686,000 from hydrogen taking an additional revenues of $23,281,000 in the three to four months. second quarter of 1975 which Research Billings Energy included a net gain of from the property purchased $1,037,000 resulting from the Brigham Young University disposition of flight earlier this year. The project 388-acr- DC-10-3- lf time. Surety Life had $913 million of insurance in force. Dean Witter Organization Inc., is a financial services help you avoid problems under securities regulations. They're education on tape to protect you and your clients. Cassette Seminars in handsome album with compendium 12 the small investment of only $1 00.00. Any one of the could save you many times its modest cost. All for 1 2 JURISTICS Send for your Juristics Securities Law Seminars now. Juristics Inc. 233 Parker, Suite 101 P.O. Box 11126 San Francisco, California 94101 Please send me the Juristics 1 2 Cassette Seminar on Securities Law. My check for $100.00 is enclosed. Name. Street Address. State. City Charge my Bankamericard Account Number Signature Master Charge Expiration Date. Zip. sessions |