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Show Page eleven The National Enterprise , August 4, 1976 Utah Mineral Valuations Increase Total assessed valuation of Utah's mineral properties rose slightly to $501,433,798 in in 1976 from $493,052,022 1975. In 1974, valuation was Industry, Kennecott Copper Corporation paid $1,588,003 from its Utah Copper mine properties. In second place, Rio Algom Corporation's occupation tax on its Libson Uranium properties amounted to $83,279 and Chief Consolidated Mining Company paid $69,848 from the Burgin property. The increase in total , assessed at $370,961,570. Mining property valuation has decreased from last year's $298.6 million, however, to a total of $226,863,332 largely due to a loss of some $46 million recorded in net proceeds by Kennecott property valuation even though the decrease was felt Copper Corporation. in the mining industry, yet Valuations on oil and gas to offset by the increase in the oil climbed though and gas industry, is the third $234,570,466 from last year's straight year assessements $194,433,301. In comparison, have increased. oil and gas property valuation in 1974 was $84.2 million. In a statistical 'Study of records from the Mineral Property Division, State Tax . Cpmmission, Carlton Stowe, Mineral Information Specialist, Utah Geological & Mineral Survey, reports an overall decrease of some $43.4 million was recorded in the 1976 valuation of mines as com- pared to the 1975 state-wid- e valuation. Jenex Elects Directors COLVILLE, Wash. Share- holders at the annual meeting of Jenex Gold! Corporation (OTC .05, .06) elected as Directors: James Ij. Mine occupation tax Brousseau, Thomas W. John assessed in the 1976 tax year and Norman A. amb. Later j ! was $8,571,686 with the largest: made on oil and gas properties of $6,613,121. Shell Oil Company paid the highest amount - $1,119,231 from its Altamont field. Chevron Oil paid $767,803 from its Bluebell properties and followed in third place by Texaco Inc.s payment of $745,015 from the Greater Aneth area. In the Mining . Callahan Mining to Purchase Block of Shares from KRM Callahan Mining Corporation (NYSE) will purchase 400,000 shares of the DENVER according to Robert $.08 per share from $91 ,000 or $.07 per share in the 1975 second quarter. Earnings for A. Kadane, president of KRM. The Denver company this common stock of Denver-base-d week announced improved KRM Petroleum Corpearnings on higher oil and gas oration, (OTC 2.25, 2.625) at a sales for the second quarter price of $2,375 per share, and the first half ended June according to an agreement in 30. Along with the pending principal between the two transaction with Callahan Mining, Kadane said a $1.5 companies. million revolving line of credit Callahan Mining Corpor- is enabling the company to ation is involved in the mining its exploratory drilling of silver, exploration for other expand activity. precious and base metals, oil Earnings for the second and gas exploration, princiquarter rose to $107,000 or pally in the Canadian Arctic Islands where it has substantial gas holdings and the manufacture of several lines of industrial products. Callahan will own approximately 23 percent of KRM's then outstanding, shares after CASPER, Wyo. Bronco of the Oil & Gas Company (OTC .17, purchase. completion The agreement gives Callahan .20) has announced an agreethe .option to purchase an ment in principal with third additional 150,000 KRM parties in the industry for a shares at a price of $2.75 per nine well drilling program in share during a three year the Rocky Mountain region. period commencing from the Three exploratory and one date of the agreement. development well are to be The equity placement will drilled in the Powder River Basin, two exploratory and provide KRM with $950,000 cash upon completion of the one development well in the transaction in early August, Big Horn Basin, one develop i elected as officers are Norman A. Lamb, president, Thomas W. John, and James E. Brousseau, secretary-trvice-preside- nt, easurer. Thomas W. John, the newly elected and director, is the exploration manager and chief geologist for Uranex Corp., Reno, Nevada, a uranium exploration and development company. vice-preside- nt MFG Successful in Closing Drilling Fund ; ' . f i MIDLAND, Texas ' MGF 76-Ltd., is now being sold, Oil Corp. (OTC 4.50, 5.00) has with closing anticipated by announced the successful clos- July 30. If fully subscribed, Ltd., the amount raised will be ing of its MGF 76-drilling fund, with limited $5,517,000, plus MGFs genpartners subscriptions of eral partner commitment of $6,483,000, including MGF's approximately $876,000. The subscription of $175,000 as a company filed with the Securlimited partner. In addition, ities and Exchange Commission to offer $12 million in MGF has committed approximately $1,029,653 as general limited partnership participations this year. partner. A second fund, MGF Assuming the $12 million is raised, and including comMGF's additional 15 mitment as general partner, the total capital for this year's combined programs will be approximately $13.9 million. By way of comparison, ment well in the Wind River. reimbursed for acreage costs. noted MGF president R. O. Twiford said drilling (Jack) Major, the total capital Basin, and one development would begin first in the of last years combined drilwell in Weld County, Colo. Well depths will range Powder River Basin in the ling programs was $8.2 million, of which approximately from 3,700 feet to 10,300 feet latter part of August dependaccording to Bronco president ing upon drill rig availability. $6.6 million was subscribed by Bronco will open an office public investors. Forest Twiford. Total drilling For its investment as in Denver to be managed by cost of the program is estiJohn Head who was formerly general and limited partner in mated at $1.2 million. As operator, Bronco will employed by Jones and Pellow the 1976 programs, MGF will earn a management fee and a Oil Company of Okalahoma receive approximately 32 of 10 percent carried interest to City, Okla. partnership oil and. gas revenues. the tanks. Bronco will also be the 1976 first half also increased to $197,000 or $.15 per share from $167,000 or $.13 per share during the first half of 1 975 . Revenues during the second quarter rose to $383,000 from $318,000 during the period a year ago, Kadane reported. Revenues for the first half totalled $746,000 he said, against $631,000 in revenues at midyear in 1975. B, A, Bronco Plans Nine Well Program . |