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Show The National Enterprise , September 29, 1976 Page three New Pay Zone Tapped in Flynn Energy Completion News Briefs TULSA, Okla. HeallhGarde Corporation (OTC 1.68, 1.98) has received three new contracts, totaling $152,330 for hospital computer systems. The new contracts call for installing cardiopulmonary testing systems at Cook County Hospital, Chicago, and at Geisinger Medical Center, Danville. Penn. A third contract is for a cardiopulmonary testing and a new Health Garde respiratory management system at the Huntington Memorial Hospital. Pasadena, Calif. HealthGarde this month also completed installation of a cardiopulmonary testing system at Maimi Heart Institute, Miami. Fla. G & K Services , Inc. OTC 4.S75, 5.375 has acquired the product rental business and connected assets of Maloney's Dust Control Sendees. Inc. Green Bay, Wis. Annual sales of the newly acquired company are approximately S400, 000. The purchase price wasn 't disclosed. dust-contr- ol Cobc Laboratories, Inc. (OTC 22.00, 23.00) has announced a decision by its board to effect a stock split of the companys common stock. The split is effective to shareholders of record Oct. 29. It will increase the companys outstanding shares to 1.5 million from 996.272. Shareholders of Medicenters of America, Inc. OTC 2,875, 3.375 voted to change the companys name to Merit Corp. The firm did not believe the prior name reflected the scope of the companys operations in light of several recent diversifying moves. I audio-respon- se American Filtrona Corp. OTC 8.375. 8.875 has formed a new operating unit of the company's operations in the Richmond, Va. area. The new company includes production and sale of tobacco filters, writing instruments, and other filter products. These operations accounted for about 75 percent of American Filtrona Corp. 's 1975 sales of $28,843,345. El Dorado International, Inc. (OTC 3.375. 3.875) has completed the acquisition of Revcon, Inc., a Los Angeles based manufacturer of luxury motor homes. The company said negotiations to acquire Sensor Technology, Inc., another Los Angeles company, have been discontinued. El Dorado is a manufacturer of recreational vehicles. Inc. OTC 4.875, 5.375 has completed the Allinger No. I well in Ellis County. Okla. The well flowed at a rate of 1. 632 barrels of oil and 3. 122 million cubic feet of gas a day from the Cottage Grove formation at depths of between 7,310 feet and 7,366 feet. According to the company, two of its drilling partnerships jointly own a 75 percent working interest in the well with the rest held by an individual. May owns 40 percent of the two drilling partnerships. May Petroleum , Logicon, Inc. (OTC 3.375. 3.875) was awarded a $1,644,804 contract by the U.S. Air Force Systems Commands Electronic Systems Division, Hanscom Air Force Base, Mass. The contract is the initial phase of a design and development project of a new North American air surveillance system. Logicon has been named the software engineering support services contractor for the project. Flynn also reported completion of an extension well, the Vera Oden No. 1, in Claiborne Parish. This Hosston sand well flowed 2.3 million cubic feet of gas plus 14 barrels of condensate per day through a 14 inch choke at perforation from 6,170 to 6,182 feet. Flynn Energy and participants in its private drilling programs own a 19.9 percent working interest in this well and the adjacent 1000 acres. Burton Hawks Optimistic About Utah Gas Discovery DENVER Burton Hawks, Inc. (OTC .5625, .75) has found what it believes arc significant shows of natural gas at a second exploratory well seven miles from its recent apparent northeast Utah gas discovery, shareholders at the companys annual meeting were told recently. Bill Hawks, president, said the shows developed while drilling with air between 3,238 and 3,249 feet in the Green River formation at No. 23-- 1 Left Fork Antelope Canyon- Duchesne -Federal, Carterfone Communications Corp. (OTC 2.125, 2.50) has received approval by the British Post Office for use of a touch-ton- e data set within the public switch telephone network in England. Deliveries to the international market arc to begin in October, Carterfone said. perforations at 9,239 to 9,244 feet with flowing tubing pressure of 1,610 p.s.i. Neither zone required stimulation. Flynn Energy Corp. (OTC 4.875, 5.375) has completed two gas wells in North Louisiana, one involving discovery of a new pay zone. Flynn said the Staples No. 1, in Ouachita Parish, originally scheduled as a Cotton Valley "D" sand extension, resulted in a discovery in the Davis sand. The well tested 1 million cubic feet of gas and 32 barrels of condensate per day from the discovery zone through a 1664 inch choke from perforations at 9,675, to 9.685 feet. The Cotton Valley D" Sand was then tested to guage 1.7 million cubic feet of gas plus 51 varrels of condensate per day from policy resulting from the death of George McGee of Casper, partner in the firm's drilling business. Hawks noted that this was partial payment on a $500,000 policy, "made without prejudice to our rights to an additional $122,000 which we're confident we can recover," he said. Sales Down Six month earnings before the extraordinary item were $156,800, or 2.15 cents per share, compared with net earnings of $204,301, or 2.81 cents per share, in the first six months last year. Operating revenues were a record $809,116, compared with $583,624 in the six months a year ago. Oil and gas sales, however, were $388,355, down from $485,940 in the same period last year. Hawks said the decline in oil and gas sales was due to normal decline in production from the company's Lone Pine Field wells. "New gas production went on stream in late Continued on page twelve County, second in the comfive-we- ll pany's exploratory in the south Uinta program Basin. Drilling toward 5, 600-fo- ot continued contract depth. Hawks said the well is seven miles southeast of the firm's No. 15-- 1 Wire Fence Canyon-Federawhich in August flowed gas from two zones of the Green River. Pipe has been set to complete that well. The BurtonHawks-HuskOil Co. joint venture has a 25 percent working interest in both wells and in 60.000 net chcckerboarded acres under 120,000 gross acres earned by drilling the program. In addition, Burton Hawks and Odessa Natural Gas Corp., a participant in the program, jointly own another 20.000 net acres in the area. l, y Confirm Theories of Field "The wells confirm our theory about the stratigraphic-sand on this "We block." Hawks said. a believe also theres possible major gas field in deeper zones and this shallower success will help leverage our position to obtain support for deposition deeper exploration." Hawks told shareholders the company expects record revenues and earnings for fiscal 1976 based on results thus far in the vear. Net earnings for the six months ended June 30 this year were $534,800, or 7 cents per share, including an extraordinary item of $378,000 in proceeds from a life insurance Were Helping Keep Americas Automobiles on the Road expensive and in short supply. So it's important to conserve every possible drop of this precious fuel. That's where we come in! Gasoline is We insulate petroleum storage and transport facilities to help prevent heat loss caused by high temperatures. Insulation of pipe lines and storage tanks makes them safer too! We re also involved in insulation projects to help protect petroleum products from extreme temperatures on the other end of the scale. We have insulated instruments for the newly developing oil program in the North Sea where temperatures reach 50 degrees -- F There are many ways to conserve gasoline. Driving at slower speeds and keeping your automobile tuned up are a couple of them. This is how you can help. Insulation of petroleum facilities is another way. And that's the business were're in. SALT LAKE HOUSTON |