OCR Text |
Show The Motional Enterprise . March 16, 1977 Pane three Dynapac Will Spawn Subsidiary to Fund Coal, Solar Research SALT LAKE New Uinta Basin Wildcat Scheduled Pineview Pipeline Operating A new exploratory test well is scheduled in the Uinta Basin, more than 30 miles southwest of Vernal, according to Carlton Stowe, minerals specialist. Department of Natural Resources. The remote test will be drilled by Mapco Inc., Billings, at the No. State, about a mile southwest of the Island field just southwest of Ouray. The Island field produces oil and gas from the Wasatch and Mesaverde formation. Mapco will drill the new well to at least 8,070 feet. Several new wells are to be drilled in the Clay Basin area of Daggett County. Mountain Fuel Resources will drill 10 wells in the field scheduled to depths of between 5,800 and 6,100 feet. Other wells to be drilled shortly include a new test in the Gravel Pile field near Cisco and three Texaco wells in the Aneth vicinity. 11-16- E The Division of State lands. Department of Natural Resources will hold an oil and gas lease sale by sealed bid this month. Lands offered include 19 tracts located in Emery, Grand, San Juan, Millard, Iron, Uintah, Duchesne and Washington Counties. The sale will be sealed-bi- d with bids to be opened on March 28 at the Land Office. A complete offering of acreage involved can be received from the State land Office, State Capitol. Pineview field. Summit County, has produced a total of 780,867 barrels of oil and 712,356,000 cubic feet of gas according to records of the Division of Oil, Gas and Mining. Currently, the daily producing rate is about 12,000 barrels. American Quasar Petroleum operates a Gas Plant facility at the field which increases processing capacity of gas produced at Pineview to more than 10 million cubic feet daily. Amoco Production is operator of a six inch pipeline which is currently handling about 11,000 barrels per day but will handle additional amounts by the end of this month. The pipeline has a potential capacity to move more than 20,000 barrels of oil daily from the new producing area. The line pipeline turns crude oil into the operators eight-inc- h (VVamsuttcr to Salt Lake City) about four miles west of Evanston, Wyoming. Oil is delivered to Salt Lake City for refining by Amoco, Phillips Petroleum, Caribou Four Corners and Western Crude Oil. The pipeline cost approximately $1.5 million. Amoco has been paying the Wyoming Sweet crude price of $11.75 per barrel for the oil, making daily gross production value of oil from Pineview about $141,000. The chairman of Dynapac, Inc. (OTC .20. .30) said the Salt Lake City manufacturer of coal stoves and furnaces plans to create a privately held subsidiary under the corporate name of Stoker-mati- c to raise capital for coal and solar furnace research. The new Stokermatic corporation, which, will become Dynapac's heating division, will be owned by one of four private groups mow' negotiating with Dynapac, chairman John Margetts said. Margetts said the company, (also producers of boats, flare launchers and electrical gear boxes), has spent over $50,000 since January 1977 on coal and solar heater research. To continue such sizeable expenditures, Margetts said, the company will need additional funding which the new subsidiary will provide, if and when the Utah Secretary of State's office will allow Dynapac to use the Stokermatic name. According to Margetts. Dynapac has full rights to the name since Rheem Manufacturing Co. bought out the Stokermatic company in 1944 and Dynapac bought out Rheem in 1950. The name of Stokermatic is already well established, the chairman said, but may be considered generic by the Secretary of State's office, in which case Dynapac will not be allowed to use the name. Besides a means of raising money for research, the Stokermatic name will do much for Dynapacs sales, Margetts opined, because the name is already reput able in the coal stove dustry. in- Margetts claims the demand for coal stoves has increased tremendously since the recent escalation of natural gas prices. The immediate demand is for home coal furnaces, he claims, but industrial furnaces will become popular in a few years. He predicts that coal fired and solar furnaces will someday replace gas furnaces in the majority of U.S. homes, but a major conversion to coal is still years away. Low natural gas prices held coal furnace production below- its productive capacity and coal furnace companies have been forced, until now-- , to emphasize other facets of business. Most large furnace companies abandoned - production of coal-fire- d stoves and furnaces in the 1950s when natural gas became a more than equitable replacement for coal, he said. Dynapac, whose business consists mainly of the sale of gear boxes used to turn electrical neon signs, sold over 750 coal stoves in early 1977. The company has another 25 orders for 115,000 BTU coal stoves and is also marketing a 200,000 BTU coal furnace. For 1977, Margetts said the company will sell between 3,000 and 5,000 coal heaters and furnaces. Dynapac is working on a 50,000 BTU furnace for a mobile home manufacturer and may sell 500 of the furnaces to a national hardware outlet if Dynapac can sell the furnace for $400 or less. Dynapac, who agreed to purchase 35 percent ownership of Management Business Machines in November, has temporarily halted negotiations with MBM. Dynapac agreed to pay MBM, a privately owned corporation in the development of microprocessor based data handling systems, approximately $100,000 for the 35 percent ownership. Margetts said the purchase has been temporarily put aside, but declined to be more specific. The chairman did say MBM had five orders for $55,000 micro computers. The computers are designed to handle all the billing, inventory and associated operations of a pharmacy. Dynapac was hopeful that the micro computer would smooth out the companys erratic sales curve which is subject to seasonal sales of boats and flare launcher contracts of the U.S. and Israeli governments. But Margetts said he is hopeful the increased ded mand for stoves will and furnaces do much to e calm the company's fluctuating sales. coal-fire- hcre-to-for- OGG Buys Property CHICAGO-OG- G Corp. (OTC .01, .03) said last wreek it had purchased an onyx deposit in Inyo County, Calif. President of OGG, George Oldziewski, declined to say how much the company paid for the property. OGG plans to mine the ore for sale to stone wholesalers and the decorative market. semi-precio- us This acquisition, said, adds to the East Morning Star Mine in B.C. Canada, which already has made two shipments to the smelter, and real estate The the company holds. company plans to seek funding to ship additional gold ores to the smelter from the East Morning Star Mine in Oldziew-sk- i 1977, the president added. Strategic Med Talks of Sale yo Covered With over 1600 stock quotations, news articles, earnings reports, corporate profiles, market columns and feature stories, the National Enterprise covers the OTC securities market from coast to coast. behind closed doors of We make it our business to know what's going on in the industry--froWe'll laws and regulations. keep you posted on the corporate board rooms to changing securities latest developments and abreast of current trends. m The National Enterprise gives your investments the kind of coverage they deserve. Please send me a one-yea- r subscription to the National Enterprise. Enclosed is $24.00. Mail NAME ADDRESS CITY. STATE zip LAKE CITY Strategic Medical Research Inc., (OTC 1.25, 1.375) is negotiating with other comSALT to: THE NATIONAL ENTERPRISE P.O. BOX 11778 SALT LAKE CITY, UTAH 84147 panies, including major pharmaceutical firms, concerning possible agreements on the licensing or sale of Strategic Medicals new drug developments. According to Frank Nelson, president of Strategic Medical, no agreements have been finalized. The company declined to be more specific about the negotiations. |