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Show The National Enterprise , March 16 , 1977 Page four BESSI Expects to See Gusher of Greenbacks in DENVER Bolstered by a new set of acquisitions and better prospects from a Texas field, Basic Earth Inc. Science Systems (OTC 2.50, 3.00) a gusher in greenexpects (BESSI) backs. Trucking Co., two oilfield service firms headed by H. Ken Keesee. The oilfield already has been drained once and BESSIs project is a secon- of shares outstanding, because of the acquisition of Tanks and Beasley, climbed from but the number If I had taken that, we would have lost the cream of the company, Breuer told 2,616,195 to 3,754,406. Shareholders When the well is completed, the rig will be shifted 100 feet northeast to produce Keesee described the company's new subsidiaries to persons attending the company's annual meeting in Denver recently. the gas. Keesee, who now is a director of BESSI, formerly ran the two subsidiaires. He's been in the business for 25 years and brought the companies from a start to 125 pieces of equipment, ranging from pickup trucks to rig and tank trucks. Last year, he said, the brought in companies $500,000 in sales. This year, with some financial help from BESSI, the company opened a new service terminal in Grand Junction. We expect a good account from Grand Keesee said. Junction," And, he has obtained statewide authority to operate in Texas and plans to open several terminals in that state. Good Reputation The main operations of the company, however, are in the San Juan Basin in New Mexico. We were the first company in there," Keesee said, and we have a good reputation." He also said he expected 10,000 wells will be drilled in the basin in the next five years. Overall, he continued, I is optimistic. outlook the expect sales to triple in the next five years." But, that isn't the only hole BESSI is digging to find its money gusher. The West Cole Field, according to G. W. Breuer, chairman of the company, produces 21 degree gravity crude oil. Back in the days of World War 11 and shortly thereafter, that wasn't a popular oil. Now, it is. Mobil Oil buys all the 21 degree gravity crude it can find to make India ink. It's one of the most desirable crudes in the world, he said. The firm had an offer one time to buy the field for at the meeting ratified the actions taken by the officers and directors during the year. The first well in the field encountered a gas sand at 1,700 feet, he said, with an estimated 340,000 cubic feet a day flow, but the firm is drilling to the Mindando Field to complete the well as a waterflood oil producer. WESTWOOD, Mass.-EPSCIncorporated (OTC 1.125, 1.625) has received a $941,000 contract from the Naval Air Systems Command (NASC) in Washington, D.C. for the production of Signal Data Converters for use in O, year earlier. revenues. dary waterflood recovery program on the West Cole Field in Texas. 77 million in the same period a $50,000, an offer that would still leave BESSI with a 25 percent working interest in the shareholders. The acquisitions are Tanks Inc. and Beasley Navy Awards EPSCO $941 ,000 Contract Extension the Navys P-3- C Anti-Submari- ne Warfare Aircraft. EPSCO designed, developed and manufactured the converters at its West-wooMass, facility and has d. been supplying them to the Navy since 1967. New orders have extended requirements for the converter and its support equipment well beyond 1980. EPSCO is a manufacturer of avionic, marine and microwave equipment, in- cluding data converters, controls, navigation systems, and pulse and cw signal sources. flight already has a pipeline and gathering system in place and will get $2 a thousand cubic feet for the gas. Production from the field currently is classified as stripper production with oil selling at $14 a barrel. BESSI Secondary recovery oil sells at the same price. The firm also is drilling 12th wildcat in a its program in Okmulgee County, Oklahoma. So far, seven of the wells have been producers and four were dry. One of the producers looks like a substantial discovery," Breuer said, and two others look like fairly good sized 15-we- ll discoveries. BESSI has 6 percent interest in a 12,000 foot well drilling in the Bear Creek Field in Bienville Parish, With the potential of the well, he said, even a 6 percent interest represents a handsome investLouisiana. ment. And, the company plans to start a $1 million lease and prospect acquisition program in April in Oklahoma, south Texas and the Rocky Moun- Corporate Reporting for Less For thirty-on- e years Lorraine Press has been printing annual reports for government and businesses throughout the U.S. That experience and expertise can be yours. tains. The money for the pro- jects on which BESSI is involved will be partially supplied by a banking group with which the company has arranged a $4.5 million, loan. Most of that money, however, will be used to pay off the firms $2.9 million in shorter-ter36-mon- th ask us for Preliminary printing specifications for lowest cost, fastest method of printing. m loans. At the end of the 1973 fiscal year, Breuer said, the company had revenues of $40,000 and operating exThat penses of $30,000. income, independent of subsidiaries, now has climbed to $600,000. In the six months ended Sept. 30, the firm reported net income of $541,000, or 14 cents a share, on revenues of $2.68 million, he said, compared with net income of $461,000, or 18 cents a share, on revenues of $1.37 Complete service from original rough draft through finish printed material. ask us phone (801) 972-562- 6 LORE. AIN 1952 west 1500 south salt lake city, Utah 84104 |