Salt Lake Tribune | 1918-02-08 | Page 10 | Kansas Law Affects Mason Oil Company

KANSAS LAW AFFECTS I MASON OIL COMPANY j One of Most Noticeable Features Is Low Capitalization With Which Firm Is Incorporated. i The effect of the Kansas blue-sky laws on the operations of oil companies active ! within that state is reflected to a certain cer-tain extent in the capitalization and the literature of the Mason Oil &, Gas company, com-pany, which has established an agency in Salt Lake under the management of Y. H. Squires. One of the most noticeable! features is the low capitalization of the company, a? compared with similar con- c.-r;,s organized in other parts of the i : country. j The Kansas law provides that no com- panv snail fix the par value of its stock below $1 a share and that no share of t he stork be sold below par value. The Mason company, therefore, has been capitalized capi-talized for $lj5.tK0. divided in 173, 'XK shares. The company controls S55 acres and now has thirty-three producing wells, the majority of which were producing when the company was organized last fail. ' S;rice the organization, however, the Ma-' Ma-' son has brought in eight wells and has an annual production which is reported to yield an income of $36,000. Development work during the past two months has been out of the question because be-cause of the severe weather experienced throughout the midcontinent fields. On about 500 acres of the property controlled by the Mason company it has been proven that a second producing sand exists. Most of the wells now producing were brought in around TOO feet, but work has oeen be-g.m be-g.m driving to the deeper- sands.