Salt Lake Tribune | 1918-08-18 | Page 36 | Elk Basin Rejects Offer for Control

ELK BASIN REJECTS OFFER FOR CONTROL The tnanaje.tient of tl.e Elk Flssin Lm;ed Oil .-ompany, v iih holdings in o'l fields of Montana. Wyoming and Kansas, Kan-sas, yesterday issued a staterr.e-nt setiing out that a syndicate of eastern capitalists capi-talists had offered to purchase all of the ! unissued treasury stock of the company, provided it would give v. .cm the comro! It Is further stated that the offer was rejected and that the companv is now working on a plan whereby the present shareholders mav absorb the halanc-' of the stock under a guarantee of dividends. divi-dends. The management reports that well No ". is now being drilled and Is dov n more than 500 teet, with a heavy flow of ?as having been encountered at 345 feet This well, which Is on the Garnet. Kan., holdings, hold-ings, is expected to reach tha oil-producing sands at S00 feet.