Show 15 MILLION 5 MERGER IN WYOMING IS EFFECTED Elk Basin and Gr Grass Creek Petroleum and Keoughan Keoughan- Hurst Drilling Driling Continue A merger of ot three Wyoming oil 01 compani com com- pani panIcs Elk Elk Basin a ln Petroleum Grass Creek Petroleum an and l the he I Hurst Drilling company has company companY ha has been successfully suc suc- negotiated and a new corporation corpora corpora- corora- corora tion ton organized with a capitalization of or Temporarily operations will wl be conducted con con- conducted ducted as the Elk EIt Basin Petroleum company company com corn pany and the authorized capitalization of ot that corporation will wi be increased te to tl 6 Later name pf the company will win be changed o to one ono of ot more general appl application aton to be hereafter determined I The new corporation will wi have ha outstanding outstanding outstanding out out- standing in stock to cover the three companies entering the combination combination tion Uon leaving for t future ture sion It I will wi start out with in cash and invested in drilling equipment The holdings s of ot the n new w company w will include acres of pt leases in Oklahoma Okla- Okla Okla Okia- h homa ma Texas Wyoming Louisiana Colorado Colo Cob rado rido and New Mexico and valuable holdings in the tho United States anI of ot Columbia Columbia Colum Colum- bia hia and Old Mexico Earnings of the tha company as 39 at present estimated areat are areat aref at t the rate of O annually I and Od f l PO gI g this ls estimate est should be d doubled during u the ensuing year Dividends it I is announced will wil be started at the rate of ot 10 per cent per pe annum on a par value vaile of ot 5 5 The he he basis bala o of exchange for stock of or the new corporation stocks stock pf or the const constituent con con- st ueTt companies will wm be pr la later r an- an an an- Th The three companies forming the merger two now in the dividend paying class cass will VI continue their activities along planned Jnes lines although under r ape ope general general genral gen gen- eral ral management |