Show I it V i Delhi Taylor Delhi Taylor and Three States Stags Stat s Join For Forces es in Merger Merge Following a Q board of directors meeting of Taylor Delhi Oil Cor Cor- Oration on Friday Jan 20 and of Three States N Natural tural Gas Co on Monday Jan 23 James 1 L. L Sewell and William It H. Hudson respective presidents president of the two companies made the following point announcement The accepted yardsticks which were to be used In the proposed purchase of assets of Three States by Taylor have been applied by nath nationally known appraisal firms since receipt of the Taylor Delhi Taylor offer by Three States last Oct 16 f In the considered Judgment of ot the principal exec executives and their boards of ot directors the related related re re- hated appraisals are arc fair and equitable equitable equi equi- table to nil all stockholders of both concerned in m and with this transaction Accordingly on January Mr Sewell transmitted to Three e eStates States an on exchange offer of of Three States shares for each one share of Taylor Delhi-Taylor stock This offer was approved by the Taylor Delhi Board Briard On January the Board of ot Directors of Three States voted to r recommend commend the terms of the Taylor Delhi proposal to their stockholders on a n basis of the proposed ratio I The Independent appraisals which led to the final ratio formula formula formula for for- mula gave Taylor Delhi a n net asset value of 2632 a n share and Three States a n net asset value of a n share Contingent only upon such final regulatory agency decisions as may be determined by both Delhi and Three Tl ree States as prudent prudent prudent pru pru- dent or desirable an early meeting meetIng meetIng meet- meet Ing of Three States' States stockholders ers ems will be called to approve the recommendations of the Board of Directors Directors' of the Company If approved If Taylor Delhi will Issue shares of Us its stock for the assets of Three States Of this number I will wl be cancelled as they will vIII bs be I ie for Three States stock which Taylor Delhi how holds hold At the conclusion of ot the trans trans- I 1 I action eWon Taylor Delhi will then I have Issued and outstanding 5 99 shares hare i The sale lale of ot Three States pro pro- I J to Delhi Is felt to be i I to both companies It ItIs h Is believed that Three States States' i stockholders will wilt achieve greater I i stability as a result of or the Increased Increased In In- I creased earning power Ow r of ot Delhi DeIhl I as well an an Interest In a n corny com com 1 I Integrated oil operation I including production refining I j jand and the sale of petrochemicals Taylor also Jm has Interests In potash developments In Utah I and substantial undeveloped ac acreage acreage lC- lC holdings In Australia Panama Pan Pan- ama and Guatemala The stockholders of Delhi Delhi- Taylor will benefit from Increased j ed reserves of or crude oil and natural na na- na tural gas Further because of the location of Three States States' producing properties In relation to those of ot Taylor Delhi Delhi DeIhl expects to achieve operating economics economics economics ec ec- of significant magni magnI- tude |