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Show Page Twelve National Enterprise, March 17, 1976 Merger Benefits Firm Mining Highlights continued from page 10 period of 1974. The big increase was the result of major increases in the price of minerals rights, includes 6,600 which acres from EVERGREEN MINERALS. uranium. ..Dawn Mining, Newmont subsidiary and oper- ator of the Midnite mine, has agreed to spend at least $500,000 within the next two years exploring 25,000 acres of land adjacent to and north of the Midnite mine. Midnite Mines acquired the leases and MASCOT MINES-Operat- ors of the Little Pittsburg mine on Pine Creek have intersected a vein containing milling grade ore. lead-zinc-silv- er GULF RESOURCES-PEN- D OREILLE MINES 80 employ- SILVER--Mark- ees have reached an 18 month agreement with the Steelworkers Union at their Metaline Falls, Washington George Schaefer looks for the price to reach $6 this year. N.Y. warehouse stocks down 3.5 million ozs. in past week to workings. et analyst 82 million ozs. continued from page 2 work with its own properties and to create and sell drilling arrangements, according to the joint proxy statement. In the five months ended Oct. 31, Dietrich reported a net loss of $5,322, equivalent h to less than of a cent per share, on revenues $43,760 compared with a net loss of $10,061, also less than h of a cent a year, on revenues of $17,992 during one-tent- one-tent- the same period a year earlier. In the companys latest fiscal year, ended May 31, the company reported a net loss of $20,563, equivalent to three-tenth- s of a cent a share, on revenues of $96,070. On Oct. 31, Dietrich had two gross wells, or .14 net wells. The net wells consisted of a 1.5 percent interest in an oil well and a 12.5 percent interest in a dry well. It has 39.45 net producing acres and 5,829.61 net nonproducing acres. Domestic, the older of the two companies, was formerly known as Knight and Miller Oil Corp. In its 1975 fiscal year, ended June 30, it had reported a net loss of $769, the equiva- lent of less than a penny a share, on revenues of $135,072, compared with a net loss of $67,962, equivalent to 7 cents a share, on revenues of $133,215 in the preceding fiscal year. During the four months ended Oct. 31, Domestic reported a net loss of $5,277, equivalent to one cent a share, on revenues of $42,270, compared with a net loss of $5,415, also equivalent to one cent a share, on revenues of $41,487 for the same period a year earlier. It has reported net losses for the past five fiscal years, and it stopped selling drilling arrangements in 1973. It used to operate an equipment leasing business through a subsidiary called HKN Inc., but abandoned that business in Everybody's (jot the deep plush carpets, the wood paneliny and the chandeliers. 1974. Domestic had interests in operations in Colorado, Montana, Nebraska, and New Mexico. Its reported production in October was 1,503 barrels of oil and 1.49 million cubic feet of gas. Net proved, developed reserves, according to the proxy statement, were 55,587 barrels of il and 51.45 million cubic feet of gas. None of the officers or directors of Domestic drew any pay during the past fiscal year, the company said, but it reimbursed Brinkerhoff Drilling Co., Inc. for general and administrative services in the amount of $24,420. M.H. Brinkerhoff was president of Domestic and became a director of Dietrich at the time of the merger. The largest stockholder in Domestic, William L. Gunter, also became a director in We give you service. Fast, personal, and at the most reasonable rates. Working with us is a pleasant experience. Were experts in as well as in making First Mortgage dealing with people Loans, FHA, VA and Conventional. You and your buyers will enjoy dealing with us. We put the real in Realtor. We validate your parking. And we also have the deep plush carpets, the wood paneling and the chandeliers. . Come in. Lets get acquainted. - Dietrich when the firms merged. Lombard Mortgage and Thrift Suite 500 Continental Bank Building Salt Lake City,Utah 84101 Telephone First Mortgage Loans FHA, VA and Conventional (801)532-742- 4 LlUJ On the board of the surviving firm from Dietrich are Ray F. Dietrich, president, John H. Larsen, treasurer and a director, and Craig E. Gunter, vice president, secretary and a director. The shareholders in the merged company will have cumulative voting rights that will allow them to cast ballots in an election equal to the number of shares they hold times the number of directors in the company. |
