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Show Page Ten National Enterprise , March 24, 1976 Mineral Energy Deliveries BurtonHawks Revamps Drilling Will Triple Production Plans in Wake of Energy Bill DENVER, sales Col-Ini- under attributable to significantly CASPER, Wyo.-- A back- higher depreciation, depletion j0g 0f drilling from 1975 will J keep BurtonHawks Inc. (OTC .50, .625) of Casper drilling at a higher rate this year, accord- ing to Bill Hawks, president. Hawks ' added a rollback of oil and gas. He pointed out jn prjce 0f some crude oil in third the earnings wont have any immediate quarter exceeded those of the effect on the flrm.s activities, entire previous six month The backlog that has said and he the that period, welled over into 1976 is corporation expects that by exploratory drilling planned the end of the fiscal year the during 197S but delayed Untu increased level of oil and gas the drmjng rig belonging to a sales primarily resulting from subsidiary firm could be the higher gas production, readied, should reverse the decline in Hawks said Weve earnings and should provide been doing geophysical work, more favorable earnings com- buying leases and building parisons. prospects. Our rig is opera- In comments to share- - tional now and already drilling holders in the companys nine in the North Park Basin of months report, Julander said Colorado. We it expect to that Energy Minerals Corpor- - busy for some time. keep ation is taking a more aggres- The omnibus energy act, sure posture in regard to signed by President Gerald drilling opportunities. He pord, will affect drilling in noted that the Company has some areas more than others, recently acquired oil and gas Hawks speculated, royalty and working interests Prospects in marginal under 179,000 gross acres in areas with skinny economics Wyoming, Colorado, Mon- - which could have been drilled tana, and Kansas. He said under the free market crude that this purchase will provide price will have to be scheduled the corporation with a royalty for the near term, he or carried interest in 10 to 13 But, explained. wildcats. One wildcat is with good economicsprospects should currently drilling and the continue to be drilled. others are anticipated to be The lower will, drilled within the next nine however, reduce prices or eliminate months. He said the Company a jot 0f secondary recovery or is currently conducting . a remedial work on wells that seismic review program in are near the economical marNorth Dakota and Kansas and gin at prices. will, shortly begin a joint One of the major effects venture exploration program will be a reduction of the in Wyoming. overall amount of risk capital that will be available for drilling. BurtonHawks currently is working on oil and gas prospects in Colorado, Wyoming, Montana, Utah and the Dakotas. It on its own, gas, oil and geothermal and in operates, a joint venture with holdings in Utah and Idaho; Oil Co., more than Husky uranium claims in Wyoming, and silver property in Nevada, 240, 000 net acres under gas tial agreements . expected to result in the delivery of approximately six million cubic feet of new natural gas from 14 corporation wells in Colorados Weld County, have been announced by Energy Minerals Corporation, (OTC .875, 1.00). Weldon Julander, Presi- dent of the Denver-base- d independent oil and gas exploration firm, said the additional gas deliveries will approximately triple Energy Minerals Corporations natural gas production from the current daily rate of three million cubic feet. He added that while ultimate use of the gas will be determined by the purchaser, projected annual deliveries should be sufficient to supply the annual natural gas requirements for about 13,000 Denver area homes. Julander said that Energy Minerals Corporations oil and gas sales for the nine month period ended December 31, 1975, increased 17 percent to a new nine month high of from $1,684,797, up $1,440,557 attained at the end of the first nine months of fiscal 1975. Net earnings for the nine were months or 17 cents per share, on revenues of $1,761,465. This compares with net earnings of $996,766, or 25 cents per share, on revenues of $1,615,620 in the $648,858, comparable nine months pre-rollba- period last year. . Julander noted that most of the decreased earnings is 350,000 gross acres of produc- ing undeveloped oil and gas leases, and geothermal and mining properties. Most of the firms opera- tions are in the Rocky Moun- tain area, but it currently is drilling a 7,300 foot develop- ment well in Kingfisher Oklahoma. It formed a wholly owned subsidiary, BurtonHawks Drilling Co. last year to com- plement its drilling and pro- duction operations, The subsidiary operates an intermediate depth drilling rig and a workover or service unit under two separate continued on page 12 part-Count- Hon do uou coot your raeetilw grocery mil? 0 10-3- odd ck Buy Thru Supreme Food A Subsidiary of Micron Corporation. Micron on the grow 220 East 3900 So. A company New Products Makes Change in Officers OGDEN, Utah--Ne- w Products Corporation (OTC .375, .50) this week announ- ced a change in corporate officers. John B. Tenney of Salt Lake City has been elected as president and a director of the firm. In addition, two Salt Lake City businessmen, Richard W. Clayton and Bill H. Evans, have been elected to the Board of Directors. Clayton has also accepted the of office of secretary-treasure- r New Products In making the announcement, James L. Robertson, Chairman of the Board and Chief Executive Officer said Tenney has a strong, diversified background in corporate finance and sales. Tenney, 36, is a graduate of Brigham . you Covered With over 1600 stock quotations, news articles, earnings reports, corporate profiles, market columns and feature stories, the National Enterprise covers the OTC securities market Young University with a master's degree in business from coast to coast. administration. He was formerly a vice president of May Petroleum, Inc., and a stockbroker with several New York Stock Exchange firms. He was recently elected to membership in Who's Who in the United States for the bicentennial edition. New Products is a Utah corporation with We make it our business to know what's going on in the industry-fro- m behind closed doors of corporate board rooms to changing securities laws and regulations. We'll keep you posted on the latest developments and abreast of current trends. The National Enterprise gives your investments the kind of coverage they deserve. Please send me a one-yea- r subscription to the National Enterprise. Enclosed is $18.00. ADDRESS. I CITY. STATE. ZIP- - Mail to: THE NATIONAL ENTERPRISE P.O. BOX 11778 SALT LAKE CITY, UTAH 84147 y, |