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Show National Enterprise, May 5, 1976 Page Two BurtonHawks Sales KRM Notes Gains; High Drilling at Exceed $1 Million CASPER, Wyo. Burton Hawks, Inc. (OTC .50, .6875) earn a net 60,000. acres on a e checkerdividend, board basis, in the Uinta Basin in northeast Utah. Hawks said BurtonHawks is farming out a portion of its interest to cover its share of the drilling costs. Drilling is scheduled to start by June 1, he said. Hawks said the Burton 640-acr- reported net earnings of $287,378 or 4 cents a share on revenues of ended $1,233,957 for the year December 31, 1975, compared with earnings of $335,390 or 4.4 cents a share on revenues of $955,764 a year earlier. Oil and gas sales and royalty income exceeded the million dollar mark for the first operating Hawks-Husk- y Oil Company 50 perowned joint venture, cent by BurtonHawks, has acquired 1,216 net acres in the Cedar Rim oil and gas field in time, the company said, reaching 3-Ye- ar $1,008,371 compared with $775,149 the .northeast Utah. The undrilled year before. acreage, he said, has estimaEarnings last year were ted proved undeveloped reduced by a one time writereserves of 3,125 barrels of oil off of $112,165 in loans to two per acre or 3.8 million barrels of the companys limited partnet to the ventures interest. ' Hawks said the company did not which have . nerships sufficient assets to satisfy the is attempting to find an invesdebts. Lease abandonment . tor to drill the acreage, reim' costs off $38,320 and a $26,566 bursing the venture its acquian to sition cost and earning a half contribution employees stock ownership plan initiated interest in the acreage. After in December also reduced paying, out of production, earnings last year. Earnings acquisition costs and costs for Hawks said, the previous year benefited three wells, of could realize from a tax loss carryforward the venture $29,646, the firm said. approximately. 380 net barrels Commenting on recent . of oil per day production and developments, Bill Hawks, estimated reserves of 1.5 mil-- , lion net barrels of oil." president, said BurtonHawks Gas Natural and Odessa BurtonHawks recently Corp. five drill to are Odessa, Tex., acquired oil and gas leases, exploratory wells, at a total overriding royalty and mineral estimated cost of $800,000, to interests along the Disturbed Belt in southwest Wyoming and northeast Utah, Hawks three new oil producers completed during the second said. He said the interests, quarter and seven gas wells Lincoln in Uinta and in Utah, primarily currently shut-i- n counties, Wyoming and SumTexas, and Colorado which mit County, Utah, could be will be on production during K.R.M. Petroleum Corporaimportant to the company, tion, (OTC 1.625, 2.00) who the summer. because of thickness of pays K.R.M.s drilling activity announced revenues and net found in discoveries in the three-yea- r high and is earnings increased 16 and 18 is at a area to date. respectively over last likely to continue at record BurtonHawks also percent levels during the rest of the year. recently acquired a 20 percent Net earnings for the first year according to Kadane. interest in 215 acres in Evanstotalled $90,000 or K.R.M. participated in the quarter recent of site the ton, activity $.07 wells during per share on revenues of drilling of eight ProducAmoco sparked by $364,000 according to Bob the first quarter, completing tion's well in the area. Kadane, president, compared five as commercial producers with earnings of $76,000 or he added, and will drill or Hawks also reported that on revenues of participate in the drilling of six BurtonHawks has completed $.06 per share the first quar- wildcats and six development a gas well in Kingfisher $313,000 during wells during the second ter of 1975. Recently-enacte- d County, Oklahoma, with an quarter. estimated absolute open flow crude oil price The company is now barrel a $1.50 caused per potential of 5 million cubic feet revenue reduction on approxi- heavily involved in the deveof gas per day. The well, he 85 percent of K.R.M.s lopment of natural gas reserve said, produces from tw'o zones mately in the Rockies, Kadane noted, effective Febthe Red Fork sand, which is oil production 1, Kadane said, but he and the bulk of the companys productive in offset wells, and ruary second quarter development the Chester limestone, a new explained that improved profitability and slight increases wells will be drilled in Utah pay for the area. in oil and gas output offset the and in the Pieance Basin of western Colorado. The producer, Hawks revenue loss. K.R.M. Petroleum CorK.R.M.s revenues and e said, is on a lease, poration will hold its annual sufficient to drill another earnings are expected to on a comparmeeting of shareholders on development well. The Burton tinue to improve 11 at 2:00 p.m. in the Hawks-Husk- y joint venture ative basis during the May owns a 100 percent working remainder of the year, Kadane Forum Room, United Bank of interest before payout, con- predicted, with the benefit of Denver. vertible to a 75 percent interest after payout. oil had only a price negligible effect on financial results during the first quarter ended March 31, according to DENVER, roll-bac- Col-Cr- ude ks . , roll-bac- ks 320-acr- THE NATIONAL Shareholders Approve Split ; Rex Montis into Production samples taken from the vein holders voting at the annual revealed values ranging from meeting of Rex Montis Silver 88.77 to 5.24 ounces of silver Company (OTC .02, .05) in per ton and .74 to .155 ounces Salt Lake Saturday, approved of gold per ton. Assays of bulk a referendum to reverse split samples of ore from the Potosi the companys common stock No. 1 vein, crosscut at a depth 25 to 1. The stock split of 420 feet in 1974, revealed reduced the number of out- - values ranging from 173 to standing shares of the Rex 14.56 ounces of silver per ton Montis from 121,068,060 to and .74 to .113 ounces of gold 4,867,203. per ton. The two veins would President of the company David W. Weston, told share- - yield, if removed to the the past year marked face over a length of 1,500 the successful conclusion of feet, a potential unproven the first phase of manage- reserve of 1,732,500 tons of ments master plan of Ex- ore, Weston said. Additional ploration and Development. The company now moves into Phase 2 of Ore Production and Precious Metals ExtracSALT LAKE CITY-Sto- ck- . sur-holde- rs I Th National Enterprise is published weekly by the National Enterprise Publishing Company, Inc, 500 Continental Bank Bldg., P.0. Ben 11778, Pioneer Station, Sail lake Gty, Utah 84147. (SOI) 6 tunneling of 800 feet would crosscut six additional1 major veins, increasing the potential unproven by tonnages 7,295,625 tons of ore. With new mechanized equipment to be purchased by the company, Weston predicts the additional tunneling can be 35 Cents a Copy Subscriptions 18 per year S33-0SS- Second Class Postage Paid R. , City, Utah m Salt Lake George Gregersen Publisher Alone E. Bentley Editor accom- plished in one year. For the year ended Dec 31, 1975, Rex Montis reported a net loss of $17,870 or $.00015 per share on revenues of $18,988. For the previous year the company recorded a net loss of $5,102 or $.000047 on revenues of $3,932. Ryan B. Poulton Business Manager Mary McMillan Gabor Staff Reporter Cydi Johansson Circulation Manager . tion. Rex Montis. will finance production and extraction operations with a $500,000 three-yea- r loan from Bucherer and Partner AG, a Swiss company. In consideration of this loan, Weston said, Rex Montis has committed 100 percent of its gold production for a specified number of year to the Swiss firm. Weston said exploration work during the past year at the Rex Montis mine in California had exposed mineralization in a 14 foot wide vein at a depth of 750 feet. Drifting on the vein exposed significant amounts of ore, he said, with some high grade ore stockpiled. Assays of composites Offering components for complete SOLAR ENERGY HOMES Swimming Pool Heating Systems Home Heating Systems Water Purification Systems . ibk in.. . ir pdi ;tii in 'if cfo 40 qu uiitstlii 1911 |