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Show National Enterprise ; May 19 1976 Page Two Brock Completes Wildcat Well NEW ORLEANS, Exploration Corporation 1.00, 1.1875) announced (OTC that it has completed a wildcat well drilled in St. James Parish, Louisiana as a gas and Four condensate discovery. La.-Br- ock four industry investors and has leases covering over 600 acres. Further development is planned and it is expected that the first development well, the Hawtorne No. 2 will be spudded in the next few months. Brock's industry partners are separate hydrocarbon-bearin- g zones were logged and cored South Louisiana Production in the well, which was drilled Company, Inc. of Lafayette, to a total depth of 11,821 feet, Louisiana, and Strata Energy, plugged back to 11,351 feet Pend Oreille and MacPet, all and completed in the Discor-bi- s of Houston, Texas. J Sand through perforaBrock Exploration Corand tions between 11,314 poration together with its limited partners holds a 25 feet. 11,330 Three other hydrocarbon oil and one bearing zones-t- wo gascondensate zone have not been tested. The Discor-bi- s J" Sand tested 3,028,000 cubic feet of gas and 85 barrels of condensate (54.4 SOUTH EL MONTE, Cal. degrees API gravity) per day Resurgence in consumer choke with a demand at the retail level on a 1064-inc- h flowing tubing pressure of helped spark sales and earnShut-i- n 3,320 PSI. tubing ings by Joni Blair of California, Inc. (OTC 2.00, 2.75) for pressure was 4,000 PSI. well-tNo. he The wildcat the three months ended 1 Hawthorne-w- as a drilled on March 31, 1976, reports Norsouth on man Blau, chairman and prelocated the prospect flank of the LaPice Dome, sident. Blau reveals net profits approximately 50 miles west for the March quarter of New Orleans. Completion in the Discorbis J Sands of amounted to $98,000 or 14 LaPice represents a 34-mil- e cents a share as compared with a loss of $183,000 or 24 extension from known production in this reservoir. cents a share for the same 1975 period. Sales rose to $4.9 Brock Exploration Corporation and its limited million for the latest quarter partners drilled the well with as against $4.0 million a year percent working interest in the well. The Company holds a 2.5 percent participation in the limited partnerships 25 percent working interest which, after payout, will escalate to 27 percent of the 25 percent working interest. An oil and gas exploration and-a-ha- lf and production company, Brock has oil and gas interests in 14 states and two provinces in Canada with primary domestic activities in Louisiana and the Rocky Mountain region. Joni Blair Recovers Losses ago, representing a 21 percent increase. the nine months ended March 31, 1976, net profits amounted to $90,000 or 13 cents a share versus a loss of $151, 000 or 20 cents a share for the year-ag- o period. Nine month sales, at $11.3 million, were 7 percent ahead of the $10.5 million for the first three quarters of the 1975 fiscal year. Joni Blair is a designer and manufacturer of moderately priced womens dresses and sportswear for discount, chain and department stores. For Browning Results Not Up to Snuff First MORGAN, Utah quarter results were not quite up to expectations, said Directors of Browning (OTC 4.50, 5.00) in releasing the three month figures. Sales for the period were closely comparable with those of last year. Had it not been for an undercosting error of approximately $150,000 during the first quarter of 1975, corrected in May 1975, earning would too be more comparable. Earnings for the quarter amounted to $449,000 or .29 per share on revenues of For the same $13,136,000. period in 1975, revenues of $13,075,000 yielded (corrected) earnings of $457,000 or .34 a share. Directors blamed untimely delivery schedules from their Belgian sporting arms suppliers for the depressed sales. Unfillable orders in hand caused by inventory shortages in all product lines were approximately $10,000,000 as of March 31. At the firms annual meeting held in Morgan last week, Harmon G. Williams, president, forecast increased sales for the balance of 1976. Already, he activity is up said, 7 order and-a-ha- lf percent over last year. The financial picture at said Browning is healthy, Williams. The company has reduced its past due accounts receivable by 35 percent. Prices are still somewhat of a competitive handicap, he added, but indications from the Belgian suppliers point to less drastic increases this year. Reorganization plans within management have been nearly Such fully implemented. changes are expected to increase operational ciency. Williams had no further information concerning indictments brought against Browning and its former president for alleged violation of Federal Customs Laws. John Val Browning resigned April 9. Stockholders reelected to the Board: Arthur E. Ben- ning, Bruce W. Browning, Val A. Browning, Willard L. Eccles, E. Hugh Ford, Robert T. Heines, J. Richard Howlett and Harmon G. Williams. Represented in person or proxy was 69.05 percent of the shares outstanding. THE NATIONAL Delhi Intl Hosts Meeting Subscriptions lhi DALLAS, Oil International Corporation (OTC 3.875, 4.25) held its annual meeting of stockholders in Dallas last week. At the Tex-De- meeting the stockholders elected the following Board of Directors for the ensuing year: John D. Murchison, W.C. Smith, Edward A. Clark, Frank W. Denius, Melvin H. Gertz, Norman C. Miller, Stanley A. Milner, and James L. Sewell. John D. Murchison presided over the meeting as Chairman. Norman C. Miller, president, announed that the Company's net income for the first quarter of 1976 was $152,000 compared to $73,000 for the first quarter of 1975 and stated this was the fifth consecutive profitable quarter for the pleted soon and stated that the Companys gas sales will be substantially increased at such time as gas deliveries to the Sydney market begin. Total gas volumes to be delivered to both the Sydney and Adelaide markets are contractually scheduled to increase annually up to 500 million cubic feet per day by 1983. Delhis portion of these gas sales is approximately 18 percent. The invitation extended to Dow Chemical Company by the Australian government for. Dow to reassess the possibilities of their establishing a petrochemical complex in South Australia which would utilize a portion of the Companys hydrocarbon liquid reserves as feedstock was discussed by Higginbotham. 1 8 per year 35 Cents Enterprise is published weekly by the Natianal Enterprise Publishbit, 500 Continental Bank Bldg., P.0. Box 11771, Pioneer Station, Salt lake City, Utah B4147. (801)533-055- 6 ing Company, Second Class Postage Paid n Salt Lake City, Utah It George Grogeroan Publisher Alone E. Bentley Editor Mery McMillan Gabor Terry Swanger Stall Reporters Ryan I. Poolton Advertising Manager Pater Harrison Operations Manager t Doris Wardle Circulation Manager Company. Miller also discussed the improving financial condition of the company over the five and the year period 1971-7- 5 impact this improvement has had on the company. Three near-terobjectives of management as outlined by Miller were to continue to improve the financial fundamentals of the company and the economics of gas sales in Australia and to develop marketing arrangements for the companys liquid hydrocarbon reserves in Australia. George T. Higginbotham, Vice President of Operations, announced that the gas pipeline to Sydney will be com m Offering components for complete SOLAR ENERGY HOMES DISTRIBUTION CENTERS NEEDED FOR a Copy The National He further stated that Dow is conducting separate discussions with the producer companies and the Australian government. Higginbotham advised of the participation by Blue Crown Petroleums Ltd. in the drilling of a confirmation well to a recent significant gas discovery in the foothills region of Western Alberta. Blue Crown Petroleums Ltd. is a 44.52 percent controlled affiliate of Delhi. Swimming Pool Heating Systems Home Heating Systems Water Purification Systems effi- |