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Show The National Enterprise, September 1, 1976 Page twelve Record Revenue at Patton Continued from page ten Earnings per share for the two comparable periods were 29 cents in fiscal 1975 and 60 cents in fiscal 1976. Contributing to the record year in fiscal 1976 was the 27 increase in oil and gas revenues to $810,758 in 1976, from $636,241 in 1975. For the full year, Pattons net oil production totalled 44,687 barrels of oil, down 4 from 46,593 barrels in 1975, however, natural gas production in 1976 to 425 rose 77 million cubic feet from 240 million cubic feet in 1975. Patton currently has interests in 45 gross (27.35 net) oil wells and 10 gross (3.669 net) gas wells in the state of Kansas. Harold W. Patton, president, told shareholders at the Premier Resources Posts Revenues firms annual meeting that the company's DE-- 7 drilling program had been finalized. The $500,000 drilling program will drill seven oil and gas tests on five different leases in Kiowa, Edwards, Comanche, and Ellsworth Counties in south central Kansas. Patton will retain an approximate 50 working interest in the program. DENVER, Colo Record breaking oil and gas sales for the third quarter and nine months ended June 30, 1976 were reported by Denver-base- d Premier Resources, Lt. (OTC 1.125, 1.375), formerly Zoller & Danneberg, Inc. For the nine months, oil and gas sales rose to $1,770,- - ninfe MaaMefr fam? 119, an increase of 27 from the $1,393,419 recorded during the comparable period in 1975. Third quarter sales rose to $627,453 compared to $500,148 from the like 1975 period. Kenneth I. Danneberg, president and chairman of the independent oil and gas exploration firm, said preliminary figures for July and August show a continuation of increases in monthly oil and gas sales, attributable primarily to new revenues from gas sales in Canada. Danneberg said the increased oil and gas sales boosted nine months revenues to $1,906,437, up from Net $1,643,012 in 1975. income for the 1976 nine months was $320,652, or $.08 per share compared to $43,608 or $.01 per share in 1975. For the third quarter, net income was $133,748, or $.03 per share on revenues of $659,363 compared to the 1975 net income of $55,687, or $.01 per share on revenues of $625,391. Working capital derived from operations for the nine months increased to $827,937 versus $563,973 in the 1975 period and increased to third quarter, $330,583 for-thversus $271,127 in the like 1975 period. e Uranium Reserves Evaluated COLORADO SPRINGS, For further information please call James Barrett , Chairman. Area Code 208 356-422- 9. CO-- A report issued by the national Uranium Resource Evaluation program (NURE) states that properties held by GeoSurveys Inc (OTC 2.00, 2.75) and Polaris Resources Inc. (OTC .35, 4.0) in west central Utah contain substantial potential uranium resources in the $30 maximum cost category. The $30 maximum cost category is an expression in 1975 dollars of the estimated total operating and capital costs in dollars per pound of U308 to produce marketable concentrate from these resources. To date, GeoSurveys said it has carried on no independent explorations and is not aware of any assured reserves on the property. GeoSurveys said extensive exploration must be performed to evaluate the commercial potential, if First Lombard Corporation Investment Bankers SaltJLake City Idaho Falls The any, of the property. company is seeking external financing to establish a coventure exploration program anticipated to begin early this fall. GeoSurveys is the managing partner in the joint venture with Polaris concerning this program. Together, they hold 10,000 acres. I t A ti |