OCR Text |
Show The National Enterprise , January 12, 1977 Page eleven Amarco Continues Expansion with Recent Texas Acquisition Amarco Resources Corporation (OTC .03. .06) has acquired substantially all of the operating assets of Bills Well Service, of Crane, Texas, for an undisclosed amount of cash and notes. Bill's Well Service, with operations mainly in the Early in fiscal 1976 Amarco acquired Westdale Corporaoil tion, a Fort Worth-base- d field service firm with three work-ovrigs and 12 employees. "The acquisition is a major step for Amarco because it more than doubles our current size without any Texas, has seven work-ove- r rigs and 35 employees. R. Brooks Reed, Amarco He holders. Reed said. predicts Amarco should have overSl million in revenues for the fiscal year ending DALLAS Permian Basin of west president, said the acquisition of Bills Well Service is part of the companys continued expansion into the oil field service business. er dilution for our stock- June 30, 1977, with a sub- stantial increase in earnings over the previous year. Tejas Nets $2 Million from Warrants Conversion CORPUS CHRISTI, Texas Tejas Gas Corp. (OTC 9.50, 10.00) said that 211,345 of its warrants to purchase common stock at $9.50 per share were exercised before the Dec. 31, 1976 expiration deadline. The remianing 118,555 warrants expired. Conversion of the warrants resulted in net proceeds to the company of President $2,007,777.50. Wallace C. Sparkman said the funds have been added to s. UTAH DRILLING ACTIVITY OFF TO A GOOD START Widely scattered oil and gas drilling throughout Utah currently reflects a continuing interest in areas of the state a where no oil or gas production has been established, and renewed interest in development of some of the older oil and gas producing provinces. Oil and gas industry drilling, producing and exploration activities should maintain a steady pace during 1977 says Carlton Stowe, minerals specialist, Utah Geological and Mineral Survey. 117 wells Although drilling was down in 1976 several areas of compared with 1975s 198 wells in Utah the state look attractive for work during the coming months. Hughes Tool and the Independent Association of Drilling Contractors report 26 active rotary rigs in Utah presently, four more working than at this time a year ago. Most active area in Utah is within the geological province known as the Overthrust Belt extending north from Coalville through the Bear Lake region and on through Idaho, Wyoming and western Montana. Several significant test wells in this northeastern section of Utah could easily determine the extent of future drilling in the vicinity for 1 Lynn many months to come. The Amoco Production No. mile North of west a Reese well, just getting underway about h wrest of oil Logan, is more than 60 miles production in the Ryckman Creek field, Uinta County, Wyoming. The Logan exploratory test will be drilled to at least 9,500 feet. Just southwest of Randolph, American Quasar Petrolat its eum is drilling at a very critical depth... 10,700 feet projected 11,000 foot test No. 1 Hoffman. And, about four miles southwest of Woodruff, American Quasar is drilling below 8,300 feet at its scheduled 12,500 foot test well, the No. 23-- 1 Putnam. The operator has also scheduled a new well, the No. 2&-- 1 Hogback Ridge about 13 miles north of American Quasar is drilling three wells in Randolph. Pineview field, some 70 miles to the south, is completing two additional apparent producers while three other wells are being drilled in the vicinity by Champlin Petroleum and Anschutz Corporation. At least four rotary rigs and possibly five, will be kept active throughout the year in the general wrest-nort- Pineview vicinity. Elsewhere in Utah, the western portion of Tooele, Juab, Millard, Beaver, and Iron counties are expected to share in oil and gas drilling activity this year. The counties have experienced extensive oil and gas leasing, particulary on federal lands recently. About 20 miles south of Nephi an exploratory well has begun which is to go to deep possible oil or gas bearing Mississippian formation estimated at 18,000 feet. Dixel Resources is drilling below 2,000 feet at the well, About 14 miles to the northeast the No. 1 Gunnison-State- . Hanson Oil will drill the No. 1A-- Moroni to at least 20,000 feet into the Navajo formation. In Emery County, about a mile and a half west of the town of Ferron, Fossil Petroleum ran production casing to 7,745 feet and will move-i- n completion tools to test for possible production at the No. 2 Ferron Creek well. Production at Ferron field is gas from about 7,000 feet. Oil production was earlier established in the field but has since depleted. Four additional exploratory' wells ranging from objectives of 6,800 feet to below 8,000 feet are scheduled to be drilled in Emery County. In Carbon County, two wells are currently active. Reserve Oil & Gas Companys No. 13 Peters Point is below 3,750 feet. The Peters Point area is about 30 miles northeast of Price. At Farnham Dome field, Equity Oil is testing a Mounds, at a total depth of possible producer the No. 3,146 feet. The Uinta Basin region of Duchesne and Uintah counties have several test w ells in progress scattered over a wide area of Altamont, Bluebell, Cedar Rim, Roosevelt, Wonsits Valley and Natural Buttes. Tests are in progress at tw o wells south of Duchesne by Burton-Hawk- s Inc., in the Antelope Canyon area. Eight exploratory tests are on drilling reports in Uintah County, south of Ouray, south and southeast of Vernal. Development work in Grand and San Juan counties is wells are particulary heavy at this time. Several Bar-X, in Westwatcr, being drilled and completed Harley and Wash in fields Salt the Grand Dome, Cisco. Agate Extensive is County. development drilling underway by Texaco Inc., Superior Oil, and Continental Oil in the Greater Aneth field in southeastern San Juan County. X 3-- A in-fie- ld working capital and will be used primarily for continued expansion of the company. As a result of the warrant conversions, Tejas now has 1,194,667 shares of common stock outstanding. Tejas, an energy mar- keting and transportation firm, is involved in natural gas gathering, fuel oil transportation, oil and gas exploration and development and marine transportation of petroleum products. OIL & GAS NEWS |