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Show Page four The National Enterprise, January 2, 2977 Equity Oil Ties Up Twenty Year Gas Contract SALT LAKE CITY Equity Oil Co. (OTC 36.75, 37.75) and Delhi Gas Pipeline Corp. completed a gas contract last week covering the sale of natural gas produced from Equitys Puckett North-Straw- n Detrital field in Pecos County, Texas. The company made the discovery last July. According to Fred Evans, Equity president, the contract provides for a pipeline connection within 90 days and a gas purchase price of $1,975 per million BTU, which is equivalent to $2.33 per thousand cubic feet. The agreement also includes an escalation clause providing for yearly price increases of three cents per million BTU commencing Dec. 1, 1977 and each contract year thereafter. The field discovery well, the No. 2 20-ye- ar drilled 26 miles southeast of Fort Stockton, had a calculated absolute open flow of 33 million cubic feet of gas. a 58 miles The No. 3 Wimberly-Bryanorthwest extension, was completed in September 1976 with an absolute open flow calculated at 28.5 million cubic feet of gas a day. Equity and its partners (Highland Resources Inc., G. W. Brock, Inc., Lario Oil & Gas Co.. McCulloch Oil Corp., George R. Brown and Robert E. Tucker, Jr.) hold sufficient acreage for the drilling of at least three more field development wells, the first of which is expected to be commenced early Wimberly-Bryan- , n. this year, Evans said. Equity holds a 28.33 percent working interest in the field until payout and 18 percent thereafter. DissidentShareholders File Suit Against Sunshine SPOKANE A group if dissident Sunshine Mining (Spokane Stock Exchange, 11.50, 12.00) shareholders planning a proxy contest to secure representation on the companys board filed suit against the company and its chairman in federal district court last week alleging fraud under the federal Securities and Exchange Act. The suit charges that Sunshine executed an employment agreement with Irwin P. Underweiser Sunshinechairman and chief executive officer, under which Underweiser is paid $100,000 annually but isnt required to serve as either chairman or chief executive. Robert L. Manguson, an attorney representing Silver Dollar Mining Co. (SSE 3.70, 4.00), one of the dissident shareholders, said the contract frustrates the right of the plaintiffs and other shareholders of Sunshine. The company must pay whether or not Underweiser is there and its substantial salary. The dissident suit also alleges Under-weiser- s employment agreement hasnt previously been publicly disclosed or filed w ith the Securities and Exchange Commission as required and that Silver Dollar purchased stock in Sunshine without knowing of the agreement. The suit asks the court to rescind the agreement and that Underweiser be ordered to pay the company for damages to be determined by the court. The dissident shareholder group wras formed last month by a private individual named Charles Schwrab, Hecla Mining Co., (SSE 11.20, 12.00) which holds an equity position in Sunshine Mining, and Silver Schwab serves as Dollar Mining Co. chairman of the shareholder committee. Two Wells Completed by Flynn Energy at Mi. Olive Field TULSA, Okla. Flynn Energy Corp. (OTC 6.25. 6.75) announced the completion of two Smackover pay extension wells in the Mt. Olive field in North Louisiana. Don M. Flynn, Flynn Energys president, reported that the J.C. Gresham A-- l in Union Parish, Louisiana, tested 336 barrels of oil and 375,000 cubic feet of gas in 24 hours through a 1264-inc- h choke with flowing tubing pressure of 975 pounds. Perforations were from 10,558 to 10,594 feet. This well, in which Flynn Energy and investors in its private drilling programs own a 12.5 percent working interest, is e located on a tract. 320-acr- The Rex Hightower No. 1 well in Union Parish, Louisiana, tested 239 barrels of oil and 943,000 cubic feet of gas in 24 hours through a choke with flowing tubing pressure of 850 pounds. Perforations were from 10.509 to 10,512 feet. This well, in which Flynn and 1664-inc- h investors in its private drill-ow- n a 12.12 ing programs ri i i i i i i i i i i i i i i i i i i i i i I dividends Progressive Corp., (OTC) 5 cents per share quarterly dividend, payable Feb. 15, to shareholders of record Jan. 25. Last payment was an 8 cent semiannual dividend in November. Multimedia Inc., (OTC 21.75, 22.50) increased quarterly dividend from 10 cents to 12 cents per share. Payable Feb. 15, to shareholders of record Feb. 1. Adolph Coors, (OTC 20.50, 21.00) increased semiannual dividend from 4.5 cents to 5 cents per share. Payable Feb. 15, to shareholders of record Jan. 31. Myers Industries, (OTC 4.375, 4.875) 4 cents quarterly dividend, payable March 1 to shareholders of record Feb. 15. The company previously paid semiannual dividends at the annual rate of 16 cents. 5O O oo o O "5 O about Gold and Silver in the g Learn finance, investment, stocks, o economy, and mining and exploration. 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