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Show Page ten The National Enterprise , February 2, 1977 Commonwealth Western Monument Decline Energys Earnings Makes Acquisition of between and N.M. share the first half of percent 75 LOVINGTON, SPOKANE In a move to further diversify the company, directors of Commonwealth Western Corporation (OTC .375, ,50) last week announced the acquisition of Pace Inc. and its subsidiary of Henderson, Ky. Pace is engaged in engineering, construction, consulting, and related fields in Louisianna, Illinois, Indiana, Tennessee, and Kentucky. Combur Inc., its fully owned subsidiary, operates as a masonry contractor and labor for various general contractors in the area. sub-contract- William or L. Campbell, Commonwealth of president Western said Pace had earned revenues for fiscal 1976 of $1,658,000 and net Conincome of $45,800. tracts in progress, he said, totalled $279,000 at year end, including such projects as the Mt. Vernon terminal building, Padco Hospital addition, and the Peabody Mine No. 11 . Commonwealth Western Corp. exchanged 800,000 of its unissued shares for all the outstanding The stock of Pace Inc. number of shares outstanding at present, including the Pace transaction, total 3.2 million, of which 875,000 are free trading. Earlier this month, Commonwealth Western acquired a 3 percent carried interest in a gas well, producing 600,000 cubic feet of gas a day, in Riche County, Va. The gas sells for $1.50 In MCF, Campbell said. addition, the company ac- Monument Energy Corp. (OTC) chairman Winford Carlile said last week the firms lower revenues and decreased earnings could be attributed primarily to two factors: costs associated with becoming an company and a temporary lull in petroleum drilling w hich slowed its field service companies to an activity rate SEC-reporti- ng 85 in the first half of the current fiscal year. Winford reported revenues for the six months ended Oct. 31, 1976 were $1,530,367 compared with $1,554,161 in the same period last year. Net income from continuing operations was $92,254, or three cents per share, compared with $172,267 or four cents per in 1975. Extraordinary items added $39,397 or one cent per share to results for the 1976 period, and $176,500 or five cents a share in the year earlier period. Winford added that the service companies are now operating at 100 percent capacity with a backlog of business. quired a one percent gross royalty interest in three producing wells, under a 12 well drilling program, in Wash- ington County, Ohio. The wells produce 100 barrels of oil and 700,000 cubic feet of gas a day, he said. The company is cur- rently negotiating a drilling program on its 200 unpatented uranium claims in Emery County, Utah, Campbell added. Augment your income with our organization (without leaving yours). Oil & Gas News Seven Well Drilling Program Announced Amoco Production will drill seven new exploratory test wells, ranging from projeced depth of 5,000 to 12,000 feet, in the Overthrust Belt region of northern Utah's Summit and Rich Counties. Amocos new drilling, according to Carlton Stowe, spokesman for the Department of Natural Resources, State of Utah, is centered in the Coalville vicinity and just west of the Wyoming state line near Wasatch. Quintana Production Company of Houston, who just recently announced a location in a remote area of Summit County for a scheduled 11,500 foot test, will drill a second well in the area, said Stowe. Amoco will drill two wells just northwest of the American Quasar Petroleum's No. 35-- 1 UPRR (seciton 35, township 2N, range 6E) which was completed a few weeks ago pumping 100 barrels of oil per day from the Twin Creek formation at 11,308 to 11,385 feet. Amocos wells will be in section 15 and 29. They are eight and a half miles southeast of Coalville. One well will be drilled six miles west and the other 11 miles northeast of the town. One is in sec. 3, T.2n., R. 4E., and the other in sec. 7, T. 3n., R. 7E. The three Rich County wildcats in the Wasatch vicinity are 18 to 24 miles north of the Pineview field. Closest drilling in this area is about 10 miles to the south where Anschutz Oil is drilling at an unreported depth at the No. 28-- 1 Anschutz Ranch, about 10 miles northeast of Upton. Quintana Petroleum's second test well is just southwest of the first scheduled last week. They are 14 miles northeast of Pineview field, about four miles south of the Wyoming Alpha Group Ltd. is a newly formed national marketing network dealing in OTC financial PR advertising. We are currently selecting regional representatives who can-- in a few hours a month-augm- ent their current annual income by as much as $10,000. If you are a savvy, PR oriented broker, you can work with us while making your regular corporate contacts. Our proposition is solid, lucrative, and worth your investigation. Im Ryan 6 Poulton . Call me collect at (801) Youll find the details attractive. 533-055- state line. Energetics Company, Fuelco and Impel are drilling below 10,700 feet at their No. 13-- 3 Corporation Weber Coal Company well on the outskirts of Coalville. The operators earlier in the week ran intermediate casing to a depth of 10,663 feet in the Twin Creek formation. The well is scheduled to at least 16,500 feet to test the Weber formation (Pennsylvanian age) for possible oil and gas. It is being drilled on acreage owned by United Park City Mines. Colorado Utah's Oil & Gas Drilling Activity At High Pace The number of active oil and gas drilling rigs in Utah is currently at 29, the highest count registered in several months, Stowre added. According to Hughes Tool Company and the Independent Association of Drilling Contractors in its weekly census, rigs at work in Utah increased by three over a week ago and by five over those at work a month ago. This time last year, Utah only had 19 active rigs drilling in the state. fPtifl aop Salt Lake City Denver qjD. . |