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Show Page ten The National Enterprise , March 9, 1977 Ashland Will Buy AntaresOil DENVER Antares Oil Corporation (OTC .29, .34) announced initial completion results on two OHara Limestone discovery wells drilled in Hopkins County, western. Kentucky in early January. The Roy Tippet No. 1 located approximately three miles south of the town of Hanson, Kentucky was completed for an initial potential of 70 barrels of oil per day during 24 hour pump tests of 8 the OHara Lime, The feet, Antares said. Tippet No. 1 is approximately two miles from present OHara oil production in 3062-306- the Antioch Church Field,' according to Hal Porter, president. Anatres, through Limited its Antares 76-A Partnership, owns a 15.6 percent net working interest in the discovery and 322 acre Antioch prospect. Antares Wineburger discovery was poten-tialle- d pumping 85 barrels of oil per day from the O'Hara feet accordLime, 2974-298- 0 Antares, ing to Porter. through its Antares 76-partnership, owns a 12.4 percent net working interest in the discovery and 312 acre Manitou prospect, situated about 8 miles west of the town of Madison, Kentucky. Both new fields, according to Porter, will be actively developed beginning in about 30 Ashland Oil is the days. purchaser of oil from both No. 1 A Midwest Hospital Orders HealthGarde Computer System LAKE CITY HealthGarde Corp. (OTC .88, 1.06) has received a $30,200 contract for a computerized pulmonary function testing system from Lafayette Memorial Hospital in Lafayette, Indiana. Receipt of the contract wras announced last week by John D. Barrett, vice presi SALT dent of the medical computer firm. Delivery is scheduled for early April. The CPT-- 3 system ordered by Lafayette Memorial consists of a computer, a television-lik- e terminal, and d The printer. CPT-3 connects HealthGarde to laboratory instruments high-spee- which analyze the workings of the lungs and the chemical composition of blood. The complex readings, calculations and reports are completed quickly and automatically, speeding test results to the physician and minimizing the delay between testing and start of treatment. wells. Lakeshore Mine Losses Plague Heel a Mining WALLACE, Idaho Hecla Mining Company (SSE 13.25, 14.00) last week reported a consolidated net loss for the year 1976 of $5,438,215 or 79 cents per share as compared to net income of $5,953,699 or 87 cents per share for the year 1975. The consolidated net loss for the fourth quarter of 1976 was $2,760,960 or 40 cents per share, as compared to a restated net loss of $1,549,045 or 23 cents per share for the third quarter of 1976. Net income for the fourth quarter of 1975 was $997,671 or 15 cents per share. Hecla president W. H. Love said the principal reason for the loss in the fourth quarter and for the year 1976 was the companys interest in the continued e operating losses of the one-ha- lf Lake-shor- Mine. The loss attributable to Lakeshore during the fourth quarter was which includes amortization and depreciation of $1,058,000 and interest on bank loans of $1,046,000. The Lakeshore Mine, a 50-5- 0 partnership with El Paso Natural Gas Company, was placed on an $3,615,000 operational status for accounting purposes as of April 1, 1976, and operating results from that time forward, including current interest costs, are reflected in the companys regular income accounts. Hecla's share of net loss from the Lakeshore operation from April 1, 1976 through year end was $10,244,733 including amortization and depreciation of $3,136,000 and interest expense of $3,040,296. Love said losses contin- ued to be experienced by the Sunshine Unit Area due to a labor strike which commenced March 11, 1976. Heclas net loss from this operation for the year 1976 was $335,000 or 5 cents per share, compared to net income for the year 1975 of $1,649,000 or 24 cents per share. The companys earnings were also adversely affected Love said, by its equity in the owned net loss of 35.4 Granduc Mines, Limited, for the year 1976 of $406,400 or 6 cents per share, compared to an equity in net loss of $782,200 or 11 cents per share for the year 1975. ISE Stock Index Doubles 1975s Prices mounted at the Intermountain Stock Exchange during February, resulting in a price index twice as high as that recorded during the same month last year and seven percent higher than the index re- corded for the previous month. According to Ernest Muth, Exchange president, Februarys ISE price index was 56.839, w'hile Januarys was 52.774. He said the price rise reflected demand for stock in companies related to energy and the Tintic Mining District. Muth reported 261 shares were traded during down from February, 381 ,550 in January. Value of shares was lower, with $63,949 traded during February and $80,041 in Corporate Reporting for Less For thirty-on- e years Lorraine Press has been printing annual reports for government and businesses throughout the U.S. That experience and expertise can be yours. us Preliminary printing specifications for lowest cost, fastest method of printing. Complete service from original rough draft through finish printed material. ask us phone (801) 972-562- 6 IGRRAIN 1952 west 1500south salt bke city, Utah 84104 |