Garfield County News | 1955-02-24 | Page 8 | Western May Acquire Excalibur Uranium Co

Western May Acquire Excalibur Uranium Co. Western Development Co. of Santa Fe, oil and gas producer, plans to acquire the Excalibur Uranium Corp. of Utah, William E. Scorah, president, said recently In an interim letter to share-owners. Scorah said the company also would build a mill to produce lead and zinc concentrates near Santa Fe as part of a program to further develop its lead and zinc properties. He reported that shareowners of Excalibur representing sufficient stock to assure completion ot the transaction have accepted Western Development's terms. "If all of the outstanding securities of Excalibur are acquitted, Western Development will pay $50,-COO in cash and issue 62,500 additional shares of Western development stock," he added. Western Development was Incorporated last May and financed through a 300,000 share offering marketed by J. G. White & Co. It was founded on the basis ot existing oil and gas leases covering 26,080 gross acres, 23,920 of which are located in the San Juan Basin ot New Mexico.