Show I Oil Inc Names Directors Hears Critic Stockholders of Oil Inc Salt Lake Independent M Monday named nam named ed ed three new directors at annual meeting at Newhouse Hotel They also heard criticism m directed directed di di- at management by John JohnLee JohnLee JohnLee Lee a Salt Lake attorney Mr Lee on Friday had sought Unsuccessfully unsuccessfully un Un- successfully in the name of at New Park Mining Co to h have ve Third District Court set net over the Oil on Inc nc annual meeting Monday to another date New Park controls about eight per cent of the stock I 1 of Oil on Inc j I Named new directors were Chappell Cranmer Denver Colo Cole president of Portable Ray X-Ray Inc Peter Joralemon San Francisco I t consulting geologist and A. A Hawley Haw Haw- ley Peterson New York City partner in Cadey Roberta Robertis Co Ce I j I Renamed directors were Robert L. L Cranmer president Edward ard J J. J IL vice president and geologist geologist geola gist M. M A. A Keyser Jr tary M. M C. C Wissmar treaSurer treasurer Jack 0 O. O Horton Independent geo- geo geologist logist Dale I. I Smith lumberman lumberman lumber lumberman man all of Salt Lake City James M. M OLeary O'Leary manager of The Wood Co Sheridan Wyo Three Retiring Directors ton Listed Retiring directors included V H. H H. H Cranmer former chairman of the board Raymond p. p Wilson lson former vice nt rand land a a r r j t tired banker and Alex HeadquIst Provo Prove a retired banker i rt 4 V- V V I 1 J 4 Mr Schun reported reported- eFon on develop develop- development development evelo ment of the Westwater Joint Y ture in northern r nd Coun t ty in which Oil Inc has hasa a 51 i per percent r rI I cen cent t in interest tere t. t 1 1 B He said one gas well had been I completed In the current series of drilling and another was under underway underway underway way The first such wells found round some onie gas gae in the basal formation representing a new find in this instance I Grand Valley Transmission Co I In which Oil Inc has a 51 per percent percent cent cent interest has feigned contracts I with Sunray Sunray-DX Sunray DX Co formerly Sunray Continent Mid Oil C Co Cd for tor delivery of at its gas at Diamond Ridge field to transmission of El ElPaso ElPaso Paso Natural Ga Gad Co and is negotiating with Tl Tidewater Oil on Co and Book Cliffs ClIffa Drilling Co headed by Willard Pease Grand Junction Colo Cob for tor delivery of ot I gas from wells developed by y these interests t I Contracts Require Approval by FrO I Robert L. L Cranmer said that I signature of added gas transmission sion slon contracts would r require new approvals on contracts by the Federal Power Commission and a anew anew anew new contract with El EI Paso Natural al aj Gas Co to whom Grand Valley delivers gas at a point In northeastern northeastern north north- eastern Grand County I Mr Lee succeeded In gaining permission to inspect the proxy prozy records in the office of F F. S. S P Prince ince attorney y for Oil Inc He hIs reviewed the balance sheet o of ot the i firm and questioned Mr Wissmar about various cost coot items including including ing his salary saIry the salary of at the Oil Inc president and stock Block options options op op- lions granted officer Robert Cranmer said all of this Information Is Ii in the books of nr the company which are open for tor your our In Inspection Firm In Development Stage He lie said aId Oil Inc was wa-i wu in the developmental stage and that he ho hodrew drew salaries tr from m Grand Va Valley ey Transmission and the he firm firm aa as I 1 Ido do not intend to work for tor them then for nothing Mr Cranmer Canmer said that the firm didn't expect to Pa pay a dividend for five years at least They rhey reported reported reported re re- re- re ported net profits of at about for tor or the year fear 1961 including g gains ins from tram sale Bale of ot securities Mr Lee Leo said that while our auditors bad had inspected the books of Oil OU Inc we cannot get an any answer to our questions Question He lie was invited to continue his hie Inspection of at the books book by Mr Cranmer Mr Lee said be he represented th t j proxy of at shares of ot Mrs Mm Majorie Thompson of ot Salt Lake Jake City in the ins instance nce of this meeting and arid thanked Mr Hr Cranmer Crannier Cran Cran- mer nier to for tor ht his courtesy These shares were voted against alt All management motions which were wore otherwise unanimous ly 11 approved approve by stockholders present present pre pro I sent or oy represented by bT proxy |