Show humphreys boyd will enter utah development OF V UINTAH I 1 N T A H BASIN OIL INTEREST SET FAR FAH AHEAD BY DECISION WHICH WILL GIVE I 1 FULL TEST ON AT LEAST POUR FOUR structures probably the most momentous event in the history of the uintah basin oil development was when the humphreys boyd interests with in cash and liquid assets assefa decided to drill tor for oil in uintah county the following taken from the brycky mountain news published in denver on march 26 will give a most comprehensive idea ot t mr humphreys plans for or utah invasion with the wealth at his command following the sale of its wortham properties in texas march 25 for 00 00 the humphreys boyd oil company will prepare immediately tor for a drilling campaign in northeastern utah miles erwest ot of craig colo and at the same time will intensity intensify its production drilling in nacona and richland and ltd wildcat drilling in navarro henderson regan webb and mcmillan counties texas pawnee county oklahoma and the fredonia Fre donla field ot of wilson county kan humphreys boyd will quit the wortham field with over in cash accounts receivable and liquid assets an established production ot of between 1000 and 1200 barrels dally daily which will be increased rapidly and numerous geological geologic ai structures regarded by the most eminent geologists ot of the united states as highly promising tor for oil the entrance ot of humphreys boyd on a drilling campaign in uintah county utah less than thirty miles from the colorado boundary la Is probably the second most important project it has ranking in tie ales next to the bazette wildcat field 1 in navarro county texas the possibilities tor for oil in hen derson county texas are superior to this and possibly even superior to gazette dazette but the humphreys boyd acreage there Is not extensive shares in utah in the utah field the humphreys interests have acres after selling acres ot of the original that they held there this acreage la Is located on tour four important geological structures the humphreys boyd company yesterday completed the sale ot of its wortham Wor thant properties to the pure oil company for or the entire re consideration it Is understood de der stood to will I 1 11 be placed la in the treasury ry ot of the humphreys boyd company any which already has cas cash aca acq acquired 1 d by the sale ot of treasury stock together with close to other cash and accounts receivable cei vable this will give humphreys boyd liquid assets approximately as follows ollowa ollo wg cash and receivable on hand cash from stock sale bale cash from pure oil total cash continued on legal page humphreys humphrey aboy boyd d will enter utah continued from page 1 total cash shares pure at 2 2650 grand total la in taking over tho the wortham field the pure oil will also take over the obligation of boyd to deliver about barrels ot of crude oil to tile the sinclair company at per barrel and will also acquire the big tank farm thercie and take over the obligations against it the entire transaction contains a great many techin technicalities ical ries but the humphreys boyd retains its richland and nacona production and its henderson county webb county pawnee and other wildcat properties it will be tree free at once to sell its ita retained production at 2 per barrel amounting to about 1100 barrels daily just what financial policy will be pursued by humphreys boyd following the closing of the deal in which its wortham acreage is sold to pure oil and its treasury comes into possession ot of more than in liquid assets is a amat matter of speculation three courses are suggested by denver interests close to the humphreys interests one la Is the possibility of a dividend in which all or part of 0 the shares of 0 pure oil may be distributed another is the possibility of 0 a large cash dividend and the third is the establishing of 0 a regular quarterly dividend on a reasonable percentage basis that could be regularly maintained 0 F clay of clay benton attorneys tor for the humphreys boyd oil company in denver left last evening for dallas where he will meet J A elkins chief counsel tor for the company to draft the legal papers in connection with the sale of the forthm acreage the terms are all completed and no modifications are expected in the legal part ot of the work colonel humphreys leaves mexia alexis today tor for st louis where he will meet mrs airs humphreys and dr bayless going thence to ripley rapley ohio mrs boyds old home colonel humphreys will then go to columbus ohio the home office of the puru oil company of which he is a director and the final papers will be signed the dawes family including vice president charles G dawes is the largest interest in pure oil and the humphreys family ranks next it is understood in determining the sale price of the wortham acreage colonel humphreys states that full value ot or the oil remaining underground as of 0 april 1 has been received determined by the engineers after careful survey ile he calculates that the properties the company is retaining are worth more than those which are being sold which therefore may be taken to mean that the total valuation of the entire humphreys doyd boyd properties before the sale was placed at pro probably bably upward of or better than 81 per share on the shares outstanding the sale of the wortham property should not change this share valuation unless to enhance it by putting the liquid assets in the treasury in place of the property assets which have been sold all stored oil Is sold to pure oil in the deal geologist goes to utah in the utah acreage of hum boyd where drilling is to start very soon there ae tour four important structures midwest refining is drilling one of these now and has had oil and gas showings at and 1500 feet the dakota sand is expected in a short time at 2000 feet the humphreys interests have been assembling the properties there during the last two years and two of their geologists have already checked and mapped the areas A third geologist left for utah wednesday last to make the final checking preparatory to starting work vernal express |