The Birmingham age-herald., 1917-11-23


 The Dixie Gas company has large financial backing and exceptionally am- bilious plans which will be decided upon in further detail at a meeting of the company next Monday in Birmingham officials of the Dixie Gas company are announced as follows:
 W. F. Aldrich. president.
 c. A. Owens, vice president and
 general manager.
 Edward LOvewclI, Casper,
 WyOm.. treasurer.
 J. T. Robertson, director.
 R. N. McDonough. director.
 Myron C. Park, director.
 Forncy Johnston, general coun-
 seI.
 Empire Trust company of New
 York, registrar.
 The Bankers Trust company of
 New York will probably be trans
 fer agent.
 Mir. Aldrich, the new president, is large holder of Gulf States Steel stock, director in Loveman, Joseph & Loeb, and president of the Jarima Ore com pany.
 MT. Owens is the former chairman of the board of the Gulf Producing com- pany.
 MT. Lovewell is vice president and treasurer of the Hecla (Wyoming) oil company president of the Rexford oil company and president of the Hidden Dome Oil company, all Wyoming cor porations.
 MT. Robertson is proprietor of the En- pire hotel and treasurer of the Neola Ore company.
 Mir McDonough is president of the Mo Donough Ore and Mining company, for mer division superintendent of the Ten nessee Coal, Iron and Railroad company, and vice president of the Gulf Produc- ing company.
 MT. Park is an oil and gas operator from the Pennsylvania, West Virginia and California fields.
 UNDERWRITTEN IN NEW YORK
 1t is also announced that H. l.. of a syndicate of New. York and Bos- ton brokers who have acquired an un- derwriting option on the s2,0O0,0O0 worth of stock remaining after the payment to the Gulf Producing company of $500,- GOO worth of stock for the Aldrich dome lease and properties.
 This remaining stock has been placed at an option figure, which will net the Dixie company all the money neces- sary to construct mains and laterals to bring gas to Birmingham and contiguous territory. The stock will be offered on the New York and Boston curb mar kets at par or better.
 Sufficient capital will also be provided to prosecute at once a vigorous campaign of development, not only on Aldrich dome, but on other geological formations in radius of few miles of Birming- ham now being acquired by the new cor poration. The company already has it's geologists rating" this entire section for desirable structures for further de- velopment
 DEVELOP ON BIG SCALE
 While ostensibly formed for the devel- opment of gas the new company will not confine it's operations to this particular hydrocarbon. It has the money to go ahead and do deep prospecting on a scale never before undertaken in the Alabama field.
 Perhaps the fact of most immediate in- torest to the public in connection with yesterdays development is the change of ownership of the Aldrich dome lease. It was here that gas was first discov- cred in we'll No. 1 about six weeks ago and the flow has held up steadily sine. that time. No. 2 we'll has since been brought in and the aggregate flow of the two wells is 1,750.0o0 feet daily. Wells No 3, and 5 are now being drilled and all are approximately 1000 feet apart No. 5l will be carried much deeper than the other wells in order to explore the struc- lures at the $50 and 5S0-foot levels. No. 5 is equipped with heavy tools, capable of going from l5o0 to 2000 feet, if neces- sary. No. is getting gas for it's boilers from No. l, which is 2000 feet away, and No 3 gets it's gas from No. 2, 1000 feet away.
 Birmingham may now expect to see an inflow of oil and gas men such as has never been known here before. Possibly 3 score of well known operators are in the city at the present time and they see a great future for the industry in the district.
 PENNSYLVANIA COMMENT The oil City Derrick of Oil City. Pa, the most widely read and most authora- tive oil and gas newspaper in the coun- try, contains the following editorial in it's Monday issue under the title. Ala bama Oil Prospects,"
 "A few companies are operating for oil in Alabama and occasional rumors are heard that the showings found in the wells indicate the possibilities of good oil and gas fields being opened 1 in that state. small gas field was developed some years ago in Fayette county, but the wells were small. and l the gas found in lower member of the Pottsville formation. possibly the 1 salt sand of West Virginia. few weeks ago a good gas we'll was re : ported to have been struck near Bir. but further confirmation l has not been received.
 sThe geological formations of Ala bama favor the discovery of oil fields l in that state. The surface is made |