The Birmingham age-herald., 1918-02-07
AMPLE FUNDS FOR DIXIE GAS MEAN RAPID PROGRESS
 IN DEvELOPME Men Interested Are Jubilant Over Results of the Dia- m0nd Drill Test Just
 Completed
B, 0O,0O0,0OO FEET IN
 THE ALDRICH DOME
Five Wells Will Be Com pleted and Big Rig In- stalled for Drilling to
 Lower Sands

Development of the Dixie Gas prop critics is now expected to proceed very rapidly.
 It was announced yesterday that those interested in the property are just completing an underwriting sym dicate which provides the company with all the working capital it can use for its development work during the next six months.
 1t was also learned yesterday
 that a deep diamond drill test has
 just been completed on Dixie Gas
 property located one and a half
 miles from the present wells on
 Aldrlch dome. This diamond drill
 hole showed five distinct gas
 sands below the sand which has
 already been tapped by the gas
 drillers.
 Two of these sands show very high pressure and volume. One of them is the Little shades sandstone found at 1640 feet, and the largest of all is the Hart selle sandstone at 26S5 feet. This Hart selle sandstone is 215 feet thick and is overlaid by shale bed 215 feet thick II this sand has made all those interested in the developments jubilant.
 ESTIMATES 33 BILLION FEET
 T. H. Aldrich. Jr., has compiled an es- innate based on the showngs of this dl- mand drill test which indicates 8, COG, : 0Oo,OO0 cubic feet of gas in the Aldrich dome He arrived at the volume by talk ing the thickness of the known sand strata as developed by the diamond drill core, multiplied by the area of the dome Qour square milesl, times the the dens- ity, times the per cent of porosty Of the sands at air pressure.
 This is said to be enough gas to last Birmingham for generation. Regarding the syndicate which has made provision for funds for any kind of developing work the company wishes to undertake, it is stated that this consists of 5000 shares of Dixie Gas stock Of this amount Birmingham was allotted one fifth. The allotment was twice over subscribed and was taken by w. F. AL drich, J. T Robertson, R. N. McDonough, G. T. Wofford and their immediate asso- ciates
 One-fifth of the syndicate amount was allotted to Virginia. the residence of J. l.. Vaughn, one of the directors of Dixie Gas. This also was twice oversub- scribed by MT. Vaughn and his friends,
 
 Petersburg National bank and seven of the eight directors of this bank.
 Three-fifths were allotted to New York and this has been taken by brokers iden- tified with H. L. Vaudeville in the syndi- cate.
 The formation of this syndicate means that over s500,000 worth of par stock has been underwritten, which assures the company of all the necessary funds for deep well to export the deep sands, as we'll as to develop the upper horizon. PLANS FOR IMMEDIATE FUTURE The immediate plans contemplate the completion of wells No. and No. on Aldrich dome. Three wells lave already been brought in with an estimated daily capacity of 2,S0O,oO0 cubic feet. Further, a big Standard rig is to be brought here at once to begin work on the deep we'll The men who from the first have had confidence in Dixie Gas were never so optimistic and they contend that the re- suits of the diamond drill test, which has just been completed more than jus tify their early expectations of this project.
 No stock has been offered for sale in Birmingham outside this preliminary syndicate. The syndicate will close Feb ruary 9 and in the near Future Dixie Gas stock is to be placed on the New York curb market at par or better.