New-York tribune., 1920-07-01
DIVIDEND NOTICES
Stockholders
Middle States Oil
Corporation

AVAA\ANAAN ~ ~So"~NO ~ IA
Corporation
Checks for Four Percent. (4co)
cash dividend for the current quar-
ter have been mailed you and ad-
vice that on July 18th you will re-
ccive a free stock allotment amount
ing to Fifty Percent. (50qe) of
capital stock outstanding in your
name. At the beginning of the cur
rent quarter the total outstanding
capital stock of Middle States Oil
Corporation was Three Million Five
Hundred Thousand Dollars ($3 ,50O,-
000) par value, to which has been
added One Million Seven Hundred
Thousand Dollars (S1,7OO, ,000) par
value of stocks issued and sold and
the proceeds utilized and on hand
to be utilized in the acquisition Of
property and the development there
Of, making total of Five Million
Two Hundred Thousand Dollars
($5, 200, ,000) outstanding, to which
this Fifty Percent. (50ae) free Al
lotmcnt to stockholders, amounting
to Two Million Six Hundred Thou
sand Dollars (S2, ,6oo,000l will be
added after said date, making the
total outstanding capital stock after
July 18th Seven Million Eight Hun
dred Thousand Dollars ($7, 800
00O). The report in detail for this
quarter will reach you in due time
and believe will show most gratify-
ing additions, which you will appre-
clate.
AS the question is frequently asked
me c:-'Does this free stock allot-
ment decrease the actual asset value
per share Of outstanding capital?"
/ that in my opinion development and
asset value are regularly outgrow-
( ing common stock increases.
In addition to other development
and additions to assets, resulting
from added capital and surplus, the
most important increases resulting
from our own development work in
homa are in two areas in which your
Company has lease interest,
of Six Hundred and Forty (64O)
acres and one Of One Hundred and
Fourteen G14) acres, held a few
months ago in the nominal value
class. On the first tract on April
5th, Well No. 1 at Five Hundred
and Sixty $500 feet deep began
oil production Of over One Hundred
and Twenty O20)- barrels per day
With redoubled efforts we have since
completed Ten O0) additional
wells on this lease and One CD on
the One Hundred and Fourteen
I14) acre lease, all of which in
this shallow sand are good oil pro-
ducers, with an average daily pro-
duction for the entire twelve (12)
wells Of over One Hundred and Ten
O10) barrels per we'll, not only
making a gratifying showing on the
twelve G2) wells, but proving up
many additional locations, on which
new locations we have five machines
constantly engaged drilling addi-
tional wells. These two areas, total
ing Seven Hundred and Fifty-four
l754) acres, which but a few
months ago were in the nominal
value class, are, in our judgment,
to-day fairly worth more than four
times the stock allotted to you in
this quarter Other additions in as
set value which on the aggregate
largely exceed increase in stock in
creases, in my opinion. will be
shown in detail in our quarterly re-
port.
1t is pleasure to advise you that in
every proba bility you will, in the en-
SUNG quarterly period, receive cash
dividends regularly, as you have in
the past. not only upon the stock
YOU now hold, but upon the stock
that is allotted to you from time to
time in the future If you have been
Middle States stockholder during
the lasc two years, including this
present stock allotment, you will
have received total of more than
One Hundred and Eighty-fivc Per-
cent. GS5rs) in stock unon YOUR
original holdings, in addition to
your regular cash dividends, and so
holding your original stock and your
One Hundred and Eighty-fivc Per
cent. (lS3 co additions in stock al
lotments are all bringing you in
quarterly cash dividends at the rate
OF Sixteen Percent. (16fe) per an
mum upon the par value of your
present holdings. which actually
amounts to over Forty y-hve Percent.
(45ps) cash dividend on your origi-
nal holdings. This is Che gratifying
result of over three years careful
building and constant attention TO
the welfare Of the stockholders Of
Middle States Oil Corporation and
its properties, and your future
prospects in both stock allotments
and cash dividends. in nv iudg-
ment, are better in the future than
they have been in the past two
years.
In brief, the progress of more than
three years has given your Company
the opportunity for thorough or
ganization of its working forces and
establishing its warehouses and sup
ply stations, and the selection of
additional proven lease acreage. All
this enables us to multiply results
to a far greater percentage than
your Company has increase of
capital.
1t is also very gratifying to note
that many of the stockholders an
preciate this fact, and are. in most
cases, holding their original invest
OartS and all al1ot ,,,op+c -