, 1921-09-12
Elk BASIN PETROLEUM COMPANY IS SUCCEEDED BY
YOUNG GIANT ORGANIZED BY CASPER INTERESTS
Marine Oil Company Is
Capitalized for Half
Million in State

The Elk Basin Petroleum
company, a concern which has
been identified with the devel-
opment of the oil industry for
the past several years, will
pass out of existence, under
that name. on September 80 at which
time n special meeting OF the stock
holders OF the company will DO held
Tor tho purpose OF increasing the cap
itaiizaton OF the company to $780,
900 and changing the name TO the Ma
rlnc OIL company.
The purpose OF the new plan Is &c
permit the new corporation to ac-
quire one-haif interest In the south
east quarter OF section 17-ss-7S in h
Salt Creek field. This property was
recently the scene Of a big gushcr
producer. which after the lush pro-
1uction has been blown off showed an
average production OF 1872 barrels Of
oil a day in a test conducted by the
Midwest Refining company.
Especial Interest attached to this
we'll because OF the fact that tho oil
and gas pressure blew the well in
when the hole had only been drilled
to the top of the Wall Creek sand.
The Elk Basin Petroleum company
Is now In the dividend paying class.
with funds on hand and available for
dividend distribution which would
guarantee an s per cent return for
the next is months at the rate OF 2
per cent a quarter without touching
any OF the revenue from present pro-
duction. October is has been named
as the date fos payment OF divi-
dends- Even after III capital Ii In
creased tho company will be m OF
tho strongest dividend payers among
tho independents In he Wyoming
fieid.
II the plans 10 Increase the capt.
saiization and change the name carry.
s~tockhoiders OF the company will be
allowed TO subscribe for the same
number OF shares that they now hold.
at par
Backed by substantial interests. in
Guiding G. r. Hagens. president. r.
c.. Taylor. vicc president, and l.. F.
McMahon. secretary-treasurer and
Carl Shumakcr. Patrick Sullivan. L.
]. Mcmahon and /. N. Clay. directors.
tho concern win continue the bust
ness policies which la already
marked success for the concern.
The plan OF acquiring the interest
in the Salt CrsAk land includes The
issuance OF so. 900 shares of stock at
par end to pay $4,000 in cash to ac-
quire one-half interest in tho tract. in
addition TO the issuance OF $4,000
shares at par in part payment to the
Gienrock Oil company for the ex-
pensos OF drilling well No. I.
To show tho strong ~financial o
dition Of the company the net earn
ings Of the concern for the past IL
months was sss. 7s1.bs or practically
20 FER cent OF h new capitalization
of $500, 900. The income which o
stitutes his earning was entirely
from the property OF the company In
the Elk Basin field
Under the increased capitalization
the stock Will be issued as follows:
Present stockholders. 2e2 900 shares
Owners SwM Sec. IT. $4,000 shares.
Clenrock Co. for " cost of well, 49,
900 shares.
Total outstanding. $4,000 shares.
A financial statement which has
been prepared to submit to the stock
holders shows that the Elk Basin COM
pany has assets amounting to $780,
sS7 .o4. Tho production from the Elk
Basin fcid. from July 1920. inciud-
ing June. 1921. including q period Of
IL months amounted TO 4s,5o7.7 20 bar
reis with q valuation Of $~112.s77.53.
These figJl'es nro from the purchase
sheets - tie Ohio Oil company.
Charged against this earning is ex-
pensos amounting to the ver nomi-
nal sum OF $13,674.05. which leaves a
net earning Of . 9.7s1.55. a very cred
liable showing for a with 4
capitalization OF 2s2 900 shares.
The higher capitalization win en-
able the company to take advantage
OF purchase opportunities which its
small capitalization heretofore pre-
vented and the change in the name
will eliminate a confusion which at.
times has worked against the inter
csts OF the company.