The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-04-24
Ten Millions in Value Added
to Company During Past
Year. Sans MUrland

to company DuIt"y f""t
Year, Says MWldnd
PoNcA CITY. April 23.--"We be-
iIoye that on a conservative estitnh'e
we have added In 1921 more than
ten million dollars to the value or
our holdings in December. 1920
envs II w. Marland, president OF the
Narland and associated oil compa..
MOS in connection with general
statement Issued together with the
Marland oil company nnanclaI
statement as Of December 81, l92l,
and made public today. He calls
attention TO the fact that the COM
many has IN storage here over 1900
COO barrels of refined products.
MIR. Mnrland shows also In ms
statement that the net operating IN
come OF the company for lS2l, aiter
deductlng all operating costs inter-
est charges and inventory charged
Off, was s1,b63,42i, and that TINS
amount has been added to the pre-
yIous capital and surplus equity
which now totals. with all deprecia-
tlons, deplctions md other Items
charged off, including Cancelled
lenses, abandoned wells and drilling
costs, s2i,O61,972. The financial
statement shows that the paid-in
capital now totals s27.454,l32 and
Tho company's total equity in capi-
I.tnl and surplus s4S.47l,104. The
gross earnings for the year were
| sS,SS3.60S, the net earnings $2,SS5'-
| 522 and the gross income, with In
terest and discount out. s2.3s7 .12b.
And the net income, as shown above,
81 .5G3,424.
Mr.. Marland shows also that on
! December 81. last. there were si,-
| 400, 900 OF current assets In excess
of current liabilities land ratio
between the two of nearly three and
"a half of current assets 20 one OF
current liabilities" At the present
time Mr.. Marland says the company
has approximately seven million
dollars of current assets In excess OF
current liabilities. on December 81
the company's current assets
amounted to S6,105.064 and the cur
rent liabilities to s1,s14.0ls. The
company's total assets are given a.
sG4,317,53i. The appraised value
Of the company's leaseholds In ex
cess OF cost, including discovery and
less extinguishments by depletion. II
placed at s26.205.s41. On that dat,
the company had on hand crude oil
to the amount of StG5,949 and re
fined products of $2,731,2l4. basins
the value on the market prices a
that time.
The wildcatting end Of the Mar
land OIL company has been turned
over almost entirely TO the Alcorr
oil company. n subsidiary, that nov
controls 10000 acres scattered
throughout the Ponca City or north
ern Oklahoma district. These hold
ings are all between ranges 4-eas
, and 4-west, with Ponca City as I
center. Eight test wells are now be
: ing drilled and others are to star
? In the near future. This acreag
D includes all the Marland leases II
tho Otoe indian country, a tcrritor
that is now having one of the great
est plays ever known In the Mid
Continent geld. within the distric
where these holdings are located
q there have beep- l,426 wells drilled
with a gross daily production of rs,
IA 900 barrels. in 16 separate pools.
n A study OF the situation show
q that the areas of flush productio
are extending westward as the olde
!, producing fields OF eastern Okla
n homa decline At the close OF 1872
q over $4,000 barrels daily. or near'
is one-fourth OF Oklahoma's entiI
10 production. was found In the reglo
|, between ranges 6-east and 4-we
and between the Oklahoma-K -Kansi
line on the north and by townshl
- 10 on the south. The Usage ran,
second among the oil produclr
counties OF the state and is gradual
increasing.
There are still 90 known undrills
"a geological structures lying with
~ the district between ranges 4-ea
,, and i-west. and a number OF the
~ will be tested this year by III
W Aicorn and associated Companie
20 Originally there were 30 of the
~ known structures, but 10 have be,
drilled, and of that number II n
" now oil producers whilo one d
n hole each has been drilled on Il
20 other two. Within this district. to
ST there are IL known oil and q
VI sands ranging In thickness from
O. TO 17b feet. Between the Morris,
country and the liss-Tonkav
field on the west there are five Sc
arate structures that are to be test
this spring and summer.
le structure Apparently Extensive.
" official announcement liz Civ
co the statement that apparently 4
A. Bliss-Tonkawa structure, where
there are now S producing we
nv and approximately so addition
or drilling, Is extensive. II Ia admit
A. that although drilling has not pr
M gressed sufficiently to make certa
he the extent OF this field enough
% known OF the sub-surface conditlo
~, to state definitely that the structu
~ is very extensive one and III
'N there are seven gas sands rangi
o in depth from $50 to 1000 feet a
q, two oil sands at a depth of 2.i
nv and 1850 feet. Tho deep sand
ns 100 feet in thickness. The exister
hu OF favorable structure over a pre-
. able area OF 5000 acres has alrea
" been pointed out and the top of I
eh antlcline has not yet been locat,
The log OF a we'll. located two mi
las from the present producing We
rei indicates that the structure Is
OF feet higher than In the place VIII,
OF the producing wells are located. I
various Marland companies have
re 236 acres within the Bliss-Tonka
OF district. The Bliss s-Tonkawa cru
or from the 2,650-foot sand has a gri
OF ity OF AZ degrees Baume. and rec,
Laboratory Installations show that