, 1923-05-17

noma.
Gurers and Refiners is now drilling
additional wells in this territory.
The Mahonsy Dome is largely con-
oiled by Producers and Refiners
Corporation and the Midwest Re-
finiug Company, who jointly own a
block of 5.0GO acres in this field. In
the Ferris oil and gas field Producers
and Refiners Corporation controls
leases covering approximately 10000
acres in a solid block, comprising al
most the entire structure, upon
which it has drilled ten oil wells and
-four eas wells. The oil wells have a
combined guaged production of 1000
barrels per day. The Corporation
also owns leases on other structures
being developed.
The Corporation has a block of
lenses covering about 900 acres
in the Big Sand Draw field. Wyo-
ming. where It has four gas wells
with I'm aggregate minimum daily
capacity of 10000. 900 cubic feet
OF gas, part of which Is sold to the
towns OF Riverton. Hudson. Lander
and Arapaho under long term fran
chises.
The gas capacity from this and
other fields OF the company amounts
to about $4,000. 900 cubic feet daily.
The company has a long term con-
tract TO furnish to the Midwest Re-
fining Company at Casper n MAXIM
UNI OF 100000 cubic feet OF gas
daily including an additional 10000
900 cubic feet recently contracted
for. and about 100000 cubic feet
are sold for domestic use In III
towns. From the sale OF approxim-
ately $4,000. 900 cubic feet OF gas
daily. which Is about l5rc of Its to-
tai gas capacity. on long term con
tracts. the company derives a steady
and substantial ven which will
increase rs outlets for the sale Of
additional gas r provided.
The corporations absorption plant
AZ Rivcrton has a capacity OF 5000
600 cubic feet OF gas daily from
which substantial recovcries OF gas
olinc are made. The company re-
Gently has erected AT Casper one of
the largest gasoline absorption plants
In Wyoming. with a capacity of from
= 1000. 900 TO 10000, 900 cubic feet
OF gas per day. which Is capable OF
recovering approximately 10000 900
gallons OF gasoline daily from the
gas sold TO the Midwest Refining
Company at this point. This plant
will be nm additional source OF re-
venue to the company.
Total revenues from the sale OF
gas and tho gasoline extracted there
from through the recovery plants are
estimated for 1929 at approximately
$4,000. 900. equivalent to about 81
q share on the present outstanding
common shares. Estimated rcvcn-
ncs from these sources alone. there
fore. In 1923. will be about suffi-
Client to v tho annual dividends
NJ current rates on the common
shares.
with its strongly c~ntrcnchcd POSI-
tion In Wyoming In the matter of
crude oil capacity. It's large acreage
In proven and promising territories.
It's refining. pho line. transportation
and retailing facilities. the current
and future earnings OF the company
from operations In Wyoming alone
should DO OF large proportions.
However. In addition TO its wyo-
ming properties. Producers and Re-
liners Corporation has valuable hold
ings in tho MIDI Continent district
and elsewhere. which are nj pres
ont producing around 5000 barrels
of oil daily. Total holdings outside
Of Wyoming aggregate approximate
1y $4,000 acres.
II II conscrvatively estimated. bas-
I'd upon present Indications. that
earnings for 1879 should be at the
rate OF from f12 10 SIS per share on
the present outstanding Common
shares. These figures do not reflect
tho full benefits to bc derived from
the additional funds received from
tho recent sale Of stock.
Tho financial position Of the COM
pany II strong. Cash and market
able securities alone. ~ Of December
81. 1879. mot Including the procscds
o. tho recent sale Of etockl Were
moro than the estire A0oune Of cur.