Jackson advocate. [volume] (Jackson, Miss.) 1939-current, 1957-07-20
Texas Eastern
Offering Stock
Gloria

Texas Eastern Transmission Cor
poration, Shreveport, La, have
voted to offer stockholders of La
Gloria Oil and Gas Company, Cor
pus Christi, Tex, one share of
Texas Eastern common stock for
each of the one million shares of
! La Gloria capital stock outstand-
ing, according to George R. Brown,
chairman. The offer is contingent
upon acceptance by holders of 81
per cent of the shares of La Gloria,
Brown said.
Directors of La Gloria have voted
unanimously to approve the Texas
Eastern offer. La Gloria has ap-
proximately $50 stockholders with
officers and key personnel holding
in excess of fifty per cent of the
stock.
Considering the market value of
Texas Eastern stock and other fac
tors, the transaction involves about
S70,000,000, according to Orville
S. Carpenter, president of Texas
Eastern.
Acquisition of La Gloria, q
leading producer of oil and gas"
he said, "would fit in perfectly with
Texas Eastern's planned expansion
and diversification program. La
Gloria, long supplier of natural
gas to Texas Eastern, is a we'll
managed, successful company. In
addition to its many millions in
assets, it will bring into the Texas
Eastern organization an extremely
capable management employee
group with an outstanding record
Of achievement" He said that if
the proposed arrangement is ac-
copied by La Gloria stockholders
the company will be operated with
the present management and per-
sonnet as a subsidiary of Texas
Eastern.
John F. Lynch, president of La
Gloria, said he believes that en-
ployees and stockholders Of La
Gloria would benefit immeasurably
from becoming a part of the Texas
Eastern organization. He said that
the tremendous advances made by
Texas Eastern in the past decade
and its present expansion plans
are indications Of healthy growth
which will mutually benefit those
associated with both companies.
He pointed out that La Gloria's
principal producing properties and
plants, located as they are along
, Texas Eastern's pipeline system in
Texas, fit in very logically with
Texas Eastern's expansion pro-
gram. He emphasized that no per-
sonnet changes are anticipated.
Although La Gloria is primarily
an oil and gas producing company
with principal properties located
in the states of Texas, Oklahoma
and Louisiana, it also owns one of
the nations most modern refin-
cries, located at Tyler, Tex, as
we'll as one of the largest natural
gas processing plart- IN t'1e indus
try, located at Falfurrias, Tex
! The refinery at Tyler has been
! recognized as one of the most eff
ficiently designed and modern in
stallations in the refining field.
1t has crude charge capacity OF
/ $4,000 barrels per day. La Gloria
also owns rs per cent interest
in chemical company located in
Corpus Christi which produces
benzene, toluene, xylene and other
petfochemicals.
At the end of 1856 La Gloria
owned interests in 526 producing
oil and gas wells. Crude oil pro-
duction averages 1000 barrels per
calendar day while production OF
natural gas averages $4,000 MCF
per day. Natural gasoline, kero-
sene and LIP gas production now
averages $500 barrels per day and
this figure will he increased to
10000 barrels by the end of 1857.
the sponsorship of the Bachelor
. Benedict club. She advised the
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