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Journal Special FARMINGTON — Atom, Inc. a relatively young energy cor poration with headquarters in Farmington, reports the com pletion of its most successful fiscal year with the following developments: ~A substantial increase in the prices it receives for natural gas. ~An increase in gas produc tion. The company’s shift from a “red ink” to a “black ink’ position. “ALTHOUGH the company has moved from a loss in 1971 to a profit this year, the real im provement in income and reserves will be felt in the com ing fiscal year,” said H. J. Mitchell, Atom president, in his annual report to stockholders. In the fiscal year ended July 31, 1972, Atom’s oil and gas sales generated revenues of $41,770 as compared with $36,885 the pre ceding year. Operating earnings totaled $7916, equivalent to 7 cents per share outstanding, as compared with a loss of $7178, equivalent to 3.5 cents a share, for the preceding fiscal year. As of July 1, Atom increased its income from natural gas sales almost $2000 per month because of a combination of price increases and new gas production going on __fine, Mitchell reported, adding: “The new price of gas has given the company incentive and funds to join in additional drilling. It is currently par ticipating in a Dakota sands test in the San Juan Basin and has purchased a substantial interest in another Dakota well.” ATOM ALSO will participate in drilling an offset to a Skelly Oil Co. well in the Fruitlard formation. The Skelly well off sets Atom’s Sullivan Lease, on which Atom owns a 40 per cent interest in a Gallup well. Meanwhile, Mitchell added, Mobil Oil is drilling a 6500-foot Pennsylvanian test only three quarters of a mile from Atom’s acreage in Dove Creek, Colo. Atom also has acquired a small tract directly offsetting another Mobil oil well now producing 500 barrels a day. In New Mexico alone, Atom owns approximately 40,000 acres of oil, gas and mining leases, Mitchell reported. At the close of the fiscal year, Mitchell reported, Atom was debt free and held cash or equivalent in excess of $100,000. Atom became a public cor poration about three years ago with an interstate offering of its common stock to the public. Its stock is now held by approx imately 350 owners in all parts of the United States. Its board of directors includes Mitchell, Mrs. Nina DuHaime, who is vice president and se cretary, and Ralph S. Trigg, Albuquerque oil and insurance man.
Newspaper Details
Albuquerque Journal
Albuquerque, New Mexico, US
Wed, Nov 29, 1972
Page 63
Full Page
Clipped by
Nina M.
USA 11 Jun 2026
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