24 non-productive. During the same period there were 17
oil wells and 8 gas wells abandoned, leaving the Company, at
the close of the year, interested in 574 producing oil wells and
104 producing gas wells; 247 oil wells and 87 gas wells owned
sutright by the Company and the balance owned jointly with
sther companies.
The total acreage under lease at the close of the year was
239,807.73 acres of which 28,367.77 were operated and
211,439.96, unoperated.
14.46 miles of gas transportation, distribution, and field
pipe lines of various sizes and 18.31 miles of oil pipe line were
laid during the year and 9.82 miles of gas pipe line were
reclaimed.
During the year your Company erected an additional gas-
oline plant in the Eastland, Texas, district known as the
Downtain Plant which increased the daily capacity by 8,000
gallons. The combined sales from the four gasoline plants
now owned and operated amounted to 3,012,648 gallons in
1023
Your Company served 26,392 domestic consumers with
ratural gas in the month of December, 1928, an increase of
'.490 over the same month of 1922.
The combined gross earnings and miscellaneous income
for the year was $3,903,420.53 and the combined operating
expenses, taxes, and other deductions was $3,232,157.75,
leaving a balance of $671,262.77. Considering the depressed
condition of the oil and gasoline business during 1928 your
Board feels gratified with the result of the year’s operations.
Your Board deemed it advisable to separate the oil and
gasoline business of the Company, to the extent practicable,
from its natural gas business, for the reason that the natural
gas business of the company is strictly a public utility and
subject to commission regulation as to rates. The separation
was accomplished by increasing the capital stock of Arkansas
Fuel Oil Company, (all of which was owned by your Com-
pany), from $25,000.00 to $8,200,000.00 and issuing the in-
crease up to $8,143,450.00 for the oil and gasoline business
and properties of the Company, thereby accomplishing a sep-
