Officials of Washington Gas Light Co., flushed with the potential success of a natural gas well find in Oklahoma, yesterday approved the sale of another one million shares of the company's common stock, a move designed to raise money for a $67 million WGL construction program.
Paul Reichardt, chairman of the local gas company, said it cannot estimate the value of the well until experts on the site can control and measure it.
Reichardt said the common stock sale -- the first such sale in 10 years -- will begin this spring. It is one part of a capital funding plan that includes a possible debt issue later this year, he said.
Speaking at the company's annual stockholders meeting, Reichardt and WGL President Donald Heim painted a positive picture of the company's future, with Heim noting that the "supply outlook appears favorable." Reichardt predicted that despite the additional shares of common stock, 1981 company earnings will "show improvement over 1980."
In a detailed analysis of the Oklahoma situation --complete with a color film of the well spouting gas -- Heim explained that during the gas flow established on Jan. 28, the well, known as Tomcat 1, was producing about 75 million to 100 million cubic feet of natural gas a day. CAPTION: Picture, Washington Gas Light Co. President Donald Heim listens as Chairman Paul Reichardt addresses stockholders at the utility's annual meeting yesterday. by James A. Parcell -- The Washington Post