Mammoth has oil leases in Elk Hills in California. The newly opened field, which geologists feel may be the largest oil field in the United States, has 25 producing wells at the present time. Sinclair is rumored to have the backing of influential government employees.
Mammoth has borrowed large sums of money to explore for oil in California and Wyoming and to develop Elk Hills. Secretary of the Interior Fall is reported to be a large stockholder. Sinclair’s company has not paid dividends in the past 5 years of operation. The value of Mammoth Oil stock has fluctuated between 20¢ and $5 a share for the past two years. |