Advertisement

Gordon P. Getty will become a majority...

Share via

Gordon P. Getty will become a majority stockholder in DeltaUS Corp. under an agreement reached with the financially troubled Tyler drilling company. The 57-year-old Delta USCorp. last turned a profit in the oil boom year of 1981. An unnamed corporation owned wholly by Getty is to pay $7 million for newly issued shares of common stock in Delta, giving Getty 75% ownership of the Tyler company, Delta Chairman Keating Zeppa said. The agreement also calls for the Getty-owned corporation to provide Delta with a $2.5 million cash infusion to help finance its weakened drilling operations. Zeppa said Delta suffered a net loss in excess of $10 million last year on revenue of $51 million. The company has 1,100 employees.

Advertisement