Diversified Land & Exploration Co., an oil and gas exploration and drilling company, has moved its corporate headquarters from Los Angeles to Newport Beach. Separately, the company has acquired Wilson Investment Co., a Newport Beach real estate development firm, which has holdings in Orange, San Diego and San Bernardino counties.
"We intend to expand our real estate and construction activities, and we believe Orange County is going to be a strong, dynamic market for a long time," said Fred G. Luke, president of Diversified Land. "We decided to move our company to where the action will be."
For the fiscal year ending June 30, 1987, the company reported net income of $217,044 on revenues of $1,778,825.