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Show w. V n Bulk Rale V. S. Postage a PAID Salt Lake City, Utah Permit No. 2091 ? v.-- J " f . Vol. 1 . S'. r t No. 43 January 5, 1970 (mi 25 Cents per Copy American Minerals on reports 69 well drillings A Presidents Report to investors of American Minerals Fund, Inc., with headquarters in Salt Lake City, outlines the funds oil and gas activities through two of its limited partnerships. The report, by William L. Nixon, president, shows eight producing oil and gas wells brought in during 1969, eight additional wells being tested, and six more leased locations being readied for testing and drilling. The wells, either operating or in the process of testing or drilling, are located in the states of California, Colorado, with several wells currently in remaining to be expended in the to substantially increase its sales to the public through the recent expansion of its broker-deale- r partnership; network production The third and capital and fourth partnerships for the year, with well sites selected currently in the process of development, are expected to report out drilling results. in early 1970. We plan a substantially increased program of activity for 1970, says Mr. which includes the Nixon, development of several large fields in which we have an interest. Mr. Nixon pointed out that American Minerals Fund has begun drilling in the Torrance Field of Redondo Beach, Calif., where they have acquired the right to drill as many as 28 inside offset locations. This would place their drilling operations directly in the center .large- -. producing fields,Nixon indicated, Montana, Ohio and Wyoming. According to Nixons report, a summarization of results during 1969 showed the first partnership of the year with a record of success in the 57 and,. gas. wellsy-.-.o- f. .drilling ,of-joil- .. second the partnership of the year is shown as 100 He also declared that successful in its drilling to date, American Minerals Fund expects -- - Mr-.--whil- in all the major population centers throughout the country. Terming the AMF partnership 1969-- 1 a successful one, Mr. Nixon listed the following producing or potentially producing wells: The Shahan No. 1 in the Groundhog Creek Field, Meigs County, Ohio, is completed and presently producing four million cubic feet of gas per day, the report stated. Nixon said the gas is selling for $270 per million cubic feet. The Ryan Creek No. 2 in the Ryan Creek Field, Rio Blanco County, Colorado, is completed and initial indications are that it will be ...a producing natural gas well capable of returning more-than- the - invcstmcnt-i- the . well. The John Profitt No. 2, also (Continued on Page 2) Tax bill provision would aid Salt Lake The WASHINGTON mammoth tax reform bill contains a provision which Sen. Wallace F. Bennett, predicted would launch a major new industry at Utahs Great Salt Lake. h, The Utahn said amendment provides THAT HAS BECOME almost the trademark of American Minerals Fund, Inc., shows oil flow at one of the wells in an AMF partnership. The fund has issued a president's report on activities of its 1969 partnerships. A SCENE his for depletion fates ranging from 10 to 22 per cent for the extraction of minerals from inland saline lakes, including Great Salt Lake. In addition to the lake minerals provision, the tax package contained several' other amendments offered by Sen. Bennett, including raising the depletion allowance to 22 per cent for beryllium, of which Utah is an important producer, and the granting of a 1 5 per cent depletion allowance for oil shale. He described what was done for oil shale as comparable to the allowance given to the extraction of oil from conventional wells. Utah and a few neighboring states rest on top of land that is fabulously wealthy in oil bearing shale. said Sen. Bennett. This tax incentive hopefully will provide the impetus necessary to get this potential multi-billio- n dollar industry off the ground. Development of this source of oil is for the security of the essential United States as well as its economic position. important 99 $2 billion on pollution control not enough Pollution Control American NEW YORK business spent nearly $2 billion on pollution control this year, but greater effort will be needed at all levels, M.A. Wright, chairman ' of Humble Oil & Refining Co., believes. We are now in a pollution revolt, and society is demanding action, he said in a speech prepared for an international conference on prevention and control of oil spills. Were it not for the Vietnam War and inflation, pollution would be the prime target in the he arena of public opinion, said. that business, Wright and the public must government said join in combating pollution of water and air. . Unfortunately, pollution is not a problem that can be solved by just one segment of society. All of us contributed to it and it will take all of us to solve it. Wright reported that business expenditures control had on grown pollution from $1 billion in 1967 and SI .5 billion in 1968. I believe we have made progress, but at the same time we must admit that the battle is far from over, he said. To return our lakes, streams and rivers to an acceptable level of quality, this nation, according to a report by the Federal Water Administration, will have to spend about S25 billion. Wright said pollution control will be costly for consumers, but they must realize that the purity of our air and water will depend on how much they are willing to pay. |