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Show Page 7 OIL & MINING JOURNAL January 19( 1970 Classic tells plans at shareholders meeting Classic Mining Corp. officials toasted their latest commercial well with crude oil from Classic Government 2 at a large turnout of stockholders at the companys annual meeting in Salt Lake City Jan. 12. The officials reported the well was a commercial producer to shareholders the companys first successful drilling on a farm out from Pan American Petroleum on Union Pacific Railroad land in Carbon County, Wyoming. The management...has tried and will continue to direct the activities of the company so that it will eventually attain the maximum long-tergrowth, Classic president Ray Ross, told stockholders. We have been aggressive and have acquired leases which show m reasonable expectation of commercial producible minerals, he said. Mr. Ross said the progress the company has made in such a short time has brought many offers for merger, but the company has elected to continue on its own. As a company engaged in the exploration for oil and gas, the company faces an ever growing market for its products, he said. present consumption of oil in the United States is about 12.7 million barrels of oil a day. By 1980 the estimated demand will be 17.5 million barrels a day, taking into consideration increasing use of other forms of energy, including nuclear power, he said. It is thus estimated that 78 billion barrels of oil must be discovered in the next decade in order to meet the demand of 1980, he said. However, he noted, the search for oil in the U.S. has been declining while the demand for oil is increasing. Over the past 10 years demand for oil and gas in this country has risen about 40 per cent while proven reserves have increased only 15 percent. There is a critical need in the oil and gas industry for increased exploration of new petroleum reserves and additional producing wells from known reserves... In its first months of operation the company has completed the drilling of five wells, three of which were TOASTING LATEST SUCCESSFUL WELL with crude oil are Classic Mining officials, from left, Louis M. Higashi, stockholder from Monte Serene, Calif.; Cloyd Hepworth, vice president; Ray Ross, and Gene Langsford, exploration engineer. Company president; Paul Corbett, secretary-treasureprojects earnings of $146,000 from three producing wells during 1970. r, commercial producers. This represents a 60 per cent interest participation success, he noted. Mr. Ross noted that the company has joined other companies and parties in part WEEKLY HIGHS AND of Classic Mining Stock in in its well drilling operations in order to conserve its capital and lessen the financial risk on each well drilled. LOWS-1- 9 the Over the Counter Market - pursuing such By a conservative policy in its financial arrangements for drilling operations, the company continues in strong financial the market, Justheim Petroleum Co. has over-the-count- moved er into the nationally registered Salt Lake Stock Exchange. Clarence I. Justheim, president, purchased round lot of shares-so- me 45 cents a share. CD noted. Justheim Petroteum on S.L. Exchange After 18 years of trading on o position and will have adequate financial resources to continue its well drilling activities during the coming year, Mr. Ross the first 500 at The company, founded in 1952, has about 1,500 stockholders in 42 states. Its principal source of income is from the Big Piney Field in Wyoming. The firm is also a participant in oil shale and Great Salt Lake mineral leases and in real estate in the St. George area. Mr. Justheim in 1966 was granted a patent to produce oil from oil shale using heat from a nuclear reactor as recovrery agent. ocu co This announcement is neither an offer to sell nor a cu solicitation of an offer to buy any of these securities. The offering is made only by the Offering Grcular. c NEW ISSUE CD January 12, 1970 300,000 SHARES COMMON STOCK ($ .20 Par Value) CU VEDCO-WAHW- GO AH MINES, INC. CD PRICE $1.00 PER SHARE Copies of the offering circular may be obtained from the undersigned only in states where the undersigned may legally offer these securities in compliance with the securities laws thereof. MAY JUNE JULY AUG. HIGH SEPT OCT LOW NOV. DEC. BONNEVILLE SECURITIES, INC. 601 Kearns Bldg. Salt Lake City, Utah (801) 32- 2- 3515 |