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Show Page three The National Enterprise, August 25, 1976 Politicians Have Us Behind the Energy Eight-Bal- l The federal prototype oil shale leasing program threatens to become a one-habillion dollar swindle, unless positive governmental action is taken immediately, according to Max Eliason, president of the Rocky Mountain Oil and Gas Association, and senior vice president of Skyline Oil lf Expansion of Steam Project by Weco Development Now Underway In addition to the initial discovery well, Weco said four more wells have been drilled with 46 feet, 78 feet, and 72 feet of heavy oil sand at a depth of about 1100 feet. The first well is completed and steam is being injected. Weco said each w'ell DENVER Weco Development Corporation (OTC 3.25, ance. added environmental 3.50) has announced major threatened expansion of its Fort Kent requirements, oil steam project in passage of a Clean Air Act heavy which would prohibit degrada- northeastern Alberta, Canada tion of air quality, and pro- is now underway. The project located on a 4,960 acre block posed legislation to disand is owned 100 percent by member the oil industry. "The actions of foolish Weco. politicians are putting us behind the energy eight-bal- l, Eliason charged. He queried, Company (OTC 8.00, 8.75). Speaking at public hear- "Is there any defense for ings held in Salt Lake on a policies which are forcing the detailed development plant American consumer to send submitted by The White River $35 billion overseas this year for foreign oil and, which at Oil Shale Project, a consortium of Sun Oil, Philips, and the same time, are stifling the Sohio, Eliason said the ground development of domestic rules of the oil shale game reserves?" must be changed. If they are .not, he added, the companies involved will be the in f victims of the biggest history, and the guilty party will be the government. The oil executive explained that after federal officials gleefully accepted bids totaling $448 million from nine companies for oil shale leases, the government changed the game plan for oil shale development w'hich drastically reSALT LAKE CITY Equity duced the economic incentives Oil (OTC 22.875, 23.375) reneeded for such development. slightly higher net Eliason urged the im- ported income for the second quarter mediate passage of legislation of 1976. The company earned presently being considered by $868,073 or $.59 per share on Congress to provide grants revenues of $2,271,172 in the and loan guarantees for use by second quarter of 1975. oil shale companies in perfectFor the six months of this ing oil shale technologies. vear, Equity showed earnings Passage of such legislation, he of $1,798,542 or $1.22 per said, would help correct the share, with compared from negresulting inequities $1,940,747 or $1.32 per share ative governmental policies. in the six month period of He criticized price con- 1975. Revenues for the period trols on new oil, the elimin- were $4,769,580 compared ation of the depletion allow with 1975. in $4,604,069 be steam injected for about 25 days and then placed will on production. Weco said it is optimistic that the expansion will establish an economic method for recovery of oil from a portion of the oil sands underlying the acreage. Security Brokers, Dealers, Corporate Officials, Attorneys. Earnings Slightly Higher for Equity Oil rip-of- Oil & Gas News hand for sweaty palms A helping Juristics Securities Law Seminars help you avoid problems under securities regulations. They're education on tape to protect you and your clients. Complete, current, concise seminars covering the field of Securities Law, you learn at your leisure from experts. Listen and learn while you commute to the office, while you have lunch, in the evenings as you relax at home. Cassette Seminars in handsome album with compendium 12 NORTHEASTERN UTAH GETS NEW DRILLING A 10,000 foot test of the Wasatch formation just west of the town of Lapoint and south of Tridell, Uintah County, will be drilled by Flying Diamond Oil. The well, the No. is about a mile north of oil production in the Roosevelt field where the Green River formation produces at a Utah depth of 9,300 feet. Carlton Stowe, minerals specialist, Diamond Geological & Mineral Survey, notes that the Flying location is about three quarters of a mile east of a 9,995 foot abandoned well where tests were conducted at depths of 9,900 feet, recovering oil and mud. The well was abandoned after In 1975, a testing proved the well to be Wasatch formation discovery well, two miles to the northwest of the Flying Diamond location, pumped 71 barrels of oil daily. The area is approximately 18 miles west of Vernal. In other oil and gas drilling activity around the state Stowe says that Chevron Oil is continuing tests at a Bluebell A1 State. Last gauge was a flow of field well, the No. 8 895 barrels of il per day from 13.330 feet. Chevron is waiting on completion equipment at another well in the vicinity. Gulf Energy & Minerals drilled to 16,555 feet, total depth in Buck Canyon field about 25 at the No. Grav miles southeast of Ouray. They arc also waiting on equipment for additional work. feet In Sanpete County. Hanson Oil is drilling below 6,600 in the Moroni area. It is a deep test, scheduled at the No. to some 20.000 feet. . the I incvicw field, wells in several at Drilling continues 16 the small investment of only $1 00.00. Any one of the 1 2 sessions could save you many times its modest cost. All for JURISTICS Ute-Trib- al non-commerci- al. 3-1- Knoll-Feder- A Summit County. Send for your Juristics Securities Law Seminars now. Juristics, Inc. 233 Parker, Suite 101 P.O. Box 11126 San Francisco, California 941 01 Please send me the Juristics 1 2 Cassette Seminar on Securities Law. My check for $100.00 is enclosed. Name. Street Address. State City al Charge my Bankamericard Account Number Signature n Master Charge Expiration Date. Zip. |