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Show The National Enterprise , February 16, 1977 Page four Will Drop Suit Nitecap Oil & Gas News in the suit. LAKE Nitecap World Wide Communications (OTC .375, .75) has agreed to drop a $50,000 suit against Hale Oil and Supply Co., Inc., of Oklahoma. Nitecap, formerly Silver Eagle Mining Co., filed suit against Hale Oil in late January for allegedly making false and deceitful misrepresentation of the . Hale company during merger negotiations with Nitecap. B.Y. Hale, president and board member of Hale Oil and Supply, has reportedly agreed to pay for expenses incurred by Nitecap in gaining shareholder approval of the Hale merger. Mr. Hale was also named SALT DRILLING ACTIVITY IN UTAH AHEAD OF LAST YEAR Oil and gas companies have drilled ten wells in Utah thus far this year, resulting in five oil, two gas and three dry holes compared with only six this same time last year, according to Carlton Stowe, minerals specialist. Department' of Natural Resources. A court summary of the allegations against Hale Oil and Supply claims that omissions and misstatements of Hale Corp. were in violation of Section 12 of the Securities and Exchange Commission Act of 1933. Nitecap president Robert Thom declined to say how much the company spent on negotiating the merger but he did say the public company spent a few thousand dollars" and the amount settled for was considerably less than the $50,000 sought in the U.S. District Court suit. Exploration throughout Utah is currently high with more than 70 wildcat wells either drilling or sites chosen for drilling, currently carried in drilling reports. In addition, Stowe said, about 117 development wells are listed. between 26 and 29 at active number Utah's drilling rigs present, up from last years average of 19 rigs at work, increased well drilling is evident in each of the western states as well. Stowe said drilling statistics show that operators in the Rocky Mountain states have completed 343 wells compared with 256 wells at this time last year. Well drilling activities in Utah are concentrated generally in two geological provinces: the Uinta Basin of northern and northeastern Utah and the Paradox Basin of southeastern Utah. A dozen new well locations were recently approved by Utahs Division of Oil, Gas & Mining primarily in northern Utah's Rich, Daggett, Uintah and Summit in-fie- ld counties. However, not all drill-ri- g activity is concentrated in those counties. A very significant test well will be drilled just east of the Scofield reservoir in Carbon County by Diamond Shamrock Corporation. Their No. 0 Federal is to be drilled to at least 6,450 feet. The only previous drilling done in this area is a 7,917 foot failure which was drilled in 1952 some two miles to the south of the new well site. Gas flowed on tests at the well but no commercial production was 22-1- established. Pineview field near Coalville is the focus of current development activity. Eight wrells are producing in the area, three additional producers are nearing completion and two others are being drilled in the immediate vicinity. The field, a significant contribution to Utah's oil and gas production, was discovered in 1975 and has produced more than 780,000 barrels of oil and 712 billion cubic feet of gas. Several exploratory wells north of Pineview, south of the Bear Lake area and throughout the Coalville vicinity are being closely watched for possible new oil and or gas possibilities. A general " of Utah drilling shows several Two wells are developments underway: Carbon County in to establish production the Peters Point and the testing Farnham Dome field, Reserve Oil & Gas and Equity Oil - Company are at work in these areas. Mountain Fuel Supply is drilling one Daggett County well and has another scheduled in the Clay Basin field. Shell Oil, Gulf Oil, Diamond Duchesne County Shamrock, Oil Development of Utah, Koch Exploration and Burton-Hawk- s Inc., are a few of the companies working in the Bluebell, Altamont, Cedar Rim and the Left Fork has scheduled a Antelope Canyon vicinity. Burton-Hawk- s 19-1 new test at the No. Federal, a projected 4,200 foot well 15 miles of south Duchesne. about ffisdhi Profit Meadlm THE RIGHT AND THE POWER Jaworskis inside view of Watergate gives you amazing insight into the grim thrusts and counterthrusts, of the power game played for the highest stakes in history, the Presidency of the United States. The strategy Jaworski employs is full of meaning to any businessman or corporate executive. over-view- BLIND AMBITION John Deans brutally honest memoir of his White House years and Watergate. Deans rise to power, and his mistakes along the way are both fascinating and frightening. HARRY BROWNES COMPLETE GUIDE TO SWISS BANKS My God, now of inflation and the meaty clutch of Uncle Sam? A completely legitimate guide to all the ins and outs of Swiss Banking and in a highly profitable style. Four wildcats" are scheduled Emery County ranging from projected depths of 6,850 to 8,000 feet in the county. Fossil Petroleum is conducting tests at a total depth of 7,745 feet at their No. 2 Ferron Creek prospect. Two wells are scheduled to depths of Garfield County 2,500 to 7,800 feet. ADOLF HITLER This current best seller explodes some cherished notions about the Tyrant of Bavaria. His childhood, his women, his writings, his fears - and his remarkable abilities - are explored in this monumental and of Adolf Hitler. revealing biography Grand County Drilling reports carry 38 wells in the county, more at present than at any time in the past year. Drilling and testing are being undertaken on a number of wells widely scattered over the Wcstwater, Bar-X- , State Line, Pear Park, Harley Dome, Left Hand Canyon, Cisco Springs, Seiber Nose, Agate and Salt Wash areas. Juab County An 18,000 foot deep test is being drilled by Dixel Resources at the No. 1 Gunnison south of Nephi. In Sanpete County, in the Moroni area, Hanson Oil is 20,000 foot test, the drilling below 9,300 feet at their deep No. 1A-Moroni. X San Juan County Both exploratory and development drilling is active in the county. Most work is being done by Texaco Inc., in the Aneth field along with a heavy devlcopment program by Superior Oil and Continental Oil. Husky Oil plans to conduct tests at their apparent discovery well, the No. 5 Federal, four miles northwest of the Lisbon field. Some 7.5 million cubic feet of gas per day was gauged on a drillstem test run at 9,020 feet. in-fie- ld 15-2- that Ive made some money how keep it from the jaws jfV. s. ' ' t 0 v t ; ' - j'f'ft. -v copies of THE RIGHT AND THE POWER Leon Jaworski f ' Please send me '.. v? Name Xo e . ''& v, g $9.95 i ; BLIND AMBITION John Dean $11.95 COMPLETE GUIDE TO SWISS BANKS Harry Browne $9.95 ADOLF HITLER John Toland $14.95 v. A . . 7 J . f Sa: - - Address f; ' ft City, State, Zip My Bank Credit Card Number Is . s ' I Master Charge enclose i BankAmericard Check or MO Walker Bankard Charge my account Important: Utah residents please add 5 sales tax and $.75 postage and handling. . |