OCR Text |
Show Page 4 to drill Inc., of Salt Lake City, has staked location for a well to pierce the Muddy Petro-Silve- r, sandstone northeast in MIC West, i 72 Range 55-Nort- h, Campbell County, Wyoming. This 6,900-foo- test of the t Muddy is located lYi miles southeast of the new Pinnacle Field which is producing from was named r. Mr. Simon and Mr. Anderson succeed Eddie M. Peterson, Tacoma, as chairman and Rulon H. Clark, Salt Lake City, as president. OMNICO September, company. include Mr. Simon said the holding was formed in 1968, as a holding Major subsidiaries Washington company will continue acquisitions but at a more conservative pace than before and in fields more closely allied to insurance and financially related fields. It was erroneously reported in the Oil & Mining Journal earlier this year that OMNICO had acquired a Salt Lake City mineral exploration firm. Life Co., Tacoma, and Majestic Life Insurance Co., Salt Lake City. The two companies now have more than $70 million of life insurance in effect. Mr. Simon will continue as president of Majestic Life, and Melvin A. Chipman as president Assurance Geo-Updat- e, reports on ondlerseo minino MADISON, Wis. Exploiting the mineral resource potential of lake and sea beds without polluting the environment is both possible and practical. This is the stand taken by William Folia, head of two one of marine corporations, iwhich. Inlet Oil, is actively engaged in mining minerals on the floor of the sea. Folta discussed this and other tispects of undersea mining at the second annual Wisconsin Sea LI rant Conference banquet at the Wisconsin. of University INLET OIL has been mining high grade barite off the southeast shore of Alaska since :1968. Folta estimates that within the next 10 years his company will contribute some 25 per cent of the nation's total production. More significant, however, is the facL that the mining operations are carried out i.. an area which is a logging center as well as a fishing ground for salmon and crab. The site is located on the famous Inside Passage" tourist ferry route. Yet the mines operations have not interfered with these activities. The firm has also succeeded in overcoming many of the technological problems undersea mining, For instance, one spot is found extremely precise to pinpoint the have succeeded in extracting minerals in depths of several hundred feel. ships EVEN more critical than technological problems, Folia feels, are the legal and political problems of undersea mining. At present, the U.S. imports 40 of the 72 strategic BUT from time. U.S. companies, he holds, concentrate on the mineral potential of U.S. lands. The 1958 Geneva Convention of the Continental Shelf agreed that a nation would own the shelf adjacent to its boundaries out to the conjunction with the deep ocean floor. The agreement was ratified by .39 nations, .15 of whom have coastal territory. Now, a number of groups, including the President's Marine Muddy play, northeast Whoming. Twenty-si- x in 1967 and 1968 the from Muddy sandstone. Nineteen of the Muddy discoveries were in Campbell County, Wyoming. Harris said Petro-Silv- has er interest in adjoining prospects by drilling wells to test the Muddy. options of the 34 significant Wyoming discoveries Basin in been has were made in the Powder River to earn Science recommend a politically unstable countries where the supply might be cut off at any MS recovers oil Mountain Fuel Supply Co. recovered 1,274 feet of 53.2 gravity oil on a drill-stemetering of its wildcat test of the Nugget sandstone in Sublette m (bounty, Wyoming, according to M.M. Fidlar, president. The well, Dry Pine Unit No. 17, is a deep test of the Nuggcst sandstone that has been producing natural gas for years I I agreement concession to nations without, coastlines. Folia believes this not only would mean forfeiture by the U.S. of much land and wealth but also would create a real danger that certain disputes may become international incidents 11,000 to 11,045 feet, he said. pressures could not be obtained because the test tool was lost during the operation. Well Further testing will 8 S I I RANGE 4c TO StO PER SHARE We specialize in silver, gold end uranium stocks and selective penny mining stocks. We accept collect calls on buy orders. I J. H. DILLON w. & CO. 412 Sprague, Spokane. Wash. 99261, Tel. I3I-44- 3I Member Spokane Stock Exchange ANNOUNCING A UTAH FIRbl! PER ANNUM INTEREST COMPOUNDED ON $500 ONE YEAR THRIFT CERTIFICATES This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities. The offering is made PLUS only by the Offering Circular. NEW ISSUE FOR UTAH RESIDENTS ONLY 6,250,000 SHARES HI FASHIONS, INC INC., was organized for the purpose of designing, manufacturing, buying, selling, importing, and exporting wigs, both men's and women's hair pieces, and all types of clothing and SAVE BY MAIL Name HI FASHIONS, , wearing apparel. PRICE PER SHARE 2 Cents Copies of the Offering Circular may be obtained from the Underwriter. FIRST FIDELITY UNDERWRITERS 249 East Fourth South Salt Lake Cityf Utah 521-680- 0 Address Ciiy Social Security Number Send me Thrift Certificate in the amount of $. year(s). My be required before significance of the well can be determined. have profit potential t for partial providing international control of our continental margins, a The v oil was recovered from SILVER MINING STOCKS I I THE U.S. should assert its right to the continental shelf, he 1 said, and the best way to do this I is to pui our own house in order. I State and federal governments should establish a framework in which industry can explore and develop all underwater mineral resources in an orderly and controlled manner. Now we do not even know, for instance, just which state owns the manganese deposit discovered by University of Wisconsin Prof. J. Robert Moore last year in Green Bay. Until a workable domestic legal framework is set up, Folta concluded. It is preposterous to negotiate mineral resource ownership on an international basis." Commission, new from the Frontier formation between 6,600 and 7,300 feet, Mr. Fidlar said. I" rather than business arguments, which could be settled in a coastal nations court system. should of he contends. a promising by a ship, navigation is location. Another problem is keeping the mining ship firmly anchored over the spot. Inlets minerals oil, Harris noted. However, most of the successful exploration to date in the Powder River Basin of Washington Life Assurance il DimDefl1 necessary This Field has proven reserves of over 200 million barrels of MInKKgS management team headed by Richard R. Simon, Salt Lake City, as board chairman and Mack E. Call of Tacoma, Wash., as president, according to the Salt Lake Tribune. L. William Anderson, Salt secretary-treasure- the Muddy sandstone, according to Harris. He said the prospect is in the northern Powder River Basin where thus far over 500 million barrels of oil have been produced from Muddy pools since the original discovery well was drilled in the Bell Creek Field, just across the state line in southeastern Montana, in 1967. 1 well in Sec. 14 Township OMNI CO, Inc., board of directors have approved a new City, No. s MMinraeinrf snera Lake Pctro-Silver- Wallace-Feder- al Wyoming, according to H.D. Harris, president. Mr. Harris said the drilling contractor, Cardinal Petroleum Co. of Hillings, Montana, is moving its rig on location now ' December 8, 1969 OIL & MINING JOURNAL check is enclosed. for a period |