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Show Page 4 i ij OIL & MINING JOURNAL ... FEBRUARY 16, 1970 I Classic Mining hits on Wyoming wildcat Classic Mining Corp. Salt Lake City, announced last week its No. 1 well is producing from three separate perforations at depths of 3,811 to 4,1 50 feet. The well 'a rank wildcat, is on property Classic has on farmout from Fhn American Petroleum on Union Pacific Railroad Co. Classic-Governme- nt land in Carbon County, Wyoming. In a letter to shareholders, Ray R. Ross, president, said the well had been tested pursuant to TEST ON WILDCAT WELL of Classic Mining Corp. shows pressure below. The Wyoming well, on farmout from Pan American Petroleum, is producing commercial grade oil. Montana oil firm hopes to reactivate Dutch fields To keep Sumatran oil fields from serving invading Japanese, Dutch engineers in World War II removed much of the surface producing equipment, rendering folds inoperable. Because some of the fields were already near the end of their primary life, no immediate attempt was made to restore them after the war. an open flow and swab test. These tests indicate that the well is producing at a rate in excess of 500 barrells per day, Mr. Ross said. He said the oil is indicating 42 degree gravity at 60 degrees fahrenheit. The first shipment has been sold to Rock Island Oil Co. at and Refinery a competitive bid price in excess of $3 a barrel at the wellhead. Ross said Classic is now in the steps of securing title final clearance from Pan American Petroleum to drill an offset confirmation to be known as American No. 1 well. He said work on the well would commence within a very short time pursuant to their farmout agreement. In other developments, Ross said the companys King Well No. 2 in Ohio has been drilled and is presently being logged. No. 1, Also, Classic-Ebon- y another Ohio well, has been drilled and logged and is in the process of being fractured. Classic, which had its initial stock offering in the spring of 1969, was listed as the most active stock in the nation during part of last week. The stock trades at about 30 cents per share. Stock was initially offered at 3 cents per share. Classic-Ebony-P- an over-the-count- er Now an American I independent company proposes a plan to give the idled fields a d new lease on it hopes to finance the operation largely ITS YOUR MONEY by Richard Blackburn life-an- fiiqr. ftesif through Japanese capital. This is only one of the proposals of Oil Resources, Inc., whose president, Earl Cranston, sees the role of the independent as increasing involvement with sources of foreign capital and also with foreign markets. Cranston, of Billings, Mont., currently on a swing through California, says though the largest share of Oil Resources. 775 barrels-per-da- y production comes from properties in ASK US about the activities of CLASSIC MINING . M .j i & ' TM- f- TWf COMPANY, INC. in' 29 EAST SECOND SOUTH Montana and Utah, the companys main stock SALT LAKE CITY, UTAH (101) ownership lies in California, as does file main source of funds for the companys drilling fund program. In Sumatra, Oil Resources in negotiating for the right to initiate a pilot water flood as the first step in a program designed to apply secondary recovery toward getting more oil out of the ground in depleted fields. .Cranston says the company believes it is looking at 20 to 50 million barrels. The oil is in the range, lying at depths of 2,000 to 3,000 ft. The prime market is Japan, says Cranston, and we hope to develop an investor market there. 521-3- 030 appears on Page 6 of this issue. PASSPORT AIR TRAVEL CLUB Departing Salt Lake City Flying Direct In Our Otero I Club Airliner To Many Exciting Places This Year I ROUND TRIP 139.00 FEB. COZUMEL 11100 19100 MARCH JAMAICA MEXICO MAZATLAN 30-gravi- ty Vqd in Indonesia, the Phillippine Islands and Africa, and in Alaska. Weve applied for numerous concessions, particularly offshore, in the Philippines, Ghana. Sierra Leone and Plans call EMSPILAV ME) Only $2.00 Deadline: PUERTO a column inch. Wednesday proceeding desired publi- cation date. Call: and one of our creative represen3 tatives will assist you.. 298-240- 7 m - for the countries themselves to supply most of the capital. We see ourselves, Cranston says, as management type consultants, furnishing expertise. In Alaska, Oil Resources, Inc., owns a 1 per cent interest in eight tracts purchased by the VALLARTA MAY MAY A JUNE JUNE THIS SUMMER ALASRA CANADA TAHOE AHOTEL & GROUND TRANSFERS ARRANGED IF DESIRED. NEXT VACATION GO BY AIR HAVE MORE TIME THERE REDUCED RATES FOR CHILDREN SOUNDS HARD TO BELIEVE INFO. ON YOUR CLUB. PLEASE SEND ME NAME Pennzoil group at last Septembers North Slope lease ADDRESS ZIP. sale. PHONE Three of the tracts are included within the generally recognized limits of the Hrudhoe Bay field. 119.00 PASSPORT AIR BOX 2262 WI PLY IVERYWHARI PH. 359-860- 3 26 APRIL APRIL APRIL VANCOUVER For the independent, Can Build Profits Create an Image 119.00 29.50 39.00 99.00 CITY VE6AS SAN FRAN. Cranston sees the best hope for the future overseas, particularly 27 ACAPULCO |