OCR Text |
Show JUNE 1970 1 OIL & MINING JOURNAL King Silver announces production on Shell Oil Miles No. 1 wildcat . VERNAL, Utah King Silver has announced that Shell Corp. has Company completed testing on their Miles No. 1 wildcat discovery well in Duchesne County, Utah. The well was reported completed and flowing into the tanks from the Lower Green Bed. Transitional River Perforations at 12,910 and 12,942 feet were delivering 1,100 barrels of oil and 596,000 cubic feet of gas per day, tests indicated. According to Cecil G Wall, president of King Silver, his company has an interest under some 25,000 acres in the general area of interest. The area of interest lies between the recently discovered Mountairi Fuel Supply Cedar Rim Field which tested at a rate of some 888 barrels of oil per day, and the Bluebell Oil Field to the northeast. Mr. Wall said that King Silvers interest runs from a low of 3 to 100 under some 9,000 acres that it has under lease. King Salver Corporation has also purchased an undivided 1502,500 acre interest in the oil, gas and other mineral right on property some two miles from the second well Shell CXI is currently drilling in the area. Also in the Altamont area, according to Wall, King Silver owns an undivided one-thir- d interest in a $20 million production payment under some 13,500 acres --payable out of 1 to 5 of the production. Mr. Wall stated that King Silver's interest under the Shell (XI Miles No. 1 well would be around depending on the outcome Shell Oils of 640-acre for a application spacing. The application will be heard before the CXI and Gas Conservation of Department Natural Resources of the State of Utah June 1 7. mn man, the Space Agency has announced. Scientists say the rare rock dates back 4.6 billion years to the birth of our solar system and may contain secrets of thebirth of the universe. contains They said the stone . 1111165 18 muc uranium thrium and potassium as any other lunar rock. Can't survive with clean air laws, ASARCO, Kennecott tell legislators Continued from Page 1 the committee to reconsider the new rules. The company hasnt recei ved any reply from the state agency. ASARCO has three copper smelters, located in Arizona, Texas and Washington. Mr. Tittman asserted that the three have smelters voluntary practiced of curtailment for many smelting operations meet air effort an to in years Brokers , Underwriters , & Mining Companies Wo Understand Your Moods ut that the The new Utah code reduces increasing stnngency of such the permissible amount of sulphur dioxide in the ambient . . declared have made it regulations impossible to meet contractual commitments to receive and smelt copper concentrates. He said the company has made and is continuing to make every effort to develop new technology to meet new standards. Kennecotts OKeefe charged the new Utah regulations vary materially and substantially from those initially proposed at publich hearings in Salt Lake City in January. He asserted that no credible evidence was. presented at the hearings upon which the new rules could be grounded. He declared that much of the evidence was inadmissable by any standard, air to a range, depending on duration, of 0.02 to one part per million from a previous range of 0.1 5 to 1 .5 parts per million. Sulphur dioxide is a gas created by oxygen combining There is with sulphur. among conflicting opinion scientists as to its role in air pollution, Mr. OKeefe charged that the new code violates the Utah and Federal constitutions by Kennecott of depriving property without due process of law or due compensation for that loss, He also charged that the committee had taken on an unlawful legislative function in passing the rules. s1 EQUIPMENT SALE CORE DRILL, Longyear 34, diesel, skid mounted, 1,000 N rod and wireline. Bean mud pump, diesel. Complete tools and accessories, ready to go to work immediately. feet it elniiuidkiini few 01 6, Moon stone oldest ever seen HOUSTON A lemon-size- d stofie bought back to earth by Apollo 12 contains 20 times more radioactivity than any other lunar sample and is the oldest rock ever seen by PAGE 3 BoujJit new last summer. Like new condtion. $17,500 CORE DRILL, Chicago Pneumatic CP-6Air driven, A with Air driven wireline. 500 rod feet and complete mud pump and hoist. Complete tools and accessories including both underground mounting equipment and surface skid and frame. Like new condtion. Bouit new last summer. Ready to be used either underground or on surface. Complete unit $7,500. Treasury Secretary Kennedy feels a firmer stock market is due to emerge soon. According to the Wall Street Journal, the Secretary feels that pension funds and other institutions are accumulating funds that probably will be invested in equity securities when conditions permit. He didnt indicate what appeal equity securities would have when he conceded at a House hearing on the Administrations request for an $18 billion boost in the public debt ceding, that there are doubts that 1970 corporate profit will reach the $89 billion level on which the budget is based. Sen. Alan Cranston, says its fortunate President Nixon did not heed his own advice three weeks ago when he said If I had any money, Id invest in the stock market. Cranston told a Monroe County, New York, fund raising half his dinner that: Had Mr. Nixon invested $100,000 $200,000 salary in the 30 Dow Jones Industrials at the close of the market on the day he gave the nation that advice, he would have lost more than $8,000 as of last f., Thursday. Thats a loss of $47 a day, Cranston added. Even a cant afford money Republican like that. The average American, affluent though not wealthy, hasnt been hurt and probably wont be in this not quite recession were having, according to James C.- Downs, chairman of the board of the Real Estate Corp., Chicago. Sure, if you had a million dollars in stock, bonds and real estate at the top of the market, you probably could cash out for $650,000 now. One thing therapeutic about the stock market shakeout is that there will not be any return to the idiocy of the time when buyers were acquiring securities at a price upward of 60 times earnings of the company involved. The losses, I suspect, are proportional to the greed, Mr. Downs told the annual meeting of the Utah Savings & Loan League. - And on Wall Street the analysts are looking ahead for the next bull market to bring such things as a return to prudent investment principles and a renewed concern for fundamental values and a retreat from the speculative excesses of the past few years. Ah, the human spirit. Battered but unbowed. Bruised but unflinching. Hope truly DOES spring eternal in the human breast. Thank God. 5. Printing & Mailing facilities for Shareholder Reports Prospectuses Financial Statements ' Stock Certificates Buy, Sell Orders, Etc. PRINTING &LITHO 487-07- 68 8 CAT, 14 A, 8S blade, Ateco rippers, canopy, 90 undercarriage, factory replacement engine, like new cleat track. Ready for use. Priced to sell immediately at D tL tt 147t COMPRESSOR, Gardner Denver 600 cfm Rotary Portable Compressor, integral trailer mounted. Excellent condtion, GMC 671 diesel with high altitude injectors. Motor recently overhauled and radiator recondtioned. Ready to go to work. Priced to sell immediately at $7,500. SOUTH 1700 WIST or 298-37- 03 $11,500. GENERATOR, 45 KW, integral trailer mounted, Cummings diesel, good condition, ready to be used. $2,250. This equipment has been properly maintained and in use up to present time. All units can be put to work without repair or addtional purchase of material. Drills and Generator are in Reno. Compressor and D 8 are at Gabbs, Nevada. For information call (702) 3230801, or (702) 323-82- 55, (702) 786-22- 88, or write CMECO, 1450 East 2nd St, Reno, Nevada 89502. This announcement is neither an offer to sell of an offer to buy any of these securities. nof a solicitation The offering is made only by the Offering Grcular APRIL 6, 1970 NEW ISSUE 2,850,000 SHARES (Common Stock $0.01 Par Value) TERRA WEST CORPORATION OFFERING PRICE: $0.10 PER SHARE Copies of the Offering Circular may be obtained from the undersigned only in states where the undersized may legally offer these securities in compliance with the securities laws thereof. BONNEVILLE SECURITIES, INC. 601 Kearns Bldg. (801)32- Salt Lake City, Utah 2- 3S1S |