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Show May 26, 1969 OIL & MINING JOURNAL Page 3 UP&L plans coal power plant Utah Power & Light Co. said It will have a new power generating plant In service or under construction by 1974, although a plant site has not yet been selected. Speaking at .the annual shareholders meeting at the Terrace ' E. Allan , Ballroom, Hunter, president,', said the new generating plant would be a coal-firunit because .coal Is stable In price Tin. the Inter mountain Area. UP&L earlier this year announced a $233 million, five-ye- ar construction program.. The program envisions a , big new generating plant and Hunter ear- Her indicated It would very likely be located In Utah. The company also plans to expand Its Kem-merWyo., plant. All of our construction plans and projections take Into account the need to keep abreast of nuhe clear technology, said. However, nuclear plants In our ' territory are not yet competitive ed . er, beacuse of the comparatively coal available. low-pric- ed Hunter, who took office at the of the year, made his first appearance before share -- holders, who had turned out some 600 strong at the annual meeting and luncheon which followed. Hunter said company revenues passed the $80 million mark for the first time, an Increase of 5.2 per cent. Earnings wer $2.56 per share, compared to $2.43 in 1967. Revenues for the first four months of this year are up 5.7 per cent, and earnings per share first are up 14 cents over 1968. He noted, however, that the Increase In earnings was due partly to a change in depre- ciation for Income tax purposes, which Just about offset the 10 per cent federal Income tax sur- charge. Regarding the surcharge, he said if It Is reduced to 5 per cent, as President Nixon has requested, then UP&Ls earn 5 m- - " ings will be Improved even more this year. To finance Its big construction program, UP&L will need to raise about $130 million from outside financing through the sale of bonds, common or preferred stock. Next year it plans to sell $25 million In bonds and $15 million In equity securities. Hunter said that when company officials met with key financial Interests In the east to explain their needs, there was a burst of applause when he mentioned that Utahs universities had not had riots or other violent student actions. We have every reason to believe that they have a keen Interest In our areas growth, he said. Hunter also cited new Industrial developments which will have a great impact on the areas economy, including two multi- million dollar projects at Great Salt Lake. Purchase oil, gas leases Grimes been developed and It Is planned Consolidated, Inc., joint that a major drilling and developventure with Silver Empire, Inc. ment program will be undertaken. has reached an agreement In prin- He said there are substantial oil ciple with Hanley & Bird, a part- reserves, all Pennsylvania-grad- e nership, Bradford, Pennsylvania, crude which the company plans for the purchase of 20,454 acres to seU at $4.35 bbl at &he well of oil and gas leases containing head. YOUNGSTOWN, OHIO in a 103 producing gas wells and 25 miles of gathering pepe lines, It was announced here by Patrick d. Calllhan, president of Grlmes-Consolldate- Mr. Calllhan said that less than 20 percent of the acreage has compares very favorably with prices In other parts of the country. operates Grimes-Consolidat- ed wells In Pennsylvania Helds service-fe- e basis, and apon its own 200 wells proximately account. In addition, expansion of the natural gas distribution system Silver Empire, Inc., Beverly Is contemplated, and Mr. Calllhan Hills, Calif., Is engaged in the said the company has contracts production of oil, mercury, silwith neighboring communities and ver and gold and in the acquiIndustrial plants for sale of the sition of natural resource gas at 51$ per mcf, which price 300 on a Bennett sponsors silver bill Legislation to help keep the U.S. Mint free from silver losses Incurred because of undue restrictions on Its operations1 is being urged by Sen. Wallace F. Bennett, In a recent letter to Treasury Secretary David M. Kennedy, Bennett said, Last year apparently due to budgetary restrictions, It was necessary to recirculate coins that had prewithdrawn from cirbeen viously culation to meet the surge In demand at Christmas time. WASHINGTON R-Ut- ah. silver-- bearing As a result, the Treasury lost nearly 29 million ounces of silver, which undoubtedly will not be returned and which represents a significant loss. The ranking Republican on the Senate Banking and Currency Committee and a member of the Joint Commission on Coinage, Bennett also expressed concern over the restricted number of coin proof sets being produced. The coins in the sets are specially processed and placed In plastic display cases. They are often purchased by coin collectors. It was necessary for the Mint to return some 200,000 unfUled orders for coin sets during the current fiscal year. I understand the net profit on each set Is $3, so this again represents a substantial loss, Bennett noted. I am anxious that these restrictions that result In a net loss of revenue to the federal government be removed, and will appreciate your suggestions to achieve this end, he said. a-b- out ATOMIC POWER IN SPACE First civilian use of atomic energy in space resulted when this rocket launched NASAs Nimbus 3 weather satellite into a trans-polorbit in April from Vanden-ber- g Air Force Base, Calif. Two atomic batteries, called SNAP 19, are providing power for experiments on the ar AEC-develop- ed satellite, in addition to power being provided by solar panels. The satellite scans the earths surface twice daily, gathering weather information. TEST DORINGS Hearing on CHEYENNE, Inter- Wyo. national Nuclear Corp. has formed Wyoming state officials the company will hold a public hearing In Sublette County soon to explain further details of Its proposed Wyoming atomic stimulation project, an underground blast, to loosen millions of feet of natural gas for economic development. Robert McDonald of International Nuclear and two offlclas In- N-bla- ALL TYPES TEST HOLES st IN of the Atomic Energy Commission met with a group of state officials to explain the project. McDpnald said International Nuclear has completed a preliminary study and Is now on location for driUlng of an evaluation well about three miles south of Signal Hill near Daniel. The well is located about four miles west of U.S. 189 northwest of Daniel and about 25 miles northwest of Plnedale. MINING COMPANY interested in purchasing Uranium, Silver & Copper properties Writes Code P. 0. P-1- All WESTON STATES LATEST TYPE SlULiED EQUIPMENT PWSONNa Salt Lake City, Utah 84110 d 5SSG GOBIPEJOCJ? Core Drilling Wire Line or Standard Air or Mud Rotary Mine Underground Hole Drilling Long Cable Tool Water Wells or Sampling GOAOALL EXCAVATORS MIST POWER GRADERS A HYDRAULIC CRANES ROBSINS A SCHRAMM ROTARY DRILLS A SECURITY RITS Phone SpringviNa Long Distance 489-480- 0 LINK BELT SPEEDER SHOVELS AMD CRAHES WESTERN ROAD MACHINERY 11 Box 19243 GtlU 911 CONSTRUCTION & DRILLING 1045 W. MAPLE CO. MAPIETON COMPANY P. O. Um 2S40 2100 Sooth Main Salt Laka City, Utah 04110 Brooch Offices: 590 W. 19th St. Idris Fids, Idaho Mil Wtsttra ta, Boise. Idaho |