OCR Text |
Show .1 tteM 9$ JJtot tyHitficaHce in The Oil " HIH9 Wwld" - .... ' trt'fU.VaiV? Vol. 28; No. 18 I Indian Creek Announces Oil, Incorporatec Has Commercia Oil Drilling Agreement Gas Producer Indian Creek Uranium Sc Oil Co., 2320 South Main St.., Salt Lake City, Utah, announced this week that the company has concluded an agreement with J. D. Carter Sc Associates, of Grand Junction, Colo., to drill two sections of oil, gas and mineral leases near Cisco, Grand County, Utah. The contract, signed this week in Salt Lake City, by the Grand Junction oil man and O. C. Larson, president of Indian Creek Uranium Sc Oil, provides for a venture in the drilling pro- tmk 5 Salt Lake City, Utah, Friday, June 28, If k s . ' S '. f I' w hfc 10 Cents Price Decline zees Many Out of Work ,d-Zi- lead and zinc properties located near Clayton, Idaho. The company was incorporated in 1953. nc dreds of additional lead-zin- c and in Utah, Idaho, Colorado, NeOil, Inc., Salt Lake independent, miners are being served with vada, New Mexico, California, Tuesday reported flow of natural severance notices in western Unit- Montana, Washington, Oregon and Mr. Larson expressed enthu- gas at its Westwater wildcat in ed States as more lead-zin- c mines Arizona. siasm over the companys expand northern Gran County had been prepare to close in the face of Declines in prices result from ed oil exploration program. At increased to more than 1 mil- price declines and mounting forfraccubic lion feet ruthless daily dumping of lead and zinc through the same time, drilling will be eign imports. metals Morrison on American shores by formation. of the turing continued for uranium on its & stem On initial American drill the well in low-wag-e test, companies Smelting Refining engaged claims in the San Juan Basin. Present price of Indian Creek was rated at 625,000 cubic feet Co. will close three metal mines foreign production of the comin Colorado, New Mexico and modities. daily. Uranium stock on the Washington. market is eight cents bid Policies of encouraging foreign W. H. H. Cranmer, president, and ten cents asked. eMtals Reduction production of metals by the U.S. Combined said it- - was hoped that as the 50-5well was blown to clean out Co., Salt Lake iCty, associated State Department have thus rethe diesel oil, the gas flow from with Crested Buttes Co., in opera- sulted in grave contraction of gram. Upon successful completion tions on the King eLase near minerals development in the westof the first well, an additional the Morrison would increase. Crested Buttes (Gunnison) Colo., ern states with consequent unemseven wells will toe drilled. We feel we have a commercial announced closure of mine and ployment to citizens of the region. well, Mr. Cranmer announced. According to Mr. Larson, drillmill, affecting 30 workmen. ing will commence on the Cisco No water was recovered in testE. H. Snyder, CMR president, properties within ten days. ing the productive sec- also announced that the Pioche tion. Top of Morrison is 4,442 feet. District, Nev., The properties are located in operations of the Sections 17 and 18, Township 22 would be closed toy Aug. company a A Salt Lake oil Test zone in the of the City consulting South, Range 22 East, approxi- geologist has unless was an improve1, there Utahs to that failed find commercial predicted mately 10 miles west and 5 miles Uintah Basin eventually will take output in this wildcat. But Oil, ment in prices of the two metals. south of Cisco, which is located its place among the great produc Inc., has scheduled another wildOnly action by Congress on in14 miles from Thompson. The crease on the imports of ing sedimentary basins in the cat to the Entrada and Morrison these in tariffs would metals properties are easily accessible world. buoy prices at a more Entrawhich in favorable Vitro Uranium Corporation has from Highway 50 and are situ is this the of most stage, opinion section would be on da picked up acquired a option to devela ted three miles from the Pacific Graham Campbell painted to re- the re- observers. Laker Salt the structure, a mine and number of uranium op Northwest Pipeline. cent successes in the basin by ported. claims of AS&R Shoni Uranium was mailing Corp., eManwhile, El Paso Natural Gas Co. and Indian Creek Uranium and Oil in to East the Hills Gas notices of severance 80 district some of Ooil Sun companies, is also intensifying its oil explor-- . which he said has lent credence anto at its an employes .Keystone, mine Wyoming, according ' J '' f Yn ' ation - outside the . state,Mr.Lar W the conviction that immense and null at Crested Buttes. Some nouncement here today toy Chas. 80 miners and millment on day-pa- y J. Potter, president of Vitro Minson said. The corporation is presquantities of natural gas have SilGerald with will be affected by the clo- erals and Vern Hughes, president ently negotiating been overlooked by previous drill oil Denver for sure ' industrialist, vios, July 15. A few miners will of Shoni. ing. be in Central South at on Wywork a developproperties kept The option gives Vitro Minerals ment project at the properties. The Intermountain Association oming and Osage County, Okla. the right to explore, develop and The Wyoming properties under of Petroleum eGologists is visiting At Ground AS&Rs mine exploit a series of 51 claims in Hog consideration are located in the the area on a field trip which will at N. Silver four groups, including the Jack-nees- e the and M., City, Mahoney Dome area, Township conclude Saturday. custom N. mill at and Blackstone claims and M., Demming, 22, North, Range 88 West. They on some 200 The basin the miners visited and millmen the group Sage Hen lease, located in are located north of Rawlins and Despite the current wave of ac would field its first annual affected closures and Natrona counties, be Fremont eight trip by ure approximately 35 miles northtivity that is sweeping the Empire scheduled next month. 60 east of Riverton, miles about Other ago. west of the Sinclair Oil refinery. years discoveries in the with mines to Dr. A. Preston, Shell Oil Co Four important the near Vitro other Demming shipping holdings. Corners and the Williston concentrator also would presum Besides its uranium and min geologist, is field trip chairman, Basin, a in experiencing iVtro Minerals has the option, eral properties in the San Juan and Otto Seal, district manager, decline. drilling ably close down. upon payment of an undisclosed Basin of Grand County, Indian Amerada ePtroleum Corp., is edl e A sum zinc cut in cash plus either a perpropopen On a national basis, 1957 might Creek Uranium Sc Oil has a ten tor of the illustrated guidebook near erty Wash., Colville, along centage of the gross sales price stack up as the wost year for per cent interest in high grade Both are of Salt Lake City. a near with will received for uranium ore mined mill also Colville, finding ne woil since the abnorm- be closed toy American Smelting. and sold from the claims, or a al war year of 1943. Crude oil This Vanstone mine and mill em share of the annual net profit production fbr the first five 80 an estimated from the mining operations, to ployes persons. months of 1957 amounted to 1,130 for an initial period of billion barrels while crude oil re In all, the shutdowns at the acquire ten Columibus-Rexa- ll years the commercially mineserves based on discovery of 12 King eLase and those involving able uranium ore in the claims. barrles per foot drilled amount- AS&R bring to more than 400 miners and millment who will The firm has properties in Utah, ed to only 1,098 billion barrels. Salt Lake Stock Exchange sales of Columbus Rexall Oil Co. stock including an interest in a tes unemployment next month. If this continues, it will mean face An additional moved briskly last (Friday after well in the Paradox Basin fiek a 12 cent drop in new dis- millmen at the 150 miners and announcement of election of a in San Juan County. It also owns coveries.per iPoche District Information was reportCMR would be afof new chairman of the board and a 100 per cent working interest ed in the current issue of Oil properties and e fected in August, Mr. Snyder said. (tracts near the Gas Journal president and plans for expansion. in four that comple stating the last few months, as well, and at completion of the tes tions had fallen off by 9 per cent theDuring domestic will own a 25 per cent working while mining industry has drilling footage dropped 7.4 seen lead prices skid to 14 cents interest in an additional 1,200 per cent, both from corresponding and zinc to 10 cents a pound, acres surrounding the well. made last year at this mines Shareholders of Daly Mining and mills have been closed Its mining properties in the figures time. Co. at a delayed special meeting e District of down in the Alta Mining District are now on week voted to merge with this lease to Cardiff Mining Sc Milling Reasons for the decline are Oklahoma, Kansa and Missouri United Park City Mines Co. Co. many and varied. Chief among UPC had previously approved New chairman of the board is them is the fact that wells are An earlier Daly meetthe merger. Maj. Gen. Balph Royce (USAF, deeper and costlier; less oil is be had to muster the necfailed ing Mountain Fuel Supply. Co. has ret.). eGorge Engle, Miami, Fla, ing found per well; crude oil mars votes for the essary filed notice of location for a 5,000 who has large oil interests of his kets are uncertain and prices for consolidation as Hermost-Paradox required by Delfoot wildcat test of the own, is the new president. crude shaky, making drilling venaware law. corporate formations in the San Some 100,100 Shares of the com- tures seem less attractive; money of the Purpose merger is to Juan County segment of the Par- pany stock were traded Friday a1 is tight; drilling money is being new areas of open operation in adox Basin, it was reported this the Salt Lake Exchange. It closed expended in offshore rigs; and unthe Park District, including City at 52 cents bid and 55 asked usual spring weather. week. de- extension into productive ground Co. has resumed Oil Carter sak A stock natural spokesman proThe Salt Lake exchange gas All this does not mean that the velopment drilling at Walker Hol- of the main Ontario drain tunnel duction and distribution firm will it was the largest volume of the S. is running out of oil, says low Field (Red Wash Field), Uin- controlled by Daly. U. drill near Pan American Petrol- stock traded in some time. J. William Stoner, secretary of The oil firm recently announc the O Sc G Journal. It merely tah County, Utah. eum Corp.s Big Bears Ear Unit. n has both its Walker located The means firm that the industry isnt put firms, said there was now no Location of MFS Federal No. 1 ed acquisition of the United domestic at southwes 3 Hollow well into No. thought of this important explorOil Co. of Cuba, which ting enough money is 900 feet from the north line o:; to ation and development effort in southwest needed of find oil the quarter quarter and 1,980 feet from the west line added substantially to its working drilling to view sesen of declining lead and zinc Secaion above seven, Township produc of Section 13, Township 37 South capital, management and other keep discoveries 24 East. South and Range prices. tion.. assets. and Range 18 East, over-the-count- er 0 Uintah Will Be Great Future Oil, Gas Source $ Vitro Acquires Option To Shoni Claims ot En-trad- . U 17-fo- 30-da- y ? Ha-venstr- ite . m Gash r actors Behind Decline In Drill Work low-grad- Increased Interest Is Reflected By Trading In Daly Mining Merges With 160-atcr- United Park Mt. Fuel Supply Files For A Paradox Well Tri-Stat- Carter Oil Co. Again Drilling At Red Wash Car-ribea- I two-third- |