OCR Text |
Show GUSTAVESEN OIL CO. INCREASES HOLDINGS D. H. Gustaveson. president of the Gustaveson Oil company, reports that well No. 1. being drilled in Diamond Fork canyon, can-yon, is down to a depth of SOS feet. Indications In-dications are favorable, according to Mr. Onstavson. and it is expect ed that the drill will reach the lime capping within' the next 10 feet. The company has purchased a second drilling outfit, which is now being moved to a location where well No. 2 has ben spotted, about one mile north of well No. 1. Before deciding upon the second well the company acquired 820 acres of patented pat-ented land adjoining present ho' dings, which, according to Mr. Gustaveson, offers of-fers a splendid drilling site for large production. pro-duction. On this property, where the lime and sand outcrops, oil is said to be in evidence. |