Show Oil Oi World Anxiously Awaits Official Test of Moab Wel We u Utah Southern's Million Dollar Dolar Deal Dea First Big Tran Transaction ac tion lion Many May Wells Wels to Be In This Ti Spring Shafer Test Tet Should Start Star March 1 New Fold Dis Discovered Discovered Di covered at Pare Tiry Thirty Miles Mies East Eat of Kr Kanal 1 By WILLIAM A million milon dollars went into the treasury the treasury of the Utah Southern 01 OI company last week for tor what was reported as one fifth of the company shares of capital stock The money will wi b be used for drilling of permits held by the company in southeastern southeaster Utah Uth Palme Co a New New York brokerage e house bouse took the block of stock The mil mit lion dollar deal was wag consummated without arousing a a ripple of ot ex cx in iii Salt Sal Lakes Lake's financial district although it Is one of th biggest deals ev ever r in Utah in oil al The directors of ot the U Utah 1 South South- I em ern Oil 01 company representing some of the largest financial Interests In Inthe inthe inthe the West est were in session from 10 o'clock Thursday morning until 5 o'clock at night discussing details details' of the future activities of the Utah Southern In southeastern Utah It I was luring during this session that the block of ot stock was sold for tor about a a share At the present time representatives tives of ot the largest oil 01 companies of ot the nato are patiently waitIng waiting waiting wait wait- ing for tor the official tes test of ot the Mid ld west west- west Utah Uth Southern Shafer well No 1 on the Cane Cr Creek structure stricture If the well tests out 1000 barrels or greater the invasion will begin In earnest Already the Texas company corn com pany has secured a foothold in the new field by securing the drilling rights to the Colorado rivet river bed through the Cane Creek and the Shafer folds This will vill mean some heavy offset drilling on these two structures In the lie San Juan the river bed also cuts the west anticlines and the Texas company corp com pany Is negotiating for the rights to this area with the Cob Colo river Oil people who also the river bed of the Colorado In th upper structures The east an west anticlines are folds on tb San Juan river Jn in the southeastern part of the state an equally equably as Important as the fold south of Moab on the Colored river MUCH DRILLING IN SIGHT Other companies that have rep in the fields are tb Standard OH of California Associated Oil Union Oil General Petro Petroleum leum interested interested in Utah and and Continental Oil compans Dutch Shell Marland and a smaller drilling concerns are th In-th field fied acquiring acreage If the Moab well proves a com commercial commercial mercial success the Midwest ing announces its intention mediately spending fo fo drilling of permits Besides th Cane Creek Shafer Indian Creel and Lockhart folds the will the Elk Hill East an West anticlines and possibly Ore Oregon gon Rock and other folds of th field The Midwest Refining expects t spud In a test of the Shafer dom domon on March 1 having all of th Ut equipment and material on the tM fiel nt at the present time This withe will wi wih h ii the test of the the Shafer structure being th first fold south of the Cane Can Creel The Texas company has lie Ita cam established for the tho test in the be beof beof of the Colorado river on the Can Creek structure The engineers ar arin r rIn in the field out plans before the tle high water In Ir th river commences The compan- compan has purchased a boat which It I using to get supplies and down from Moab There are between twelve an thirteen permits on the four structures strut tures tUre In the Moab field that nU be drilled this spring It Is These Permits are held or con controlled controlled trolled by the Midwest Utah South Southern em ern and the Utah Oil Refining corn com pany The Midwest Refining has als arranged for th the drilling of a. a teJ tes well on the Elk Ridge and Salt Lake interests have with Parry Clark for the of a test on the west anticline 1 I Ithe the San Juan field NEW FOLD FILED UPON The Utah Southern has a test tet rv n the east anticline that is just the objective In the Pennsylvania will be drilled In aa as soon a. a settlement of lands south of th San gaii Juan river are arc adjusted anthe an the company's financing completer complete The Oregon Rock structure souti of th this San Juan rive nyc where Cram Cramner tIer ner Interests drilled a test bu by before the sand ere ere reached will be There are also several structures I 1 southeastern Utah that thet have bee previously drilled that will be he re pp drilled If It th Moab well proves bi A pew new fold has been and filed upon In the southern par far of the state about thirty miles es of rif Kanab in the It is known as the dom domano anti ano Is reported to be an fold completely enclosed with th Pennsylvanian Pennsylvania formation on the surface The Empire Oil company of Net Ne York representing several several- Ne et York interests has taken a foot hold in the field through a arrangement with the Big Six GJ 0 company Oil company am an anthe the Standard Oil company of Utah The high paid for the lie Utah Southern's block of stock and th iii hands into which It Went In indicates more than anything el alP that oil Interests look book upon ds oils formation of southeastern Utah a aa a aa a commercial success Another fa Ia Indication is the fact tisa Ilie he sold 1 I Per rent cent nf the thel oil nil royalties for to loins John CHoward C Howard president of the Utah OI 01 Refining company The work vork of the an of it the Midwest veil sell its been completed and the debt md casing Will be he placed In this the hoi bob und ond cemented It Is believed tha that t It will take about two more week before the engineers at the he well troll wll ivil be he ready rendy to attempt to Into the sands sand for mr the official test |