Salt Lake Telegram | 1936-06-17 | Page 22 | Additional Financial News

Additional Financial News RUBY RUBY-MULCAHY RUBY MULCAHY OIL WELL ABANDONED The Ruby Ruby-Mulcahy Oil company has abandoned its test well four miles south of Elgin Grand county on the east bank of the Green river and is shipping its equipment back to California Glen M. M Ruby of ot Green River River- and Los Angeles left Tuesday night for lor Houston Texas where he is interested in oil properties He plans to return in the near future and drill again somewhere in East Utah The company had been drilling eight months and reached a depth of ot 2627 feet The sand the first objective was reached at 1935 feet teet but this proved unproductive unproductive unproductive so the test was carried through the Moenkopi formation and into the Kaibab limestone Both the sand and the Kaibab limestone said Mr Ruby were tightly cemented and neither showed oil gas or water This was vas vas' not only disappointing but also unexpected for the Marland Marland Marland Mar- Mar land well wen drilled 10 years ago only three quarters of ot a mile milo away had oil showings in both formations the producing 75 barrels a ada da day We Vo went as far tar as our equipment could go and there are no other kno known n producing formations within with with- in a reasonable depth Furthermore Furthermore Further Further- more the Kaibab limestone is very hard and drilling was costing us a foot when we quit Mr Ruby is confident that oil eventually will wUl be be found in commercial com corn mercial quantities in Utah but believes believes be be- lie es that future prospecting will willbe willbe willbe be concentrated on a search for buried shorelines instead of domes