Salt Lake Telegram | 1923-01-25 | Page 13 | Huge Som Will Develop Russ Oil Fields

E SUM WilL ILL DEVELOP RUSS ml OILFIELDS American merican Corporations Corporation to to Carry On Exploitation Work CHATTANOOGA CHt CR Tenn Jan 25 Captain J J. F F. Lucey head of the Lucey manufacturing company compan announced h here re today that the estimated amount hi- hi hibe to to- tobe be expended under his contract re- re made with the American Barns- Barns dell corporation in the exploitation of the Russian oil fields had been underEstimated under under- Estimated e and later investigation showed that it would pe e a between 30 and Victor a a designing engineer of the company l left n today for Russia and will b be by bv R R. E. E Fair already i in Europe Eu Eu- 1 I JO rope ope e to make the preliminary surveys surveys J Captain Lucey will go o to Russia in m February fc Russian Russian oil fields are the richest inthe in inthe the Ut-e world Lucey said and It is estimated es estimated estimated es- es that within two years we will willIbe willbe Ibe be getting barrels of oil a day there They are producing cing about 60 barrels a day how In the Baku I territory t production is expected to reach barrels per acre where an acre is better than the average average aver- aver age in this country It is not ex ex- ex petted that any of this oil oU will reach the Ithe United States as the need for it its hi s too great In Europe but it will leave American and Mexican oils for domes domes- v consumption domes I