Show ACRES I OL OLI OIL LANDS LANDSI BOUGHT I BY S. S L MAN Deal Deal- Just Completed d Here Insures Big Development in Fossil Field Fossi t Thero has bas Just been completed in Salt Sal Lako Lake a a deal involving acres of land In the Fossil Fossi oil oi field feld of Lincoln count county V Wyoming and which i Insures extensive ex- ex development operations beginning begin begin- ning fling with wih the tho opening of spring I The Theland land which is said sald to bo valued at sev several ral hundred thousand dollars has been acquired by J J. C C. C Peterson well wel known mining and oil operator operator operator-of of Salt Lake About 1000 01 acres acres comprise the holdings of ot J. J J. J Hersman while the re remainder ge- ge of the land was vas purchased from several About oJ owners acres o of of tIle tHe the total of ot O acres acquired by Mr Peterson are ara under un- un I j der leases previously Hersman II to the Alzona- Alzona Wyoming Arizona Oil 01 company whose headquarters re are In Salt Sal Lake to Gramling James also of Salt Sal Lake and to the Gulf GuI Coast Oil OU company al all of which are ae making arrangements to de develop dc- dc de their holdings Mr Peterson left yesterday esterday for tor Chicago Chi cago for a conference with representatives 1 tives of ot big financial Interests and ar arrange arrange arrange ar- ar range for the formation of a a company that will develop a a tract comprising 1920 1920 acres acres- which previously were underlease under I. I lease to the Deseret Oil 01 and Refining I company of which he Is president Plans i further than this have not been decided i I upon h but according c Ji to J. J A. A Peterson s sand son and partner of ot the pur purchaser the development development development devel devel- of pt the entire entre holdings holdings' is assured Mr Peterson also Is president of ot the Rocky Mountain Oil 01 and Refining company company company com com- pany and the Twentieth Century OH Oil 01 and Refining company which have holdings in the Ferris field feld in county Wyoming the second county east east- easl of df f Lincoln Lincoln Lin Lin- coln coin and on which development operations operations operations opera opera- will wl be conducted with wih the opening of ot spring A number of shallow w wells ls alread already have been sunk in 1 the Fossil field The first sand struck at a depth of ot feet yields about five barrels of ot lubricating oil 01 the I second at an average depth of feet yields about seventy five seventy barrels per day lof of oil 01 running about 50 per tent cent gasoline gasoline gaso gaso- line Une while the third sand at a depth dept of ot feet yields about fifty fity barrels a day of the same high quality of oil on supplied by bythe bythe the second sand According According to a number of ot geologists In Including including in- in A. A G. G Burritt Burrit of ot of Salt Lake who have Inspected the field a thick strata of sand Band land exists at a depth of from 1700 to 2000 feet It is the intention of ot the Peterson Interests it I is stated to systematically systematically develop the te three shallow sands and at t the same time time install install a 3 standard rig rg with the intention of going to any reasonable depth necessary to strike the deep sand |