Show SHALE LAND DEAL IS PRACTICALLY COMPLETED I The directors of the Utah Consolidated Consolidated Consoli Consoli- dated Oil company held a meeting yesterday yesterday yesterday yes yes- to consider the question of certain tain development work on the company's com corn pany's large Jarge shale holdings near the tho t United States naval reserve in the basin There were present at I athe ithe the meeting Joseph R. R Murdock l Joseph Jo- Jo seph B. B Keeler A. A J. J Evans I. I M M. lu- lu lcy Dr John T T. White C. C L. L Miller l 1 I and J. J W. W Musser g The secretary reported progress that thatis I is being made In tho di position disposition of a aPart apart I part Jart of ot the company's holdings to an American and l European syndicate of ot I large arge oil Interests Mr Gustaveson who Is now In London representing the I company in connection with the sale lof o a a controlling t interest es In his own l ir i cr company a reports that a satisfactory I agreement ag has bas been entered Into and a substantial deposit has been made to Insure the deal The management was as authorized l to I proceed Immediately In the assessment work on the company's 0 s shale e holdings ora tf 11 t r es h I so as to fully complete e the s same before before be- be bei i fore the first of the year ear and funds were Wre appropriated to for this t purpose purpose- 1 Speaking of shale as a source of future supply for or oil Mr 11 Muss Musser r says It It Is pretty thoroughly demonstrated demon that shale can be worl worked ed without without without with with- out the very expensive machinery y and equipment that the public public- has been led Jed ed to believe was necessary One plant near Watson now with a tenton ten- ten ton retort Js is operating so successfully that four additional units are being constructed and are nearly complete These Thes e people claim to have their oil contracted for tor on a basis of 6 a barr barrel barrel bar bar- rel r which is an exceptionally high price for or the crude article but is based on the fact of the superiority of the shale oil over the ordinary petroleum Doubtless if H the oil shortage continues continues continues contin contin- ues as at t present a great deal of activity activity activity ac ac- ac- ac will be manifest in the near future In the production of oil from s ale This means that Utah will come into h r own for according to lead lead- lag g we have not only the gr greatest undeveloped prospective o oil area of any other state but our shale 7 are capable of furnishing the s Iy of the entire country in oil oU for tor a y years to come Since the de demand demand de- de mand for petroleum products is worldwide world world- wide the market for tor our our products will continue to cover the globe 1 |