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Show Altex Oil drilling in tar sands area Altex Oil Corporation at its annual meeting of shareholders in Denver May 8, announced that it has commenced drilling operations on a shallow test well on the Company's oil-impregnated or "heavy oil" properties in the Tar Sand Triangle Area of Wayne County, Southeast Utah, and that it plans lengthy evaluation and testing of the objective zone the Permian White Rim Sandstone in order to determine the feasibility of production, either by conventional or other methods. Cecil C. Wall, president of the Vernal and Denver-based independent oil company said that the well, which was delayed for nearly five years pending the completion of. an environmental impact study by the National Park Service, is being drilled on a 1,280 acre federal lease 100 percent-owned by Altex in a remote area within the boundaries of the Glen Canyon National Recreation Area. Altex Oil Corporation owns 8,071 (6,663 net) acres of federal and state oil and gas leases in the Tar Sand Triangle area according to Mr. Wall, who said "we hope that the well will bring some answers to the multitude of economic and technical questions which have heretofore impeded development of this potentially significant resource." |