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Show Toledo drill Gusher well Toledo Mining Company Com-pany has signed an agreement agree-ment with Belco Petroleum Corp., New York, in which Belco Petroleum will drill an oil and natural gas well on a 640-acre lease belonging to Toledo in the west Gusher area of Uintah County. The well will be drilled to the Uinta formation at the 5,300-foot level at no cost to Toledo Mining, said Anthony G. Hatsis, presdient of the Salt Lake-based Toledo Mining. Min-ing. Toledo Mining will own 25 percent of the working interest in any production gained from the well after payout. Belco Petroleum will earn 75 percent working work-ing interest in any production pro-duction from the well after payout. |