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Show , jiHiko Bell-Jacobs hi 'giganv ic' ;0il discovery SW off Vernal , ...gantio oil field discovery of soo ' i!,,, tvirrels- the 10th largest in the ':;rt,l Swtcs-orth more than $io s v tivk mining company w hich has ir'turn profit." stated The rtr S''vk E'1" newspaper -v.d f a'1 lwPPMJ rt,.v nors , the conipany was about to lose Ws dri""1 )r('Sh,s from ,he l' s Service." As dramatic story concerning Hiko Mining & Oil Company of Vernal fr-JlinS discovery well at Eight Mile rt Tfl miles southwest of Vernal was ' "VatuKd on the front page and an entire vtge of the Feb. 8 Denver Stock 1 tccixdinj! t0 the ftfa,ure slor'. CraiS i'jwell. president of Hiko Bell, didn't ? V the money to drill the well deep enough so he went to a friend in C.rnnd Junction, Colo., Uoss L. Jacobs, to get get help. Jacobs went into partnership with Hiko Hell and Jacobs said, "This is about the best deal I have ever had." The first well came in and is now producing 120 barrels of oil a day. Three other wells have been drilled or are in the process, and when five wells are completed by June, 1982, Hiko Hell and Jacobs will have earned the right to drill on the rest of the 15,300 acres in the Fight Mile Flat unit. Jacobs and Hiko Bell see at least 200 wells being drilled in the area. Jacobs said he sees "300 to 500" wells there. Jacobs is quoted as saying, "I don't believe honestly you could drill a dry hole." He has drilled 186 wells in the area in tlx' past two years and only one well is plugged. He said the 2!) wells lie's drilled for Belco Petroleum range from 129 to 800 barrels per day. As the news spread, the stin k market moved from 88 cents on Feb. 1 to $1 62 bid, $2 00 asked at 10 a.m. on Feb. 5, the article stated. The 15,000 sliareholders owning the eight million shares have seen their stock move between 25 cents and $2 per share in tlie past year. Hiko Bell lost 2's cents per share for the latest nine month period ending Sept. 30, 1981, and their fiscal 1980 results was a 3 cents a share loss. Robert E. (Bud) Covington is Hiko Bell's manager of exploration, secretary treasurer and director; John Gardiner is Caldwell's vice president. The current well site No. 3 is only about two mill's from the Green River about 40 miles southwest of Ouray in I'intah County. jr "- , -- nj """" III - w. "- .' " . v, 1 P - -, : r :X Atc -i ONE-ON-ONE Basketball winners are Mikki Williams, Kim Olsen, Jae Oman Batty, Brenda Anderson, Suzanne Nielsen, and Cindy Campbell, Camp-bell, front row, Juston Mortenson, Mike Powell, John Silcox, John Reyos, and Randy McCook, Jr., and top row, June Anderson and Sandee Nielson, educational winners. |