Show 40 million investment forecast for oil recovery at asphalt ridge 1 Stam till laid d ia oil company of ohio ollio one of the nations I 1 top oil petroleum fil ims hild coit contracts tracts leading to multi million dollar of asphalt ridge 0 four mil miles ea 1 I of or 1 vernal the extensive oil band sand depos deposits dis are believed to contain billions of barrels of petro petroleum loum the ridge which is 10 ed by llis liway 40 is about 15 miles in length and lies in III a holl thweat direction the huge in investment vestment depends upon pon the amount of petroleum that can be recovered commercially from the vast reserves standard oil company of ohio indicated that if 11 determination of reserves Is satisfactory is that the part of the ridge above ground will be mined by an open pit method the deeper placed bitumen will be extracted by heat metho methods ds the final product will be shipped by pipeline from theVe the Vernal mal mine and proposed treatment plant to oil refining centers such BS as salt lake city and los angeles angelea commercial return to make the operation commercially merci ally feasible at least barrels arrel of oil product would have to be produced in the vernal plant daily an additional investment in pipelines and a possible new catalytic cracking plant plane in salt i r lake city also were forecast the first phase of the project will be to determine exactly the amount of petroleum which can be removed from the area A successful opera operation Uon will open up vast new petroleum reserves in the west and provide the basin area with a new industry A press release disclosed that agreements had been signed by clyde T llo foster a ter cleveland ohio clyde president 0 of f standard oil of ohio L boyd hatch new york president pt 0 KnIck knickerbocker erbacker investing corp and native of logan and W M dames darnes of los angeles and salt lake city president i of W M barnes co an engineering concern acquiring till title the officials announced that petroleum co a wholly owned subsidiary of standard oil company of ohio has ac continued on page 8 W 40 million continued from page 1 quiren title to the patented lands and placer claims lying on As ahalt ridge winch which has been owned by the orem develop went ment co under this agreement ogre ement sophio also acquired the interests of knickerbocker investing con cori and W M barnes co in the tile 1 area the statement said that socio will undertake exploration of the properties and engineering studies which if sufficient economically omi cally recoverable reserves of oil are indicated can call lead to mining of the bituminous sands md and construction of a separation plant probably near vernal in the tile evail that collio builds build a plant for tile recovery of oil from the sands it wi will it serve as its operator with knicker bocker ind and lla llarinas rilas retaining a profit interest ilie tile report said paving ue use for ever over 70 years the oil in autry has ha been intrigued by the outcropping out cropping of oil saturated hands sands on asphalt ridge the sands are currently used as pay ing material for vernal area loads toads and sidewalks in III some the tile oil sands 0 outcrop t on the surface the over burden varies from a few fret to se several eral hundred feet or more in some locations the sands are over IDO feet thick core drillings in gs have shown oil content has averaged about a barrel per cubic yard of sand |