Show I u 1 j F BBB 4 Tw Two Cb lease as firms P ll o f- f Two of the four firms involved in development of the Colony oil shale lease in northwestern Colorado have withdrawn from the program it was announced Friday Both The Oil Shale Corporation Corporation Cor Cor- TOSCO TaSCa and Atlantic Richfield Company advised Shell Oil Company of the withdrawal withdrawal withdrawal with with- as partners in the acre federal oil shale tract C-b C north of Grand Valley SHELL AS operator of the project and Ashland Oil Inc are the remaining partners Officials of Atlantic Richfield and TOSCO TaSCa said the decision to withdraw was based on economic factors and the decision by the U U. U S. S House of Representatives to reject a aSena Sena Senate passed te incentives program for synthetic fuels development ASHLAND AND Shell agreed to proceed with the Colorado oil shale project but at a reduced level Keith Doig Shells Shell's vice president of mining ventures said continuing the C-b C project will require a more favorable political environmental and economic climate than now now exists exists' f I ITHE TilE THE FOUR firms acquired red the year 20 federal lease in 1974 for a a bonus bid of 1178 million payable over five years Morton M. M Winston president of TOSCO said without a government incentive program for synthetic fuels development there is no capital available to build even our most advanced commercial oil shale facility WITHDRAWAL from C-b C permits us to give priority to preparation work on our excellent excellent excellent ex ex- ex- ex acres of state leases in Utah in which TOSCO holds a percent interest he said We believe that public support for energy development in Utah is such that one of the first commercial plants can be constructed there and we continue to believe that development of synthetic fuels in America is inevitable Early paper To get the Vernal Express and Vernal Area Advertiser into the homes before New Years Year's Day both newspapers will come out a day early next week Deadlines will be moved up one day News and advertising should be brought into the Express office Saturday when the office will ill be open all day instead of closing as usual Both Doth papers will be delivered Tuesday afternoon instead of the regular Wednesday schedule |