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Show REPORT JELLS RESULTS OF INVESTIGATION H. W. Lang of Fort Wayne, Ind., Lists Findings Made on Western Trip for Study Arrowhead Petroleum Co. A "report of an investigation conducted by H. W. Lang of Fort Wayne, Ind., to secure information informa-tion on the Arrowiiead Petroleum corporation before a group of his business associates invested in the stock, has been issued. The report contains nothing but the highest praise for the officials offi-cials of the company, and so far as Mr. Lang was able to find, there are the best-possibilities in the world for bringing oil in commercial quantities from the wells being drilled on U. S. government gov-ernment reserve No. 7 in Utah, and No. 1 in Arizona. Mr. Lang has the confidence of a large group of financiers in Indiana, who were in a position po-sition to invest heavily in the southern Utah field with the Arrowhead Petroleum corporation corpora-tion in case his findings were satisfactory. He left his home in Indiana on May 21, and returned return-ed June 9, having spent four days in Salt Lake City and the remainder of the time in St. George with the exception of the time spent traveling. The first and one of the most important points of the investigation investi-gation was securing information on the set-up of the company, the amount and condition of its capital stock, integrity of its officials of-ficials and financial condition of the company and efficency of ij:e management. The second point in importance import-ance was to gather reliable information infor-mation as to the market for oil, if the company should bring in production. The third point concerned the probability of striking oil in commercial com-mercial quantities and naturally positive information on this point was impossible to secure, the only thing that will tell being finishing a well. The company, it was found, has leases covering about 34,000 acres, practically all of which is on government oil reserves. The sale of stock by the Arrowhead Arrow-head Petroleum corporation has been approved by two state .security .se-curity commissions, namely, Indiana In-diana and Utah. Relative to a market for oil in the vicinity, contact was made with a representative of the Continental Con-tinental Oil company and K. M. Doan, operator of a small refinery refin-ery at Cedar City, both reporting report-ing there was a bie; market for oil iul ti'is vicinity. Mr. I .an;; also discussid the matter of the sale of oil wuh Mr. Lovesy, sales manager 01 tiie Utah Oil Refining company, the biggest commercial enterprise enter-prise in Salt Lake City, and h was reported to be enthusia-l ii in his statement that they would like nothing belt or than to see an oil field developed at St George. Tiiey have a capacity now lor 7000 barrels per daj and are running about 6000 barrels, bar-rels, lie stated positively, according ac-cording to the report of Lan that they would be only tee glad to buy till the oi! up t: this amount that th'v could Z' ' (Continued on page 2i ARROWHEAD (Continued from page 1) in St. George. Not only that, but they would build a pipe line to the 1'. P. railroad to bring : it to Salt Lake, or they would build a refinery in St. George. ' This would jicin to settle the fiuestion as to tiie outlet for oil. On the third point of the investigation in-vestigation the probability of bringing in oil in commercal quantities--r.o guarantee what- 1 ever ran be made on this point. ' However, every precaution that ' could be taken Li avoid failure ' has been taken. There lias never been a government oil reserve given a thorough test whieh did ; not produce oil. ' I'nconfirriiod Information was given Mr. Lang in Salt Lake ' that oil in commercial quantities has been struck In the Fsoalante 1 Explorations well on the Blooni-ington Blooni-ington dome, which was a means of convincing him that oil is here. The Arrowhead is now drilling two wells, one on the Punch Bowl dome on reserve No. 7, and one on the Antelope anticline just across the line in Arizona on government reserve No. 1. Both of these wells are down 160 0 feet and have shown repeated evidence of oil and gas. Gas pressure was encountered on the Punch Bowl at about 1000 feet which lifted the tools (wight 6400 pounds) about 200 feet up in the well and held them there 30 to 40 minutes. They are now drilling on the Punch Bowl only and intend to finish the well before doing any more work on the Antelope. |