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Show Ancient Seas Revealed The Siilt Lake Tribune, Sunday. February 21, Hunt for Utah Black Gold ? Its Slow But Methodical Slowly and methodically. drill. So there will not be many of them, Mr. Ritzma That's Howard R. Ritzmas assessment of oil exploration it noted. Portions f with empha sis on h e Uintah m Utah and Utah 'hinge line." The state pe- m troleum geolo- also Utah says activity reflect a gist will continue to na- tional rer.d by drilling fewer wells. The Beehive States major oil story of 1970? Discovery by Shell Oil Companys Number One Miles. And Mountain Fuel Supply also sunk sucwildcat cessful at probes Cedar Rim and Sink Draw. Ancient Shoreline The wells gave geologists illuminating evidence on the existence of an ancient shoreline along ihe northern portion of the Uintah Basin. This formed millions shoreline is about 12,000 of years ago feet underground. 0 i e aring formations stretch in an arc for at least 45 miles across the deepest from portion of the basin and Roosevelt the Bluebell fields in the northeast to the Draw fields Cedar in the southwest. Rim-Sin- k Deep and Expenshe "Wells in the Altamont area are deep and expensive to of this ancient shoteline are under Indian lands and last September oil companies bid just under $2 million for drilling rights on 16,896 acres of the Uinta-Oura- y mdian Reservation. This averaged $114 an acre much higher than the $45 an acre average for 20,000 acres bought by oilmen last spring. Shell's Miles well near Altamont generated the most interest. On the trend between Bluebell and Cedar Rim. it flowed 1,100 barrels a day from the lower Green River formation almost 13,000 feet Several other underground. zones in the Green River for- mation showed production possibilities, and will be evaluated in the future. Uintah Basin Trend This and subsequent wells further outlined the Tertiary t : e n d which apparently stretches more than 45 miles across the deepest portion of the Uintah Basin. Another discovery was at Sink Draw by Mountain Fuel supply Co. This Duchesne County well flowed 925 barrels of oil and 700,000 cubic feet of gas a day from the Wasatch formation at 9,475 feet. also reworked MF5 its Cedar Rim discovery well in Section 20, Township 3 South Range 6 West. Drilled to a POINTING COMPANY PRINTING AND LITHOGRAPHING Some argued that Pan American Oil Co.s wildcat well in Iron County, State of Utah B No. 1, was too far west. This well, the first to test the "hinge line last year, turned up dry. But a few more wells may test the line this Tear. In all of 1970 84 new wells of all types were completed in the state. 58 fewer than the 53-5Richcrds Street Salt Lake .iy 5 Phone A maze of pipes Chevron Oil Co. hug ground at the refinery north of 364-659- 7 Progress S'.lt Lake City. In the background, like giant cans, is the tank farm. Through Ritzma River formation, flowed more than 1,100 barrels a day in addition to the established higher Wasatch eais. Stanway formations. noted. Many inventions can be in a few woids but some haye been known to get a lot wotih. The ayerage waiting peiiod from time of anpliration to issuance of a patent is 2'-- j Patent attorneys practuo in all major cities throughout the Uni'ed States. The patent otliee will supply a li- -t of qualitied nractitioneis upon request but will rot recommend run particular attorney. Arguments on Locale During different periods, the hinge line changed locations several times triggering an argument among modem geologists as to the precise location of the Mr. A-i- The man who iments a better mouse trap usually requires the services of a special attorney it he wants to get it patented. Geologists differ as to what is down there and where. befoie, from whatever fee the attorney may charge, the cost of obtaining a patent is F63 t file an application and another S100 if the patent is issued. United Pi ess Intel national province. Fewer and Fewer Wells. "This is a general trend across the country. There are fewer and fewer wells being drilled, even though there is an increasing demand for petroleum products. Its a tipoff that there's less money for exploration. He cites lower depletion allowance, higher costs of exploration, and no appreciable increase in price for oil at the it wellhead. Green Partners: Patents , Patience acres believed to be over an old Paleozoic Basin "hinge line formed 600 million years ago by a sea. The same line now roughly divides the conMountemporary Wasatch tains and Basin and Range tear ID 1971 at Hand Keep Tax File Close By William Haye L. Ruby. CPA piepaicd your 1970 income tax return? As soon as you receive your W2 forms from your employer, you should gather all pertinent information and prepare the return or have someone prepare it as soon as possible. Your employer must give you two copies of form W2 by Jan. you Design. Building a lush, and receive the refund earlier. Remember, a refund ie- ceiyed today is worth moie than a refund received four or five months from now. Of course, if you find that you owe more money, you probably will want to delay mailing your return until April. But not after April 15. each calendar year. Why piepare the return so 31 ot eaily ? For one tiling this allows you moie time to obtain any inhumation that may be missing. Moie important, however, you may have a refund due. In such a case, mail your return immediately, avoid the . . Greater Utah YOUNG E CON STHl CTIOX COM PAN Y South Main 275Q 484-444- Salt Lake City 9 production zone. Two More Producers By years end, Mountain Fuel had two more produceis in the Cedar Rim-Sin- k Draw area, one of which indicated a a day flow' rate. Meanwhile, successful wildcats further extended the outlines of the Bluebell field and other extension tests were successful in Uintah and San Juan counties. Chevron Oil Co., requested . 2,000-barr- A 1 00 0 f i,' . . t i - 0,1 spacing for Green River formation wells in the 640-acr- -- e Bluebell field. I,; Similar requests came from Shell Oil Co. and Mountain Fuel at Altamont and the Cedar Rim-SinDraw area. All three were granted it in a temporary order, subject to further review. Wider spacing was desired, the companies said, because of the economics of drilling a well in the area. k . i .t. V Only 90 Barrels t In Garfield County oil was recovered by Tenneco Oil in a test of the Mississippian formation at Johns Valley. But the project was abandoned at a total depth of 11.180 feet. The wildcat produced only 90 barrels a day on early tests. Utah exploration Overall, wells recorded the highest success ratio in Rocky Mountain States. Of 42 exploratory wells completed, 11 produced (including eight oil and three gas wells), for 26.19 percent. Of 33 new field wildcats, five or 15.15 percent, produced three new oil and two new gas fields. LaMLjT Mountain Fuels Uintah Basin Well Found Oil. Seismograph Testing Oilmen also showed strong interest in central and southern Utah last year, where 11 seismograph crews sought underground secrets. In this lease play, oilmen acquired rights on 750,000 To each and ever)' customer in all of the 83 communities in which our 110 banking cifices are located, we wish to sav: Thanks a billion. ..pus 100 million. ..lot the privilege of serving ou. The 621.147 accounts of our customers make us the Number 1 banking ja stent in the Intermountain area. a Number I accept it. responsibilitv-andy- ve Everyone realizes that the past year was one of tight money. Yet First Security made more loans than any financial institution in the area. Fact is, loans outstanding at year end total S650.247.739. Loans lor homes, farms, ranches, business and industry! Loans for household appliances, lurniture, automobiles! Loans to municipalities and gmern-mental agencies! We reached our iirst 100 million dollars in resources 30 years ago. In 1968, a billion. Today, a billion... plus 100 million.. .and more! And this makes First Security an important factor in each communitys progress and development. Its During 1970 we also made it possible lor 12.729 students to continue college careers. At year end student loans totalled SI 1,068,648. Our efforts in housing were subsupport of government stantial, too. First Security FHA Title 235 and 236 low-co- st loans put more than 1,500 families into homes of their own. Of course First Security First Security FIRST SECURITY Corporation System of Banks CORPORATION . MILLION FIKSTln Dope tawrana Corp $900 MILLION ClWII. f Otarn Loan- O myrp o JUCMMCNt VtOM0 eouN cm NOrtH fcOUtH u oN I?0 OGW Utah, you'd do well to get in touch with Western Pacific. Witn over 3,000 acres of choice Industrial property in vwt w.St WOa the best plant sites in the West By land or by helicopter. The Tiger to contact at WP is Fd Jage's, Director, dustrial Deiooment e Or your euCMiww nasi secutitr In- m a 0 BANK ot M S.- Tnf -- ar; x - ........ r ll I Si or ruf Ti&tn -- i W. Hepurc hone Agreements, Other BcToed Funds ..... Tan 0ler UTAH 0 ncjivided 3 30.507.798.40 355,474.874 64 28.800.000 00 I y 3 800,000 00 12.310,724 23 13.740 056 01,500 30 530.004 13 r.03 1,384,807.30 1 1,335.422 84 23.370.000 08 41.724.000 OO 11,405.507 32 78.3Q3.307 52 h . Proli' f tai DrtM F ( I iVHILITir- - M AFITA (lie 01,5(tO .10 13.007,002 01 121.205.737 08 ni lwes sur4lu 01,121,205,73" fr m 455,702, 160 38 B4l.704.833 41 28.5OM0O.M . Liability Total Liabilities atu! I Western Pacific MIIROXD rm v old U ithotit Kecourae Icontra I neamed Discount Keerye for Taxes Interest, etc Liability I'nder Leuera of Credit KKMvU't market, WP can arrange a safari to this 9 Oner nr v 1. 1r, t riarf(H y.OT iLXXit -- r 1 mie Deposits . Total Subordinated Notes Federal Funds Purchased. Serurmea Sold eder tecw 50 3.600.000 OO 212,426 811 OO 183J35 950H3 050,247,730 18 1,884,104 88 20,721.000 20 1.8.40.000 00 - Fund Acrminta Tiemand Deposits $700 MILLION $0 4.12,012,825 (HI 251 OOO.OKH 35 .. t WJ,r i . 25.449.157 8? untied OtherHsources r T otai Rfcsoi aces . . ...... LiABlLiTIFS frtivernfnent and Public Soho jt 161, 01,33 145.205.5H5 2,300.201 1 rial latum . . nidine 4 ourU Bank Buddings and bquipmwi mik k in F ederal Kewm Bank ( uwtomers Liability Under laeturnol redit. . , . -- .. California, Nevada of ; 00,007.540 82 T In ii IM F.S .... T ta! ( ash and t (immorrial Loan umrnercial Sold Kefoarnehuntrat ... Keal UfMate Loans ., Instalment 1 : HhOI on Hand and Dw from t4nnkn.HL Government. se- untie late, County, and Mumcipal Securities ...... Federal Agency and Other Securities.., Federal Funds bold and ec unites Pun haaed Under Agreement Dn 3 you're thinking ot expanding , m 1 SYSTEM OF BANKS Memttort H fi- SYSTEM QF BANKS Combined Statement of Condition December 31, 1970 Intermountain Bonking to the best plant sites in the WestI in home President and Chief Executive Officer First Security Corporation System of Banks FIRST SECURITY CORPORATION it 1 STATEMENT OF CONDITION RESOURCES $1,000 Number nancing. Currently, we are financing 5212,420,811 yvorlh of homes. And, in addition, have been able to proyide nearly $275,000,000 more in home loans with money obtained front inyestors outside this area. Small wonder that the percentage of home ow nership in Utah and Idaho is among the nations highest. ) e look forward to even "renter involvement in the economy of the communities we .serve. A nd all our customers no matter how large or small their accounts are important to Drst Security, the billion dollar plus banking system jLeLC. $1,100 MILLION is )wriR to'alrn N . 85 0 9 |
