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Show y MOM-aRCUlAT- O Bulk Rate i sr. Agfc, : " p tSj Partners notes $6 millioifoetsale Federal-America- n SALT LAKE CITY Federal-America- n Partners announced the sale of more than $5 million in uranium concentrate to the Indiana and Michigan American System. Federal-America- Vol. n owned 60 per cent by Federal Resources Corp. and 40 per cent by American Nuclear Corp. Nets W. Stalheim, president Electric Co. of of Federal Resources, Salt Lake Electric Power City, the operating partner; said the partnership has negotiated Partners is cancellation of a contract with 1 NO. completed in 12 months. It will partners, he said. Michigan. more advantageous to the Concentrate shipment will begin this fall and will be Electrics Donald C. Michigan Cook Nuclear Plant which is being built in southwestern The commercial sale was the third negotiated by Production Federal-America- n. milling largely been committed through 1971, solely to commercial users, he said. FEDER AL-Americ- an Partners now has contracts totalling $20 million for delivery of concentrate between now and 1972, he said. Salt Lake City, Utah 10 a&i from its mining be used for Indiana and operations has AEC, effective July 1. THE SALE to Indiana & Michigan substantially replaces the AEC contract, but at a price May 5, 1969 PUBLIC SERVICE COMPANY of Colorado reports progress on the construction of the Fort St. Vraln nuclear generating station four miles northwest of Platteville, Colo. Photo at right shows the concrete turbine pedestal ; a has started work on caissons for the lifting rig. Below: the bottom head assembly, which weighs approximately 400 tons, as it was lowered into position the support ring. Prime contractor for the project is Gulf General Atomic of San Diego, Calif. sub-contrac- tor a-b- ove Duchesne oil well termed significant oil well in Duchesne was termed a "SignifiCounty cant discover" by its drillers, Flying Diamond Land and Mineral Corp. The well, Wesley Bastian Fee No. 1, is about eight miles north of Roosevelt, midway between the Bluebell and the Roosevelt A new al Duchesne County. fields. It was first perforated The well flowed at the rate of in a new zone 12 days ago and 40 barrels per hour through a since has been under observainch choke initially. tion by the firm. Since then it has been chocked In a statement, the company back to one -- eighth inch choke said its production engineer has to restrict its production to advised it that the well is one the available storage caof the best to be completed in pacity at the site. It has pro . East-Centr- duced 5,100 discovery barrels in 10 days. Gary Sprouse, a vice president of the firm, said a second well would be drilled into the zone within two weeks. The company is also building a permanent tank battery with a larger ca- one-quar- ter e-q- ual pacity to enable the remaining wells to be drilled in the area. Sprouse said Flying Diamond has about 4,000 acres in the . immediate area, which has been, spacing placed under a requirement by the state. The percent company owns 72-of the working interest in the well. 320-ac- re 12 Stauffer Chemical to reopen Vernal phosphate mine Vernal - Stauffer Chemical Co. Plans to reopen its phosphate rock mine near Vernal, Utah, Gov. Calvin L. Rampton announced Saturday. W. L. Dixon, senior vice pres ident for Stauffer's western operations, said the mine is being reopened because of increased demands for phosphate rock. The Vernal mine, which closed in April, 1968, ls expected to be back in production July 1, Mr. Dixon stated. When full-sca- le operation is under way, the facility is expected to employ about 100 persons. The mine lias a yearly production capability of 300,000 tons of rock. It is located near one of the largest phosphate deposits in the west. Phosphate rock is used as the main raw material for the production of phosphatic fertilizers. C. William McClung will be in charge of the mine. Stauffer also will reactivate a phosphate pulverizing mill near Heber City. Proxy battle looming over Equity Oil control group of New York' stockholders in Equity Oil Co. have opened a proxy contest to attempt to gain control of the Salt L ake -- based firm. Henry H. Patton, Manhattan stock broker who owns 33,000 shares of Equity stock is the leading figure in the group which in aggregate, controls about 70,000 shares, according to Paul A geologist and secretary of the company. Speaking for the present management, Mr. Dougan said, "We intend to maintain control. There is about 40 percent of the stock in the State of Utah. It has been a Utah-base- d company and we Intend to keep it that way. "We don't like the prospect of a proxy contest. It is expensive M. Dougan, but we inand to to tend win." fight and He noted that there were 1,499,973 shares of common stock that can be voted in the annual meeting May 14. Mr. Patton objected to the sale in 1967 of part of the company's oil shale holdings to Atlantic Richfield Co. for $26,666,666.70. He, with John Tilney, has filed time-consumi- suit in the U.S. District Court ng in Denver, Colo., seeking cancellation of the sale. The action they have filed contends that the sale caused a drop in the price of Equity stock. The1 . plaintiffs are seeking $86,150 in damages and an order that the company buy all of their stock at $31.50 per share. They hold that the sale should have been submitted to the stockholders for approval. The company is preparing to defend itself against the suit. A letter sent this week by. the Stockholders Committee for Better Management of Equity Oil Co., Henry H. Patton, chairman asks shareholders to delay ex- (Continued Page 2) |