OCR Text |
Show Page 2 Rocky Mtn. OIL & MINING JOURNAL Published weekly In Salt Lake City, Utah by Utah Scene Publishing Co., 4386 W. 3780 South, Salt L ake City, Utah 84120. Mailing address: P.O. Box ,19243, Salt Lake City, Utah 84119. Serving the mining and oil Industries of the Articles and Information conRocky Mountain Region. tained herein are true and factual to the best knowledge of the publisher. Information and opinions published are the sole responsibility of the publisher and do not reflect the attitudes or opinions of the merchants, brokers, corporations and service firms who advertise herein or otherwise sponsor this publication. 25$ per copy Subscriptions $10 per year Crest Resources a company that, while not unique, is distinguished by the fact that Utah, Colorado and New York, and will be operating on its properties located principally in g Association meet in Casper last month. All forecasts on mineral needs for the future indicate that our country will be hard pressed to furnish the basic materials that go into the color TVs, cars, air conditioners, boats and thousands of other items we accept as necessary today and the many new items of tomorrow that will lie added to our descendants everyday living needs, he said. Unless the man in the street recognizes that his future is at stake in the 'minerals industry, he will continue to underestimate your requirements, Dole told the group in his keynote address. The results, he warned, will be restraints on exploration and mining, a greater dependence on overseas sources of supply with it ever-increasi- accompanying erosion of national security and a continuing decline in the number and caliber of students studying earth sciences in our universities. Dole warned, in urging mining men to give wholehearted support and full testimony at the hearings, If due significance isnt given to the real value of our mineral industry today, the minerals shortages could well become a social problem of the future. J.R. Hoskins, head of the Department of Mining and Metallurgy at the University of Idaho, Moscow, sees education as the answer to improving the minerals industrys image and awakening the general public to the importance of the industry to this nations strength and well being. , director U.S. Geological Hoskins quotes W. T. Survey as slating that the mineral raw material produced by this nations industry is valued at $30 billion annually; but upon processing and fabrication, the mineral flow represents 00 per cent of our economic Salt Lake, City. Crest owns a 474 working interest in 150 unpatented lode mining claims located in the Dugway Pass area, Juab County, Utah, totaling 1,425 acres; nine New Mexico general mining leases totaling 3,540 acres in Lincoln and Hidalgo counties; and overriding royalty interest on properties in Utah, Colorado, Flying Diamond Land and will be called the Flying No. 1, setting Mineral Corp., Vernal, Utah, has Diamond-Bluebe- ll announced the acquisition of casing to a depth of 11,200 feet, approximately 960 acres from and production testing the well. The ppotentially productive Shell Oil Co. The property, located in intervals in this well are believed, Duchesne County, Utah, is based on available data, to be contiguous to the site of the equivalent to the stratigraphic discovery well in the Bluebell Oil intervals that constituted the Field, and includes a well drilled target intervals in the Bastian by Humble Oil & Refining Co. well, according to Gary F. and plugged and abandoned in Sprouse, Vice President of 1965. Flying Diamond. This well is approximately Depending on results of the one mile north of the Bluebell reworking operations at Bluebell discovery well and about four No. 1, Flying Diamond plans to miles west of the Flying drill two additional wells on the Diamond Wesley Bastian Fee acreage acquired from Shell by No. 1 oil well completed about early 1970, Sprouse said. In addition, Flying Diamond 60 days ago. The Bastian well was a reentry of a plugged and plans to commence, before October 1, 1969, a direct offset abandoned well. Flying Diamond plans to to the Bastian well, and in early reenter the plugged and 1970, a direct offset to a abandoned Humble well, which producing well drilled and -- New Mexico, W homing and Nevada. Work by the company on the properties will beexploratory in nature, according to the offering circular. In its offering circular the company indicated it would hold in reserve $148,810 for working capital, contingencies, acquisition and exploration of other oil, gas and mining properties which might become available in the future. The company was authorized to offer 1,875,000 shares at 16 cents per share in its initial offering. operated by Uqueaghut, Inc. in the same field, Sprouse said. He said the offset to the Bastian well will be located on acreage directly adjoining the Bastian well site and approximately one mile from a drilling location recently announced by Chevron Oil Company. Sprouse said Flying Diamond has just won what is believed to be a promising lease, comprising a full section of Ute Indian lands. The acreage is 1z miles west of the acreage acquired from Shell and approximately one m3e from a well now being drilled by Chevron. Sprouse said these and other acquisitions by Flying Diamond the companys total bring holdings in the vicinity of the Bluebell Oil Field to approximately 6,000 acres. Western Nuclear to drill lands Western Nuclear Corporation of Denver will soon begin a $100,000 drilling operation on General American Corporations uranium ore lands in San Juan County, Utah, according to Dan Meyer, president of General American. Meyer told the Deseret News that General Americans measures and has been acres some 4,000 leased to Western Nuclear for exploration operations. The lands arc contiguous to properties owned by the Rio uranium property Algom Corporation, Corporation, Atlas Amerada, and Superior Oil Company, Meyer told the News. Kerr-McG- ee He said General American would receive annual cash payments under an option agreement with Western Nuclear. If the options are exercised, then General American will receive sizeable royalties and interest, he said. Western Nuclear will begin drilling six holes to 2,700 feet. This announcement is neither an offer to sell nor a solicitation of offers to buy any of these securities. The offering is made only by the Offering Circular. May 1, 1969 300,000 Shares Common Stock FLU0P8 structure! Past Director Walter Hibbard of the U.S. Bureau of Mines placed the mineral production as approximately 3 per cent of our Gross National Product, and having a direct impact on the economy of 4 per cent of our GNP and finally an indirect impact of 73 per cent of our GNP. Hibbard also predicts that a 100 per cent incrceasc in metal demand will occur worldwide in the next decade. The mining industry has a responsibility to itself and to this nation to support and sell to the man in the national mineral policy. street a the Rocky Mountain states. Offices of Crest Resources, founded in February 1969 and just recently turned public, are located in the Kearns Building, Flying Diamond acquires acreage IVt-ora- far-looki- is Chuck Hayward Enid J Hayward Phone: 298 2403 or 298 3703 The hearings and studies currently being conducted on the necessity for and feasibility of a national minerals policy arc providing a valuable forum for minerals industry experts to point out the need for minerals in our nation, and the importance of our industry to the average person. Hollis M. Dole, assistant secretary of the Interior Department gave a preview to this nations future mineral needs when he spoke at the Wyoming Mining rapidly-growin- Crest Resources, Inc. of Utah, has begun corporate operations following a successful offering, according' to Malcolm F. Justice Jr., president and a director. $2 col. Inch $2 for 20 wds Classified Advertising Editor & Publisher Circulation Manager Crest Resources opens trading it was formed by people who have been successful in the minerals exploration and development field, Justice said. Justice said the new company is currently cleared to trade in Advertising rates: Display Advertising " July 14, 1969 OIL & MINING JOURNAL (A Utah Corporation) Par Value $1.00 Per Share OFFERING PRICE $1.25 Per Share This offering is made by the issuer to bona fide residents of the State of Utah only pursuant to a claimed exemption from registration requirements of the Securities Act of 1933. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities. Copies of the offering circular may be obtained from the undersigned authorized agent for the sale of shares. Halbert S. Kerr 2734 Blackburn Circle Salt Lake City, Utah 84117 Telephone 322-767- 3 or 278-403- 4 |