OCR Text |
Show JCuuJ'-Mn- . August I!", 1969 Vol.lNo.24 25 per cop, i American Minerals sells gas well output William L. Nixon, president of American Minerals Fund, Inc., and Robert B. Sheppard, of Cascade sharing between American Minerals and Mobil Oil of any gas produced. tliis well performed by Company personnel indicated that it has open flow production currently completing the drilling Natural Gas announced today Under terms of the Cascade of American Minerals Fund that they had entered into an contract, Cascade agrees to 1969-- 1 partnership which agreement for the purchase and connect any of American involves approximately sale of natural gas. Minerals wells to their pipeline $800,000.00 of investors funds. The agreement provides that system which will carry any gas Part of the funds in this American Minerals will sell produced to the West. At the partnership have been expended Cascade any gas that it develops present time, there is an acute on drilling in Meigs County, in a planned drilling program shortage of natural gas in the Ohio where the company has currently underway in the Ryan area serviced by Cascade. Tests of well. a vice-preside- nt developed Creek area of Rio Blanco Colorado. American Minerals is drilling in this area under an agrement with Mobil Oil Company which provides for County, American Minerals Fund is a Delaware corporation with headquarters in Salt Lake City, Utah which is engaged in the gas business of managing mineral development interests. They are Please Turn to Page Six Alcoa takes Lake lease LAKESIDE, Box Elder has taken over leases on more than 72,000 acres County-Alc- oa of shorelands along the . northwest part of Great Salt FLOW SHOOTS past completion rig on American Minerals Ohio gas well. American Minerals have signed a contract for sale of output to Cascade Natural Cas Company. CAS Lake. Options on the leases were obtained from a joint venture comprising both J. II. Morgan Sr. and Jr. and Clarence I. Justheim, Salt Lake City. We have started a long-rang- e research project at the lake, said an Alcoa spokesman at Pittsburg. are being and lake waters will constructed be pumped into them, he said. After a few years accumulation, the collected salts and minerals will be gathered and shipped to a Pennsylvania facility for study. Settling ponds Well determine whats in the UN Industries notes 'memorable Inc. of San Antonio, Texas, termed the final quarter of its 1969 fiscal year the most memorable in the history of the corporation. The final quarter of the fiscal year, which ended June 30, was UN Industries, an exciting and fast-pace- d period which saw our ambitious become objectives accomplishments, according to UN president Paul Dawson. On June 19, UN acquired a 50 per cent interest in a gypsum mine in Gillespie County, Texas, Dawson reported, and on June 26 announced an agreement with FTS Corporation, a division of HITCO, Los Angeles, on manufacturing equipment to be used with UNs continuous tone, non-silv- photographic er reproduction Dawson process, Contone. reported the NEV.-L- ee Lane Travis, president and Dallas, Tex., chairman of the executive of Banner Mining died at his Geyser Ranch, Co., outside of Ely last week, of an apparent heart ailment. Banner Mining Co. is the committee owner of the Twin Hills area in Arizona now under development by Anaconda Copper Corp. Mr. Travis was a and Co. Earlee and Oil of president and part owner of Oil Co. He is also a Buttes-Miner- al co-own- er vice-preside- U-T-ex nt possible thecommercial said. application, spokesman i He emphasized the Alcoa effort on the lake is limited to research at present. There is no timetable, no plans for a facility other than settling ponds. in similar activities throughout the world. Were engaged quarter corporation also made a decision reserves of approximately 48 in June to spend $800,000 to million tons of gypsum with the develop 13 oil and gas wells on deposit extending over 2,000 portions of UNs leased land in acres at an average thickness of Jim Wells and Starr counties, 22 feet, Dawson reported. He said overburden ranges from 20 Texas. Dawson said program will to 70 feet in thickness and produce more then $4.5 million includes a limestone cap of 15 to in revenues over the next five 30 feet in thickness. The acquisition constitutes some $50 years. The Texas gypsum mine is million in in asset value based on currently in production and has current gypsum selling prices, Banner Mining chief dies at Ely ELY, lake, whether it relates to use in our. chemical processing and lias director of the Tintic Standard a coal mine in Colorado as a partner to Daniel W. Lynch. Mining Co. In 1924 Mr. Travis became a Starting his mining career in field manager, and later part 1913 as manager of underground in the owner, petroleum operations at Hidden Treasure of Emil J. Raddatz of operations Mine near Ophir, Utah, he then Salt Lake City. worked for 10 years developing In 1953 he became a vice and operating mines in Utah and Dawson reported. He said in the Contone agreement, FTS has been granted exclusive manufacturing rights on equipment for the amateur photographic market, which will be distributed and sold to UN licensees throughout the world. UN will be paid a royalty on the equipment produced by FTS Corporation. Please Turn to Page Two president and co-own- er of Hollandsworth Drilling Co. until it was dissolved in 1953, Hollandsworth Drilling Co. organized in 1949, where Mr. Travis was vice president and until it dissolution in 1957. Please Turn to Page Two co-own- er |