OCR Text |
Show MARCH 2, 1970 OIL & MINING JOURNAL Page 5 f Continental Dynamics reports on wells, plans - to shareholders The operators, Southwestern Natural Gas, Inc., estimates reported the completion of two well at $1,100 per month. The Texas- AMARILLO, letter In a Continental Dynamics has Continentals earnings from the program in the Fan Petro Field in Ochiltree, County, Texas. Longevity of the wells in the field is estimated at 25 years. Production for a calculated absolute open flow is 6,600,000 cubic feet of gas with 110 barrels of condensate per day, the gas company estimated. Shamrock Oil and Gas is reportedly planning an offset to the Johnson No. 1 . Details of the expansion Lear Petroleum Corp. reported thatto Continental its 83 13 per Dynamics oil and gas wells in Texas during the month of February. Continental Dynamics president Malcolm Morrison included reports from Inc. Southwestern Natural Gas, and Lear Petroleum Corp. in the shareholder letter in which he an ambitious outlined twelve-are- a expansion for the mineral production company. program will be released at a later date, Morrison said. Continental Dynamics will be carried at no cost for future development on the section of land on which the Johnson No. 1 well in which the company has a 6.2 5 per cent royalty interest is located. well is cent interest in the Latham No. 1 well in Gray County, Texas, CHARLIE STEEN, the Rags to Riches to Rags uranium king didn't stray far from his prospecting weight over the years (shown here in 1954 on the left to 1969 on the right). Steen announced in Reno he has struck uranium while prospecting on the Colorado Plateau. Steen claims new strike after prospecting in disguise RENO, Nev. Charles Steen, will net the company the month. Longevity of wells in the area is 20 years. struck it rich again approximately $1,186 per rags-to-rich- es prospector, says while in Utah in and disguise exploring Mr. Morrison said six Colorado. additional wells can be drilled on Steen reported filing 350 new the property so long as they claims in southeast Utah and the Colorado Plateau. He refused in prove economical. an interview to pinpoint them, but he said he would return this week to start digging. The find, said Steen, is in a geologic formation similar to that of the Mi Vida mine, an estimated $60 million discovery in Utah that in 1952 launched his rise from a tarpaper shack existence to a $1.3 million home in the Sierra foothills south of 150 energy companies asking here. their views of a possible new g business ventures that Interior the Steen terms losers have by position on of utilization the left him with assets worth a Department oil shale. claimed $19 million but no cash. We were encouraged by the The assets are tied up in responses to the point that we bankruptcy court. Even his felt justified in prodding the home has been seized. Interior Dept., Rep. Uoyd said. Steens fortunes began We found by doing so that the new administration has a keen shale policy is certainly indicated by the results of the survey you and Congressman a new We are oil shale working on program. The results of your survey will be invaluable to our program planning. Through cooperative efforts like yours and Mr. Lloyd we will be able to establish an oil shale policy to meet the needs of the nation. This was a follow-u- p of a Feb. 3 press conference in which Mr. Lloyd and Mr. Wold released the text of a letter to' Secretary of Interior Walter J. Hickel urging creation of an oil shale leasing policy attractive enough to induce industry participation in a research and development program. The congressmen also reported' they had written to X awareness of the attractive possibilities inherent in a viable oil shale industry contributing to Americas energy resources. We are convinced now that the policy will be forthcoming and industries can begin moving ahead sometime in th$ new near future on an economic basis, thus permitting this important energy source to enter the market on a competititve basis. Oil shale deposits within the states of Utah, Wyoming and Colorado have been estimated at 2.6 trillion barrels, 25 5im3s more than has been consumed by the United States during the last century. Weston and CompanyJm. INVESTMENT SECURITIES Members Salt B Lake Stock Exchange INVEST WITH OUR MARKET SPECIAUSTS OVER-THE-COUNT-ER Salt Lake City 2000 Univ. dab Las Yogas .1721 L Charleston Blvd. A. 384-299- 5 either big or nothing. Its pure speculation. But I know Ive got uranium, Steen said. Its just a matter of what grade. If theres something Ive got out of this whole bankruptcy mess, its that its got me out into the field again where I belong, he said. Its , ! mining circles, Steen said he used a variety of disguises during his three-wee- k trip into the rugged mining country accompanied by his three sons. (Continued from P&ge 1) may be realized by executive decree and revised, or new statutes. You will be faced with increasing effort to limit your right to look, (for minerals, petroleum, etc.) Mr. Mock predicted. You also will be under full obligation to givevalues. consideration to other Another thing: the American public no longer is impressed with official titles. Proscription of land uses by administrators or other officials are now under challenge. As examples he cited the challenge by The Sierra Club of the Mineral King, Calif., resort development by Disney Productions, approved by the Forest Service. Another challenge has gone to suit to prevent U.S. Plywood Co. Service. j n The kids thought it was great hiding out like the law was after us or something. He siad they went a week without a bath and clean clothes, staying under assumed names in a different motel each night. Then we stopped at a cafe, and someone said, Hi, Charlie! I couldnt believe it. I guess my disguise wasnt too good. I want to emphasize that this prospecting has nothing to do with my bankruptcy, Steen said. Im going to get out of that without any new find. My only ambition now is to leave all my kids multimillionaires. which Steen, looking thin he attributed to the hard work of prospecting says there was little difference between his prospecting 17 years ago and now. I was doing it then with no money and beat-u- p equipment, and that is the same way Im doing it now, he said. Land Review panel hints at prospecting curbs hearings in Salt Lake City in 1966. Rep. Wayne Aspinall, is chairman. o., were held in other cities across the nation and have resulted in some 34 studies. Hearings those persons with titles be able to dictate decisions on land use that are beyond review? For example, can a land agency abitrarily say that an area has no likelihood of producing a mineral value? The problem is, you dont Will such-and-su- The Public Land Law Review Commission is made up of six looked, r 1 0 its work with the opening of Mr. Mock said. Is it unreasonable to continue to look toward wilderness areas for mineral values? a member of the audience asked. If youre a small operation, yes, replied Mr. Mock. If youre have a big operation and really something big in the ground, no. time to There still is phase-owilderness the in mineral entry ut area. Further, the wilderness can be opened to mineral entry, if emergency dictates, by presidential order, Mr. Mock said. 0 SILVER MUG STOCKS 0 D D I 0 U.S. senators, six I representatives, and six I presidential appointees. It began - ch really know until youve operations with the U.S. Forest Provo 163 N. Univ. Avo. Phono: 3744257 trained geologist in A well-know- from contracting timber jj Bldg. 136 L South Tomplo Phono: 364-197- 1 Phono: Life. Non-minin- from Mr. Dole which said, The need for the Department of the Interior to establish a new oil Lloyd conducted. 1968 when the U.S. Inernal Revenue Service grabbed his assets, claiming he owed $1.8 million in back taxes. Creditors began pushing court claims, and soon the debts piled up to $6 million. Steen sought the court's help to reorganize. He calls his new find La Vida Buena, Spanish for The Good uranium he thinks hes Solons see early oil shale program (Continued from Page 1) crumbling in February RANGE M TO $M PKR SHARE gold and uranium stocks and selective orders. ponoy mining stocks. Wo accopf collect colls .on boy Wf specialise in lilvnr, J. H DILLON & CO. W. 411 Sprogee. Spoknno. Wash. M2I1, Tel. UM43I Member Spokane Stock Exchange I I I I ' I 0 0 8 |