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Show MAY 4, 1970 OIL & K2INING JOURNAL 2 tgri Shell Oil hits big wildcat in Utah Uintah Basin play I? QQg TPqdf DfflGDS7 RICHARD BLACKBURN Dear Mr. Blackburn: Our first baby will be bom in less than two months and we want to start a savings plan for college expenses now so that it will be small amounts monthly. Can you give us an idea of how much we should be putting away? Name withheld on request. Dear Madam: see exploration will You Shell Oil VERNAL Utah Mr. Co. is very untalkative about it, doubled in the area, says the but oilmen who should know Burchell. If you fly over five see will big say the company is extremely basin now you in Bluebell the exuberant about its new rank rigs surrounding is wildcat well in the Uintah Basin. extension tests. And Shell four well The well, which looks to be a drilling another offset No. 1 Miles to see big winner, is Shell No. 1 Miles miles west of located 1 5 miles north of how extensive their find is. Duchesne and some 10 miles Mountain Fuel Supply, which g made a discovery at their Sink southwest of the Draw well 1 8 miles away, also is Bluebell field. Shell The discovery has drilling an offset well. Shells No. 1 Miles well was brought oilmen flocking to the basin at a normally slow season. featured in the Feb. 16 issue of Now the Vernal area is really the Rocky Mountain Oil & W. Paul Mining Journal. It was reported says humming, & Gas Oil Utah at that time that the well had Burchell, flowed oil through mud from Conservation Commission. a Shell has made a very 11,400 feet, indicating of volume one tremendous pressure. discovery, significant middle The the in said. pressure Its high extremely geologist and has there where has the basin of gave Shell a persisted, been very little production and lot of trouble until they got it under control, little drilling. ever-growin- At today's price levels it will cost you $25,840 to raise one child until age 18. Most of this will be paid for as the child grows and you won't even miss it. But by the time college comes along you better have put away a lot of money or you'll have a crisis. If you start putting away $50.00 a month now you'll probably have enough, and you 'll have started a very good habit. out-of-pocke- t" Dear Mr. Blackburn: I have heard that you can buy silver coins on margin. you explain how. A.D. Jones Jr. Can Dear Mr. Jones: If you are interested in silver coins andfor silver bullion bought for you on margin, then write: Pacific Coast Coin Exchange, 3520 Long Beach Blvd., Long Beach, Calif. 90807 for a free folder. - I enjoy reading your weekly column. Would you have any information concerning Federal Resources Corp., Salt Lake City, has encountered a 1 e wide vein of copper ore in its New Mexico mine, shareholders have been high-grad- ot Nels W. Stalheim, president, Metals Inc. This was a Nevada corporation, formerly known as Four-Stat- e Prospecting and Exploration Company. Please withhold my name. Tri-Sta- te Dear Sir: When a stockholder finds that he is no longer receiving reports from the company, he can find out if the company is still in business by writing the secretary of state in care of the capitol of the state in which the organization was incorporated. In the state of NEvada, you would address your letter to Mr. John Koontz. Continued on Page 7 HE over-the-count- er 6, MFS well. Other principals in the Uintah Basin play are Chevron Oil Co., Flying Diamond Land in a progress report to shareholders said five per cent copper ore has been located during development work at the Bonney Mine near Lordsburg, N.M. The ore was found on the and Mineral Corp. (another Salt Lake City over-the-count- er corporation). Mountain Supply, and Shell. Federal Resources finds N.M. copper vein the foot informed. Dear Mr. Blackburn: Participating with Shell in the wildcat is King Silver Corp., a Utah stock which penny trades in the Lake Salt City area. Cecil Wall, president, said King Silvers participation has not as yet been announced, although it will be between 5 and depending on spacing regulations. King Silver was high bidder on five acres of Uintah Ouray tribal lands in the Uintah Basin in the area of Mountain Fuel Supplys Cedar Rim discovery, and has a 5 undivided interest in a 4,500 acre tract 1 miles west of the level, 2,000 the mine workings. Fuel deepest of The vein is of better width and grade than expected, Stalheim said, and of higher grade than production from other workings. Union Uranium stockholders to vote on name DENVER Stockholders of reinstated after being a dormant H. Union Uranium Co. of Colorado corporation, and John are voting May 25 to give their Sehlmeier, president, said the company a' new name and company will seek to acquire change the stock structure, mining and other ventures, according to company officials. especially with those companies Also scheduled at the meeting who desire to join an is the election of three directors. corporation. The company was recently Sehlmeier also stated that over-the-count- er preliminary talks are presently being conducted toward mergers and pointed out that many stockholders may yet be able to vote if they write to obtain their proxy and stockholders letter. The companys address is Union Uranium Co., P.O. Box 5316, Oxnard, Calif. 93030. Securities firm sells 500,000 Silver Reef shares The NEW YORK consists of 26 exploration of the properties. Feis Securities Co. of New York has announced it has completed the sale of 500,000 shares of Silver Reef Mines Ltd. at 60 cents per share, Silver 'Reefs properties are located near Leeds, Utah. property patented and 16 unpatented lode mining claims and the mineral rights to 135 acres for a total of approximately 475 The company is a subsidiary of Sierra Silver Mining mine rehabilitation and Company. G. C. Ridland, Silver Reef president and noted geological engineer also owns a controlling interest in Sierra minerals at the annual meeting of the Rocky Mt. Oil & Gas Assn., Peter Griskivich noted now is to be computed at the point where the oil is separated from the rock. -- acres. Funds will be expended in Reform Act benefits shale producers some Tax There was at least one benefit depletion tax allowances for that the 15 rate on oil shale for oil shale from the Tax Reform Act of 1970. In a review of the changes in The assistant director of the Monthly Recommendations for Government committee on public affairs for "Lease Drawings" GEOLOGY Alaska Colorado Montana New Mexico Utah Wyoming Yts Can INVESTMENTS the American Petroleum EVALUATIONS william t. SWANSON P.O. Box 6384 ' Denver,. Colo. 80206 CONSULTANT Profits an Image Phone (303) 722-513- 6 Build 9 Create any depletion was nearly meaningless. He Weston and CmipanyJnc. INVESTMENT SECURITIES DSPILAY AID Only OVER-THE-COUNT- proceeding desired 03 if - .. Salt Lake City 2000 Univ. dub Bldg. 136 E. South Temple publi- cation date. and one of our creative represenCdk 298-24tatives will assist you. jV INVEST WITH OUR MARKET SPECIAUSTS $2.00 a column inch. DmeSSm: Wednesday Institute, New York, pointed out that previously the depletion allowance had been considered applicable to the value of the shale as it came from the mine. Since shale has practically no monetary value at this point, Phone: via .1721 L Charleston 364-19- 314-29- 95 Blvd. 163 N. Univ. Ave. Phone: in the petroleum depletion allowance from 2714 to 22 is estimated will cost the oil and gas producers $220 million per year. Another feature of the. tax law, involving tax treatment of carved-ou- t production payments and ABC transactions, is expected to increase taxes for all mineral producers by $100 million in 1970 and up to $200 million in 1979, he said. so-call- Griskivich said some observers 71 mis Phone: said the cut 374-82- 57 say that more than 85 of the added cost will be borne by the petroleum industry, and banking circles feel thcchange could reduce the value of oil 'and gas property by as much as 20. I .V Mm . |