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Show JULY 13, 1970 VOLUME 2 NUMBER 20 25 Cents Per Copy Classics drilling area designated field by Wyoming commission oil and gas area in south central Wyoming which has been proven out by Gassic Mining Corp., Salt Lake City, has been desig-th-e Overland Field by the successful wells that are now in the process of completion. Several other mineral extraction companies have participated with Classic in its drilling program in the area to date, Wyoming Ebony Oil, including Investestate and Metals. A wildcat Oil and Gas Commission. Although several holes had been drilled in the area more than 20 years ago, it wasnt until Classics tests of the Niobrara shale using special air drilling techniques that the first producing wells were developed. Classic now has two commercially producing wells in the area and two other Mercury Classics first hole in the area, despite good shows and attemptshastobeenstimulate designated production, a dry hole by the company and will be plugged, according to company engineer Gene Lansford. Lansford said the relatively high volume of gas included in the oil production of the two producing wells and in tests of the other two wells has encouraged the company to study the feasibility of a gas line to the field for additional revenue. The company is also considering extension of an oil pipeline which ends 2 Vl miles from the field. Gassic presently stores production in a small tank field at the wells and trucks production to the refinery at Rawlins some 40 miles away. Immediate future drilling plans on the property will be under a Schedule D participation Continued on Page 5 Rep . Wold asks for change in Interior oil shale policy WASHINGTON-Re- John p. is recommending President Nixon that the White House intervene in the dispute over a national oil shale policy and direct Secretary of the Interior Walter J. Hickel to heed advice of the Public Land Law Review Commission that some oil shale public lands should be made available now for experimental testing and Wold, R-Wy-o., to leasing. Mr. Wold has been in the Trans-Worl- d Equities forefront in the fight to speed up the development of the vast oil shale potential in the states announces lease of drill rig of Wyoming, Colorado. Equities, Inc., a expanding its operations into Ohios booming oil and gas Nevada corporation, announces which is one reason for lease has to its areas, it agreed rotary lease the drill rig to Central Transport agreement with Central Transport. Corp. of Ohio. The company has purchased a is The rig, which currently . test in producing gas well in Morrow completing a 4000-ftRoutt County, Colorado, will be County, Ohio, which tests operated by Central Transport 600,000 cfpd, and a one-hal- f with royalties and a share in. interest in a producing gas well each well drilled accruing to : in Guernsey County which Trans-World- ," according to r Ed produces 3 million cubic feet per Thomas, a spokesman : for the . day. The Guernsey County well is already hooked to a natural : .. company. Thomas':.saicLCentral gas pipeline. The company is currently Transport has plans to drill three to four wells per month in Ohio. negotiating for the purchase of : He said the report of eight other producing oil and gas Colorado geologist John N. Gray wells in Ohio, Thomas said. He indicates the Routt County test, "said the seller is currently in Salt Lake Gty to adjacent to the Curtis Field, wrap up the details. appears to be 'highly successful. Following Gamma ray tests to - Thomas said Leonard determine the optimum pay Petroleum Co. of Ohio is zones, the well will be cased and scheduled to handle the fractured, Thomas said. management of Trans-WorlTrans-Worl- d is said Thomas Ohio properties. Trans-Worl- d ! - . Utah and . . ds He also has some leverage at the for the challenger the White House since he is Republican Senate seat now occupied by Sen. Gale McGee, This is tone of the seats regarded as vital to the GOP gaining control of the Senate in the next Congress. The Wyoming Republican disclosed he has prepared a letter D-Wy- o. I share your genuine concern for the quality of our Mr. Wold said in But testing and development (of oil shale) are two entirely different questions. We are talking in environment, his letter to the President. terms hot of instant production of oil from shale but of testing to determine whether it will ever be feasible to process the oil to the President which recommends immediate bearing rock to produce implementation of the 'basic provisions' of the oil shale test lease program. It was shelved by Secretary Hickel several w eels ago because of last-minu- te doubts about its environmental implications. petroleum products. We cannot make this determination if the political decisions necessary for actions are forever withheld because of vague fears for the environment that mav vanish Continued on Page 4 Rep. Baring introduces legislation for U.S. stockpiling of gold WASHINGTON-Congressm-an Walter S. Baring of Nevada has introduced legislation in the U.S. House of Representatives to establish a strategic stockpile of gold for Americas future in space and defense needs. The bill would preserve and stabilize the domestic gold mining industry and would increase the domestic production of gold to meet the needs of today and the future... because there is no more gold to be mined elsewhere. It is because the gold cannot be mined profitably at the present price of gold on the open market. The Baring bill for a stockpile fo gold would first establish a supply of extra gold to be readily available when Americas space and defense requirements exceed current production as well as American import added that there are but two major gold producers in the capacity. Baring said the bill would, secondly, allow the Office of country Emergency Preparedness to Baring said. He today-t- he Carlin Mines in Nevada and the Homestead Mines of Colorado. The rest, he said, comes from the of copper mining operations. He continued, The U.S. has too few producers of this valuable gold ore, but this is not by-prod- acquire what could amount to 1 1 million ounces of gold in the next two years which should stimulate the market to a point where gold mining would be more profitable and more mines could again be opened for production. 'This would allow the U.S. to make use of its own resources and not have to rely on so much imported gold as industry has to today, Baring stated and noted that some seven million ounces of gold was consumed in the U.S. in 1969 for jewelry, dental needs, industrial use and finally defense and space requirements. Of this total, approximately 2.7 million ounces, or nearly 40 oi the total domestic consumption, went to space and defense programs. He said that gold production during that period was 1.6 million and as the U.S. did not come anywhere near meeting its own demand and that the balance of the gold needed had to be imported. |