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Show JULY 27, 1970 OIL & MINING JOURNAL Crest Resources reports on activities, eyes 10 new wells Crest Resources, Salt Lake City, outlined to shareholders last week plans for ten oil and gas wells that will affect the companys property interests in the near future. In a letter to shareholders, the miles northwest of the company interest, Romex Corp. drilled a successful well during August 1969. Currently, Skyline Oil Cb. is drilling a wildcat well three miles north of the company holdings to test the theory of oil be trapped in the Five company announced that Orest Resources will benefit from two exploration wells to be drilled on a company property interest PAGE 3 f chuckin updip White Rim Sandstone pinchout. Success of the Skyline well could have a dramatic affect on the value of the company holdings in the area and could indicate possible future oil production, the letter pointed out. The Securities and Exchange Commission has circulated s and other interested parties a proposed to policy statement on disseminating information concoming stocks which a broker submits to the interdealer quotation system for publication. The policy statement sets forth the information the SEC feels the brokers should supply to anyone interested in buying or selling an 0TC stock traded by the firm. Such information would include the state of incorporation, exact title and dess of security, name end address of the transfer agent, number of shares outstanding, product or service offered and the names of chief executive officers and directors. In addition, the brokers would provide financial information, including profit and loss statements for the most recent year and two preceding fiscal yean. Nairn Johnson, legal counsel fur the Intermountain Broker-DectaAssociation of pointed out the asMdation already has its awn information system which he feels is just as comprehensive as the information association requested by the SEC. The Broktr-Doolo- n started the information program several months ago in ' anticipation of just such a policy by the SEC. We're else trying to review information we've received to make sure hfe not misleading. Information can ka a swonL At present the assoenriion hei files on 200 companies," Mr. Johfllon said. However, the files vary according to the completeness of response to our questions." Mr. Johnson sod the association, comprised of more thou a dozen Utah broker-deale- r would support kjaktion regulating transferage fits and holding thorn to standoids of This Announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities. The offering is made only by the Offering Circular. Over-the-Count- NEW ISSUE . in southwestern Wyoming. In addition, Crest and its partners are commencing efforts to acquire outside funds with which to drill five wells on five new oil and gas prospects recently assembled in Colorado and Nebraska, the letter said. Also," the letter stated, in Colorado, the company is soon to commence producing its. new gas discovery. If production holds up as well as expected. Crest will encourage its partners to drill an offset to the discovery WALTER 300,600 Sham Common Stock PRICE: $1.00 Per Shan ($8.20 Par Value) Copies of the Offering Circular may be obtained from: er Over-the-Count- VICTOR CARTWRIGHT TKTTTTAi D CPCEARCE well. the with of maximum philosophy company exploration exposure, coupled with minimum financial risk to the company, it is: significant that in eight of the: wells... Crest will be carried for all exploration and drilling costs," the letter pointed out. Only in the offset well to the In By Chuck Hayward broker-dealev- in Wyoming and one to be drilled near company property interests in Utah, and announced a significant gas discovery earlier this month completed near a company property interest few keeping 61 South Mam Salt Lake City, Utah P.O.Box 10 Provo, Utah 14801 Phono: 375-257- 0 Phone: 364-160- 3 . Other offices in Phoenix and Tucson new Colorado gas discovery will the company be called on for its sftare of die drilling costs, the AN EXCITING INSIDE STORY letter stated. Crest recently signed a gas with contract purchasing Colorado Interstate Gas Co. wherein the gas company agreed to purchase a minimum of 500.000 cubic feet of gas per day from the companys new No. 1 Twombly well in Morgan County, at a price of 17 cents per thousand cubic feet. The company has a 25 interest in the well and in the 1,440: acre lease block on which the well was drilled. two-edg- BY PAT HOWELL The discovery was completed in January 1970, flowing3.200.000 cubic feet of natural gas per day plux approximately 10 barrels of oil per million cubic feet of gas. : : For the first time the true behind 'the scenes story is availableto the public. This true story is written by authors who are well the area versed in the lurid background They cover all phases of Las Vegas and the. people who operate tlie Gambling Halls. - . of pubfidy-tride- d arm, so no formal policy ha been devised oh not trading securities which violate information requirements. It may be, that the SEC policy will provide the "dub" which will convince 0TC companies to submit the required information to the brokers, but at present many companies Published by Naylor Publishing Co. San Antonio, Texas j deltas 0TC that's a big responsibility. There's also a great securitin stolen securities; unregistered ' problem in the hot issue stock, and delayed deliveries." Mr. Johnson said the asociatiori has no enforcement' of millions LAS VEGAS , . - . g Basin and-- POSSESSION... low-price- . UTAH SCENE PUBLISHING CO. P.O.Box 19243 ' Salt Lake City, Utah 84119 leases covering them have been -- purchased. The company is now-seek- ing partners to share in the' of drilling exploratory wells oneach of the five prospects. In eastern Garfield and San.: : Juan counties, Utah, Crest has a lease- -; r 50 interest in oil and-gaand : applications options To'.' oil and 'leases nn 'g4S purchase 1 21 ,000 acres approximately which are thought to cover the4 porous and permeable White Rim Sandstone of Permian - s a.j LunuiiuutmutitiiitKtttutil er d stocks. a necessary characteristic of But today the industry is in the grip of a brutal bear market, and the unsophisticated investor is resentful of the fact that many of his securities are worthless simply because the company which issued them did not have sufficient income or capital or capable enough management to survive the lean times. If there is to be a revival of interest and confidence in the market which is becoming recognized serious and respected financial experts as a .. by many the investor remarkably dynamic and volatile entity must be given sufficient information to assure him that the company is not a "shell" but is actually putting the public's funds to work to earn more money and strengthen the that the investor's "company. For it is only in: this way money: will be protected and realize the potential, for. 3.05 ea. During the past six months, the company reported, it has participated in the delineation of five new oil and gas prospects totalling 8,485 acres in the Dcnver-Julesbur- LIBRARY QUALITY . A PRESTIGE . "penny this can be attributed to the market" In the past the purchaser of securities not has been willing to trade always a sophisticated investor information about a company for the low price of the securities. In fact even considering the lack of information A COMPLETE HISTORY . 16 PAGES. OF PHOTOGRAPHS . . . HARD-COVE- R . simply ignore any requests for information. During the past quarter century, there has been a dramatic change in the demography of public investors. The investing public makes up a much larger percent of the population than previously. More "average" person have joined the ranks of the investor, and much of the reason for Over-the-Count- There are several undrilled locations offsetting the gas well on the Twombly lease block, the letter said, and additional wells will probably be drilled by the company and its partners in the near future. ' "In the boom period, transfer agents were handling . XKd ed competence. OF DICK TAYLOR s, er Over-the-Count- Please send me copies of your exciting and factual expose' of LAS VEGAS. Inclosed is my check or money order for $! t ' 1.' - i - - . m t NAME. , 4 t ADDRESS. CITY AND' STATE er growth. II ;f iit " 't 'it - .- yr ; : .... . |