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Show WwmI C'-- v u- - -I $AlS VOLUME 2 NUMBER 29 SEPTEMBER 21, tlW , AArioOB4 ' 'f ilJlU on-circulatin- q tinrri DPti 25CrtPWCop . Montana Environmental Resources chief expresses confidence in Anaconda plan By John Bolinger Montana Correspondent In the Lincoln area we may have our only chance in Montana to prove we can develop bur resources correctly, Jim Posewitz, chief of the Environmental Resources Division of the Montana Fish and Game Commission, said recently in Townsend. In Lincoln we can show its possible to develop and still maintain the ecology, Posewitz stated. We must succeed, not only to bring development properly between but . to develop trust conservationists and industry. The Anaconda Company withdrew its recently request for state-owned access to land for open pit mining operations on a scenic area near Lincoln. The companys request for easements on 680 acres of state-owne- d land had brought protests from conservation groups, fishermen and hunters, and became a hot political issue prompting Gov. H. Forrest Anderson, who the supported granting easements, to publicly express his disappointment in Montanas political atmosphere regarding in industrial development Montana. The Anaconda Company has entered into a series of agreements with the Fish and Game Commission, chief of and which is to an ecological study, hoping to make any mining plans as compatible as possible with the wildlife on the Upper Blackfoot watershed. In the apparent belief that the company has made an honest Continued on Page 2 co-spons- or co-finan- ce American Minerals leases 20,000 acres of Petro-Silvoil, gas land in Ohio er American Minerals offer of managers Management, American Minerals Fund, Inc., a nationwide oil and gas drilling fund, has entered into an Inc. agreement with Petro-Silve- r, to lease more than 20,000 acres of land in northeast Ohio. American Minerals Fund, Salt Lake Gty, in headquartered has 39 oil and gas wells in Ohio, either producing or in some of completion. The stage Petro-Silvproperty will permit the drilling of another 100 wells. In making the announcement, William L. Nixon, president of American Minerals Fund, stated that the money for drilling the new wells in Ohio would come from individual investors. Oil funds, unlike mutual funds, er limited partnerships to their investors. This allows the investor to take advantage of the considerable intangible derilljng and development cost deductions which amount to approximately 80 of the total investment the fust year. Subsequent operating depreciation equipment allowances and the unique oil and gas depletion allowance which provides 22 of the returns on successful wells as tax free dollars, make oil and gas funds an attractive investment for those people who pay large amounts of taxes and are willing to accept the risks of oil and gas drilling. Many eastern cities now face a serious natural gas shortage, Mr. in out pointed with the agreement, announcing New York City anticipating possible rationing this winter. h Ginton The oil and Sands of Ohio are a close source for this badly needed energy fuel, Nixon said. Nixon gas-ric- As the YORK A Silver Merrill Situation Report by Fenner and Pierce, Lynch, cause for hope to Smith, gives silver producers. The report stated that that the deficit between new silver supplies and that used by industry is bound to influence the market very soon. U.S. Treasury silver sales will end November 10 which will reduce the supply available for purchase by about 80 million ounces per year. This represents 50 of the domestic demand. reserves dwindle, the solutions are to develop new ones or And new energy sources, Nixon said. The most economical route at the the is he said, present, and is development route the route chosen by American Minerals Fund, Inc. Formerly, Nixon said, the only individuals who could take advantage of the tax incentives with associated petroleum Silver report predicts price rise NEW nations Continued on Page 2 The rest will have to be made up from hoarded supplies, the report stated. Free world mine output this year was estimated to be about 250 million ounces versus industrial consumption of about 370 million ounces. Petroleum Council eyes pollution GALAXY OIL DRILLING ACTIVITY, as pictured above, reflects the company's enthusiasm over the future. In the company's annual report, Stephen M. Gose Jr., president, pointed out that the "balance of supply and demand for natural gas has reversed its traditional posture, thereby creating a seller's market for the gas producer." Galaxy, which has set its annual shareholder meeting for Oct 21 in Wichita Falls, Texas, recorded an increase in revenues from $127,920 in 1969 to $2,760,752 in fiscal year 1970. Earnings were 12 cents per share compared to no earnings per share in 1969. Pollution and auto safety were the major topics at the 11th annual Utah Petroleum Council meeting last week at the Hotel Utah in Salt Lake Gty. Three speakers major discussed various aspects of the subjects. H. Thomas Gaines, coordinator for air and water conservation, Union Oil Co., dealt with the Santa Barbara incident in a speech titled Pollution Control Efforts at a Major Oil Spill. Gary W. Dickinson, a General Motors Corp. research engineer, of compared developments alternate power plants for cars, including steam, electric and turbine engines. He also outlined plans to improve the traditional internal combustion engine. Will Bachofncr, chief of the State Washington Highway Patrol, outlined other problems of the day in a speech concerning auto safety in both manufacturing and operation, as well as police enforcement. |