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Show I r : D ; u .. V , 4 i Rocky Mountain OIL & MINING JOURNAL 25 Cents Per Copy OCTOBER 19r 1970 VOLUME 2 NUMBER 32 BRIGHAM CITY WILLARD RESERVOIR American Minerals Fund announces successful Utah, Louisiana wells L Nixon, president of the White River Dome area almost American Minerals Fund, Inc., has six miles from where old wells announced the successful drilling have already produced 526 million of a new shallow gas well cubic feet and will allow at least approximately 90 miles east of six additional sites for future Vernal, Utah, along the White drilling, Nixon said. William the Lease, Nixon said. A third well drilled on the perimeter of the lease was dry. Learned-Peabod- y are part of Partnership 19704, Nixon said. Each of the successful Louisiana River. Pipelines for natural gas wells will be restricted from Nixon said the Fund has also transmission are located less than Nixon their successfully drilled two new oil five miles away. Total cost of the producing under capacity, the allotment wells in the State of Louisiana. well is estimated at $50,000. The said, but will wells the be allowed Gas flow at the Utah well, on well was drilled by AMF system oil 84 barrels of per day. The wells owned by AMF Partnership 1970-- 3 on the will property 1969-2flow that amount through a , is estimated property of Partnership 1969-2- . Partnership 764ths choke, a hole about the to be in excess of one million With one million cubic feet of gas cubic feet per day at an per day, production will pay for size of a pinhead. Recoverable reserves for each approximate depth of 1 ,200 feet, the well in approximately 10 Vi Mr. Nixon said. Located in the months, Nixon said. well is estimated at 160,000 Wasatch Formation, the pay zone American Minerals has four barrels and Ashland Oil Co. has is 22 feet thick with pressures in other wells in the Ryan Creek agreed to buy the oil at $2.50 a excess of 450 pounds per square area, not far from White River barrel, Nixon said. The resulting inch. Dome. payout period is estimated at In Louisiana, the two wells approximately 16 months for each The new well extends the known limits of the gas deposits in struck oil at the 5,800 ft. level on well. The new wells Officers named for 76th annual Northwest Mining convention and SPOKANE Committee Geology and also serves part time as an assistant professor of mining engineering at the University of Idaho. Mines GREAT SALT LAKE BELONGS TO UTAH The special master for the U.S. Supreme Court has recommended that title to the great Salt Lake's lake bed and all its minerals up to the meander line (shoreline) of 1855, should belong to the state. Making the recommendation was Judge J. Cullen Ganey, who is senior judge of the Third Circuit Court of Appeals in Philadelphia. Judge Ganey conducted hearings on the case in Salt Lake City in May 1969, and later heard arguments in Washington D.C. If the U.S. Supreme Court accepts the recommendation, it will give to the state the ownership of from $50 to $90 billion in mineral rights alone. Justheim Petroleum joins Salt Lake Stock Exchange Justheim Petroleum Co., Salt Lake City, will now be listed on the Salt Lake Stock Exchange, Glen L Davis, president of the exchange, has announced. Justheim, holders of patents on in situ oil production from shale using nuclear power, had been scheduled to go onto the exchange earlier this year but listing was held up by technical considerations. The listing of Justheim Petroleum will bring the number of stocks currently listed on the exchange to 52. Requirements for listing on the Salt Like Exchange include the payment of listing fees and stoex issuance fees, compliance with Exchange rules on annual reports, meetings and financial statements. Companies listed on the Exchange maintain a transfer agent in Salt Lake City, have no less than 200 stockholders and a market value of outstanding stock of at least $100,000. At least $50,000 worth of the stock must be held by other than persons in a control position. chairmen have been appointed in preparation for the 76th Annual Convention of the Northwest Mining Association to be held Dec. 4, 5 in Spokane. Director of the Arrangements Committee is Jimmie Coulson of LeVern M. Griffith, general Spokane. He is an employe of the chairman, announced the Coeur dAlenes Co. and corporate following appointments: secretary and manager of the Steel William R. Green of Moscow, Service Center Division for the Ida., will head up the Program firm which operates in the Committee. He is a consulting Spokane Industrial Park and at engineer with the Idaho Bureau of Wallace. Solutions to U.S. energy woes told DENVER The nations serious problem in energy and strategic natural resources does not have to endure if results of a new Presidential directive bring changes in federal policies. Thats the view of J. Hugh Liedtke, chairman and chief executive officer of Pennzoil United Inc., Houston-base- d natural resources company. The problem is serious, Liedtke declared, because upon its solution rests to a great extent the ultimate ability of our nation to achieve solutions to many of its national, social and ecological problems, as well as its greater goals for the citizens of the free world. The new and promising The Paley Report was presented to its sponsor, former President Harry S. Truman, in 1952 after 1 8 months of objective study and development, he said, is President probing by a blue-ribbo- n Nixons directive that the Paley committee into the nations future Report on Materials Policy of mineral resource requirements. 1952 be brought up to date in the The final report, Uedtke said, immediate future. outlined in great detail the various the paUpdating of Paley Report shortages of raw materials is a significant first step down a rticularly minerals and other which would very long road we must travel very natural resources in Our the years to the nation natural resources face quickly. position is of such gravity that it come. demands not merely definitions More significantly, the Report and suggestions; it demands actions and solutions, he said. Continued on Page 2 made very' specific GSL M&C sets dedication rites Utah Dedication ceremonies have been scheduled Dec. 3 at the 530 million plant of All stocks listed on the the Great Salt Lake Minerals and Exchange come under the control Chemical Corp. near here. Located on the east shore of of the Board of Governors of the Exchange which can suspend or Great Salt Lake, the plant is de-lithe securities of any listed designed to extract minerals from company, for cause. the lake water for the st Finance Chairman is Thomas W. Martin, a mining engineer for the U.S. Bureau of Mines in the mining research laboratory. He has served several times before on convention committees. Ray Chapman, manager of Personnel and Public Relations for The Bunker Hill Co. at Kellogg is Publicity Chairman. Last year nearly 1,800 signed up for the Northwest Mining A&oc. convention, and Griffith said more arc expected this year. OGDEN, manufacture of such products as the principal speaker at the rites potassium sulfate, sodium sulfate, to which federal, state and magnesium chloride and high industry officials are being invited. Great Salt Lake Minerals is grade common salt. Construction of initial processing facilities is nearing completion. Ponding operations have been under way since 1967. Gov. Calvin L Rampton will be 51 owned by two companies Chemical by Gulf Resources and Corp., Houston, Tex., and 49 by Salzdetfurth, A.G. Hannover, West Germany. I I |