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Show The National Enterprise , October 27, t1976 Page four Capital Shortages Critical Oil & Gas News NEW UTAH WELL LOCATIONS ANNOUNCED Several new well locations in Utah have received approval by the Division of Oil, Gas and Mining, Department of Natural Resources. Two new exploratory test wells are to be drilled a little more than a mile and a half west of Ferron field, near the townsite of Ferron, Emery County, notes Carlton Stowe, Utah Geological & Mineral Sruvey specialist. The operator, Fossil Petroleum Corporation, Dallas, will drill the No. 1 and 2 Federal, both scheduled to depths below 7,300 feet. The Ferron field produces oil and gas from a More than 38,470 barrels of oil depth of 7,200 feet. and 7.5 billion cubic feet of gas has been produced by seven wells in the field since the area was discovered in 1957. In Duchesne County, Gulf Oil Corporation will drill the No. County, a projected 5,950 foot test well in the Altamont area and three wells are scheduled for drilling in Grand County. They are a 1,250 foot test of the Cedar Mountain formation in Cisco field by Vuklasovich Drilling, Grand Junction; a 1,440 foot Brushy Basin formation well in the Antelope Mesa area just southwest of the town of Cisco, and a projected 5,800 foot test scheduled by Willard Pease Oil & Gas Company in the Westwater area. Pease will also drill a 5,800 foot test of the Ismay formation in San Juan County's Cowboy field, 15 miles south of Blanding. Three 5,400 foot development wells will be drilled by Superior Oil in the McElmo Creek area south of Aneth. UTAH DRILLING ACTIVITY REACHES YEARS HIGH More oil and gas drill-rig- s are at work in Utah now than at any time since August of 1975. The Utah count of active rigs, according to Carlton Stowe, Utah Geological & Mineral Survey specialist, reached 25 this week, two more active than last week and four more' than at this time last year. Last time 25 active rotary drilling rigs were underway in Utah was during the first week of August, 1975. According to the Hughes Tool Company and Petroleum Information Corporations census, Stowe said, more rigs are working now in the western states than at any time since August, 1975. The regional count climbed to 260, 10 more than a week ago, and 20 above the count on the comparable date last year; Wide exploration drilling continues to dominate the scene in Utah said Stowe who continually monitors activities of the mineral industries in the State. He notes that several wildcat" wells currently underway in Utah, if successful, could drastically change the picture in Utah for several months to come. For example, if two wells drilling in Rich County, found commercial oil or gas, a splurry" of new w'ells in the area would result. These two wells are being drilled by American Quasar Petroleum. One is just southwest of Randolph and is drilling below a depth of 4,700 feet on the w'ay to a projected total depth of at least 11,000 feet. The other, drilling below 1,000 feet, is four miles southwest of Woodruff. It is scheduled to about 12,500 feet. In Summit County, just on the outskirts of the town of Coalville, Colorado Energetics, Denver, is drilling a projected 16,500 foot test well, the No. 13-- 3 Weber Coal Co. The operation was started last June by the contractor Vierson-CochraDrilling Co., but the company has been drilling the well as a tight hole" (no release of information.) If the drilling venture proves to be successful it w'ould start a drilling program reaching 10 to 15 miles within any radius of n Coalville. Another significant test wrell, nearly 25 miles south of Moab, is drilling below 1,500 feet. . .projected to about 9,200 well feet. Husky Oil is drilling to No. 5 Husky-Federoil miles field. If it is west of three production in the Lisbon in of would area be successful, renewal drilling activity the most significant in broadening the field where nearly 87,000 barrels a month is being produced. n In Uintah County, Inc., Calgary, Canada, has been drilling a well, the No. 1 Asher & Roosevelt, a scheduled 7,500 foot test, seven miles of production in Bluebell field and six miles north of Roosevelt field. It was started in August but no 15-2- Whether the U.S. can meet tremendous future requirements of capital formation is no to longer a $64 question. The issue, according Committee Eugene Guccione, a director of the for Monetary Research and Education, is moot. It cant. No one in his right mind would claim that economic well being could be Says Guccione, achieved by physically taking down buildings, is plants, and factories and yet this precisely Buildings, plants and what is happening. factories came into existence because somelittle body provided the capital. There is very capital for the buildings, plants and factories of Inflation and taxation have made tomorrow. mincemeat of capital formation. Guccione is preparing to meet with his collegues next month in Boulder, Colo, for the monetary conference of CMRE. Guccione said conclusions of its conference will be passed onto influential leaders in Congress, such as Senators Barry Goldw'ater, Jesse Helms, and James McClure. Those interested in attending the two day conference should w'rite CMRE, P.O. Box semi-annu- al 1630, Greenwich, Conn. 06830. Augment your income with our organization (without leaving yours). 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The leased operations will have an annual output capacity of about 500,000 gallons of distilled spirits. ?UD OOP 0D. Salt Lake City Denver |