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Show Friday THE WESTERN MINERAL SURVEY WESTERN MINERAL SURVEY NBW8 - 21 Church Street CXBCOLATXON PlSSe Carizzo Hats area Capitol Uranium Co. of Farm-- - Mountain and ington, Nil., has asked its stock- Mq Apache county, Ariz., whence holders to vote upon a proposal gteady shipments of uranium ore for e since late in 1955 approved by its managementnew a into assets other and turning company properties in the corporation to be named the Capi- r,lhnn Valley, Utah, tol Seaboard Company, along with the assets of the Seaboard Oil & Seaboard owns the producting Gas Corporation of Wichita Falls, jeter Mine, in New Mexico, now Texas. Action is to be taken Sep- operated under lease by teCito2l1' Uranium, under the Utco Uranium, and la reported to . have some 36 producing oil wells L guidance of Warren E. Wiley Texas, oil leases in Texas and Four Comers area, a gas Farmington, as president, and hn Walter W. Bentley as engineer plant in Jack county, Texas, and in charge of operations, has ura-- production from the Taylor Reid nium properties in the Carrizo in Monument Valley, Utah. 1 Another charge alleges that The Securities and Exchange j will open hearings inltermountain delinquency report. I Salt Lake ADvnmsnra City Oct, 21 to deter-- 1 certain transactions with offi- mine whether Intermountain Pe- - cerJ and dlrect()r involving the n Oetia n. nanr Mm sales o I approximately 60 ura-Xatered u aecoad elxaa matter at Ba! I from listing on the Salt LAKe Lake cuj, Utah, tinder Act of March b I nium mining claims to Intermoun- gtock Exchange. serarities, subscription rates: $5.00 for two yean, The SEC, under provisions oflkin in exchange for 13.00 for ooa year. additional of issuance and the PifitM mention Weatern Mineral Surrey I the Securities Exchange Act Of Tntprmountain to its Ainralx I1 initiated administrative proSSS on nvUcttoD. Iceedinga against Intennountatt The SEC Inter- aapm for alleged violations of ederal tain for listing on the Stock u " I seritI.eS 1 Exchange for 12 months or withHearing Officer Robert N. draw Its common stock from list D.C., will be Hislop, Washington, registration on the exAA in Cmli T alwA ia d IvO change. nellered to be reliable but no reaponalblllt) I the case. Hearings Will be held in la aaaumed for aeenraoy of statements. Reproduction of any material from thli the Federal Building. publication muct have written pcrmlulw The SEC charges Intermountain from the publliner. (formerly Magnolia Uranium and Oil Co.) with falsely claiming an exemption from the registration requirements of the Securities Act of 1933 for the issuance The Securities and Exchange the requirements of the Commis- 1402 Curtta St., Dearer wS I iw I I I 1 P? L d?f" ,7 - I I ! A eYn I I 1 - I I I I It is stated that Capitol Seaboard will have assets exceeding $5,000,000 if the Capitol Uranium and Seaboard Oil & Gas stockholders vote in favor of this merger of Interests into the new I company. SEC Decision Revokes Registration Of Utah Uranium Rrokers, Inc. Firm 'Hopeful' of 1957 Capitol Uranium Discusses Merger With Seaboard Oil & Gas Company lUtah Petroleum Firm To Face SEC Hearing i-- September 27, J Utah Uranium Brokers, Inc., Salt was impossible, according to the II hopeful of paying off 10 mil-- Minerals Co. lion dollars in bank loans for the The firm also is charged withjLake City, for failure to make j decision to take a trial balance toj cer t a in registrants financial con-furnishing false information to and to keep current firms new mill as dei by Midrecord required 11Un book, SEC and watert!,?d cu?tl3r ,tatement of financial dbtrktta aubatantlallvteL -.I field Securi0e ColoI0" Exchae. P0was filed to un,mlwV.ln It waTrlpo Ejiaso rados second largest oil Add Is 1934 and rules of the eDale-- s, Inc., a to file ed Tuesday. circles. Designed to wlS the unlque ln wU. however, did not balance, also was ordered. I therein boost the the included that ruled and the Commission figures production of the field The from 40 million barrels to nearly endid not agree with the ledger the waterflood 7 and Hiason was unable to has 1)6611 1x1 tries, . lnxormauon contained m me subeffect since July. were 274x00 shares of Inter- - willful, and that they reconcUe the differences. etoreholdfta results of the Complete program refortto Co. con-- . mountain stock n p 1958the stantlal and pervasive.ers. . 10 years will not known be for reg-- 1 deficiencies ln the the Under The cireumatancea, trols 60 per cent of the firm. I SEU larges. istr ants records made it possible, commission concluded that it was when the flood wlU be complete-fo- r A note to the financial statement I example, to determine reg- - necessary in the public interest I What makes the flood unique states that long term debt of 10 VV I or to ( OlfllllQ ASSIStS istrant s financial condition the fact that watpr Inisc. million dollars of 6 per cent in- - and for the protection of invest- comin was it whether determine terest notes payable in installpliance with the Conmdssions- ors that the companys registra- - Lghrfdc oftheformJtion, above ments commencing in 1959 l0W& net capital rule designed to pro- tion M a broker-dealdcSa- should be the gas-o- il contact. This will drive maturing in 1962 restricts with investors f and that it should be downdip, to force the oil into res- ration of dividends by Lucky Me. plvPrton Wvo A croUD 0f respect to the financial respons- L Mr. Cranmer also from NASD member-- 1 ervoirs at lower levels for lifting I busine Inexpelled anddealers. o brokers hopShii Iowa1 8urface 0nce the water notonh-WwmHnihy Lucky Me 2? ISL2L of early repaymeof gation, but were in a restriction, -- nium area met aisappointment 0i reglstrant was In compUance with thte 1 Potion raem. entirely tbe m6n. toS 20 BwMut securities in 1 credit of tension possible in view of the governS?1 Utah oil production jumped I cover an ultimate 525 per cent transaction. ment contracts the firm has for 7 Utah Uranium Brokers, Inc., more than ten per cent last week I of the total recoverable oil under . annffep sale of uranium concentrates.) i His a lJxi6 becanm . hying d, J registered with the Com- the 14,000-ac- re The annual report states that area, com neU oil Company I as dol-1956, 1 in 30 pet to total a about f Feburary, of pared arranging for the 10 million I 12(K) ba 8 cent in the case of normal produc- successors to a sole proprietor- - pf.oducb in a stringent I pr6pery lars financing San Juan CU ty?. tion without the waterflood. The par ship conducted by Verne H. Ella-- 1 Aneth money market was no easy task disproved fa Field. 30 minion barrels realized from 8on Its president and controlling for a new corporation whose only iwwever rebooks . . The the stockholder. waterflood will pay for the companys Institute significant asset was an ore J66" conJ ePtreleum examined twice were serve. records and 30 plus realization of profit Program the placed figures f0r August n deveiooine 20 claims. just in Your management was de- the Commission future, represenatives, by M gtate.s daily production at 11,350 At the height of operation for sirous of providing for the f 46 daims the last in September, 1956. It barrels per day. mi of issuance in water the without failed was that found injection, more than 35,000 nancing they ss in Copper additional capital stock as a bonus Mmmtain. several respects to comply with Shell now has six wells pro-- 1 barrels will be forced into the to the lenders, which would have ducing and is currently drilling underground J sand section ory starts to Noverr, two more on its state of Utah each day of the project, been a dilution of stockholders U 1011111111 characterised has that The lease is lease Three-21-1- 6. equity N. P. Jumman Mi com- - Griffin uranium of other of the Aneth the in heart located nancing Sloan and Sioux City, Iowa, met four Corners U Has strike. 1 liQUilu tS vll wllljpill olLIo,. 1 current!? All - IifT? . 1 I I J" RCSlddltS er I sltoE I 1 (SS . -' Hikes Utah I iotal 3" I I I 1 STbSSTiS I6 SSSSssr - 010016, SSSftratepwh I Official o g wu uwre wnui mence in the spring of 1958. Mean-- cited over a roup Stock promotion schemes gen-ih oh to lease the drilled be additions in the Yim itT Sore the in eUminated substantial hfive been while, some field James C. Sargent, next year. The state receives been made to ore reserves in the claims staked by amortization exploration and , a commissioner of the U.S. Securi- - royalty of oneighth on all pro- area by Lucky Me. Jif Bud were taxes The steers We are hopeful that negotia- Exchange commission, duction on this lease, with funds development, depletion and Ctien gi and be can earmarked for use by the Utah in the first half of 1957. The total w in Denver tions under this proposal s and aMr.Jo lor near for the like 1956 period was $56,- dont see that uranium stocks school system. successfully concluded in the j There 016. Income from ore sales and opolis. particular problem future, said Allen D. Christensen, on some of theclalm, wWch v Uea ParIn Field Aneth The the of Lucky bonus waa up to $760,936 from one , five aaSan mndKO, president Conatruc-mInei1 J commercial ore could he do Embayment, a great sedi- - $540,415. raid. SEC commiMlonere, Me and head of Utah , president E. H. Sanders said There are fewer companies mentary basin covering South-- 1 eastern Utah and neighboring results of the oil test on the now, and most of these are in bus- Arizona. Colorado and of block near Blanding, parts uranium to mine actually In the oil Paradox Utah, In the Four Comers area play rather than to sell stock, he said. The first dis- - would not be known for another Sargent credited the SEC with occured in 1907, but no one accumula-- 1 60 days. The acreage is owned airing injunctive action against covered commercial metals. They needed than more produce Utah's mints do companies set up primarily for tions of oil until 1955, when Shell I jointly by Four Comers, Out also produce a higher living standard for our state through stock sales, and also stopping fly-- brought in its now famous Desert West Uranium & Oil Co. and and tax Standard Oil Co. of California, Creek No. 2 discovery well. stock promoters. payrolls, supply purchases, large capital outlays benow lost SEC Ith are the clear that benefits operator. The first well is it being made these He of payments. Some At is Shell present, shipping securi-and down metal want 0j cost to Four Comers and doesnt speculatives prices cause foreign imports are forcing crude out by truck but 0ut West, Aneth its as blue of Americans chip to be ties represented mines to close. For the good le Fourl John P. Soult, president of causing lead-zin- c completion of ithe investments. . American of national "Buy policy we need a firm next few Fruin-Colothe line ln Comers some-pipe Contracting Co., St. Speculative securities are of I Louis and Indianapolis, has been movement enable will months coun-this made have that thing of Four Cor-- 1 elected a director of Out West, of UTAH try great, in that they have help- up to 70,000 barrels to all oil per day the growing which Four Comers is the major for ed to develop our natural "from tho earth come, on abundant life I West Coast market. stockholder. said. he sources, 1 si ThS P? I P f 5 i I we fm 42,-ine- 746-acr- e Utah loses when mines close by-nig- ht fg 1 600-mi- 1 MINING ASSOCIATION 1 re-jne- rs n ss |
