Show NEW UTAH WELL PLANNED I 1 announcement was made this week that a new test well will be drilled on salt valley ant anticline ieline 15 miles north of moab by the colo rado utah ex exploration company a limited partnership co which was organized heie recently the company is financed by grand junction moab and salt lake city parties drilling will be started immediately on the salt valley structure high at or near the center of the j southwest quarter of section 32 township 23 south range 21 east on the leib permit on the east A well was drilled on the balsley permit several years ago by the utah southern oil company and a productive sand was encountered at around feet which produced steadily about 25 barrels of high gravity oil daily the new location on the leib permit according to geological data is higher on the structure and much greater production is expected at a shallower depth isome Ope operating operatic ratin g agreements covering some acres covering the I 1 whole of the salt lake valley anticline have been turned over to the colorado utah exploration company by G E pitts in return for a substantial interest in the company moab times independent I 1 |