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Show Uintah Basin Oil Field Opened By Equity Discovery THE Equity Oil company discovery dis-covery on the Ashley dome last Saturday sparked a speculative boom that is still running rampant ram-pant over the state. Salt Lake real estate firms, handling listings list-ings of Uintah Basin property from Vernal to Roosevelt are advertising ad-vertising their wares with the added insertion, "includes Vi of the oil royalties." Since last Saturday Uintah Basin land seems to have become valueless without oil and mineral miner-al rights, at least in the Capitol City. Locally speculation leans more toward what company will make the next move, where will it move and how soon. There is only one sure answer, Stanolind will drill the Indian land north of Ft. Duchesne under the terms of its lease with the Ute Tribal council at the earliest possible date. Authoritative sources say that the site has been staked and that drilling will start around October 22. What else might happen in the immediate future as a result of the Equity Oil strike is speculation specula-tion of the rawest sort. THE Equity well, now producing pro-ducing 150 barrels of 32 gravity oil a day, is located at the scene of the Vernal natural gas drilling activities of several years ago. Oil was brought in last Saturday at 1:45 p. m. from a depth of 4152 feet. Geologists believe the producing sands to be the Weber sandsr source of the Rangely oil. If such is the case, Equity has tapped the Weber formation to a depth of 14 feeC Uintah Basin oilmen with wide experience at Rangely call the Ashley dome oil lighter and of a higher quality than that found in the western Colorado field. Equity has declared that it will not drill deeper at least for the present. But even with a production of 150 barrels a day, independent Equity has proved Utah to be - an oil producing state and has opened not the Ashley or the Vernal field, but the Uintah Basin field. |
