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By W. A. Tiller, J. P. McHugh

HE majority of liquidus and solidus surfaces in phase diagrams have been determined by the conventional cooling- and heating-curve techniques.' These techniques have two main shortcomings: 1) the solidus may be in considerable error due to the difficulty involved in completely homogenizing the solid and 2) the determination of liquidus and solidus in more than a two-component system does not enable one to determine tie-lines connecting the specific equilibrium solid and liquid compositions. However, in a recent paper by one of the authors,' a method was suggested whereby the liquidus and solidus surfaces plus tie-lines in an n-component system may be determined. This method utilizes a controlled solidification technique and assumes that interface equilibrium exists during freezing. The present work was undertaken with a twofold purpose; first, to determine the liquidus and solidus lines in the pseudo-binary system Bi2Te3-Bi2Se3 by heating- and cooling-curve techniques and, second, to determine the partition coefficients of Te and Se in the BizTe3-,Sex system by controlled solidifica- tion techniques. The two sets of results can be compared to test the accuracy of the controlled solidification method. EXPERIMENTAL I—The starting materials for this study were 997999 pct Bi, Te, and Se, obtained from the American Smelting and Refining Co. The compounds BizTe, and Bi2Se3 were each prepared by melting together stoichiometric amounts of the elements, followed by twelve zone-refining passes. This produced homogeneous bars of the compounds for use in the phase-diagram studies. The apparatus used to obtain heating and cooling curves is illustrated schematically in Fig. 1. The alloy samples were located in a graphite crucible placed in a stainless steel canister. The canister was supported in a heavily lagged pit furnace by a device which oscillated the canister about its vertical axis at a frequency of about 3 cycles per sec during heating and cooling-curve runs. The graphite crucible was designed to minimize the thermal coupling of the sample to the furnace. A thin graphite sleeve separated the alloy sample from the stainless steel tube that housed the thermo-

Jan 1, 1960

By F. J. Chernosky

Most previous studies of coal flotation utilized chemically pure reagents. Since such reagents are not available in quantity, a study of various wmmercially available reagents as frothers was undertaken. Flotation procedures similar to those used in a large number of commercial coal flotation plants were employed. The reagents used were compared on yield-selectivity-wst basis. The selectivity was found to be relatively constant with yields above 70% but the reagent cost varied greatly. The types of reagents available were compared. In the past, a number of papers have been written on the use of various reagents as coal flotation frothers. For the most part, these have been an attempt to correlate the intrinsic chemical and physical proper- ties of the reagents or reagent groups to the floata-bility of various fine coals. Because of the type or nature of evaluations made, chemically pure reagents were normally used. Generally, these reagents are unavailable in commercial quantities. Therefore, the results obtained with these reagents were usually limited in usefulness to the plant operator or metallurgist. This paper presents the results of a study in which commercially available forms of various reagents were used as flotation frothers. Flotation procedures which would conform in general to those employed in a large number of commercial coal flotation plants were utilized. The objective of the test was to compare these reagents on yield-selectivity-cost basis, that is, 1) the yields obtained, 2) the ash levels obtained and 3) the reagent cost relating to these results. REAGENTS The reagents employed have been grouped into the following chemical classes: 1) aliphatic alcohols, 2) terpines, 3) glycols (synthetic water-soluble

Jan 1, 1963

Meeting; May 23, 1913.-On the petition of 25 or more members residing in the different localities, the following Local Sections were established: St. Louis Local Section. Southern California Local Section; Denver Local Section. It was voted to publish a statement in regard to tours in connection with the Butte meeting, which-is published on p. i of this Bulletin. Mr. Edward Caldwell was appointed as expert advisor. on printing. The report of the Committee on Printing advising certain changes in methods of printing. was accepted.

Jan 6, 1913

By M. J. Langley

The American Zinc Company’s mining operations in East Tennessee are located in Knox and Jefferson Counties. Mineralization occurs, intermittently, through a strike length of more than 30 miles, from near the eastern edge of Knoxville northeastward to a few miles beyond Jefferson City. The presence of zinc in these Counties has been known for well over 100 years. In 1910 it was brought to the attention of American Zinc Company that zinc sulphide deposits in the Mascot area might be attractive. Following an examination and some surface prospect drilling, the American Zinc Company of Tennessee was organized and acquired the Mascot properties in 1911. Operations began in 1913 on the basis of 1,000 tons per day mill capacity. With the successful operation of the Mascot mines, the Company undertook explorations in the area from Jefferson City southwest through Friends Station to Mascot. The efforts resulted in development of substantial tonnages of zinc ore and enabled the Company to expand the Mascot and New Market milling operations to their present capacity of 11,100 tons per day. Folded and faulted Paleozoic sedimentary rocks under- lie the mining district. The principal zinc mineralization occurs in a group of strata known as the Knox

Jan 1, 1970

P. H. ARGALL, Magdalena, N. Mex. (written discussion *).-The Chilean mill has generally been considered a fine-crushing machine and as such has had many advocates; it has also. had quite a number of denouncers; hence, the action of the Portland engineers in using the Chilean mill for the preparatory work usually accomplished in, rolls or rock breakers and adding a ball mill to do the fine grinding is novel, though of doubtful utility in the long run, even though a fair efficiency is obtained for the combination machines, as measured by Chilean mill practice. In order to follow the development of Chilean mill practice on Cripple Creek ores, I might say that two 6-ft., Chilean mills were placed in operation in Stratton's Independence mill in April, 1908, treating ore crushed by rolls to pass Y4 in. screen aperture. Screening was, however, found to be an unnecessary refinement, as was also the use of plows in the mills; both screening and plowing were abandoned before the Portland engineers finished the experiments in stamp milling upon which they were then engaged. Two additional 6-ft. Chilean mills were added in the spring of 1911, three of them giving the required 10,000 tons per month capacity, one being always in reserve. The Portland company began using Chilean mills in June, 1910, at its Victor mill, and the same company purchased the Stratton's Independence mill in June, 1915, and remodeled it; it is now known as the Independence mill. A description of Stratton's Independence milling practice, is given in the November, 191.1, issue of Mining Majazine (London). These Chilean mills were used as fine grinders and that they accomplished their purpose is shown by the screen analyses, in which 62 per cent. of the pulp passed 150-mesh screens. To make coarse crushers of these Chilean mills, the Portland engineers have increased the speed, substituted steel in various parts for cast iron, provided new and enlarged thrust bearings to take care of the centrifugal force incident to higher speed, and have, thereby, greatly increased the cost of the machines. They have also reduced the width of the tires and dies from 8 in., as used in the original mill, to 7 in., a reduction of 12 ½ per cent. in the crushing surfaces, to say nothing of the loss of abrasion or attrition incident to the larger surface. At the same time, they have apparently increased the weight of the rollers by using tires 5 7/8 in. thick as against tires varying between 3 and 4 in. on the original mills, thereby increasing

Jan 4, 1920

By James Douglas

As the operation of light railroads is important to the mining industry, the following statistics of the Arizona Southeastern Railroad may be of interest. When the traffic of the Bisbee copper-mines reached 20,000 tons per year the necessity of better transportation than that afforded by eighteen- and twenty-horse and mule teams became imperative on the score of both cheapness and convenience. Before deciding on the construction of a railroad, the Copper Queen Company made a thorough experiment in transportation

Jan 1, 1899

(SECRETARY'S NOTE.) The following discussion of the papers of Van Hise, Emmons, Lindgren and Weed, read at the Washington meeting, February, 1900, and printed on pp. 282 to 498 of this volume, comprises communications to the Secretary, received at various times before the Richmond meeting, February, 1901, and, for the most part, presented at that meeting. These communications are introduced at this point in the present volume, in order that they may precede the papers of Vogt, hemp, Lindgren, Rickard, etc., presented at Richmond, and therefore not forming part of the material considered in them. Since many of the contributors have mentioned in one communication several of the papers referred to, no attempt is here made to divide their remarks and distribute the fragments under separate headings. In each contribution, however, the several topics are indicated by subtitles. R. BECK,* Freiberg, Saxony : Prof. Veal Hise's Paper.-The paper of Prof. Van use (p. 282) represents a great step of scientific progress, in that the circulation of underground waters has never before been presented with such clearness, ill the light of modern chemical and physical knowledge. The theories of the formation of ore-deposits which follow the author's general survey of the currents and solvent power of atmospheric waters in the earth's crust do not, indeed, seem to be novel, being essentially an amplification of Le Conte's views; but the proofs adduced in their support are in many particulars so original that no one can read without profit this portion of the paper. Entirely new (though largely in agreement with the papers of Emmons and Weed, presented at the same meeting of the Institute) are the sections dealing with the formation of the rich sulphides of the precious metals, and especially the regeneration of normal sulphides, such as galena, etc., in vein-zones immediately beneath the ground-water level. Nevertheless, it appears to me that Prof. Van Hise, in the course of his most instructive exposition of unquestionable, yet still locally limited, phenomena, has been too much biased in favor of the " descensionists." This is indicated by the small importance which he attaches to the intimate genetic relation between epigenetic deposits and the plutonic hearths of the earth's interior.

Jan 1, 1902

By AIME AIME

NATURE was in a smiling mood on December 18, 1883. On that day, Chester Alan Fulton, the sixty-first President of the American Institute of Mining and Metallurgical Engineers, was born, and she endowed him with every good quality within her reach - looks, physique, intelligence, and character. Brought up in the valley of the Hudson River, with the mighty Palisades which make it the "Rhine of America," he has lived up to his early promise - as a man, as an engineer and as a friend.

Jan 1, 1943

By R. M. Foley, Hidesaburo Kurushima

About 25 pct of all Japanese pyrite comes from the Yanahara mine on Honchu Island. For the past 40 years lack of an economical recovery process forced the operator, Dowa Mining Co., to sell the pyrite for its contained sulfur only, leaving 7 million tons of high grade iron ore waste. Introduction of the Dorrco FluoSolids roasting system enabled the company to make use of its iron sulfides and also to find a market for the mine's considerable pyrrhotite production. The success of this project is of great importance to Japan's economy since it points the way toward material increase in her natural resources. Prior to use of the present process, no practical method was available for commercial exploitation of known large tonnages of pyrrhotite, while the copper content of the even larger deposits of pyrite made the roasted residue unacceptable for the iron and steel industry. In Europe, large amounts of copper-bearing pyrite cinder are given a chloridizing roast for separation of the copper and iron but this treatment is not economical in Japan where salt is imported from as far away as Egypt.

Jan 10, 1958

By M. Albertson

At Cobalt, Ontario, Canada, a lake was drained to facilitate mining, by the Mining Corpn. of Canada, during the spring and early summer of 1915. Previous to pumping out the water, great quantities of sands and slimes from concentrating plants had been discharged into the lake and during and after the lake's drainage, its basin was a receptacle for tailing products. As the writer was at work along the shore line as the lake was being drained, he had a good opportunity to observe the changes that took place as the water was withdrawn. Some adjustments between the incoming sands and the mud in the lake had taken place before pumping was commenced. One of the most interesting results was the appearance of a small dome in a path the writer traversed twice a day for several months; he remembers distinctly the difficulty of crossing this. Cobalt Lake owed its existence to the gouging out of a rock basin by glaciation. The long axis of the basin closely follows the strike of a thrust fault of about 500 ft. (160 m.) vertical displacement. The lake was originally shaped somewhat as shown. The length was about 3000 ft. (914.4 m.), the width at the lower lobe was about 1000 ft., and the width at the narrows probably 400 to 500 ft. The original depth of water varied from 20 to 30 ft. (6.1 to 9.1 m.), near where the island later was formed, to 60 to 70 ft. (23.6 to 27.6 m.) in the widest part of the lower lobe. At the narrows, the depth was 30 to 40 ft. Above the bed rock was sand, with boulders near the bottom, and mud. During the building of the railroad in 1903, considerable filling was done along the right of way. With the commencement of mining operations, about 1905, waste rock and mill tailings were dumped into the lake. One of the mining companies operated a hydraulic giant to remove the glacial debris from several hundred acres of rock surface; much of the sand and clay from this operation was deposited in the lake. About 1,500,000 tons of mill tailings, composed of sands and slimes, were discharged into the lake's waters previous to 1915. Most of this material

Jan 1, 1921

By Jack A. Crichton, Henry J. Gruy

This paper discusses methods used in the estimation of natural gas reserves and the general conditions under which the various methods are applicable. The factors used in estimating natural gas reserves are reviewed. Errors which have been found to occur frequently are listed. Introduction The estimation of natural gas reserves has become of paramount interest because of the increasing importance of gas in the nation's economy. Gas is a most desirable fuel, a fact substantiated by the continued rise in the market demand. In addition, new uses for gas are being developed by the chemical, plastic, and associated industries, and plants are being built to make gasoline from natural gas. These are a few of the factors contributing to the importance of the nation's natural gas reserves. With the increased importance of gas there is an increase in the need for reliable estimates of the magnitude and availability of natural gas reserves. These estimates are being used currently: (I) to determine which fields contain sufficient available reserves to justify the construction of pipe-line outlets to serve particular markets; (2) to design pipe lines necessary to serve those fields adequately;] (3) to determine the location of industrial and chemical plants; (4) to finance the development of gas properties, and the construction of gas pipe lines; (5) to determine fair and adequate depletion allowances and depreciation rates; (6) to justify applications for gas pipe lines before various regulatory bodies; (7) to determine the number of wells required to exploit the reserves most economically; (8) to aid in establishing values for the purchase or sale of gas properties, and for purposes of inheritance taxes; (9) to determine equities under unitized operations; (10) to provide a basis for calculating the economics of gas-cycling operations. History or Estimation of Natural Gas Reserves The natural gas industry in the United States had its beginning during 1826 when natural gas was used for lighting the city of Fredonia, N. Y. The first natural gas pipe line was a 25-mi]le wooden line constructed from hollowed logs, connecting West Bloomfield and Rochester, N. Y. There is no record of an attempt to estimate the gas reserve at West Bloomfield but an attempt was made to determine the capacity of the well by measuring the time required to 611 a large balloon. One of the earlier publications concerning estimation of natural gas reserves is the "Manual for the Oil and Gas Industry," published by the Treasury Department, United States Internal Revenue, in i9i9. The following methods of computing "gas depletion" are listed: (I) production decline of the gas well or property; (2) decline in open-flow capacity; (3) comparison with the life history of similar wells or properties, particularly those exhausted Art

Jan 1, 1949

By Edward H. Robie

PONCA CITY proved an ideal selection as a place of meeting for the Petroleum Division this fall. The accommodations at the Conoco Club were just what was required for such a gathering; the committee having the arrangements in charge functioned with the efficiency of veterans and the enthusiasm of neophytes; and the members and guests followed the speakers with close attention, entered the subsequent discussions with gusto, and divulged the "low-down" at private conferences. No one minded the drizzling rain on the first day, which only served to keep up the attendance in the auditorium; the weather then cleared up in time for a group picture before the gathering went their separate ways.

Jan 1, 1932

By F. A. Champion

The work described in this paper was carried out in the Research Laboratories of the British Aluminium Company Ltd., under the general direction of A. G. C. Gwyer, Scientific Manager of the Company. In considering the effect of stress?corrosion conditions on metals, or the failure of metal through stress corrosion, it is evidently advisable to adopt a clear definition of the meaning of those phrases. There appears to be general agreement that stress-corrosion conditions may be defined as the continuous application of static stress to a metal while it is exposed to corrosive conditions, but recognition of the occurrence of true stress-corrosion in a metal is often a difficult matter giving rise to some confusion. For the purpose of this paper stress corrosion in a metal is defined as the acceleration of corrosion by the application of static stress. On this view it is necessary to test a metal not merely under stress-corrosion conditions, but also under the same corrosion conditions without the simultaneous application of stress, if the liability of the metal to stress corrosion is to be assessed. Failure of a metal under stress-corrosion conditions is sometimes quoted as evidence of stress corrosion (for example, by Althof(1)2), but this evidence is totally inadequate if the above definition is

Jan 1, 1945

By R. R. Judd, H. W. Paxton

The rate of dissolution of cementite was studied in three low-carbon materials: a zone-refined Fe-C alloy, an Fe-0.5pct Mn-C alloy, and a commercial low-carbon steel. The materials were spheroidized, ad then held isothermally at temperatures above the Al. The isothermal anneal was interrupted periodically by a water quench and the specimens were analyzed by quantitative metallography for the amount of aus-tenite formed during the anneal. The results of this study were compared with an analytical model for the process, which assumes that carbon diffusion in aus-tenite is the rate-controlling step for the cementite dissolution process. The correlation between the model and the experimental data is excellent for the zone-refined Fe-C alloys; however, the Fe-0.5 pct Mn-C alloys and the commercial steel deviate from the calculated model. This deviation is thought to be a result of manganese segregation between the carbide and the matrix. The rate of nucleation of austenite at carbide interfaces was reduced by the manganese addition and enhanced by the presence of ferrite-ferrite grain boundaries. PREVIOUS investigations of the nucleation and growth of austenite from ferrite-carbide aggregates are not entirely satisfying for at least one of several reasons. The most prevalent of these is a lack of quantitative data. Engineering studies have been run on many steels with little control over important parameters such as composition and initial aggregate structure. The data obtained are valid only for material with identical chemistry and thermal history. A more informative approach to the problem of aus-tenitization would be to determine the mechanism that controls the rate of solution of carbide in austenite and how it is modified by alloying elements. This information could then be used to calculate an austeniti-zation rate for any material, provided its composition and structure are known. The object of the present work is to establish the rate-controlling step for cementite dissolution in Fe-C austenite and to investigate the modification of this rate by small manganese additions. The composition and structure of the material used were carefully controlled and all measurements were designed to allow a quantitative analysis of the kinetic process that controls the austenitization rate. A MODEL FOR DISSOLUTION OF CEMENTITE Cementite dissolution has been analyzed mathematically by a model that approximates the material used in the experiments. This model postulates a regular ar-array of identical cementite spheroids with 4 C( diam, embedded in a grain boundary- free ferrite matrix. The analysis provides a detailed description of the dissolution of one carbide spheroid and a generalization of the solution by summation over all the carbides in the material. The carbides may be isolated by defining identical, space-filling cells of ferrite around them. If the cell dimensions are greater than the diameter of the austenite sphere resulting from complete dissolution of the carbide, and no interaction (through diffusion in ferrite) takes place between cells during the dissolution process, the model need concern only one cell, since the solution in each cell is identical. In the experimental material, the dimensions of the cell, the carbide, and the final austenite sphere are approximately 24, 4, and 8 p, respectively; use of the single cell is therefore justified. The experimental observations are made on the austenite nodules that form around each carbide during the dissolution process. The model concerns the growth of these austenite nodules. The attendant shrinking of the carbide can be obtained from the same analysis by an extension of the calculations. Several a priori assumptions are necessary to make the analysis of the growth problem tractable. They are: 1) carbon diffusion through the austenite nodule is the rate-controlling process; 2) local equilibrium exists at all interfaces, 3) the austenite nucleus that forms on each carbide instantaneously envelops the carbide; 4) during the austenite growth process, the diffusion flux of carbon in ferrite is insignificant; 5) a quasi-steady state exists in the austenite concentration field; that is, at any instant during the dissolution process, the austenite carbon concentration gradient closely approximates that for a steady-state solution; and 6) the effects of capillarity on the dissolution rate of the carbides can be neglected. Referring to Fig. 1, a mass balance at the y-a interface for an infinitesimal boundary movement gives: Where rb is the outer radius of the austenite shell, C1 and C are carbon concentrations at the interface in austenite and ferrite, respectively, see Fig. 2, is the diffusion coefficient of carbon in austenite for the concentration of carbon at the interface, and t is time. The fifth assumption permits the austenite carbon concentration to be approximated by the Laplace solution for the spherical case. Therefore, where C(Y) is the carbon concentration at r, and A and B are constants. Local interfacial equilibrium fixes the boundary conditions for the diffusion problem. They are:

Jan 1, 1969

By K. D. Sheffler, R. W. Hertzberg, R. W. Kraft

The Ni-Ni,Ti lamellar eutectic alloy responds to unidirectional solidification by alig-nment of the platelets of the two phases roilghly perpendicular to the moving solid-liquid interface. X-ray diffraction and zetallographic experimenls show that the following cryslallographic relationships exist in the directionally solidified ingots: lamellar interface w [0001] Ni3Ti 11 (111 }Ni local growth direction (1120) Ni3Ti n (110) Ni These relationships are rationalized on the basis of the crystallography of the constituent phases. In recent years researchers in several laboratories have shown that an aligned or "controlled" micro-structure can be produced in many binary eutectic alloys by forcing the alloy to solidify unidirectionally in an elongated crucible.'-3 It also has been found that a unique crystallographic relationship often develops between the two phases in such a structure.4, 5 Since a parallel arrangement of phase particles in an alloy should, and, in many cases, does, produce unique and highly anisotropic properties, the alloys so produced are of potential interest in a variety of applications. Studies of these alloys are also of interest at the academic level because they help to improve our basic understanding of the way in which metals solidify. This paper reports the metallographic and crystallographic structure of another of these alloys—that between nickel and Ni3Ti. In a separate paper, hot tensile and stress rupture properties as well as deformation and fracture behavior of the same alloy are discussed.19 EXPERIMENTAL DETAILS AND RESULTS General Characteristics of the Eutectic Reaction. Several small exploratory Ni-Ti melts were made to resolve a conflict in Hansen6 over the eutectic composition. The alloy containing 16.4 at. pct Ti, Fig. 1, appeared metallographically to be closest to the eutectic composition, although small dendritic patches of proeutectic nickel are present. The eutectic morphology is lamellar and appears quite sharp and angular, indicating a strong influence of crystallographic factors upon the microstructure. Some of the eutectic nickel platelets are continuous with the primary phase, whereas in hyper eutectic melts a "halo" of nickel generally surrounded the proeutectic inter-metallic platelets, indicating that nickel is the nucleating phase in this eutectic reaction. Extensive precipitation of Ni3Ti has occurred in the primary nickel phase in a Widmanstatten pattern which makes the dendrites difficult to differentiate from the eutectic mixture. This phenomenon may account for discrepancies among the eutectic compositions reported in the literature. The sloping solvus line bounding the nickel primary solid solution explains the presence of the intermetallic precipitate. Poole and Hume-Rothery7 report that the solubility of titanium in nickel drops from 13.8 at. pct at the eutectic temperature (1304°C) to approximately 9 at. pct at 700°C (Ni3Ti, on the other hand, melts con-gruently and exhibits essentially no solubility for nickel or titanium). Lever rule calculations based upon Poole and Hume-Rothery's phase diagram indicate an increase from 21 vol pct Ni3Ti in the eutectic mixture at the eutectic temperature to 61 pct at room temperature. Selective point count measurements of the volume fraction of eutectic Ni3Ti platelets in the eutectic microstructure yielded a value of 46 i 2 vol pct, which required extensive precipitation of Ni3Ti from the nickel solid solution onto the eutectic intermetallic platelets during cooling from the solidification temperature. Influence of Directional Solidification. Nickel bar and titanium sponge of 99.9 pct purity were induction-melted in zirconia crucibles under argon in the proportion of 13.8 wt pct (16.4 at. pct) Ti to produce 14-lb master heats which were cast into investment molds yielding 5/8-in.-diam pins approximately 10 in. long. These pins were remelted under argon in horizontal zirconia boats and unidirectionally solidified to produce 1/2-in.-sq ingots approximately 44 in. long. Details of the experimental techniques and apparatus are described elsewhere.'

Jan 1, 1970

By Charles Colcock Jones

In the winter of 1902, while occupying the position of mining and examining engineer for the Mountain Copper Co., Ltd., of Keswick, Cal., I had .occasion to discuss with the General Manager, among other things, the question of the enormous waste of sulphur in smelting cupriferous pyrite ore, and to cast about for means to utilize this waste or to render the fumes innocuous to vegetation. The decreasing rate of production of California farms, the consequent need of fertilizers, and the opportunity thus offered to utilize large quantities of sulphuric acid in the manufacture of superphosphates naturally brought the subject to the practical and commercial side of phosphates. I was informed that the company had made efforts to find phosphates in the West, without success. I advised as a start placing inquiries for phosphate deposits on the Pacific coast in the current mining journals. This was done, with the result that in January, 1903, from an advertisement in the Mining and Scientific Press we got track of a deposit in Rich county, Utah, through T. J. Wilson, of the Southern Pacific railroad in San Francisco. As soon as snow in the mountains would permit, in May, 1903, I undertook an examination of the property, with the result of recognizing the importance of the find, in spite of its lack of facilities for transportation at a commercial figure. On June 15, 1903, I concluded my report by saying, "This may be one of the world's deposits of phosphates." On Nov. 17, 1903, I concluded my report for the season in the following words : " I have now no hesitation in saying that I believe the Carboniferous formation so largely developed in the Wasatch mountains of Utah and the mountains of the Great Basin will prove to be one of the greatest storehouses of phosphoric acid in the world." Early History. In the summer of 1897 R. A. Pidcock, a mail carrier of Ogden, Utah, while on a prospecting trip camped on " 12 mile," a branch of

Jan 1, 1914

By W. Irwin Moyer

Two methods for the rapid valuation of oil properties are in common use. The one best known and most widely used is the "per barrel" value, based on the present daily production of the well, without regard to its past performance or the history of the sand or pool from which it produces. The second method is the "time to pay out," or the lengt of time required for a well to place itself upon the credit side of the ledger, from which time the returns from its production (less the operating expenses) will be clear profit. The time basis for valuation is also commonly used in the appraisal of an undeveloped lease. In most oil fields, it is not thought good business to invest in production that will not pay out in at least 4 to 5 years. Nearly all buyers (except in certain regions of very persistent production like the deep-sand territory of the Appalachian field) expect wells to pay out in considerably less time than this. Like the barrel-per-day price, the time necessary for a well to pay out has been determined for each field, so that one frequently hears a field or district referred to as having a certain time to pay out. This is considered the norm for that field or district and the buyer and seller base their value, to greater or less extent, on their belief in the accuracy of this time. The writer long ago became convinced of the inaccuracy of the barrel-per-day method, except when greatly modified for local conditions, such as the age of the wells, their economic limit, operating conditions in the field, the future price of oil, and the persistence of the sand as a producer. When so modified, this method becomes more of an analytic or predicted probable-yield valuation. While the appraiser may not go through each step in a valuation based on future returnable revenue, his knowledge of the field and the local conditions surrounding his leases make it possible for him to estimate a fair sales value that, in many cases, will be a close approximation to the truth. This is quite different from she commonly understood barrel-per-day value, in that the conditions turrounding the sale of one lease or property at a fair market value may

Jan 1, 1923

By W. Irwin Moyer

Two methods for the rapid valuation of oil properties are in common use. The one best known and most widely used is the "per barrel" value, based on the present daily production of the well, without regard to its past performance or the history of the sand or pool from which it produces. The second method is the "time to pay out," or the lengt of time required for a well to place itself upon the credit side of the ledger, from which time the returns from its production (less the operating expenses) will be clear profit. The time basis for valuation is also commonly used in the appraisal of an undeveloped lease. In most oil fields, it is not thought good business to invest in production that will not pay out in at least 4 to 5 years. Nearly all buyers (except in certain regions of very persistent production like the deep-sand territory of the Appalachian field) expect wells to pay out in considerably less time than this. Like the barrel-per-day price, the time necessary for a well to pay out has been determined for each field, so that one frequently hears a field or district referred to as having a certain time to pay out. This is considered the norm for that field or district and the buyer and seller base their value, to greater or less extent, on their belief in the accuracy of this time. The writer long ago became convinced of the inaccuracy of the barrel-per-day method, except when greatly modified for local conditions, such as the age of the wells, their economic limit, operating conditions in the field, the future price of oil, and the persistence of the sand as a producer. When so modified, this method becomes more of an analytic or predicted probable-yield valuation. While the appraiser may not go through each step in a valuation based on future returnable revenue, his knowledge of the field and the local conditions surrounding his leases make it possible for him to estimate a fair sales value that, in many cases, will be a close approximation to the truth. This is quite different from she commonly understood barrel-per-day value, in that the conditions turrounding the sale of one lease or property at a fair market value may

Jan 1, 1923

By Kirtley F. Mather

FROM almost every point of view, petroleum was "strategic mineral number one" during the World War that ended in 1945. Even the spectacular advent of the atomic bomb in the final days of the conflict did not displace it from its position of prime importance, although within a few years uranium will almost certainly be the "number one" material in the minds of military strategists, if it is not even now in that position. But both as fuel and as raw material for chemical industries, petroleum will hold the center of the stage for many years to come. Hardly any other substance illustrates so fully the manner in which science and technology may be combined to achieve the utmost success in contributing to human efficiency and comfort. Fundamental to any understanding of the problems implied by my topic

Jan 1, 1948

By James Terry Duee

No important producing developments took place in Colombia during the year 1928. This was at least partly due to the paralysis of operations by the passage, during the latter part of 1927, of a law which was regarded by the oil companies as confiscatory and unjust, and the promulgation of exceedingly stringent regulations of this law under decree No. 150, published Jan. 28, 1928. This decree, which contained 24 articles, practically prevented not only producing operations by the oil companies but even such activities as geological explorations and surveying, as severe fines were imposed for the possession of maps not registered with the Ministry of Industries. Both this regulatory decree and the law were subject to attack in the courts by several of the oil companies. The regulatory decree was suspended May 22 by Presidential proclamation, until the suits against it are decided by the Supreme Court and Council of State. Though another law was introduced into the Colombian Congress at a later date, no action was taken on it, and at the time of the writing of this paper, it would appear that no oil bill will pass the Colombian Congress during the present session. The Barco concession, which was revoked in February, 1926, still continues an unsettled matter, although there have been rumors that the government was attempting to come to some decision on this rather difficult question. A hopeful sign toward the close of the year was the settlement of negotiations with the Tropical Oil Co. over the acceptance of the payment for royalties due the government from that company. This settlement, which covered a royalty on crude oil produced from June 30, 1926 to June 30, 1928, represented a cash payment for approximately 3,000,000 barrels. It is to be hoped that during the coming year the Colombian government will see its way clear to clarify its position on petroleum legislation. A good augury for the future was the statement made by President Abadia Mendez on New Year's Day, in which he courageously admitted the errors of previous legislation and said, regarding oil, "Very soon

Jan 1, 1929