by Bruce Wells | Sep 14, 2024 | Petroleum Pioneers
Deeper wells launched Utah’s petroleum industry in 1948.
After decades of expensive failed exploration attempts (and a few small producers), the first significant Utah oil well was competed on September 18, 1948, in the Uinta Basin. The Ashley Valley No. 1 well about 10 miles southeast of Vernal produced 300 barrels a day from a depth of 4,152 feet.
“The honor of bringing in the state’s first commercial oil well went not to the ‘Majors’ but to an ‘Independent’ — the Equity Oil Company,” noted a Utah historian in 1963.
The Uinta Basin witnessed Utah’s first drilling boom following a 1948 oil discovery. A modern boom would return thanks to coalbed methane gas. Photo courtesy Utah State Historical Society.
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by Bruce Wells | Dec 31, 2013 | Petroleum Companies
Mountain States Resources Corporation was incorporated in Utah on April 15, 1969, for the purpose of mining and mineral extraction as well as oil and gas exploration, development, and production.
The company drilled for oil in Utah’s Emery and San Juan counties and conducted mineral prospecting for several years.
The only operating U.S. uranium processing plant operates in Blanding, San Juan County, which also includes several oil and natural gas fields.
The “Tin Cup” field, discovered by Marathon Oil in 1981, is about 20 miles southeast of Blanding.
According to the Securities and Exchange Commission, Mountain States Resources discontinued operations in 1993 and by June 30, 1995, listed assets of just $440 with liabilities of $934,444.
In a September 29, 1997, using a reverse merger with recapitalization and reorganization, Mountain States Resources – with neither assets nor operations – became Micro-Media Solutions, Inc.
Micro-Media Solutions went public in 1998 as a technology corporation, “formed to provide computer hardware and peripherals, internet services, service and support, maintenance, installation services, network systems integration…and related turnkey services to the public and private sectors.”
Obsolete Mountain States Resources Corporation stock certificates have nominal collectible value.
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The stories of exploration and production companies joining petroleum booms (and avoiding busts) can be found updated in Is my Old Oil Stock worth Anything? The American Oil & Gas Historical Society preserves U.S. petroleum history. Please support this AOGHS.ORG energy education website. For membership information, contact bawells@aoghs.org. © 2018 Bruce A. Wells.
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