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By Forest Mintz

Many oil and gas producers find it advantageous to borrow against the value of their hydrocarbon re- serves. This paper considers the requirements for a reserve based loan and the calculations that a bank would perform to arrive at a loan amount. Three of the most common loan structures, i.e. a term loan, a production payment, and a revolving credit/term loan will be discussed. A typical outline for each type of loan is presented. Finally, a comparison of major considerations in the three financing techniques is shown.

Jan 1, 1982

By Roy A. Anderson, Roger H. McConnel

The Metaline district from 1906 through 1965 has produced nearly 16 million tons of ore yielding 400,808 tons of zinc and 178,062 tons of lead. The sediments, ranging from Precambrian into the Devonian, are schist, phyllite, conglomerate, greenstone, quartzite, limestone, dolomite, and carbonaceous slates. Quartz monzonite and granodiorite of the Cretaceous(?) Kaniksu batholith are exposed over a large area beginning a few miles south of the district. There is minor Tertiary conglomerate and basalt. Abundant glacial deposits obscure much of the bedrock. Northeasterly trending folds, having steep to overturned northwesterly limbs, and thrust faults, striking northeasterly and dipping southeasterly, characterize the deformation of the Precambrian and Paleozoic rocks. Recent drilling indicates that the Slate Creek fault, too, is also a southeasterly dipping thrust fault. This new evidence suggests that the Valley Block, like the other major structural blocks, may in part be a thrust plate rather than a graben, and that thus the district may have greater structural unity with the surrounding region than has heretofore been apparent. The Cambrian Metaline Formation of limestone and dolomite contains essentially all the lead-zinc mineralization. Most of the ore mined to date has come from a carbonaceous and irregularly siliceous breccia of sedimentary and diagenetic origin, locally called the "Josephine Horizon," that makes up the top few to 200 feet of the formation. The Josephine Unit is a breccia of gray limestone, coarse light gray dolomite, very thin-bedded, dark gray siliceous dolomite, and "zebra rock" believed to be of algal origin, embedded in a matrix of black dolomite or black jasperoid or some mixture of these two. The jaspcroid fragments and irregular blobs embedded in the black dolomite matrix and the jasperoid laminae in the very thin-bedded dark gray dolomite suggest that jasperoid was formed at the same time as the breccia matrix and as the laminated dolomite. So too, the marked tendency of sphalerite and galena to be disseminated mainly in the dark breccia matrix and their tendency to be most abundant in the jasperoid laminae of the very thin-bedded dark gray dolomite, even where the mineralized and laminated dolomite is fragmented and engulfed in black dolomite breccia matrix, suggests that in these ha bits the sulfides also were deposited contemporaneously with the sediments. Yet very commonly, veins and vague veinlets and patches of white quartz, usually carrying rather coarse sphalerite and sometimes galena crosscut all rock types. These contradictory relationships throughout the Josephine Unit suggest that both the black jasperoid and the sulfides were original constituents of the Josephine Unit but that, locally, they later were remobilized and deposited as white quartz and coarser grained sulfides. Possibly, at least in part, this "metamorphism" is one of the effects produced during or shortly after the intrusion of the Kaniksu batholith.

Jan 1, 1968

By Evan Evans

WITH the expiration on April 30, 1941, of the agreement between the anthracite operators and the United Mine Workers of America, a new agreement was entered into, providing for a general wage increase of 7 1/2 per cent effective May 1, to be brought to a total of 10 per cent on Oct. 1. Contract rates were increased from the rates established under the agreement of September 1923, and hourly rates were raised above the agreement of May 1936 as modified from the eight-to seven-hour day in May 1937. The new rates are to be in force for the duration of the agreement, ending April 30, 1943.

Jan 1, 1942

By J. F. Wolff

CARL ZAPFFE, Brainerd, Minn. (communication to the Secretary*).¬Unless one has actually directed explorations for iron ore, it is doubtful whether the importance of Mr. Wolff's paper, the value of the information contained, and the large amount of detail work involved in what is set forth can be fully appreciated. It is indeed rare to get such a com-

Jan 3, 1917

By C. M. Smith

DELEGATES from 26 Local Sections and- Divisions of the Institute had three stimulating sessions during the Annual Meeting, a few topics still remaining to be discussed after the two Monday sessions.. The final session was held on Thursday morning. An abstract of the discussion will be transmitted to each delegate present. The topics included: Student relations. Section operation, membership, employment, MINING AND METALLURGY, a new nonmetallic minerals Division. licensing of engineers, and increased allotments of money to Local Sections. Some of the Sections felt that the present limit of $250 allotted to them - from the national treasury was insufficient to carry on their activities, and that this maximum should he increased. A resolution to this effect was passed for transmission to the Board of Directors.

Jan 1, 1935

THOSE MARKED THUS * ARE MEMBERS, MARKED THUS ?ARE ASSOCIATES. THESE SIGNS DOUBLED INDICATE LIFE MEMBERS AND ASSOCIATES RESPECTIVELY. THE FIGURES AT THE END OF THE ADDRESS INDICATE THE YEAR OF ELECTION. HEAVY-FACED TYPE SIGNIFIES HONORARY MEMBERSHIP. *AARONS, J. BOYD, Vivian Gold Mining Co., Ltd., Harris, West. Australia. '05 *ABADIE, EMILE R., Cons. and Min. Engr., 214 Union Savings Bank Bldg., Oakland, Cal. '76 ?ABBÉ, MAX F., Prest., Abbé Engineering Co, 220 Broadway, New York, N.Y. '07 ? ABBÉ, PAULO., Secy.,Abbé Engineering Co., 220 Broadway, New York, N.Y. '07 *ABBOTT, CHARLES W., Min. Engr. Pioche, Nev. ?08 *ABBOTT, CLARENCE Chief EDgr., Iron Mines, Dic Tennessee Caol, Iron & R. R. Co., Bessemer, Ala. '04 *ABBOTT, JAMES W., Min. Engr: Ploche, Lincoln Co., Nev. '94 *ABE, MASAYOSHI, Prof. of Mining, Imperial University Kyoto, Japan. '05

Jan 1, 1910

By B. D. Harden

FOR over fifty years the Spanish mine, 21 miles northeast of Nevada City, in Nevada County, California, has been one of the Bradley properties. Between 1883 and 1889 it was operated by the late Frederick W. Bradley and P. R. Bradley. The ore averaged only about $1 a ton at that time but the mine was credited with a production of about $900,000 in that period. The property was then closed down until 1922, when the Bradley interests reopened it and continued development for the next nine years, when a 50-ton mill was built. This began operation in April, 1931. This was a selective flotation plant, with the tailing treated on Wilfley tables, and operated on ore from the No. 4 and No. 16 tunnel stopes. This ran from $3 to $6 in gold, 2 to 3 oz. of silver, copper 0.6 per cent, lead 1.5,

Jan 1, 1935

NEW MEMBERS The following list comprises the names of those persons who became members during the period Mar. 1 to 15, 1914: Members ADAMS, JOHN H., Cons. Engr First National Bank Bldg., Birmingham, Ala. ALEXANDER, WILLIAM H., Miner 80 Maiden Lane, New York, N. Y. AUSTIN, EDGAR TAYLOR, Asst. Smelter Supt., Mond Nickel Co., Ltd., Coniston, Ont., Can. BAKER, DANIEL, JR., Asst. Treas., Standard Lime & Stone Co. 524 Equitable Bldg., Baltimore, Md. BALL, MAX WAITE, Geologist U. S. Geological Survey, Washington, D. C. BARREN, HARRY B., Supt. Blast Furnaces, Inland Steel Co., Indiana Harbor, Ind. BAUMANN, HENRY N., JR., Amalgamator 365 Lynn St., Seattle, Wash. BLACK,, THOMAS B., Min. Engr Care Vulture Mines Co., Wickenburg, Ariz. BRADT, HARLAN H 429 West 111th_ St, New York, N. Y.

Jan 4, 1914

By AIME AIME

THE 122d meeting of the Institute was held in the Lake. Superior Copper and Iron Country Aug. 20 to Sept. 3, 1920 with an approximate registration of 1100 members and guests. This is the 'first visit of, the Institute to this vicinity since 1904 although previously it held meetings there every six or, seven years. 'The eastern party assembled at Buffalo and sailed on the S. S. "Tionesta ". on Friday morning, Aug. 20, arriving at Houghton, Mich., Monday, Aug. 23. En route stops were made at Detroit, where sightseeing auto trips were taken, and at Mackinac Island, where a short stop permitted a visit to the picturesque and historic Fort Mackinac.

Jan 1, 1920

By W. L. Saunders

(New Haven Meeting, February, 1909.) This paper deals specifically with heading-driving as distinguished from the broader term tunnel-driving. A heading is a pilot or path-finder for the main tunnel. Some headings are complete tunnels in themselves; that is, conditions at times warrant driving a heading the full diameter of the proposed tunnel. A tunnel 10 ft. in diameter might be driven to advantage through a single heading, provided the nature of the material admits, but it usually pays to drive rock tunnels of large diameter through the heading-and-bench system. Much de-pends upon the material, as in soft ground tunnels of much larger diameter are driven in a single heading. In mines, the tunnels, drifts, cross-cuts, adits, etc., are usually of small diameter, hence the driving of headings applies to completed tunnels in minim-work, except, of course, in cases like drainage-tunnels and main entries leading into coal-mines, where conditions call for tunnels of large diameter, approximating those driven for railway-service. In building aqueducts the tunnels are driven from 6 to 8 ft. in diameter up to 15 or 20 ft., while in railway-service the dimensions vary from 18 to 30 ft. in diameter. There is no department of rock-excavation so difficult as that of heading-driving. This work. also belongs to the most expensive class in rock-excavation. A heading is driven .directly in the solid. There are no lines of lesser resistance towards which to direct the energy of the blast, but. the material must be blown out by main force. The completion of the heading simplifies all the rest of the work of excavation. It is easy, for instance, to enlarge a heading either from above, below or oil the sides, by breaking towards the open face through holes approximately at right angles to the axis of the heading; or the enlargement sometimes takes place by holes driven outside

Apr 1, 1909

By Arthur F. Taggart

PROGRESS in a technical art is of several kinds. It springs .from many diverse sources. It comprises invention, mechanical improvement, operating advance, analytical study, education. Invention is, by definition, a relatively great, essentially individual step, taken quickly. Operating advance is the slow, cumulated march of practice; in contrast, it moves at the pace of the tortoise, but over, the years its effects rival and, in some cases, surpass those of invention. Mechanical improvement- is a usual concomitant of the reduction of invention. to operating practice; thereafter it is a primary tool of operating advance. Analytical study is the process of mental digestion of the fruits of invention and practice. Its purpose is to render these into a form assimilable by the art as a whole, and by the perennial crop of would be practitioners. Education, disseminating the results of such study, consolidates and maintains the positions gained. Thus, slowly at first, but continuously accelerating, the tide of progress grows- to flood. Such growth, in mathematical parlance, is expressible in the general form y = mxn, where x is time, n is some positive number greater than one, m is another positive number, and y is the state of the action at instant x. When n is 2, the readers will recognize the graph of the equation as one branch of the familiar square parabola, whose property it is to become parallel to the y-axis; i.e., to move at an infinite rate, in that never-never

Jan 1, 1947

By Donald Barton

THE theory of gravitation is based on Newton's law that any two bodies exert a mutual attraction which is proportional to the product of their masses and inversely proportional to the square of the distance between them; i. e. A= K MM/R2 (1) where K is a constant, M and m are the respective masses of the two bodies, and R the distance between them. In the earth's gravitational system, the earth is one of the bodies; the other may be any body within or without the earth. In theoretical discussions and calculations in regard to gravity, that other body usually is taken as a unit of mass: in the C. G. S. system, a body of one gram in mass.

Jan 1, 1928

By R. C. Kadyk, C. J. Bise

High-voltage cable couplers are convenient and widely used accessories in modern coal-mine power distribution systems to help extend and retract power-feeder cables throughout a mine. Coupler design has tried to keep pace with the industry's desire to move to higher distribution levels, but the increase in recorded failures of 15-kV class couplers, which serve the 12.47-kV and above distribution levels, has inhibited this transition. Problems associated with the effects of partial discharge on high-voltage cable couplers are analyzed. The phenomenon of partial discharge is discussed, a testing standard is developed, and various coupler designs are subjected to its requirements. An analysis of test results and results based on field applications are provided.

Jan 1, 1985

THE meeting was opened, Tuesday evening, May 25th, by an address from the President, R. W. Raymond. The following persons having been duly proposed for members and associates of the Institute, were recommended by the Council for election. They were unanimously elected MEMBERS. Florian Alexander, - Newark, N. J. Charles A. Ashburner, - Philadelphia, Pa. Phineas Barnes, - Pittsburgh, Pa. J. Y. Bergen, - Chicago, 111. Leopold C. Bierwirth, - Dover, N. J. Charles E. Billin, - Philadelphia, Pa. Jerome L. Boyer, - Temple, Berks County, Pa. William S. Cherry, - Streator, Ill. Thomas Couch, - Salt Lake City, Utah. W. S. De Camp, - Boonton, N. J. Thomas Donaldson, - Boise City, Idaho. H. Firmstone, - Longdale, Va. Franz Fohr, - New York City. Richard George, - Dover, N. J. John M. Hartman, - Philadelphia, Pa. C. W. Kempton, - Newburyport, Mass. James B. Lewis, - Dover, N. J. James F. Lewis, - Amenia, Dutchess County, N. Y. Arthur H. Meyer, - St. Louis, Mo. Edward H. Morrison, - Boonton, N. J. Charles J. Norwood, - Lexington, Ky. John R. Peters, - Dover, N. J. Charles I. Rader, - Vinton Furnace, Ohio. W. M. Rees, - Stockton, Luzerne County, Pa. George Richards, - Dover, N. J. Alexander H. Sherrerd, - Scranton, Pa. W. S. Sweeny, - Easton, Pa. W. J. Taylor, - Chester, N. J. Walter Tefft, - Mineville, Essex County, N. Y. J. Alexander Tyler, - New York City. J. D. Weeks, - Pittsburgh, Pa. William Wheatley, Jr., - New York City. Moses D. Wheeler, - Virginia, Nevada. Henry Woods, - Streator, III.

Jan 1, 1876

The following is an incomplete list of members and guests who called at Institute headquarters during the period June 10, 1919, to July 10, 1919. Anvil A. Anderson, Rapid City, S. D. Roy N. McBride, U. S. Army. R. Hay Anderson, Mexico City, Mex. R. S. McIntyre, Berkeley, Calif. W. A. Barnes, San Francisco, Calif. H. R. Maier, Brooklyn, N. Y. Bennett R. Bates, Denver, Colo. Wm. D. Mainwaring, Philadelphia, Pa. Harlan H. Bradt, Duluth, Minn. Wm. E. Milligan, Chrome, N. J. H. Brings, San Francisco, Calif. Willard S. Morse, Tacoma, Wash. Robert S. Burg, Ocean Park, Calif. Arthur Notman, Bisbee, Ariz. D. W. Butner, Congo Belge, Africa. P. Nugue, Chalon Sr. Saone, France. George A. Camphuis, El Paso, Tex. George A. Packard, Boston, Mass. Fred Canan, Denver, Colo. C. L. Petzel, New York City. Walter H. Coleman, Prescott, Ariz. V. Porreaud, Paris, France. Fred Crabtree, Pittsburgh, Pa. Fred S. Porter, Seattle, Wash. Ross E. Douglas, Rancagua, Chile. R. W. Prouty, Morenci, Ariz. F. A. Downes, Golden, Colo. Charles E. Prior, Brooklyn, N. Y. W. G. Eberhardt, Tucson, Ariz. Louis Ravicz, Minneapolis, Minn. Charles H. Fulton, Cleveland, Ohio. Wm. Reed, El Oro, Mexico. Wm. R. Grunow, New York City. E. J. Ristedt, Globe, Ariz. Orr R. Hamilton, Lansing, Mich. A. M. Rodgers, Middletown, N. Y. T. N. Havlin, St. Louis, Mo. J. C. Scoles, Salt Lake City, Utah. G. M. Henderson, Weston, Mass. C. E. Siebenthal, Washington, D. C.

Jan 8, 1919

By J. L. Huiatt, G. M. Potter, R. B. Tippin

The US Bureau of Mines and Great Salt Lake Minerals and Chemical Corp. have developed a froth flotation process for concentrating potassium salts from Great Salt Lake solar evaporites containing about 6% K2O. The crude evaporites, which were predominately halite (NaCl) with smaller amounts of kainite (KCl.MgS0, 2.7Hp0) and schoenite KeS0,MgS04.6H,0), were conditioned in a saturated brine solution., thus converting nonfloatable kainite to the floatable mineral schoenite. Schoenite was then selectively floated with a medium-molecular-weight fatty acid. Continuous small-scale pilot-plant testing indicated that 80% of the potassium could be recovered from the crude evaporites in flotation concentrates assaying about 13% K2O.

Jan 1, 1976

By P. K. STRONG

AS an evidence of the fact that mines safety is not being neglected even in the remote district of the Philippines, a short account is appended of the organization and activities of the Mambulao-Paracale District First Aid and Mine, Rescue Association, whose headquarters are at Jose Panganiban Cam, Norte P. I. The second annual miner?s safety celebration which is sponsored by the Association was held in Paracale on Sept. 2, 1940. The event is the big occasion of the year when the thousands of employees of the mines in the district meet to compete for prizes and has become a great social function as well.=

Jan 1, 1941

(Members are urged to send in for this column any notes of interest concerning themselves or their fellow-members.) Members and guests who registered at Institute headquarters during the period Feb. 10 to Mar. 10, 1915: W. R. Van Liew, Batoum, Russia. Edward S. Jones, Scranton, Pa. Olof Wenstrom, Boston, Mass. Scott Turner, Tromso, Norway. D. G. Miller, Denver, Colo. A. H. Boyd, Denver, Colo. E. E. Olcott, New York, N. Y. M. M. Thompson, Morsemere, N. J. Francis R. Pyne, Elizabeth, N. J. F. C. Merry, Brooklyn, N. Y. Charles W. Goodale, Butte, Mont. Charles A. Filteau has been appointed General Manager for the Inca Mining & Development Co., Province of Carabaya, Department of Puno, Peru. Charles T. Kruse has been appointed Superintendent of the Jones & r, Loughlin mines in the Marquette and Menominee ranges.

Jan 4, 1915

Established as a Division September 27, 1949 LeRoy Scharon, Chairman C. M. Cooley, Secretary 29 West 39th Street New York 18, N Y

Jan 1, 1952

By P. S. Kotval

THE nominal composition of "hconel" alloy 718 is 53 pct Ni-19 pct Cr-19 pct Fe-3 pct Mo-5 pct Cb-0.8 pct Ti-0.6 pct A1-0.05 pct C. The nature of the fine strengthening phase in this alloy has been open to debate. iseelstein' has identified the strengthening phase in the matrix of "Inconel" alloy 718 as a colum-bium-rich fcc y' precipitate. Wagner and Hall2 have noted that the metastable y' precipitate overages to an orthorhombic Ni3Cb precipitate which manifests itself as an acicular phase. These authors thus clarify Kaufman and Palty's earlier suggestion3 that the strengthening phase is orthorhombic NisCb. Wagner and Hall's review also reports work by cometto4 which suggests that the fine strengthening phase is not fcc / but bct with a Ni3V type structure and based on the Ni3Cb composition. Kir man and warringtons have shown by analysis of electron diffraction patterns that the metastable strengthening phase in a 55 pct Ni-15 pct 0-25 pct Fe-5 pct Cb alloy is bct and based on the Ni3Cb composition. Raymond~ has provided electron diffraction evidence which indicates that "y'" in "Inconel" alloy 718 is bct in structure. This note presents unambiguous data on the structure of the strengthening phase in "Inconel" alloy 718* ihe samples of this alloy were provided by courtesy of the ASTM task group on phase identification in 'superalloys. after prolonged aging. The electron diffraction patterns presented show that strengthening phase is not y' but bct as was proposed by cometto,' supported by Raymond,~ and identified by Kirman and warringtons in a similar system. Fig. 1 shows a selected-area diffraction pattern taken from a thin foil of "Inconel" alloy 718. The sample had received a final aging treatment of 1118 hr at 1200°F to precipitate the strengthening phase in the matrix. Fig. 2 is a schematic representation of the features in the diffraction pattern. The matrix orientation is (0i2)~,, as is shown by the indexed zone in Fig. 3. Figs. 4, 5, and 6 illustrate that the pattern, Fig. 1, is composed of three bct zones, viz., (0i4), (2i0), and (i01), respectively. These three zones correspond, respectively, to the alignment of the c axis of the bct unit cell with the [001], [loo], and [OlO] directions of the fcc matrix and serve to illustrate the fully coherent relationship of the precipitate structure with the matrix. The streaking of certain reflections is also consistent with the above orientation relationship. The interpretation of the diffraction effects presented here shows the metastable strengthening precipitate in "Inconel" 718 alloy to be bct in structure and demonstrates that it is not an ordered fcc y' phase.

Jan 1, 1969