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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

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, AI ARTHUR Morococlia, Peru, So. America. '95 *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 O. T. Berge

Development and production from open cut mines continued its vigorous growth trend during the year 1968. Material handling and transportation were again exposed to the use of larger equipment with shovels, trucks and front end loaders leading the way. Highlights of World Mining Activities Africa: The Anglo American Corp. opened a new high-grade copper mine in Zambia during the year. In Angola, the Companhia Minera do Lobita planned a 3 million ton iron ore production for 1968 from new mines which will ultimately produce 5 million tons per year. A feasibility study of Bethlehem Steel Co., for the development of large high- grade iron ore reserves in Gabon, was in final stages of completion this year and Pickands Mather and Co. continued its investigation of iron ore deposits along the Ivory Coast.

Jan 2, 1969

By Charles Albert Ashburner

The coal-fields of the United States have been variously classified as to their geographical positions. In 1887 I proposed slight changes to the classification generally used, for more convenient description of our coal-fields in my report on the statistical history of coal in the States during 1886 for the United States Geological Survey. This new classification seems to meet all practical requirements and has been generally adopted. The coal-areas are grouped in two divisions—the anthracite division and the bituminous division. The anthracite division, in a commercial sense, may be said to include the anthracite districts of Pennsylvania alone, although small amounts of anthracite are mined in Colorado and have been

Jan 1, 1890

By T. H. Aldrich

THE Aldrich Mining Co. holds under lease from the Illinois Central R. R. Co. about 14,000 acres, in the East half of Township 12, Range 12 `V., in Marion county, Alabama, and owns other lands, of which about 1,000 acres adjoin this leased tract, making a total area of about 15,000 acres, all of which is underlain by the coal-seam upon which the company is operating. This seam is nearly horizontal ; and a ravine, diagonally crossing the tract, exposes the outcrop on either side for about 2 miles. The territory has been so divided that nearly the whole of it can be worked out by two collieries. The mines at Brilliant were opened in the Fall of 1898, and shipments began in the following spring. The original plan was to furnish steam-coal for locomotives to the Illinois Central R. R. Co.; and upon this expectation the investment of capital was made. The field was entirely new; and the softness of the coal at the outcrop induced the belief that it could be very cheaply mined. A contract for the delivery of a large quantity of coal to the railroad was accordingly executed. But with the advance of the entries to increasing distances from the outcrop, the coal proved so hard that it could no longer be drilled with a breast-auger; and the expense of mining became so great that the contract for cheap steam-coal had to be cancelled. It became evident that the work must be done with machinery and explosives, if it could be profitably done at all. On the other hand, the excellent quality of this coal opened, at the same time, a possible market not specially contemplated at the outset-namely, that of a first-rate coal for domestic and general uses. Since no other deposit of such coal was known to exist on the line of the Illinois Central, or any other railroad

Jul 1, 1906

By Francis Lucas

EACH year we gather in this auditorium to honor the memory of a . distinguished American metallurgist and educator. I cannot bring to you reminiscences of Prof. Henry Marion Howe as other lecturers have done. It was not my good fortune to enjoy the privilege of studying and ,working under his direction. As I have reflected on the published works of Professor Howe, it has seemed to me that his mind was trained on the nature of metals and on the mechanism which produced known but unexplained effects. He was interested in controlling and regulating the causes so as to produce specific effects, useful in serving mankind. I recall an afternoon in May, 1925, when, at the invitation of Mrs. Howe, I visited his former home, Green Peace at Bedford Hills, N. Y. The purpose of my visit was to receive at the hands of the widow -an engraving of Professor Howe, a reproduction of a painting from life. Mrs. Howe showed me his study. The walls of this large attractive room, brilliantly illuminated by the spring sunshine, were literally covered with the scrolls of honors and of decorations which had been conferred on Professor Howe by governments, academies, universities, societies and. institutions the world over. As we walked about the room, she pointed out the significance of each honor and recited a few details of each occasion. I sensed the pride with which Mrs. Howe, then in the late autumn of her life, told me of her husbands' achievements, of his struggles, of his disappointments and of his successes. There was a surprisingly familiar note in the recital to which I was listening. I have found the same theme running as a disconnected thread through the written accounts of the lives of most men of science. We then went to the drawing room to chat for a few minutes before I said my farewells. As we seated ourselves, Mrs. Howe turned to me and asked: "Mr. Lucas, what of this great microscope of yours? Cannot it be applied to the study of disease? What a great blessing it would be if it could be directed to relieve the suffering of mankind."

Jan 1, 1931

By Thomas T., Read

ALTHOUGH the first colonists in the area that is now the A United States, whether Spanish, French or English in nationality, were usually keenly interested in the possibilities of mineral wealth, it is a curious and interesting fact that none of them happened upon the mineral deposits that eventually were to make this the greatest mineral-producing country; up to 1800 it would probably have been rated as rather poor in minerals. Spanish explorers traversed the southeastern United States with- , out finding the Appalachian gold deposits that aroused so much interest in the early nineteenth century; Coronado sought in vain for the seven golden cities of Cibola; and the important gold \ deposits of California were not discovered until the political sovereignty of the region had passed from Mexico, which had held it for three centuries. The French also held Canada for nearly two centuries (and the British for another century) without finding the mineral deposits in Ontario and Quebec that now are so important. Though they knew of the copper of the Keweenaw peninsula, the lead ores. of Wisconsin and Missouri, and the coal of Illinois in the seventeenth century, these deposits were all too remote for exploitation. In the area held by Great Britain, iron smelting was planned at Jamestown as early as 1619 and was actually begun at Lynn, Mass., in 1643. The industry grew slowly, at first, but had reached considerable importance before the Revolution. Commercial bituminous coal mining began about 1750 in Virginia but anthracite mining in Pennsylvania was not started until 1800. As a result there was naturally little interest in the technical aspects of mineral prodnction here before 1800 by any except the few people who were actually engaged in it. Students of natural science were much interested in minerals, however. The activities of those who rank as geologists are so thoroughly covered in

Jan 1, 1941

By Frank G. Breyer

THE .following developments in the zinc field during 1935 are listed in the order of their importance. Each will he amplified in later paragraphs. In the field o f Metallic Zinc: (1) Construction of further continuous vertical retort smelting capacity in the United States and Germany. (2) Expansion of fractional distillation capacity in the United States. (3) Great expansion in the zinc-base die-casting industry in the United States and abroad. (4) Wide acceptance of heavy galvanizing by the steel industry. (5) Construction of the first commercial wire electroplating plant for putting on heavy coats of pure zinc. (6) Firm establishment and appreciable expansion of the practice of using zinc dust as a reducing agent in the organic chemical industry.

Jan 1, 1936

By Harold G. Moulton

IT is highly significant that engineers should seriously consider the interrelations of technology, economics, and government. It is indicative of the emergence of maladjustments and problems that perplex our thinking and frustrate our activities. Instead of a world in which scientific discoveries and their applications through engineering to the processes of wealth production are regarded as the royal road to progress, we now find science and engineering being made responsible, in no small degree, for our economic and social troubles; and the powers of government are even being invoked to stem the tidal wave of technology. Indeed, there is a deep-seated fear, manifested in the writings of some of our greatest scientists as well as in popular discussions, that science may destroy our civilization.

Jan 1, 1938

By AIME AIME

AT the meeting of the Iron and Steel Division at Cleveland, Sept. 10-12, the morning of Thursday, Sept. 12, has been set aside for an excursion to visit the ore docks, blast furnaces, and steel plants. A special train, made available through the courtesy of Appleton Cleveland, general superintendent of the Pennsylvania Railroad, will leave the siding near the Auditorium at 8.35 a. m. The trip will be free, but tickets must be' obtained in advance at the booths for registration for excursions at the Auditorium. An hour will be spent at the docks, an hour at the Central blast furnaces, and two hours at the Cuyahoga works of the American Steel and Wire Co. A buffet luncheon will be served, with the compliments of the Pennsylvania Railroad Co., on board the train en route. At the Tuesday morning session, Sept. 10, a motion picture showing the operations in making wrought iron by the Aston process will be shown for the first time.

Jan 1, 1929

By AIME AIME

IN many countries the lack of liquid petroleum supplies has centered interest upon the hydrogenation of coal and coal tars for the preparation of motor fuel. In the United States, hydrogenation has been of greater interest for grading up low-value petroleum fractions to the more valuable volatile fuels and for the preparation of a variety of premium products, including aviation gasolines, solvents, Diesel fuels, and lubricating oils. Chemically, the basic reason for this process is that, as shown in Table 1, the ratio of hydrogen to carbon (H/C ratio) in available raw materials is quite different from that characterizing the products sought.

Jan 1, 1936

By F. H. Deily, D. S. Rowley, R. J. Howe

By GEORGE ROBERT DE BEQUE

WHAT is wrong with oil shale? The answer is of interest to the public, to the oil refiner, and to the engineer. Many people have invested in shale land or shale securities, and others would invest if early development of the industry were certain. In the face of increasing demands for oil products, oil refiners are threatened with inability to maintain present output unless the supply of domestic petroleum is supplemented. Development of the oil shale industry would open a new field for engineering services. The object of this paper is to suggest reasons why there is but one shale plant in operation in the United States, and to discuss the probable time when the business will be firmly established in Colorado. As the Colorado deposits are the richest and largest in the world, ample supply of material is assured, consequently, this discussion will be confined principally to technical problems and economic problems affecting shale development.

Jan 1, 1924

By Robert Baker

IT has been demonstrated in the laboratory by A. J. Phillips1 that a transformation or conversion from beta directly to alpha may take place in a brass of 61 to 62.5 per cent copper content. The completion of the transformation is dependent on a rapid rate of cooling from the all-beta field through the alpha + beta range to the alpha field. Phillips states that in a slowly cooled alloy containing 62 per cent copper and 38 per cent zinc the copper content of the beta is progressively decreased from 62 to 56 per cent by precipitation of alpha. Rapid cooling tends to prevent the separation of alpha with a copper content of more than 62 per cent by reducing to a minimum the time required for passing through the alpha + beta range. Upon crossing beyond the (alpha + beta.)/(alpha) boundary to the all-alpha region below, the material is transformed from beta to alpha. It is essential that there be no change in composition. Phillips obtained his results by quenching a 62:38 copper-zinc alloy from 850° C. in iced brine at -8° C. No reference to the occurrence of this transformation in a manufacturing process has been found in the literature. An investigation of the microstructures of a number of hot forgings made from leaded brass rods yielded one forging in which this striking conversion from beta to alpha had occurred. The purpose of this paper is to describe the transformation and certain conditions under which it may occur during the hot pressing of brass. The conversion was noted in a shape forged from a leaded brass rod, the composition of which was: Cu, 60.26 per cent; Zn, 37.86; Pb, 1.88. In this study the lead content was disregarded and the alloy was considered to be equivalent to an alloy of 61.40 per cent copper and 38.60 per cent zinc (98.12 parts = 100 parts). The possibility that the lead might obstruct or accelerate the precipitation of alpha was not studied. The lead appears as black globules in the photomicrographs and has a negligible solubility in the alloy.

Jan 1, 1931

By Dell P. Williams, Howard G. Nelson

The tensile behavior of magnesium single crystals at a temperature of 26º ± 2ºC was investigated at varying pressure levels from 760 to 8 X 10-8 tow. For crystals deformed at a constant linear strain rate of 0.061 min-1. there was no apparent effect of the vacuum environment down to 10-8 torr. However, from a vacuum of 10-5 torr down to the lowest pressure attained (8 x 10-8 tor,), the effect of the vacuum environment was to increase the strain at the end of the first linear (or easy-glide) stage and to decrease the slope of this stage; the magnitude of this effect was found to be dependent on pressure. The slope of the second linear stage was also decreased at the lower pressure levels; however, this effect appears to be caused primarity by the vacuum effect on the first linear stage. The magnitude of the vacuum-environmrnt effect was also found to be dependent upon strain rate. The reduction in flow stress at 5 x 10-8 torr, as compared to the stress in air, was obserced to be about 10 pct for a strain rate of 0.0250 min-' and 70 pct for a strain rate of 0.67 min-1. No systematic effect of pressure on the critical resolvled shear stress was observed. The data interpreted in terms of a modified form of Mott's work-hardening mechanism for hexagonal metals. It has long been known that surface conditions influence the mechanical behavior of materials. Roscoe 1 demonstrated the importance of surface conditions on mechanical behavior by testing cadmium crystals with oxide layers. He found that the "apparent" critical resolved shear stress for cadmium was increased approximately 2.5 times by the presence of an oxide layer 1000 atoms thick. The magnitude of this effect was dependent on film thickness with crystals having films less than 20 atoms thick still showing a definite increase. This observed strengthening could not be attributed to any strength of the oxide film because of 1) the thinness of the films and 2) an observed increase in the flow stress as deformation proceeded. Harper and cottrel12 obtained similar results on zinc crystals which had been etched and steamed to give artificially thick oxide films. However, in the course of this study, they also carefully examined the very early stages of plastic flow for zinc crystals which in one case had been electrolytically polished and in the other had been lightly etched to produce a thin film. They then found that the critical resolved shear stress for both surface treatments of the crystals was actually identical but that the etched crystal exhibited a much more rapid initial hardening rate. This had not been noted previously. This result indicated that, in fact, the film caused an increase in the stress for continuation of slip, rather than for the initiation of slip. Lipsett and King3 investigated the effect of evaporated gold films on the plastic behavior of cadmium single crystals. For large angles (=75 deg) between the specimen axis and the normal to the slip plane, they found that the stress-strain curve of the coated specimen always lies above that for a clean specimen. The shear strain at the end of the first linear stage was greater in clean specimens than in coated specimens and the slope of the second linear stage was

Jan 1, 1965

By M. R. Geer, H. F. Yancey

Four coals were treated in the Humphreys spiral concentrator, and the products were examined by float-and-sink and screen-sizing tests to determine fundamental performance characteristics. The efficiency of the separation between coal and impurity was shown to be influenced greatly by particle size.

Jan 1, 1950

By James E. Harding

AT just about the geographical center of the peninsula of Lower California is the El Arco gold mine. It is small and spotty, and three separate attempts to operate it in the past have failed. The only reason the present operation is possible is because of the higher price of gold and because the previous operators had spent about $300,000 developing the property with shafts, four levels, machinery, and a complete mill, all of which was acquired at a bargain price. All the known ore in the mine, to say nothing of the cost of recovering it, is

Jan 1, 1937

By A. B. Kinzel

ALTHOUGH the iron-carbon diagram has undergone many changes in the last 20 years, the region below the eutectoid line and up to approxi-mately 1.7 per cent carbon has been little affected. This region is generally considered to consist of cementite and ferrite. Graphite has been noted occasionally in the hypereutectoid steel region, and the ready formation of graphite nodules in malleable cast iron is a phenomenon difficult to interpret in the light of cementite, supposedly stable at sub-eutectoid temperatures. In this case the graphite formation has been partly explained by the presence of silicon, and many have believed that silicon acts to change the stable state rather than to accelerate reactions so as to arrive at the stable state in a briefer period of time. Consider-ation of this phenomenon indicates that cementite is not the stable phase in the temperature composition zone referred to. In the course of examining a low-carbon steel tube taken from a petroleum cracking still, which had been in service for approximately three years at temperatures somewhat below the eutectoid temperature, observations were made that shed light on this entire subject. The tube in question analyzed:1 C, 0.15 per cent; Mn, 0.49; Si, 0.02; S, 0.023; P, 0.015. The microstructure of the tube after service is shown in Figs. 1 and 2. From these it is evident that cementite as such is absent, and that in its place nodular graphite has been formed. In order to check this observation further, samples taken from the tube were heated at 850° C. for varying periods of time. The small samples were put into a large hot furnace, and the total time is recorded. The structure of the

Jan 1, 1934

AT the fall meeting of the Iron and Steel Division, Oct. 4, 1934, in New York, a symposium was held on Slag Control in the Making of Iron and Steel. The chairman was J. H. Nead and the vice chairman, G. B. Waterhouse. The latter presided at both morning and afternoon sessions. The papers and discussions were presented in the order in which they appear on the following pages. To meet space requirements, much of this material has been considerably condensed. CONTENTS [ ]

Jan 1, 1935

By W. D. BRENNAN

AS a rule the thoughts of engineers are more often directed toward the mechanical and physical conditions of mining practice than they are toward the disposition and the marketing of the product. This, I think, has been true of the coal industry to the present time not only among the engineering force but also generally true of operators. There has been a tendency to place the sales department in a rather secondary position; for a great many years there was a greater demand for coal than the supply would meet, so it was only necessary to increase production: either by expansion of operating mines, or opening new mines of greater capacity. While the production of coal is still a highly important phase of the industry, its enormous development throughout the country, the great advance in fuel, efficiency and economy, and the discovery of new reserves of competitive fuels have combined to create a buyers' market and force the present-day attention upon merchandising in modern ways. A buyers' market has a natural tendency to develop the keenest competition, frequently unscrupulous and nearly always profit-wrecking. Under such conditions bad practices are bound to grow and to extend until the industry is wrecked, or until wiser heads get together to reduce or eliminate unfair methods of competition. This is not so recent a condition as one might believe.

Jan 1, 1931