Word: waterflood
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...Oklahoma last week, carried there by a Texas wildcatter named Samuel Labon Shepherd. Eight months ago Oilman Shepherd was checking land in Nowata County in northeastern Oklahoma with a scintillator, an electric gadget used to find oil as well as uranium. Around him were wells producing oil by the waterflood method, in which oil is recovered by pumping water into the ground, thus increasing the underground pressure and forcing oil up the well. On the surface, the oil and water are separated, and the water is passed through a sand filter before being recirculated through the well...
...through. Reason: Climax Molybdenum Co., one of the nation's biggest uranium producers, bought Whitehill-and rumors started running around Wall Street of a big uranium find. In a declining market (see below), Climax stock scooted up six points, to 63¾. Climax, which already has an active waterflood oil division, insisted that it bought Whitehill only for the oil. It was astonished when it first heard the uranium reports last week...
Patent Pending. At week's end, nobody knew how much uranium was in Nowata County-or whether Sam Shepherd might have discovered a practical method of mining uranium by waterflood and filter. Others have tried such a process before-and failed. But it has never been tried as a byproduct of another operation, such as oil producing, that already pays the basic costs. In any case, Shepherd has applied for a patent on his method and is getting ready to ship about ten tons of filter sand from his holdings to AEC for processing...
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