Time: Thu Oct 09 18:57:46 1997
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Date: Thu, 09 Oct 1997 18:50:23 -0700
To: liberty-and-justice@pobox.com
From: Paul Andrew Mitchell [address in tool bar]
Subject: L&J: U.S. to selloff Military oil reserves
Cc: <whig@pobox.com>
When General Patton was ordered to turn his
division north, towards the Black Forest,
there was a huge controversy in the U.S.
military about whether he could make it, or not,
at the height of World War II in Europe.
Patton's brilliant broadside against the Panzers
caught Hitler totally by surprise. As those
German tanks entered that forest, they were
desperately trying to locate 2 secret fuel
dumps, where sufficient supplies of diesel
had been stashed. The Panzers got lost,
and drove right between the two, finally
running out of gas, literally, whereupon
the Allies pounded their tanks into scrap
metal. If you don't think that fuel is
important to our military, think again!!
F-16's don't yet run on water,
not to my knowledge.
I may have some of the details wrong here,
but I do think I have the General idea.
/s/ Paul Mitchell
http://supremelaw.com
At 09:41 PM 10/9/97 -0400, you wrote:
>
>This smells!!
>
>A visit to the SEC EDGAR web page reveals that one of Occidental's
>executives is very familiar. His name is Sen. Albert Gore Sr.. YES!
>Al Gore's old man! Imagine our country's military reserve of oil being
>sold to a company that has Gore on its BOD. He's listed on Ocidental's
>DEF 14A-pg 5 @
>http://www.sec.gov/Archives/edgar/data/797468/0000797468-97-000012.txt
>
>10/6/97 -- 4:52 PM
>
> Federal petroleum reserve being sold to
> Occidental
>
>
> TAFT, Calif. (AP) - Occidental Petroleum, seeking a big boost
>for its domestic oil
> output, will buy the federal government's 78 percent share of
>the Elk Hills Naval
> Petroleum Reserve for $3.65 billion.
>
> Elk Hills, located in the southwestern San Joaquin Valley 125
>miles north of Los
> Angeles, is one of the nation's 11 largest oil and natural gas
>fields outside Alaska,
> according to the Energy Department. Occidental estimated
>Monday it is acquiring
> about 670 million barrels of oil and 1.9 trillion cubic feet
>of natural gas.
>
> ``The Elk Hills field represents a unique opportunity to
>enhance production from
> existing reserves and to add substantial new reserves through
>exploration,'' said Ray
> R. Irani, Occidental's chairman and chief executive officer.
>
> Chevron USA controls the other 22 percent of the reserve,
>which was set aside in the
> early 1900s for emergency military crude oil needs.
>
> Commercial operation of Elk Hills began in 1976. Occidental
>was the high bidder in a
> two-year privatization process Congress mandated last year.
>
> ``We're getting maximum value for this asset, and we're
>turning one of the nation's
> premier oil and gas fields over to the private sector,'' said
>Assistant Energy Secretary
> Patricia Fry Godley. ``The Navy no longer needs Elk Hills, and
>this sale helps get the
> government out of the oil and gas business.''
>
> The field west of Bakersfield includes more than 47,000 acres
>with more than 1,000
> producing wells, a 47-megawatt electric power plant and two
>gas plants. Current daily
> production totals about 60,000 barrels of oil.
>
> Occidental said the acquisition will nearly double its net
>domestic oil production with
> Elk Hills adding 46,000 barrels a day immediately. In
>addition, Occidental will boost
> domestic gas production by 93 million cubic feet per day, a 20
>percent increase.
>
> Eventually, Occidental expects through enhancement of the Kern
>crude at Elk Hills to
> triple the company's domestic oil reserves and more than
>double its domestic natural
> gas reserves.
>
> To pay for Elk Hills, Occidental announced it will sell its
>MidCon subsidiary for an
> estimated $3 billion. Occidental plans to acquire Elk Hills
>with $2 billion from the
> MidCon sale and $1.6 billion from the sale of other
>non-strategic assets that are
> expected to earn a lower rate of return than Elk Hills.
>
> The Energy Department said Occidental's acquisition of Elk
>Hills is to be completed
> by Feb. 10, 1998 following an environmental impact assessment,
>a Justice Department
> antitrust review and a 31-day Congressional review.
>
>
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>
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Paul Andrew Mitchell, Sui Juris : Counselor at Law, federal witness 01
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