The Coral Gables Times

Thursday, June 8, 1961, page 7 (of 50)

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Gulf Oil Goes Down, Rich Oil Gushes Up

It is highly possible a major oil discovery was made last month in Bolivia, according to Gulf Oil Corp's. Western Hemisphere Exploration Division here. Gulf Oil, which last month moved its western hemisphere headquarters from New York to Coral Gables, emphasized the well is still undergoing "preliminary testing." A spokesman said the discovery in the east-central city of Santa Cruz would "probably" develop into a major oil well, but it will require about a month of testing to be definite. There are two major reasons why Gulf Oil believes it has made a major oil discovery. One, the oil is light, not heavy. This indicates it might not require expensive refining. Second, the oil was gushing upward at a pressure of 370-500 pounds per square inch and 1,570 barrels a day. This points to an abundant oil reservoir. Gulf Oil has explored in Bolivia since 1956. They first probed for oil in South America in Venezuela in the 1920's. The corporation once held oil properties in Colombia, but has since sold them.

FOR RENT

Large store near post office in Coral Gables. Ideal for Business or Professional. Reasonable. Call HI 6-9822.

SOUTH MIAMI Lamps & Shades LIGHTORAMA

OPEN FRI. EVENING . . . REPAIRS . . . ACCESSORIES LIGHTORAMA 5832 SUNSET DR. MO 7-8941

Coral Terrace Presbyterian Church Kindergarten

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No Sport

Owning a small car has many advantages, but one disadvantage is that they tip over easily, especially when given a helping hand from prank-minded individuals. David Gollings, of 333 Catalonia Ave., found his sports car tipped over recently one morning in front of his home. The muffler was damaged in the prank.

STOP BORROWING YOUR NEIGHBOR'S MOWER GET A BIG TRADE-IN ON YOUR DEAD MOWER

SEE THE NEW 1961 LAWN-BOY POWER MOWERS Today! Make your neighbor happy and your own mowing easier! Bring your old mower in and trade it in on a brand new LAWN-BOY. Six models-without compare for lawn care! AS LOW AS $6250 LAWNMOWER SALES 6138 S. DIXIE HWY. MO 1-7003

"SAFETY FIRST" IS ESSENTIAL IN YOUR SAVINGS PROGRAM, TOO!

FEDERAL HOME LOAN BANK SYSTEM MEMBER | FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION SAFETY OF YOUR SAVINGS INSURED UP TO $10,000 In saving for your future security - or for any worthwhile goal - the safety of your funds is just as important as the return your savings earn. And at Coral Gables Federal, in addition to the insurance of accounts as provided by law through the Federal Savings and Loan Insurance Corporation, you are assured of this all-essential safety in these other ways: Coral Gables Federal is chartered and supervised by the Federal Home Loan Bank, an agency of the United States government. Your Association - and the handling of your funds - is directed by sound, experienced management...dedicated to providing you with a generous but SAFE return. Your savings are reinvested by Coral Gables Federal in carefully selected first mortgage loans, primarily on homes...one of the soundest and safest investments that can be made. In addition to safety, Coral Gables Federal offers profitable earnings on your funds at our current dividend rate of 4% per annum, payable twice a year. Since June 10 falls on Saturday, you have until Monday, June 12, to open or add to your insured savings account and your funds will earn from June 1. Chartered 1934 - Assets - Now Exceed $118,000,000 CORAL GABLES FEDERAL SAVINGS AND LOAN ASSOCIATION MAIN OFFICE...2501 Ponce de Leon Blvd., Coral Gables HOMESTEAD...1101 North Krome Avenue WEST MIAMI...6400 Southwest 8th Street PERRINE...701 Perrine Avenue BIRD ROAD...9842 Southwest 40th Street All Offices Open Monday Evenings 6:15 to 8:00 p.m. PERRINE and BIRD ROAD OFFICES ONLY Also Open All Day Fridays 9 a.m. to 8 p.m. GEORGE B. CASTER, President