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By Jacques B. Wertz

Detailed structural studies in southeast Arizona have successively revealed (1) the local attitudes of individual fractures (with lateral and/or vertical displacements), (2) the patterns exhibited by groups of fractures, and (3) the trends and directions shown by fracture groups or zones on a regional scale. The results of the studies have been twofold: First, domes were locally determined from these fracture arrangements, even where other criteria failed; and, second, fundamental breaks brought out the breadth of the Texas lineament in southeast Arizona as well as major northwest- and northeast-trending fracture zones. Coincidence of one or several domes with the major intersections of fundamental breaks can be centers of important mineralization, as in the instances of Bisbee, Ajo and Morenci. THE OVER-ALL STRUCTURE OF ARIZONA A northwest-southeast trending anticlinorium has been suggested as the structural setting of Arizona. Starting in Triassic and culminating in late Cretaceous times, this deformation resulted from stresses of considerable magnitude with varying ratios of com pres sional and uplifting forces. However, the series of parallel flexures could just as well have been caused by isostatic movements involving dilation under tension with only incidental compression, as later emphasized by dike filling and block faulting (Fig. 1). The anticlinorial deformation, which is also suggested by the fact that the Pre-cambrian rocks to the southwest are all concealed by sediments, could be somewhat reminiscent of the conditions that affected the classical swarm of parallel dikes of wager.' ANALYSlS OF DATA As a first step in this analysis, all structural information obtained on such features as fractures and their relative displacements, faults, dikes, anticlines, synclines, and Precambrian and Laramide-Tertiary intrusives were plotted on maps along with structural trends inferred from aerial photographic mosaics. Next, the faults in southwest Arizona were classified according to time of occurrence and relative importance. The fault assemblages were then examined as to geometric or spatial arrangement and correlated with the occurrences of domes and existing Finally, the conjunction of fracture intersections and domes was analyzed and compared with locations of known ore deposits. Differentiation of Faults According to Time and Relative Importance: The faults encountered were grouped as follows: (1) Basin and Range faults, latest in time; (2) secondary faults; (3) primary faults; and (4) lineaments, earliest in time by inference. BASIN AND RANGE FAULTS- Generally concealed by alluvium, the Basin and Range faults are normal

Jan 1, 1969

By J.B. Pullen

The United Verde mine is in the north central part of Arizona, on the northeasterly slope of the Black Hills, near the town of Jerome. Ore was first discovered in the district about 1875, and the first mining claims were located by M. A. Ruff-ner and associates in 1877. In 1888 the late Scnator William A. Clark secured control of the property and under his ownership it developed into one of the country's most important copper producers. The property was sold to the Phelps Dodge Corporation in 1935, and since then has been under this Corporation's management. Except for shutdowns caused by general world-market conditions, production has been continuous from 1890 to date. Geology The mineralized zone ranges in area from approximately 12 acres to less than 5 acres. All mineralization occurs in the pre--Cam-brian intrusives. The first intrusion, according to geologic records, was the quartz porphyry, which later was intruded by augite diorite. Following the diorite intrusion through a series of intrusions of lesser magnitude, a pipelike mass of massive sulphide, quartz and rock was formed. The diorite forms the hanging wall of this mass, and the porphyry the footwall. Between the footwall and the sulphide a band of chlorite schist was formed, probably owing to metamorphic conditions. Commercial ore occurs along the contact of the schist and sulphide extending into the sulphide, sometimes entirely through the schist, and fingering out into the porphyry. The ore deposit was formed by replacement similar to deposits formed in limestone areas. Faulting and deformation occurred in pre-Cambrian times and again in the Tertiary period, removing approximately 2000 ft. from the top of the main United Verde ore body, forming the United Verde Extension ore body, the only other major ore body in the district. Major development work has shown that the sulphide mass extends to the 3300-it. level, and diamond drilling below this level has indicated that the mass might extend below the 3700-ft. level, but in a diminished quantity. While many copper minerals exist in the mine, the chief commercial mineral is chalcopyrite. Aplan and vertical section of the mineralized zone showing the principal geological eatures is shown in Figs. I and 2. General Description and Physical Condition or Mine After over 50 years of active production, ore still exists on almost every level of the mine. This condition is due to many causes —-mine fires, which broke out as early as 1894, caused the abandonment of certain areas; subsidence and ground movements retarded the cleaning up of others. Furthermore, in the early days there was such an abundance of ore that when mining became dificult it was a simple matter to replace the production by going to a deeper level. Several attempts were made to recover the ore in the fire zone, both by glory-holing

Jan 1, 1943

By J. B. Pullen

The United Verde mine is in the north central part of Arizona, on the northeasterly slope of the Black Hills, near the town of Jerome. Ore was first discovered in the district about 1875, and the first mining claims were located by M. A. Ruff-ner and associates in 1877. In 1888 the late Scnator William A. Clark secured control of the property and under his ownership it developed into one of the country's most important copper producers. The property was sold to the Phelps Dodge Corporation in 1935, and since then has been under this Corporation's management. Except for shutdowns caused by general world-market conditions, production has been continuous from 1890 to date. Geology The mineralized zone ranges in area from approximately 12 acres to less than 5 acres. All mineralization occurs in the pre--Cam-brian intrusives. The first intrusion, according to geologic records, was the quartz porphyry, which later was intruded by augite diorite. Following the diorite intrusion through a series of intrusions of lesser magnitude, a pipelike mass of massive sulphide, quartz and rock was formed. The diorite forms the hanging wall of this mass, and the porphyry the footwall. Between the footwall and the sulphide a band of chlorite schist was formed, probably owing to metamorphic conditions. Commercial ore occurs along the contact of the schist and sulphide extending into the sulphide, sometimes entirely through the schist, and fingering out into the porphyry. The ore deposit was formed by replacement similar to deposits formed in limestone areas. Faulting and deformation occurred in pre-Cambrian times and again in the Tertiary period, removing approximately 2000 ft. from the top of the main United Verde ore body, forming the United Verde Extension ore body, the only other major ore body in the district. Major development work has shown that the sulphide mass extends to the 3300-it. level, and diamond drilling below this level has indicated that the mass might extend below the 3700-ft. level, but in a diminished quantity. While many copper minerals exist in the mine, the chief commercial mineral is chalcopyrite. Aplan and vertical section of the mineralized zone showing the principal geological eatures is shown in Figs. I and 2. General Description and Physical Condition or Mine After over 50 years of active production, ore still exists on almost every level of the mine. This condition is due to many causes —-mine fires, which broke out as early as 1894, caused the abandonment of certain areas; subsidence and ground movements retarded the cleaning up of others. Furthermore, in the early days there was such an abundance of ore that when mining became dificult it was a simple matter to replace the production by going to a deeper level. Several attempts were made to recover the ore in the fire zone, both by glory-holing

Jan 1, 1943

By Cyril Stanley Smith, Earl W. Palmer

STRIP of any of the metals used for deep drawing operations occasionally yields cups that are defective because of a rim that varies in height around the cup in a wave-like manner. Some such defects are traceable to tools or other press factors, but when the protuberances formed (usually four in number on brass and other copper alloys) are symmetrically disposed with respect to the rolling direction of the strip, they are invariably attributable to the metal. The effect is known as "earing" and the protuberances are called "ears." Other terms frequently heard are "tips," "scallops," and "corners." It is recognized that the effect is most commonly a result of a directional crystal structure produced by rolling and annealing operations in the manufacture of the metal strip. 'Numerous papers dealing with various aspects of the earing effect have appeared in the literature, those listed in the references1 being especially interesting and valuable. An investigation of the factors influencing earing of brass cups has been in progress in the laboratories of the American Brass Co. for several years, and it was thought desirable to make some of the results generally available in summarized form. The present paper discusses many factors that do and do not contribute to ear formation. In addition, a section is devoted to methods of minimizing the earing tendency of brass sheet by proper selection of the cold-rolling and annealing schedule by which it is produced. In the space available, it is impossible to quote detailed experimental procedures and numerical results. However, the authors make no statement that they do not believe to be properly substantiated, either by experimental evidence obtained under laboratory conditions or by experience in the actual production of deep-drawing brass in the brass mill. MECHANISM OF EAR FORMATION It must be clearly understood that the formation on cups of symmetrical ears, four or more in number, is attributable solely to the strip metal, and results from the strip having different deformation characteristics in different directions. The tools used in the drawing process, or the type and completeness of lubrication of the strip, have nothing to do with the problem of ears, although they do, of course, greatly affect the "drawing quality" of the strip and the general appearance of the cup. A single tip may be drawn up on the rim of a cup because of misalignment of the tools, or because the gauge of metal varies from side to side of the strip. The two-ear form that sometimes appears is also traceable to gauge variations. However, the four-ear and six-ear symmetrical forms that we are concerned with here are caused by factors inherent in the structure of the metal itself.

Jan 1, 1942

By Larry D. Hartzog

PANELISTS Paul Chamberlin, Nerco Minerals Jim Gourdie, Goldfield Mining Corp. Roger Leonard, Cyprus Northumberland Mining Co. Eric Daniels, Tenneco Minerals John Dasher, Consulting Metallurgist Bob Shoemaker, San Francisco Mining Associates Larry Hartzog, Bechtel Civil and Minerals, Inc.

Jan 1, 1984

By Clarence E. Sims, Donald W. Williams, George A. Moore

INTRODUCTION DURING the past several years the steel casting industry has made studies of heavy castings in which the test bar has been taken from heavy sections rather than from attached or separately cast coupons. It has been noted that the ductility properties of these heavy sections are often lower than those normally expected. Such lowered ductility is usually accompanied by a spotty test bar fracture and the ductility values often can be greatly improved if a low-temperature aging treatment is given to the casting. A loss of ductility of this type is considered "abnormal," since it is not accompanied by an increase of tensile strength or hardness, and "temporary" when the ductility can be restored by aging. The cure of such an abnormal condition represents a real improvement in the quality of the steel. Some hundreds of previous investigations, largely qualitative in nature, have established beyond reasonable doubt that hydrogen is normally present in newly manufactured steel and that this gas, in small amounts, can cause a temporary abnormal loss of ductility. The commonly observed association of high gas content and low ductility has given strong evidence for the presumption that hydrogen, possibly assisted by other gases, is the primary cause of the low ductility observed. Accordingly, the Steel Founders' Society of America has, since Nov. 1, 1944, sponsored investigations at Battelle Memorial Institute whose primary objective is to obtain quantitative information on the relation of the amount of hydrogen and nitrogen in steel, together with associated methods of steelmaking and treatment, to low-ductility effects and porosity. In order that these investigations might proceed on a quantitative basis, hydrogen analyses of a precision considerably higher than any previously reported in the literature were necessary. The method chosen was selected entirely on the basis that it had the highest probability of freedom from uncontrollable errors and will be described in detail in another publication.1 Briefly, the method used consisted of the hot extraction of solid pieces of steel weighing from 45 to 50 g in a highly evacuated quartz tube maintained at 1050°C (1925°F) for a period 0f approximately 40 hr. The greatest precautions were taken to eliminate blanks and insure a sound gas-collection system. Vacuum and temperature conditions were maintained automatically. Mercury-filled risers were used for the introduction of samples in order that the system could be degassed thoroughly in

Jan 1, 1948

By Thomas Kesler

THE Cartersville mining district, 35 miles northwest of Atlanta, Ga., has been of varying but continuous importance in the southern mineral industry during the past century. Noted chiefly for its production of brown iron ore, manganese oxide ores, barite, sienna, and magnesian limestone, the district and its environs have produced brick and tile clays, slate, gold, bauxite, and graphitic schist. Minor deposits of serpentine, sericite schist, copper ore, and red iron oxide have been prospected. The obvious deposits of brown iron ore, together with some associated specular hematite, were mined out years ago, although a little ore was left in the workings. Moderately steady production of sienna reached a peak about 1930, then declined rapidly. Manganese mining passed through a relatively active period from the World War to 1931, but has subsided to a small but rather constant output for the Birmingham market. How-ever, the White Manganese Corporation has prepared for possible increased production by constructing a new washer capable of handling about 300 tons of ore per day. Principal activity in the district proper has centered for some years in the production of barite and magne-sian limestone.

Jan 1, 1940

STANDING COMMITTEES Executive A, R. LEDOUX, Chairman HERBERT HOOVER EDWIN LUDLOW ARTHUR S. DWIGHT CHARLES F. RAND Membership J. V. W. REYNDERS, Chairman J. V. N. DOER W. H. ALDRIDGE EDGAR RICKARD R. M. RAYMOND Finance MARK L. REQUA CHARLES F. RAND, Chairman J. V. W. REYNDERS Library E. GYBBON SPILSBURY, Chairman ALEXANDER C. HUMPHREYS GEORGE C. STONE JOHN H. JANEWAY BRADLEY STOUGHTON Papers and Publications BRADLEY STOUGHTON, Chairman

Jan 1, 1923

Jan 1, 1953

By R. G. Jones, W. L. Kinney, R. E. Schilson, R. S. Wilson, G. A. Clark, H. Suralo

This paper discusses the results of the Fry conventional or cocurrent in situ combustion test, which was conduct-ed in a 3.3-acre inverted five-spot. The depth of the formation was between 880 and 936 ft; the oil had a specific gravity of 28.6° APl and a viscosity of about 40 cp at the reservoir temperature of 65°F. Preceding the combustion test, air injection tests were conducted which, in conjunction with geological studies, were used to evaluate the characteristics of the reservoir. Combustion was initiated on Oct. 13, 1961, with ignition being accomplished by a 40 kw electrical heater. The test phase of the project ended on Oct. 1, 1963. During the test, the average air injection rate was 1,520.-000 scf/D. Throughout the test, production of all fluids— gas, oil, and water—was monitored. Cumulative oil production credited to the project was 100,586 bbl. The cumulative air-oil ratio was 11,500 scf/bbl oil, and the oxygen uti1ization efficiency was 87 per cent. INTRODUCTION The Marathon Oil Co. conducted a successful in situ combustion test, beginning Aug. 22, 1961, at the Fry unit, Crawford County, 111. The purpose of the project was to test the feasibility of cocurrent in situ combustion as a means of oil recovery in the Fry type reservoir. Interest in in situ combulstion as an oil recovery tool has been stimulated mostly by the existence of large reserves of heavy viscous crudes with low expected recovery, usually less than 10 per cent. These are the so-called unrecoverable reserves, and most combustion tests to date have been conducted in this type of reservoir.1-4 In contrast, the Fry combustion test was conducted in a reservoir with a relatively high gravity oil having a relatively low viscosity. This paper discusses the performance of the test. The geology of the reservoir and the field operations are discussed in separate papers.5 TEST SITE The Fry combustion test was carried out in a 3.3-acre inverted five-spot portion of a lenticular body of Robinson sandstone. Net sand was 50 ft thick, porosity averaged 19.7 per cent, oil saturation was 68 per cent of pore volume, and water saturation was 20 per cent of pore volume. The oil in place was estimated at 1,040 bbl/acre-foot, or 171,600 bbl within the 3.3-acre pattern. The water in place was 326 bbl/acre-foot, or 53,800 bbl. The oil has a specific gravity of 28.7° API and a viscosity of 40 cp at the reservoir temperature of 65°F. AIR INJECTION PERFORMANCE Air injection took place in two phases, the phases separated by ignition of the reservoir. In the pre-ignition phase, air injection tests were conducted in the summers of 1960 and 1961. These indicated that the Fry reservoir was confined, and a high return rate of injected air could be expected. This proved to be an outstanding characteristic of the project, as cumulative gas production was 95.3 per cent of the air injected. The difference between the cumulative air injected and the total gas produced can be largely accounted for by the quantity of air stored in the reservoir. An estimated 16 X 10 cf of air remained in the burned-out portion of the reservoir and an indeterminate amount of gas was stored in the unburned but pressurized reservoir. Hence, a complete material balance of gases would account for nearly 100 per cent of the air injected. At times during the test, the daily gas production rate was 98 per cent of the daily air injection rate. Fig. 1 presents the air injection history of the Fry com-

Jan 1, 1966

By W. F. Schwedes, S. S. Rumsey

In order to realize the enconomics which would result in operating the mine pumps at the Chapin mine with electricity generated by water power, the Oliver Iron Mining Co. recently installed a hydro-electric plant at the upper Quinnesec Falls on the Menominee river, and constructed a transmission line to the mine.

Jan 1, 1915

By Theodore Simons

I. INTRODUCTION PERMISSION to present this paper at the February, 1915, meeting of the Montana Section of the American Institute of Mining Engineers was liberally granted by W. A. Clark, Jr., President and General Manager of the Timber Butte Milling Co., and by the representative of the Minerals Separation Co. For the many courtesies shown the writer on his visits to the mill and for information supplied, he is indebted to all the officers of these companies, especially to W. N. Rossberg, W. D. Mangam, Hamilton Cooke, Jr., T. M. Owen, T. C. Wilson, R. McGillivary, L. L. Quigley, C. Bartzen and others. The writer takes this opportunity to herewith express to them his appreciation and sincere thanks.

Jan 6, 1915

By E. T. Dumble

In continuation of the geological work begun in Sonora, Mexico, a partial account of which has already been given in the Transactions of the Institute,* a similar reconnaissance was made of Cochise county, Arizona, and a part of the Whetstone mountains. The investigation resulted in the identification of beds of similar age and character to those of the Sonora region, and in the discovery of interesting deposits, which, so far as I call ascertain from the literature at my command, have not been described heretofore. Route.—Starting from Nogales, we followed the railroad to Crittenden, and then drove to the southeastern slope of the Whetstones. After a brief examination of some reported coalbeds we continued our route, following the wagon-road between the Whetstones and the Mustang mountains to Huachuca, and eastward to Tombstone. Crossing the Dragoon mountains at South Pass, we traveled south and west by way of Turquoise and Antelope Spring into the road from Tombstone to Bisbee. Our route over the Mule mountains lay through Mule Pass and Bisbee, where we stopped a day or two. Thence, crossing Sulphur Spring valley, we drove around the southern end of the Swisshelms, and N. through the valley between these mountains and the Chiricahuas, to White river. From that point our way led through Rucker canon into the San Simon valley, then northward along the eastern face of the Chiricahuas, and by way of Fort Bowie to Willcox, Arizona, from which place we returned to Nogales. It was greatly regretted that the extremely wet weather prevented us from including in our examination the Huachuca

Jan 1, 1902

By Hans W. Schreiber, David W. Neuhaus

INTRODUCTION The Sunshine Mining Company's 16-to-1 silver deposit and mine project are located 384 kilometers (240 miles) southeast of Reno and 360 kilometers (225 miles northwest of Las Vegas, near Silver Peak in Esmeralda County, Nevada, at an elevation of about 2,300 meters (7,000 feet). The deposit was being developed, in 1980, with an anticipated mining and milling rate of 150,000 tons per year (500 tons per day). Mining is by underground, blast-hole open stoping with rubber-tire haul-age out of the mine to a straight cyanide plant about 5.5 kilometers (3.5 miles) from the mine. The product is a gold-silver dore which may be further refined at Sunshine's new refinery in Kellogg, Idaho. The cash required for investment was obtained through the sale of $25 million worth of 6 l/2h silver-indexed bonds. Some $15.0 million were directed toward development of the 16-to-1 Mine. These bonds, which were underwritten by Drexel Burnham Lambert of Chicago in April of 1980, are redeemable on or after April 15, 1985 or payable at maturity on April 15, 1995 at the greater of either $1,000 or the market price of 50 ounces of silver. Behre Dolbear acknowledges the kindness of the Sunshine Mining Company (Sunshine) for allowing the presentation of the subject material for this Case Study. APPLICABILITY AS CASE STUDY Reasons for Choosing 16-to-1 The reasons for choosing the 16-to-1 Mine as a case study follow: 1. The project is simple and compact. 2. The mine is small -- thus relevant to other contemplated precious metal operaions in the western states. 3. The areas of risk are readily identifiable. 4. A change to project financing was under consideration. 5. A substantial decline in the price of silver was experienced during development. 6. Behre Dolbear undertook one of the first feasibility studies of The 16-to-1 and thus has some familiarity with the project. Historical Summary The following history serves as a setting: 1. Late 1920s -- minor "production"(?) via shallow pitting. 2. Mid-1930s -- neighboring Nivlok Mine successfully put into production. 3. Late 1950s (?) -- Callahan Mining Company acquired rights and drilled -- results inconclusive; Callahan turned property back to Arthur Baker, who had originally interested Callahan in 16-to-1 on the basis of its similarity with Nivlok Mine.

Jan 1, 1985

By G. Derge, Lo Ching Chang

The chemical and physical propertties of slag systems are of special interest to metallurgists, for nearly all metals are in contact with molten slags during the primary reduction from their ores and then during the subsequent refining and alloying processes that determine their ultimate use. These processes are carried out at high temperatures and involve such complex chemical systems that funda-mental scientific knowledge of the Properties and behavior of these slags is inadequate. Various hypotheses have been Proposed to explain known slag characteristics. The commonest of these regard the molten slag as constituted of compounds that are dissociated in varying degrees into their constituent oxides, as illustrated by Schenckl and the recent Papers of Chipman and co-authors. Another proposal is that these compounds dissociate by com-plete6 or partial ionization, the evidence for which has been reviewed by Martin and Derge.? whatever hypothesis is favored, the exact formulation of these compounds is incomplete. It is based on three principal types of information: 1. Studies of solidified 51% samples by X ray diffraction, petrography, and similar methods that can be used at room temperature. The correlation of this information with the high-temperature properties of the molten slag is uncertain. 2. Studies of slag-metal equilibria, which have the advantage of providing observations on the molten slag at high temperature. However, even these data present problems of interpretation because they require a complete knowledge of the metal phase. 3. Direct measurements of properties of molten slag at the temperature of greatest metallurgical interest. Viscosity, electrical conductivity, specific heats, and similar properties have been measured, but the data of this type are widely scattered and frequently difficult to interpret. Additional direct measurements of properties of molten slag that can be interpreted in terms of chemical behavior are required, and this paper shows that the standard physical-chemical measurement of reversible electrode potentials, which measure the activity of specific constituents, is a fruitful source of such information. The purpose of this investigation, therefore, was to find an electrode combination that would yield reversible electromotive force measurements when dipped into the molten slag to be studied. Slags of the systems cao-sio2 and cao-120,-SiO2 were chosen for study because graphite containers could be used and the data could be correlated with those for viscosity, conductivity, and other proper-

Jan 1, 1948

By G. Derge

The chemical and physical propertties of slag systems are of special interest to metallurgists, for nearly all metals are in contact with molten slags during the primary reduction from their ores and then during the subsequent refining and alloying processes that determine their ultimate use. These processes are carried out at high temperatures and involve such complex chemical systems that funda-mental scientific knowledge of the Properties and behavior of these slags is inadequate. Various hypotheses have been Proposed to explain known slag characteristics. The commonest of these regard the molten slag as constituted of compounds that are dissociated in varying degrees into their constituent oxides, as illustrated by Schenckl and the recent Papers of Chipman and co-authors. Another proposal is that these compounds dissociate by com-plete6 or partial ionization, the evidence for which has been reviewed by Martin and Derge.? whatever hypothesis is favored, the exact formulation of these compounds is incomplete. It is based on three principal types of information: 1. Studies of solidified 51% samples by X ray diffraction, petrography, and similar methods that can be used at room temperature. The correlation of this information with the high-temperature properties of the molten slag is uncertain. 2. Studies of slag-metal equilibria, which have the advantage of providing observations on the molten slag at high temperature. However, even these data present problems of interpretation because they require a complete knowledge of the metal phase. 3. Direct measurements of properties of molten slag at the temperature of greatest metallurgical interest. Viscosity, electrical conductivity, specific heats, and similar properties have been measured, but the data of this type are widely scattered and frequently difficult to interpret. Additional direct measurements of properties of molten slag that can be interpreted in terms of chemical behavior are required, and this paper shows that the standard physical-chemical measurement of reversible electrode potentials, which measure the activity of specific constituents, is a fruitful source of such information. The purpose of this investigation, therefore, was to find an electrode combination that would yield reversible electromotive force measurements when dipped into the molten slag to be studied. Slags of the systems cao-sio2 and cao-120,-SiO2 were chosen for study because graphite containers could be used and the data could be correlated with those for viscosity, conductivity, and other proper-

Jan 1, 1948

By Dr. O’Neil Thomas J., Donald W. Gentry

"We can easily represent things as we wish them to be..” -Aesop INTRODUCTION The first eight chapters of this book have primarily addressed the concepts and fundamentals associated with project valuation, particularly as they apply to mining-related projects. Specific emphasis was placed on the engineering and economic parameters and estimates necessary for quantifying line items in pro forma income statements and the subsequent calculation of net annual cash flows. Given these estimates of relative benefits, costs, and annual cash flows for a project, it then becomes necessary to convert these estimates into measures of relative desirability or attractiveness. The criteria and techniques typically utilized to determine project acceptability or desirability are, then, the topics of discussion in this chapter. Before proceeding it may be advantageous to put the problem of project evaluation into proper perspective by reiterating some of the fundamental concepts developed in Chapter 1. The basic premise set forth in this book is that the objective of the firm should be to maximize its value to its owners (stockholders' wealth). This value or wealth is represented by the market price of the firm's common stock; consequently, the primary objective of the firm can be restated as one of maximizing the value (price) of the firm's common stock in the marketplace over the long term. This price, in effect, is an indicator or index of the market's perception of the company's progress and a reflection of the investment, financing, and dividend decisions made by corporate management. These three major decisions are inter- related and jointly impact the market price of the firm's stock. Therefore, if the objective of maximizing the value of the firm to its stockholders is to be achieved, an optimal combination of the three decisions will be necessary. It is important to emphasize that maximizing stockholder wealth is not the same as profit maximization or even the maximization of earnings per share. Corporate managers making decisions based on the objectives of maximizing profits and/or earnings per share must recognize that these objectives do not consider: (I) the timing or duration of expected returns, (2) the business and financial risks of the promised earnings, or (3) the dividend policy of the firm. Obviously all of these factors are of concern to the company's stockholders and will have an effect on the market value or price of the firm's common stock. Maximizing market price per share, or wealth maximization, is therefore the appropriate corporate objective and

Jan 1, 1984

By M. C. Leverett

Knowledge of the theory underlying the behavior of mixtures of fluids in reservoir rocks is essential to the proper solution of certain types of problems in petroleum production, but is as yet incompletely developed. The object of this paper is to show the application of well established thermody-namic and physical principles to these problems, and thus to assist in the development of the basic theory. For convenience the problems to be considered here may be divided into two groups: 1. Static problems, involving only the static balance between capillary forces and those due to the difference in densities of the fluids; i.e., gravitational forces. 2. Dynamic problems, involving analysis of the motion oi mixtures of immiscible fluids in porous media under the influence of forces due to gravity, capillarity, and an impressed external pressure differential. Capillary Equilbrium in Sands Under this heading the static type of problem will be discussed and the results of experimental investigations on the capillary properties of unconsolidated sands will be presented. Although the discussion of this section is, in a sense, prefatory to the treatment of problems of mixture flow, the concepts developed here have considerable intrinsic importance apart from their ap-plication to flow problems. For, it is reason-able to postulate that the reservoir fluids are, owing to their long existence in undis- turbed mutual contact prior to exploitation, in substantial equilibrium. It follows that their distribution in the reservoir at the time of tapping should be entirely predictable from the theory of capillary equi librium, provided certain experimentally measurable properties of the reservoir rock are known. Knowledge of the distribution of the several fluids in the reservoir is, ol course, helpful in the estimation of reserves and in other problems. It is to be emphasized that throughout the discussion of capillary statics it is assumed that the fluids are in equilibrium from the capillary standpoint. Thus, water, where it is referred to as being in a reservoir, will be understood to be interstitial water, present at the time of drilling the reservoir, commonly termed "connate" water. The theory developed here is perfectly general for any porous solid, whether a carefully prepared unconsolidated sand or a natural sandstone from an oil reservoir. At present, however, only problems involving clean, unconsolidated sands can be made to yield numerical solutions, since only such sands have been adequately investigated experimentally. Experimental evaluation of the pertinent properties 01 natural reservoir rocks will permit the extension of the numerical treatment to problems involving these materials. We shall now consider in some detail the static equilibrium of fluid mixtures in porous solids: that is, the manner in which the reservoir fluids are distributed vertically whell the Forces due to capillarity are just balanccd by those due to gravitation.

Jan 1, 1941

By M. C. Leverett

Knowledge of the theory underlying the behavior of mixtures of fluids in reservoir rocks is essential to the proper solution of certain types of problems in petroleum production, but is as yet incompletely developed. The object of this paper is to show the application of well established thermody-namic and physical principles to these problems, and thus to assist in the development of the basic theory. For convenience the problems to be considered here may be divided into two groups: 1. Static problems, involving only the static balance between capillary forces and those due to the difference in densities of the fluids; i.e., gravitational forces. 2. Dynamic problems, involving analysis of the motion oi mixtures of immiscible fluids in porous media under the influence of forces due to gravity, capillarity, and an impressed external pressure differential. Capillary Equilbrium in Sands Under this heading the static type of problem will be discussed and the results of experimental investigations on the capillary properties of unconsolidated sands will be presented. Although the discussion of this section is, in a sense, prefatory to the treatment of problems of mixture flow, the concepts developed here have considerable intrinsic importance apart from their ap-plication to flow problems. For, it is reason-able to postulate that the reservoir fluids are, owing to their long existence in undis- turbed mutual contact prior to exploitation, in substantial equilibrium. It follows that their distribution in the reservoir at the time of tapping should be entirely predictable from the theory of capillary equi librium, provided certain experimentally measurable properties of the reservoir rock are known. Knowledge of the distribution of the several fluids in the reservoir is, ol course, helpful in the estimation of reserves and in other problems. It is to be emphasized that throughout the discussion of capillary statics it is assumed that the fluids are in equilibrium from the capillary standpoint. Thus, water, where it is referred to as being in a reservoir, will be understood to be interstitial water, present at the time of drilling the reservoir, commonly termed "connate" water. The theory developed here is perfectly general for any porous solid, whether a carefully prepared unconsolidated sand or a natural sandstone from an oil reservoir. At present, however, only problems involving clean, unconsolidated sands can be made to yield numerical solutions, since only such sands have been adequately investigated experimentally. Experimental evaluation of the pertinent properties 01 natural reservoir rocks will permit the extension of the numerical treatment to problems involving these materials. We shall now consider in some detail the static equilibrium of fluid mixtures in porous solids: that is, the manner in which the reservoir fluids are distributed vertically whell the Forces due to capillarity are just balanccd by those due to gravitation.

Jan 1, 1941

By William J. Craig, Harold L. Walker

INDUSTRY has for many years recognized the dependence of certain mechanical and physical properties, as well as workability, upon grain size variations in brass. Although the dependence of properties upon grain size has been recognized there are not many instances where a planned program of testing has been conducted and where the only intentional variable has been grain size. In particular the literature is limited with respect to the effect of grain- size on the endurance limit, though there are many industrial applications where the brasses are subjected to cycles of repetitive stresses. LITERATURE A number of the physical and mechanical properties of a given brass sheet, in the annealed condition, will depend upon: (I) The ready-to-finish grain size before final rolling, (2) the percentage deformation by cold working, and (3) the time and temperature of annealing, The first and second variables affect the recrystallized grain size, and the third variable affects the coalesced grain size. Gibbs1 has shown the effect of two different ready-to-finish grain sizes upon the tensile strength and hardness of deep drawing brass strip after a definite amount of cold rolling. The smaller the ready-to-finish grain size, the higher the tensile strength and hardness, but with lowered ductility, Gibbs also demonstrated, for a given time and temperature of anneal, that the tensile strength, hardness, and elastic limit are higher for the smaller ready-to-finish grain size, but the elongation is lowered, Townsend and Greenall2 have reported data which show that cold working increases the tensile strength, hardness, and load carrying ability of deep drawing brass sheet under reversed stress. Greenall and Gohn3 have reported data which show that the smaller grain sizes have higher tensile strength and hardness properties, and the data also show that increased cold working increases the tensile strength and hardness properties of deep drawing brass sheet. Kommers4 has reported data for tests of brass of known ready-to-finish grain size, a specific amount of cold reduction, and annealed at different temperatures above and below the recrystallization temperature. Kommers' results indicate that annealing below the recrystallization temperature does not change the tensile strength and hardness properties, but the endurance limit may be increased from 22,000 to 28,000 psi. The increased endurance limit is explained as resulting from the reduction of internal stresses by a stress-relief anneal. Burghoff5 and associates have reported data on creep tests, over

Jan 1, 1948