OIL: Wildcatting in Alaska

Along a bleak stretch of the southeastern shore of Alaska, the country is blanketed by parts of three glaciers. Heavy snows fall in winter; during the summer torrential rams pour down. In that spot last week, Phillips Petroleum Co. chose to go wildcatting for oil, the first major effort of a private company. Phillips' handsome chance-taking Chairman Kenneth Stanley ("Boots") Adams, 53, thinks it is a sporting proposition largely because signs of oil have been found there by seepages and in icebergs from the area. Under Adams Phillips has built a reputation in tne oil...

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