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Abilene Reporter News: Thursday, November 4, 1954 - Page 1

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   Abilene Reporter-News, The (Newspaper) - November 4, 1954, Abilene, Texas                               gfotlene "WITHOUT OR WITH OFFENSE TO FRIENDS OR FOES WE SKETCH YOUR WORLD EXACTLY AS IT VOL. LXXIV, NO. 138 Associated Press (AF) ABILENE, TEXAS, THURSDAY EVENING, NOV. 4, 1954 PAGES IN TWO SECTIONS PRICE DAILY 5C, SUNDAY lOc Oregon Demo Wins Party Holds Senate BANKER TURNS Meek, president of the Citizens National Bank, serves coffee to a foursome of Breckenridge oilmen during the breakfast given by the bank for members of the West Central Texas Oil and Gas Association. Enjoying the high quality service are, left to right. L. W. Brooks, 0. H. Reaugh, Lester Clark and M. B. Street. Clark is a past president of the which is holding its annual technical session here today. (Staff photo) HUNDREDS MEET HERE Drilling Trade Competitive, Oilmen Told at WCT Meet By SHERWYX MCNAIR Reporter-News Oil Editor The oilwell drilling business is in the most competitive stage ever, members of the West Cen- tral Texas Oil and Gas Association told this morning. The statement was made by B. F. (Bob) Gilchrist, Abilene drilling contractor, during a morning ses- sion of-'.the pnmipf technical meeting. Hundreds of oilme'n from throughout the area and elsewhere in the state were here for the meeting. ;_ They also heard J. R. Latimer, Jr., of Winters, discuss the "Ad- vantage of a Coordinated Forma- tion Evaluation and Robert M. Glover of Tulsa talk on "Pattern for Success." Latimer is senior district engi- neer for Humble Oil and Refining Co. and Glover is with the E. I. du Pont de Nemours and Co. Practices Change The highly competitive phase of drilling contracting has brought on numerous changes in drilling prac- tices both in the area and else- where, Gilchrist declared. Some of the changes, he said, can be traced to the days of the Spraber- ry boom west of this area. "When the Sprabefry boom fold- ed, we found ourselves with an ex- ness of rigs in the country, and the law of supply and demand took over the drilling price structure. "The demand has never caught up with the Gilchrist said. He added that an ever in- creasing necessity to cut costs and increase the rate of penetration has led to technical developments and adoption of new equipment. Drilling contractors are now able to drill more and deeper wells while using fewer rigs. Gilchrist forecast a turn to more portability in new rigs. These cut costs of operations by reducing ex- penses during moves. These moves" are frequent in West Cen- tral Texas because of the relative- ly shallow depths, he pointed out. Latimer told the. group that there has been a shift during the past few years from thinking about the behavior of an individual well to thinking about the entire Reservoir Studied To predict the performance ofv an entire field or reservoir, 'the" engineer must have accurate infor- mation. This information, Latimer said, can be obtained at minimum cost through a coordinated forma- tion evaluation program during the development of the reservoir. He related how such a program had been carried out in a Stawn lime field by using 19 key wells to obtain the information. The loca- tion of these wells made it possible to get a good picture, of the reser- a whole.. Glover .described, iis company's pattern fpr.suecess; a pattern, he said, that had kept the companj Sff OILMEN, Pg. 3-A, Col. 1 Oil Firms Talking Million Sale HOUSTON 108-million-dol- lar plan for dissolving American Republics Corp. in a deal with Sinclair Oil Gas Co', has been announced here. Meanwhile, Houston oil circles reported another multi-million dol- lar transaction to sell the Kirby Petroleum Co. to Continental Oil Co. is being negotiated. T. Rieber, president and chair- man of the board of American Re- publics, said yesterday stockhold- ers soon may be asked to adopt a plan for liquidating the corpora- tion. Submission of the plan, he said, will depend on a satisfactory outcome of pending negotiations for sale of the corporation's prop- erties and assets. a Share Rieber said the price being dis- cussed should give stockholders about a share when American Republics is dissolved. Next House Speaker Visiting in Abilene Jim Lindsey of Texarkana, slat- ed to be the next speaker of the Texas House of Representatives, was in Abilene Thursday visiting Rep. Truett Latimer. Lindsey, a 28 year old grad- uate of the Baylor University law school, was in this area -to visit representatives concerning com- mittee appointments and other business to come before the Leg- islature in January. Lindsey said he would also con- fer with Reps. David Ratliff of Stamford and H. A. Bishop of Winters while in this area. "Water will be one of the most important items coming up, along with soil Lindsey said. He said he thought the next Leg- islature would "spend consider- able time in an effort to protect the public interests" on insurance. "We have a very strong insu- rance industry in Texas and I am sure they (the Legislature) won't want to do them any narni, but at the same time you can be sure the Legislature will take a long range look at protecting the public rights." Other business before the next Legislature wiU be the "need for additional revenue for highway construction and maintenance" and wi bavt finance REP. JIM LINDSEY ties Sun Raybora'f nark problem." Lindsey is not opposed for the speaker's job to replace Reuben Senterfitt of Brady. Senterfitt did not seek reelection to the Home of Representatives. At 28, Lindsey will rank with Sam Raybara at the youngest man ever to be speaker of the Texas Bouse. Rieber said Sinclair would oper- ate American Republic's proper- ties when the transaction was com- pleted. American Republics has oU pro- duction in Southeast and West Texas, Louisiana and New Mexico. Barber Oil Co. of New York owns 25 per cent of the Houston firm's stock. In the reported Continental- Kirby deal, Continental had no comment, but Kirby sources ac- knowledged Continental has been negotiating the past three months for purchase of the Kirby firm. Interests Widespread Kirby, headed by George Saw- telle of Houston, owns production in Texas, New Mexico, Louisiana, Mississippi and Canada. The com- pany owns an interest in more than 500 wells on about acres. Non producing properties approx- imate acres. Officials of American Republics and Tennessee Gas Transmission Co. last year announced steps were being taken for Tennessee to pur- chase 5 per cent of the oil com- pany's stock. The plan also called for eventual merger of American Republics and a Tennessee affiliate, Tennessee Production Co. Rieber and Tennessee officials earlier this year announced that the stock purchase and merger plans had been abandoned. Tennes- see production later was merged with its parent firm. Hare You Placed Your Want Ad For The Weekend? If you've forgotten to call in that Wont Ad for the coming week- end, do it now! Your Wont Ad though it is Titt'e in size is a big thing to forget. You won't want to miss announc- ing your product, service or want to the daily readers of .The Abiknt Reporter-News. It con mean loss of profits, loss of rent, not finding that lost article, etc. A Want Ad h a big thing to re- member. So, dial 2-7841 now and let one of our friendly ad takers help you form your ad. Word adt ore received daily until 4 P. M. except Saturday when men is the'dead- line. Space ads will be received until noon Friday for Sun- day publication. Call now! number is 2-7841. Solons Open Power Pact Talks Today WASHINGTON W-The Eisen- hower administration's Dixon- Yates private power plan became the first' postelection object of congressional attention today, with a public review slated by the Sen- ate-House Atomic Energy Commit- tee. Chairman Cole 
                            

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