Crude Reserves Show Big Gains
The National Industrial Conference Board reports U S proved crude oil reserves increased by about 50 percent from 1939 to 1952. Total reserves at 1952 start reached 27.5 billion barrels versus 18.5 billion in 1939, with Texas holding the largest share followed by California, Louisiana, Oklahoma and Wyoming. Only New Mexico shows smaller current reserves among major producing states. Utah and Nebraska now have measurable reserves for the first time.
MENTIONED IN THIS ARTICLE
New York
National Industrial Conference Board
The
Board
Texas
California
Louisiana
Oklahoma
Wyoming
United States
New Mexico
Utah
Nebraska
Oil Men Rally to Preserve Depletion Tax Break
Washington June 2 The petroleum industry moves to block higher taxes aiming to preserve the 27 1 2 percent depletion allowance sought by President Truman and the Treasury to be cut to 15 percent. Industry groups and Sen. Douglas oppose the change while bank and political figures cite heavy tax burdens on oil producers and consumers.
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Harry Wilson Sharpe
Washington
83Rd Congress
Congress
Truman
Treasury
American Petroleum Institute
Independent Petroleum Association of America
Sen
Douglas
Paul Douglas
D-A
Chicago Economics
Joseph E. Pogue
Chase National Bank
New York
Rensselaer Polytechnic Institute
Oil tax bite could hurt industrial progress says API
Oil executives complain the combined taxes from federal state and city authorities total 3 064 000 000 for 30 companies compared with 1 218 000 000 assets. Pogue warns taxation rate is harsh and could curb industrial growth and buying power. API president Porter says choking capital will curb exploration and development.
MENTIONED IN THIS ARTICLE
Pogue
Frank M. Porter
API
Phoenix
Ariz
Congress
Delhi Oil Sells Gas Lands to Texas Eastern for 6.4 Million
Shreveport Texas Eastern Transmission Corp. announced a contract to buy Delhi Oil Corp. natural gas properties in Duval McMullen and Live Oak counties Texas for 6.4 million dollars. The deal covers about 8800 acres with 17 existing wells. Texas Eastern will develop undrilled acreage and hold gas rights from surface to Wilcox formation. After recovering the initial price plus investment with interest Delhi will regain a half interest.
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Shreveport
Texas Eastern Transmission Corp
Duval
McMullen
Live Oak
Texas
Delhi Oil Corp
Dallas
Texas Eastern Said
Hagist Ranch
Maxine
O'Mahoney Plans Temporary Bill If Veto Stands
Senator Joseph C. O'Mahoney said he will press for a temporary measure to hold title to disputed underwater lands by the federal government while states receive 37 percent of oil revenues. The plan, reacting to President Truman's veto, would place revenues in trust pending final title resolution.
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Washington
Joseph C. O'Mahoney
Wyoming
Truman
Congress
O’mahoney
Senate
House
Sam Rayburn
Lyndon B. Johnson
Sen
Tom Connally
Mr. Truman
Wayne L. Morse
R-Ore
Lister Hill
D-Ala
Wildcat Oil Discovery Reported in South Louisiana
Progress Petroleum and The Texas Co announce a wildcat discovery at Jubian No. 1 in Livingston Parish South Louisiana. The well flowing 130 net barrels of 49.3 gravity oil on a 20 hour test on a 40 acre tract adjacent to Gaylord Container Corp lands leased to Texaco.
MENTIONED IN THIS ARTICLE
Houston
Progress Petroleum, Inc
The
Texas Co
Livingston Parish
Louisiana
Progress
Gaylord Container Corp
Texaco
Vote on Veto Put Off for Two Weeks
Washington June 2 two weeks likely before senators vote on the tidelands bill vetoed by President Truman A two thirds majority needed to override the veto Republicans object to voting next week due to Eisenhower homecoming in Abilene Kansas The article notes a close anticipated margin and GOP scheduling concerns.
MENTIONED IN THIS ARTICLE
Washington
Truman
Dwight Eisenhower
Abilene
Kan
Oil Discoveries Show Little Change Over Weekend
Three deep oil discoveries remained largely unchanged over the weekend. Kerr-McGee’s well in Hartley County near Channing perforated and produced in 12 hours, with 6 barrels oil per hour and 2 barrels water per hour. Gulf Oil No. 1 Hag gard deep in Roberts County near Miami faced lost circulation while at total depth 6772 feet. A second No. 1 well in the same Hag gard area progressed slowly at 4040 feet. In Floyd County the deep discovery on the north flank of the...
MENTIONED IN THIS ARTICLE
Kerr-McGee
Channing
Hartley County
Gulf Oil Corp
Anadarko
Matador Arch Oil Test Near Floydada Reports Muddy Well
A drilling operation on the Adams land south of Floydada yielded 1800 feet of muddy oil after a tool drill stem test and partial reverse circulation. The test interval spanned from 7622 to 7637 in saturated lime, with tool pull followed by loss of the circulating string. A later note references unusual mineral coloration in California redwoods and its chemical basis.
MENTIONED IN THIS ARTICLE
Matador Arch
Floydada
Adams Land
Portales Station Owner Wins Free New York Trip
Jerry Nicholson, owner of the Curve Service Station in Portales, won a national Standard Oil sponsored contest. He traveled to New York for an all expenses paid city tour and Atlas Supply Company Newark testing laboratories as his reward.
Early Balloon Photo Goes With 1952 Chevron Winners Note
One of 17 winners in the 1952 Chevron sales and efficiency contest. The text recalls an early aerial photograph taken from a balloon over Boston in 1860.
MENTIONED IN THIS ARTICLE
Chevron
Boston
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