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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Dec 07, 1960
Page
5
New York AP reports a mixed midday session with the Associated Press average down .10 at 213.60. Industrials slipped .20, rails flat, utilities off .10 while some food and liquid diet stocks attract speculative demand. Upbeat notes come from Bache & Co urging defense stocks with long term growth and advising restraint on cyclicals.
The Dow Jones Industrial Average and other market figures are listed with 30 components including DuPont General Electric General Motors Union Carbide and Ford Motor Co. among many firms. Prices shown reflect late market activity with rail and utilities sectors noted alongside prominent companies such as American Airlines Amoco Texaco and U.S. Steel.
Americans invest abroad in stocks bonds and real estate with about 4 billion in foreign bonds and 5 billion in other foreign securities and real estate held personally. The flow stems from rising European stock markets and higher returns overseas, with hot money and gov't bonds shaping the shift amid political and market turmoil.
New York based Du Pont de Nemours and Co promotes its booklet The Story of Prices arguing that despite rising trends, goods and services offer greater value today. It claims living standards are at an all time high and the price structure is a core, consumer controlled element of the American economy.
An oil operators committee in Texas agreed to study salt water pollution on the upper Colorado River and propose corrective measures. About 90 operators from southwestern Scurry and northwestern Mitchell Counties will form the committee, with Sam L. Robertson of Abilene to name it. The plan follows CRMWD findings that pollution adds up to 28,000 pounds of salt daily to the river, hindering a potential lake for water supply and pending state approval.
Britain's Prince Philip reportedly bagged more than 100 Mongolian pheasants during a Texas hunting outing with six companions. A hunter described the day as successful, noting no misses and an active gamekeeper presence on Marquis Luigi Medici delije estate grounds.
Cochran County well Outpost 14 miles northeast of Buckshot field and six miles south of Bledsoe is completed as a San Andres extension. On a 24 hour test it flowed 95 barrels of 27 gravity oil plus 45 percent water through perforations at 4938 72 feet after 500 gallons acid. Gas oil ratio 1900 1. Originally drilled to 5603 feet and abandoned in 1957, it was plugged back to 5052 by current operators. Location 0.5 miles northeast of nearest production, 660 feet from Labor 4 south and east lines, 738 acres. MONSANTO No. 1 Dunigan Yoakum County: extension to Brahamey field near Plains shows produc tion with 54 hour drill stem test. Gas surfaced in 2 hours 25 minutes, mud 11245 feet heavily gas cut and slightly oil cut, 270 feet free oil, 435 feet salt water. Flowing pressure 125 pounds, 30 minute closed in 2975 pounds. Total depth 9030 feet. Location 680 feet north and 1980 feet east of Section 368 Block D J H Gibson Survey.
Midland firms plan Lea Abo Test No 1 Mobil State to drill a 9250 foot Abo wildcat in Lea County about 10 miles southeast of Mallamar. The site lies 330 feet from the south and east block lines of Section 36 and 17S 33E. C & E Federal Morrison No 1 will drill 2500 foot wildcat about 1.34 miles southwest of Teas pool in Section 35 20S 33E with location 1650 feet from north and 990 feet from west lines.
Gov. Price Daniel of Texas was elected chairman of the Interstate Oil Compact Commission for a one year term. Other officers named were Walter Jones first vice president and Fred Moran second vice president with Lawrence Alley and Earl Foster reappointed as executive secretary and general counsel. Daniel warned three dangers to oil conservation foreign imports, federal price fixes and gas regulation and weak prorating by some states. He urged strengthening import controls and discussed area pricing policy while stressing the need to shield domestic reserves and marginal wells from loss. Docking retired as chairman praising the agency as a model for balancing regulation and private ownership.
Odessa based Cities Service Oil Co files to drill No 1 A Scott Ranch in Culberson County about 26 miles west of Orla replacing a junked nearby site. Other permits include Gaines County Gaines No 1 N P Tate east of Seagraves and Adair field area, Andrews County University No 1-14 University, Midland County Bryant No 1-B Bryant near Germania, Pecos County Atlantic Fee No 3 near Girvin, and a Midland line wildcat No 3 Atlantic Fee. Details specify well depths, offsets, and exact section locations per PSL Survey and operator lines.
Mexico's 1960 cotton crop is projected at 1.905 million bales with Sonora leading at about 440,000 bales and the Norte de Sinaloa Minitamoros area producing around 370,000 bales.
Winkler County discovery near Kermit on the Winkler to the 4 miles southwest of the Jasper field is being drilled after oil and gas shows on a 3 hour drillstem test in the Devonian. Gas surfaced in 30 minutes, with mud recovery totaling 760 feet, 1000 feet of oil and gas-cut mud, and 2000 feet of heavy mud. Flowing pressure ranged 690 to 1509 psi, with 30 minute closed-in pressure at 4310 psi. Earlier tests in Lower Clear Fork produced oil and oil and gas-cut mud at 7110 to 7225 feet, while the Wichita Albany test yielded heavily oil and gas-cut mud at 7220 to 7300 feet. The location lies 4 miles southwest of the Jasper field, about 114 miles northeast of a dry hole. The lease sits on 640 acres, with Block B- PSL Survey lines. Also in Winkler Counts, Skelly Oil Co. logged a prolific flow in the Halley area with 3 hour 43 minute test in the Ellenburger at 12045 to 100 feet, gas surfaced in two minutes and oil in 1 14 hours at 4 dollars per barrel of 39.9 gravity. Flowing pressures reached 2620 psi with 43 minute close-in pressure at 4825 psi. One barrel and 60 feet of oil were reversed out of the drillpipe. The well lies near the Devonian Halley field, one mile west of Devonian production.
AUSTIN AP State school land leases at auction raised 6.54 million in total bids. The top bid was 1.092 million by Tennessee Gas Transmission Co. for 1440 acres in Kleberg County. Gulf Oil, Phillips, British American, and Standard Oil also posted high Gulf tract bids.
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