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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Jun 05, 1961
Page
2
Column argues U S energy future hinges on higher oil and gas prices to spur drilling, reduce foreign dependence, and avert foreign control of energy. Louisiana leads in reserves and output, while Texas lags without Louisiana price parity. Historical note recalls East Texas boom and drilling response to price shifts.
Basin Drilling activity in the Permian region fell seven rigs to 226 for the week ending June 2, per Reed, Roller Bit Co. Lea County leads with 41 rigs, down two. Ector County has 14 rigs, down one. Andrews County holds third with 13 rigs, unchanged. Details by county follow.
New York trading opens mixed as DuPont rises 35 while American Tobacco Goodyear and Radio Corp slip. General Motors edges down and General Electric up 45 with Texaco down 54. American Telephone unchanged. Granville predicts a summer rally driving the Dow to new highs, favoring capital goods and defense-related names like Lockheed Boeing and Grumman along with several lower-priced defense shares.
Edward Littlejohn is appointed manager of Humble Oil and Refining Company Headquarters Public Relations Department. The move, announced by Herman P. Pressler Jr., makes him head of the newly created department effective immediately, after serving as assistant manager at Standard Oil Co. (New Jersey).
Texans Hit seven oil and 22 gas wells in the past week per the Texas Railroad Commission. Wildcatters drilled 195 oil wells year to date, with 226 gas wells, contrasting with 1960 totals. Regular drillers added 145 oil wells, lifting 1961 totals. weekly allowable output declined by 93,000 barrels. Notable finds included oil in Abi lene, San Angelo, Kilgore districts and nine gas finds in Refugio district.
Texas Railroad Commission designates new pools in Terrell and Runnels Counties. Reports detail multiple field openings including the Arkansas Junction gas field near Hobbs New Mexico, Yucca Butte gas field in Terrell County, and the Southwest Spike field in Runnels County near Winters. Discovered wells show various potential gas and oil yields with precise locations and perforation depths.
Gulf Oil Corp reports more than 170 million dollars to be invested in West Texas operations in 1961. In 1960 Gulf’s U S earnings hit a record 330 million, up 40 million from 1959, with domestic gains driving the rise. West Texas activity employs over 1,500 workers across Midland and other Texas sites, while the firm expands pipelines and gas liquids plants to boost overall production.
Murphy H Baxter of Midland No 1 Arick well in Martin County extends the Spraberry Trench Area two miles south of Stanton. The test produced 215.28 barrels of 37 gravity oil daily after acidizing with 40 000 gallons, with a gas oil ratio of 782 to 1. Located 1020 feet north and 660 feet west of the NW corner of Section 34 Block 36 Township 1S TP Survey.
About 650 workers at Phillips Chemical Co in Pasadena Texas were urged to end a 146 day walkout by returning to work at 8:00 a.m. Friday. The company warned it would replace those who did not return.
North Central Oil Corp and Bell & Cansfield complete No 1 Fred Montgomery as a flush gas producer one mile south of the Hokit pool Pecos County fifteen miles southwest of Bakersfield the well flow testing at 26 500 000 cubic feet per day via perforations at 2642 to 2496 feet total depth 2844 feet 145 inch casing set. Anna L Herring Cherry Canyon third producer six miles south of Pyote flows 170 barrels per day 43 gravity oil with 30 percent water through 14 64 inch choke perforations at 6207 08 and 6127 38 feet gas oil ratio 1300 to 1 tubing pressure 520 pounds. New producer spots 400 feet from the northwest and 1600 feet from the northeast lines of section 94 block 34 H&TC Survey.
Dresser Industries reports the second quarter net earnings of 1,945,021 or 0.42 per share on sales of 56,000,967, up from the first quarter’s 1,314,966 or 0.28 per share on 52,628,327. Earnings rose over 46 percent and sales up 7 percent due to higher volume and efficiency improvements across operations.
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