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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Jun 14, 1960
Page
1
Tulsa report says Oil and Gas Journal notes improving marketing in oil industry. Demand fair and stocks less excessive, refinery runs hover near 8 million barrels per day, crude production down but stocks above comfortable levels. If trends continue, product prices may rise to a profitable level.
The Permian Basin Oil Show board of directors will hold a 7 p.m. meeting today in the Lincoln Hotel Care Room. Manager Jay Alney said committee reports will be heard and plans for housing and exhibit space for the show will be discussed. The exposition is held every two years and scheduled for October 2023.
Texaco, Inc. drilled to 10 135 feet in the Yoakum Wasson district prospect. A two hour drillstem test of the Devonian at 9720 9516 feet yielded 20 feet of oil and gas cut mud and 2000 feet of gas cut and salty sulphur water. Previous tests in the No 1 17 B Miller showed mud oil and salt water. Wolfcamp tests indicated mud oil and salt water. Location: Section 682 Block D John H Gibson Survey.
The report lists stock activity with many firms and percentages. Major names include Alleghany, American Airlines, Anaconda, Armco Steel, Ashland, Atlantic Refining, Bethlehem Steel, Boeing, DuPont, Ford, General Electric, General Motors, Gulf Oil, Lockheed, Texaco, US Steel, and more. The index shows gains and price changes across industries, utilities, and transportation with specific percentage increases noted for each.
General American Oil Co. of Texas continued testing its No. 2 743 Koonsman prospect in Garza County locating 4 miles northeast of Red Solin. The latest 24 hour test produced 206.40 barrels of oil with 74 percent water through perforations at 7835 7845 feet. Oil also yielded on Ellenburger tests at 8168 8198 and 8248 8268 feet with mud acid washing and multiple perforations.
The Gulf Federal Lea County wildcat 14 miles southeast of Mallamar has been plugged and abandoned at 5185 feet. A second re-entry of the Howard County wildcat three miles north of Coahoma is also abandoned for the second time at 9352 feet. Drilling firms Lea Test Dry W G Kirklin and Ormand Bros. Drilling Co. Odessa and M R Voltz No 1 Buchanan involved.
DETROIT AP Chairman Er nest Thompson of the Texas Rail road Commission warned the Interstate Oil Compact Commission that oil should be kept underground until needed. He cautioned that a glut will depress prices as buyers resist unsalable oil and imply production cuts. A. L. Porter Jr. noted New Mexico controls have stabilized its oil and gas sector and economy.
The British American Oil Producing Co. 2B Jones and Tom Jones report a wildcat well two miles southeast of Knock erbocker in Green County has been abandoned at a depth of 465 feet.
George T. Abell No. 1 Williams in Pecos County seven miles east of Imperial has been splugged and abandoned at 1225 feet. Trice Production Co. No. 1 Leo Nichols in Dawson County Lindsey field, 15 miles west of Lamesa, has been abandoned at 11070 feet.
Six wildcat drilling initiatives reported in the Permian Basin with two workovers. Projects span Ector Pecos Stonewall Fisher Tom Green and Irion Counties. Wells include No 1 Houston Endowment McKnight in Ector and No 1 B State Cor Tig an in Pecos, among others, with lease sizes from 64 to 647 acres and depths from 2000 to 7000 feet.
Forest Oil Corp will drill the No 1 C M Turnbow as a four mile northeast outpost to Devonian production in the Breedlove multipay field of Martin County sixteen miles southwest of Lamesa. The site lies 660 feet from the east lines of Section 14 Block 262 Borei County School Land Survey. Contract depth 12 200 feet.
IPAA counsel L Dan Jones told the Interstate Oil Compact Commission that new legislation is essential to free natural gas producers from Federal Power Commission control while ensuring adequate supply and protecting consumers from unreasonable prices. He contrasted IPAA and Harris bill approaches, warning the current inclusion by exclusion doctrine has expanded FPC jurisdiction beyond the 1935 Natural Gas Act.
Following by counties are drilling progress reports on significant wells in the Permian Basin. Entries list field names, operator, well designation, depth or status, including many totals and tests such as stem tests and fishing, with multiple counties like Andrews, Crane, Ector, Eddy, Midland, Pecos, Reagan, and Tom Green among others.
Abilene based Discovery Drilling Co completed No 1 Dubosc in Dawson County as a Devonian discovery. Flowing oil 504 bpd with 12 047 to 12 053 ft perforations and 12 64 inch choke. Oil gravity 36.7 and gas oil ratio 851. Tubing pressure 225 after acidizing the Devonian. Located nine miles south of Lamesa on an 80 acre lease.
Oil production fell to 6,774,850 barrels daily for the week ending June 11, the lowest level of the year, with 1960 annual output estimated at 1,152,371,400 barrels. Oklahoma dropped to 486,200 barrels, Colorado to 129,000, Arkansas rose to 77,175, Louisiana up to 1,059,725, while Texas and New Mexico remained steady at 2,461,900 and 288,300 barrels respectively.
Ohio Oil Co No 1 Lea Unit in Lea County logged an oil and gas strike on a drillstem test from 14 275 to 14 418 feet in the Devonian. The two hour ten minute test recovered 2160 feet of gas and condensate cut water blanket and 1750 feet of gas and condensate cut mud with flow pressures up to 5760 pounds. Preparations to drill deeper underway. earlier logs showed potential in Delaware sand Bone Springs and Bend. Location Section 12 20S 34E.
Texaco, Inc plans No 2 F Seth Campbell drill as a ½ mile south southwest post near the McKee discovery in the Kermit multi pay Winkler County field three miles east of Kermit. Project to be completed from Fusselman McKee and Ellenburger zones at 660 feet north and 1985 feet east in Section 23 Block B3 PSL Survey. Depth contract 10,500 feet.
Three Lea County wells underway with perforation testing and deepening planned. Sun Oil No 1 Watson near a 9600 foot Pennsylvanian discovery recovering oil at 9714 to 9740 feet. Mobil plans to test No 2 Magnolia Santa Fe from 9623 to 12200 feet in Crossroads district. J M Huber Borger No 1 Keohane deepening and San Andres tests with recent acidizing and swabbing results.
C D Turner of Big Spring explains a new 3 percent mile west outpost extending Snyder field in Howard County seven miles southeast of Coahoma. Proposed depth 3000 feet with location spots specified as 2313 feet south and 2988 feet east from section lines.
Humble Oil & Refining Co moves to implement a waterflood secondary recovery unit in the Means and Noley Queen fields within Andrews County. The plan covers about 17 000 acres with roughly 236 producing wells and 22 more to be drilled in a five spot injection pattern. Operators include Humble as primary, with Sun Oil, Shell, Qi, Henry Black Driking Co, Gulf Oil, DeKalb Petroleum, Texaco, Ard Drilling, Cabot Carbon, Cities Service, Standard Oil of Texas, and Sinclair Oil & Gas among firms holding leases.
The Monthly Review analyzes four named listed companies noting earnings reported without income from one or more sources. Each stock shows merit for present value and long term promise, suggesting some issues may fit readers investment objectives. Copies available from the Manager Research Department.
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