Monday, June 1, 2015

Great Wealth in Oil 1907

11/7/1907 Lawrenceville Republican
GREAT WEALTH IN OIL

Figures for October Show a Further Decrease in New Wells.

The official count of new wells for October shows a further decrease in number of new wells in the county.  In July there were 55 new wells, in August 46, in September 35, and October shows 34.  The total number of wells now producing is 587.  There are 89 rigs drilling and 17 rigs going up.

The official estimate of the capacity of these 587 wells, is 37,862 barrels per day.  At the prevailing price of oil which is 68 cents per barrel, the daily value of the output is $25,736.16 or $772,084.80 per month.  Brought down to individual figures, Doc Rogers owns 80 acres in the heart of the best territory so far found.  His farm is not yet drilled in but his check for the last month was $2,580 for his share of oil.  Such wealth is enough to put the story of Alladin’s lamp to sleep.

There is great activity in getting pipe and casting and heavy supplies into the field for winter use.  The Ohio Oil Co. yards in Bridgeport alone has 25 teams at this work.  The freight yards in Bridgeport and Lawrenceville are full of cars with material.  The B. and O. at this place had eight cars set out Monday and Tuesday, and the Big Four even more.

As last week, there is no new territory developed this week.  All the test wells are still spudding.  The Gee well north of Lawrenceville has hit another ocean of salt water below 1600 feet.  Frank Snyder No. 2 came in this week good for 80 to 100 barrels.  This goes to prove that field, but none of the test wells about are in.  In the northwest, there is still great activity and good figures are offering for leases.  J. W. Rodrick has been offered $40 per acre for his entire holdings, which includes territory two miles east of Chauncey.  Oil men are looking for the connection with the Hardinsville field.

(Thanks to K Grenda for the transcription.)