Word: bbl
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...which has moved its exploration steadily westward, came news last week that sent wildcatters racing back East. Near Conneaut, Ohio, only 50 miles from the first U.S. well at Titusville, Pa., a rich well came in in an area everyone thought was exhausted. The flow: an initial 6,720 bbl. daily v. an average ½ bbl. daily for the only remaining wells near by. The name of the man responsible for the strike was no surprise. He is old Mike Benedum, 88, the king of the wildcatters and a man who says proudly: "I have unloosed more oil than anyone...
...Benedum companies in a month. Fortnight ago, near Gillette, Wyo., the three Benedum companies (Penn-Ohio Gas, Hiawatha Oil & Gas, Benedum-Trees Co), that hit in Ohio also brought in another promising oil pool on a 90,000-acre leasehold of virgin oil land, pumped an initial 350 bbl. daily and are now drilling a second well. Last week, in Brooks County, Texas, still another well came in for the same three outfits, this one capable of producing 30 million to 40 million cu. ft. of gas daily on 1,600 acres of previously undeveloped land. But the Ohio strike...
...century ago. The companies gambled on three wells-and got three dry holes. With the fourth, on a 9,000-acre lease (annual rental: 25? an acre) in the northeast corner of the state, he finally hit the jackpot. Benedum figures the well should produce at least 1,000 bbl. daily on a long-term basis. Within hours of the strike nine companies were in the area snapping up land, and lease prices skyrocketed to $83 an acre. Benedum's companies are already starting two more wells. Says he: "This is the greatest discovery in this area...
Even an established importer, Sinclair Oil Corp., asked for relief, demanded a quota boost from 62,200 bbl. daily to 74,800. At a hearing before Captain Carson, Sinclair President J. E. Dyer challenged the program's premise that cheap foreign oil is endangering the nation's security by cutting down oil exploration. Despite accelerated exploration in recent years, he said, the nation's reserves are not increasing fast enough. "To disrupt and impair our sources of supply abroad and jeopardize relationships of industry that have been built up with foreign nations over a long period...
...cuts, they will wreck the plan. To date, the six other companies that had been importing heavily for years and whose base-period levels are high have agreed to abide by their quotas. The six (Atlantic, Gulf, Socony, Standard of California, Jersey Standard, Texas), which imported 573,800 bbl. a day in July, plan to cut to 471,000 bbl. by December, 22,000 below the Government's request. But last week they showed signs of weakening, nervously eyed the appeals for quota boosts. Gulf Executive Vice President David Proctor warned Carson: "Any decision permitting substantial increases in allowable...