New-York tribune., 1868-07-27
TIE PENNSYLVANIA OIL-REGIOM

From oar Special Correspondent.
OIL CITY, ycnanso Co.. Penn, July s. 1868
As history is said to repeat itself, so do specu-
atious follow one another in this favored land Of
Many OF your readers have doubtless painful remembran
ces Of the wild speculative ofever that ragged to such
fearful extent In the years 1854 and 1863 The sufferers
who invested their money in swndliug oil companies, Of
whose real value they knew nothing, have obtained ex
pcrence II nothing else from their investment The oil
region not deserving Of the odum bestowed upon 1t by
this class Scarce bafadozcn oil companies have ever
been formed here and about all of them proved paying
ones II creulns persons insist upon boring for oil on
Walst this REGION should not be held responsible FOR
their wsfurtuucS.
The possibility ~ another speculative movement in oil
lands does not seem remote. The commencement made
this season fair indication. For the last three years
general stagnaton has remed throughout the entire
region in AN branches of business caused by the collapse
consisted President, Board Of Directors, an Office
ROOM and nice young man OF fast proelyltiss m mas
superintendent 50 long as crednlous people eouu pg
found % buy the stock watercd To an extent that would
certainly excite the admiration OF homopathsts these
WORTHLESS lived M clover Inc pnpble puIst nv IdS lh5
OH region has recuperated, and Is now being operated
lands heretoforc deemed worthless for oboring pur-
poses good demand, aud the eNtent OF territory
Smf TT of Of fS1 Of ali he pFcyous years IGs eveopment
Is bcng made by the old operators to great extent ana
'ydnSG G @ n,yias r, lands that were freely
offered year nj prices ranging from $40 to 500 per
acre, held az $1,000 10 $1,000, ana S2O per acre
h being freely paid at Pleasantyie oil field
The excitement intense, but has taken decidedly
practical shane Lands are bought for development
and not for speculation Five dollars per barrel Tor OIL
the wells pays the producer very handsomely for pro
ducing and development. Improvement IN machinery
and practical knowledge has materially Improved the
chances of obtaining paying wells IN the last Few years
At present the demand s fully equal to the supply and
every effort being made 10 keep up this last 10 an aver
age Those Yered In the statistical history OF the busi
ness tell rs that 10 keep UP the present daily production
II is necessary to have not less than 800 new wells going
down, or rather In process OF drilling
OIL Creek Valley is ctcctualy drowned ont by water,
and the bluffs supply the greater portion OF It's pro
ducOn The close proximity Of the wells IN many OF the
rrcd from similar cause. Wells interfere and flood
each other and then the territory IS held practically
worthless No feels inclined To incur the trouble ana
expense OF plugging up casing the wells, and pumping
close 40 hand where annOyanccs OF the KIND exist nj
the commencement at least NatercOurseS and gas
veins have generally the same connections below the
carths surface that streams do above the same Al least
such been the writer's experience IN the Oil Region.
The general bearing OF oil courses ~ now definitely as
CcrtduCd 10 be northeast and southwest aud can be
traced the entire distance of producing localities by this
general direction with occasional spurs Ike the llthOle
OIL Region. As ali these facts being asceraned, the
OmuCr operate with more certainty than in former
years. This state of affairs Will be still further slmphed
10y practical SKILL until Omung can be prosecuted with
the same degree Of certainty that OF any other KIND OF
mining.
Theprincipa new oil fields are Pleasantvlle and local
y, Shamburg, aud the territory lying adjacent 10 and
parallel with Oh Creek, extending from Reno To PcrO
eum Centre. Good wells have been struck at various
points this range, ana the work Of development Is be
ng vigorously prosecuted. Never tU my recollection has
business been in state has
The future of the OIL Region looked so bright IL would
be we'll for holders OF OH stock TO be looking up the same
these Kind Of lands arc being constantly brought into
market ana will command fair prices OF on the creel
and aL The wells in different localities Is being sold TIM
per barrel The demand IS good, and the tendency still
upward.