West Virginia daily oil review. [volume] (Sistersville, W. Va.) 1894-1902, 1898-11-04

81 Tue well runs dry.
1t is stated that the South Penn
Oil company has FIVE men in the
Salem oil field, who are making a
scramble for leases, on account of
the strong excitement now prevail
ing there.
The Producers and Re6ners Co
still lead all petroleum markets by
continuing to pay $I.25 per barrel
for credit balances, seven cents
above the Standard Oil company's
price. Will the Standard Oil COM
pany ever come out Of their pipe
dream? The halucinat:on seeming
to exist in their minds relative to
the value of crude ca n only be &C
counted for by their evident deter
to ignore the price justi-
fed in the markets of the world. "
The trade have at last discovered
what fallacy "the markets of the
world" have become in governing
the price for their credit balances.
They know now that the Standard
Oil company are the markets of
the world"
The good old law of supply and
demand may be monkeyed with
for time, but in the end it will
assert itself a monarch over all
arch conspirators who may seek to
destroy its prestige.
Nearly six months of sixty-hve
cent oil and a continual pilfering
from the producers have aroused
such feeling of indignation and
determination among their ranks as
never before existed.
Seven cents per barrel above the
price paid by the Standard Oil COM
pany is an item in the financial
affairs of the producers connected
with the Producers and Re6ners
line, which enables them to throw
a few bouquets at themselves.
D. S. WIS. REPORT.
Developments in the southwest
fields are not making a brisk start
for the first of the mouth. Nearly
all of the wells reported completed
are unimportant as to location.
What every one is looking for is
a good strike in new territory, and
the subsequent development of a
new pool. There are a number Of
new wells starting, in new territory
OF the experimental kind, but the
results in that line have been very
unsatisfactory in the past six
months and the wildcat attracts but
little attention.
The South Penn Oil company's
test we'll on the Mason Scott farm.
near Bristoria. Green county, is not
coming up to what was expected Of
it when first drilled into the pay.
The sand was of an excellent quail.
ty, and it was thought it would
make a gusher when drilled deeper
into the sand. At the expiration
of "a hours after drilling was re-
sumed the we'll showed no increase
in production, and it is almost GER
tain that it will not make better
than a 5o-barrel producer. The
same company's test we'll on the l..
Parry farm is the next we'll due in
that developD ent.
In Tyler county, the Victor Oil
and Gas company has started a
wildcat on the Andrew Seckman
farm. Two miles north of the He.
bron development the Victor Oil
and Gas company and the South
Penn are starting test well ON the
w. w. Wells farm. The same
companies have completed their
No. on the Mary E. Edgel farm
and will have 90 barrel producer.
Two miles southwest OF Glover's S
Gap on the B. & O. railroad the
South Penn company has drilled a
wildcat on the J. L. Murray farm,
through all sands and has a duster.
A fair gas pressure was developed
in :he lower sand, but no traces of
oil in it or the upper formations.
On Pinev Fork, Wetzel county,
the South Penn company drilled its
No. I, on the w. ]. Mccoy farm,
deeper i'll the stray above the Cor.
don, and got an increased gas pres.