Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1898-02-20
CREDIT BALANCES ADVANCE.
This Has Been the Sole Topic Of Oil
Circles. During the Past Week.

The Operators Are Jubilent ana
Believe There Will be Another
Advance in Very Short Time
The Standard is in a Tight Place
and Will be Compelled to Raise
the Price Of Oil-The Latest News
from all the Fields of the State.
Special to the Register
Sistersville, w. Va, February ~
The principal topic during the week
has been the advance in the price OF
OH. Operators are jubilant and there
is a more easy feeling among them
now than for long time. The facl
that the Standard has raised the price
twice during the week, while u was
very slight, has caused those familiar
with the situation to believe that y
is becoming very short on stocks ana
that another raise and very substan-
tial one will follow. The Standard
has contracts, made some time ago,
which it is compelled to fill is short
on oil and in order to get what they
need, it will be necessary to raise the
again.
During the past couple Of months
there has been little work done IN any
of the fields. The price is so low that
it does not pay to operate unless goou
big wells are a surety, and even WIN
big wells the producers can not al
ford to drill with the roads IN the
present condition Again, at the pres
ent time, there is not pool IN thls
State outside of the one recently open
ed in Richie county that is promising
and as yet that one is an unknown
quantity, although indications are very
favorable.
The Standard has held that its own
production was furnishing all lne on
it needed, but this has been iound
to be untrue. AS stated in the Kegs
ter during the week, the majority q
the holdings of the big company N
this State have been drilled over ana
in almost every instance it has seht
good money after bad and not IN
creased it's production. The majority
of it's holdings are in Wetzel Marion
and Doddridge counties, and IN eacn
of these counties the production Is
falling off very rapidly. This is an
actual fact as an investigation mas
been made by some parties, OF eli the
holdings of the big company. IN the
counties mentioned the Standard IS
drilling between the old locations now
and all the old wells which Were
drilled to the Big Injun, are now bSlng
drilled to the Gordon formation and
in some instances to the fifth sand.
The result of all this work has been
simply the expenditure OF large
amount of money, with little benefit.
There is practically nothing OF m
terest to report from any fields. IN
the Elk Fork pool there are three or
four wells drilling, none OF any I'M
portance In the other fields
practically the same state OF
affairs exists. The only pool
in which there is the least activity is
in the vicinity of the big we'll rc-
Gently drilled on the Abeicht lease on
Whisky Run, in Richie county There
are about dozen wells there in var
ious stages, and it will be some time
before anything is known in regard TO
the extent of that pool. Balnsdall has
a well due on the Lamp farm north
west of the big we'll about mile and
it should be in some time SUNDAY or
Monday. 1t is located about 200 feet
northwest of the Whaley well ,irfIhad
year ago, which is making about IL
barrels a day, and it may come in a
producer.
Gartlan & Co have completed the
rig for their No. / on the Barnes II
acres and have commenced spuddlng.
This we'll is located about 100 feet east
of the big gusher and will no doubt
be a good producer.
The same company will commence
spudding the first of the week at their
No. / on the Williamson. This we'll
is also about the same distance from
the big well a little to the southeast.
Mallory & Barnsdall's big well on the
Abicht farm is the banner well drilled
in the State for some time. 1t started
off at about Is barrels a day, increased
to about 80, and at the present time is
holding up at better than 20 barrels
an hour. They have located and are
building the rigs for their Nos. 2 and
3 and will have them both drilling
the coming week. No. is located
south and No. 8 north of the big we'll
and along the eastern boundary line
of the property.
Mallory has the rig almost completed
and will commence spudding the early
part of the week at No. ! on the
Butcher farm, located northeast of the
Abeicht.
Gufy & Co. have the rig up for their
No. / on the H. NJ. Hamilton which
offsets No. 3 Abeicht, and will COM
mence drilling shortly
Jones & Co. are building the rig for
their No. / on the William McGregor
farm. Spudding will commence Mon
day or Tuesday.
The Fisher Oil Company has made
a location for their No. / on the f. l..
Hamilton, about 1000 feet from the
Abeicht to the east, and are building
the rig. which will be completed the
first of the week, when drilling will be
started.
Other locations out there are the
South Penn Oil Company on the Sara
belong; Mallory & Barnsdall on tie
Bumgardner; unknown parties on the
D. G. Payne.
The Eastern Oil Company has shot
its No. | on the Duval farm, in the
Elk Fork district, and will have a well
good for about 200 barrels a day. This
well showed up very light when .rst
drilled in.
Yoke & Co.'S we'll on the c. c. Flu
harty, drilled in few days ago, Is still
gassing heavily and is spraying some
oil 1t will be shot.
Oil City, Pa, February 19.-Credit
q