Sistersville daily oil review. [volume] (Sistersville, W. Va.) 1902-1905, 1902-10-10


grade oils are produced from oil
bearing sands similar to those
found In Pennsylvania and West
Virginia. In the northeastern coun-
ties different quality of oil Is
found In the Trenton Rock, lime.
stone formation that lies far below
the geological horizon of the Penn.
sylvania oil bearing strata. The
oil has a parafine base, bat contains
o 81 per cent of sulphur which has
to be removed before 1t can be con
verted Into an acceptable illum-
|inant The top of the Trenton
limestone, In Northwestern Ohio, Is
generally found at the depth of
/ I, 100 to 1850 feet, or from $50 to
to 48o feet below tidewater, and
about $50 feet below the level of
Lake Erie. The total production
of Lima oil In 1901 was 27,4o5. I6o
barrels, of which Ohio produced IS
per cent and Indiana the remainder.
The Lima oil districts of North :
western Ohio produced 1916. 2o3
barrels of oil In 1901, valued ai$I3.-
oII,6I2; the Pennsylvania oil sec
tions, In the southeastern part of
the State, 5.47o,85o barrels. valued
at S6,6Io,342 In addit on, $40
barrels OF heavy oil valued at S2.
6I7 was produced In the Mecca
Belden district. This makes the
total production of the Buckeye
State FL ,648,o83 barrels, valued at
$40, 53357I. The production for
the year 1890 was ~, 362,73o bar
rels, valued at $24. oeI GOT.
Indiana's production In 1921 was
5,757.o68 0arrels and valued at
S4,S22 sac, as compared with 1874
3o2 barrels In 1890 valued at 81
l6o3 ,o83 Since 1898 the value of
the oil produced In the Hoosier
State has more than doubled, while
the gain In the Lew production Is
only o little over 81 per cent. In
active operations and production
Indiana will doubtless surpass the
current year, the record she estab-
lished In 1921, which thus fer has
been the greatest In her history.
There were 1909 wells completed
In the Pennsylvania oil fields and
4,oII In the Lima oil fields In 1901,
making a total of 1850. Of the
number z,7oS, or over III per cent
were classed as busters or dry holes.
The record for 1900 was 8,84S in
Pennsylvania and 5,728 In the
Buckeye aud Hoosier sections, a
total of ID. 1888. In the buster list
were enumerated 2,822 failures
The greatest event in the history
of oil developments for 1901 was
the Lucas strike on Spindle Top
hill, near Beaumont, Texas, early
In January. 1t was doubtless the
largest well ever found In the
United States and created furore
of excitement, simply unprecedent'
ed 1t started boom In the ex-
ploltation of oil investment COM
panies that extended all over the
country. The number OF these
companies organized during 1921
is reported at 1873 and their nom
inal stock capital,z alton footed up
5000, o83, 900. There was ten dol
lars worth of capital stock for every
barrel of oil produced In 1901
However, very small proportion
of these companies ever bad any
wells or produced any oil. Of the
6Io organized in Texas alone only
122 had any actual production. and
the majority Of these had no facili
ties for marketing their output.
The Lucas gusher sent up so.
Id column of 100 feet In height, and
conservative estimate of its flow
during the nine days that it gusned
into the air uncontrolled places is
production at 10000 barrels for
each "a hours. This we'll was
struck on January 10, 1901. By
the first of July there were "a pro-
ducing wells In this section, all
flowing oil from the same horizon,
at $50 to I. Gao feet. Three Others
have been drilled 10 various depths
and abandoned. Nine of the four
teen wells completed had an esti-
mated yield of &c, 900 to 10000 bar
rels per day. By the close of the
year 1873 wells had been drilled in
the Spindle Top district. Fifty-6ve
of these were producers belonging
to companies that were able 10 find
a market for their oil and II were
producers OF unknown capacity, as
there was no market for their
output and their owners were
compelled to keep them shut down.
A number of dry holes had also
been drilled, and the area pros
lraokf~ya s1r11..oki..1 k.~vff0ru had