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

distinction OF producing Two uis'
tlnct grades of oil from TWO ditter-
ent geological formations. In the
southeastern part of the State high
grade oils are produced from Oil
bearing sands similar to those
found In Pennsylvania and West
Virginia. In the northeastern coun-
ties a 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 parafine base, but contains
/ o So 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
1, 100 to 1,25o feet, or from $50 to
| to 4So feet below ddewater, and
about $50 feet below the level OF
Lake Erie. The total production
of Lima oil In 1901 was 27,4o5,169
barrels, of which Ohio produced IS
per cent and Indiana the remainder.
The Lima oil districts of North
western Ohio produced I6.176,2o3
barrels of oil In 1901, valued at$I3,-
eI1,612; the Pennsylvania oil sec
tons, 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 ST.
or was produced In the Mecca
Belden district. This makes the
total production of the Buckeye
State Fl ,648,o83 barrels, valued at
$40, 533571. The production for
the year 1890 was 22,362,73o bar
rels, valued at S24. o9I GOT.
Indiana's production In 1921 was
| 5,757.o6S oarrels and valued at
S4,822 .826, as compared with 4 ,S74,'
3o2 barrels In 1900 valued at s.
! 6o3 ,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 for has
been the greatest In her history.
There were 7,7oe wells completed
| In the Pennsylvania oil fields and
4,e11 In the Lima oil fields In 1901,
making q 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 S,845 IN
Pennsylvania and 5,728 In the
Buckeye aud Hoosier sections, a
total of 1853. In the buster list
were enumerated 2,S22 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 we'll ever found In the
United States and created a furore
of excitement, simply unprecedent'
ed 1t started a boom In tue 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 capitalization footed up
$500 ,oS3, 600. There was ten dol
lars worth of capital stock for every |
barrel of oil produced In 1901
However, a very small proportion
of these companies ever bad any
wells or produced any oil. Of the
Go organized in Texas alone only
1872 had any actual production, and
the majority Of these had no tacili
ties for marketing their output.
The Lucas gusher sent up So
Id column of 100 feet In height, and
a conservative estimate OF It's How
during the nine days that it gushed
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 IA pro-
ducing wells In this section, all
flowing oil from the same horizon,
at $50 to 1,o4o feet. Three Others
have been drilled 10 various depths
and abandoned. Nine Of the four
teen wells completed had an esti-
mated yield of 10, 900 to 10000 bar,
rels per day. BY the close OF the
year 1873 wells had been drilled in
the Spindle Top district. Flfty-hve
of these were producers belonging
to companies that were able 10 find