The San Francisco call., 1910-11-29

OIL STOCKS

Associated oil was the active stock yesterday
and was weaker at $44 5oGa44. %. falling figures.
Palmer was higher at $1.45. Otherwise there
were no changes. Business continued light
AZ meeting OIL the board OF directors OF the
tions OF G. G.; Gillette of Los Angeles and Lee
B. Durstine of New York directors were ac-
cepted. e. A. Wiltsee, who since the inception
of the company has been the managing director
IN charge of operations in the field. rendered
MS resignation as manager of the field opera
tons, but retains his seat on the board. Thomas
e. z; Glb69n, 8 J.; Ross { CLARK J. R. McKnnie, D.
Angeles, We're elected to fill vacancies
The January oil company, operating in the
North Midway field, spudded in well No 3 yes
terday. 1t Is the Intention to construct derrick
no. Immediately and drill two more wells by
the first of the year.
Wells No. ] and No 2 are on the pump and
are Keeping up the regular production.
The January is member of the Independent
agencies, who are taking oil
Automobile loads of oilmen have visited the
Bohemian well, Coalinga, and all are confident
account OF the large amount of water CONCEAL
ing the fuel; Every one expects to see a large
well brought in, because the oil comes up in
large quantities through the water and there
Is considerable gas pressure. The well is about
1870 feet Deep Superintendent Hayden of the
Standard oil company took sample of the oil
from the bohemian and upon testing it found it
se 50 Ie and Sea sTav i has regular i
pumped off 1t will go higher The well will be
put on the pump as soon as the tubing can be
In the last 33 days the Puritan oil company
has drilled 500 feet in the first well on its Sui
pbur mountain property, which is the record for
the Santa Paula field.
Coalinga National has levied an assessment of
1oc. The management has sent the stock hold
ers a letter saying that lit was with the great
est reluctance that this step was taken, but,
owing to the conditions existing now and for
some months past, there was no other action
possible. Our option to purchase, upon which
we have already paid the sum of S32 600, being
about to expire, and 1t being impossible to obtain
an extension of said option. it was up to us to
give up the purchase of the land and lose the
$32,OU0 we had paid thereon and operate under
the lease, or to levy this assessment; and the
drilling clause of said lease making it impera-
tive Tor us to practically drill continuously,
whether the product could be marketed or not.
thus making the conditions exceedingly severe
therefore, we are exercising the best business
Judgment for the future welfare of the company
In taking up the option to purchase and provid-
ing the necessary funds to meet the first pay
ment thereon and to carry on the drilling of No.
well. If the conditions warrant the drilling
of another well in the future, and taking
into consideration the evident falling off of both
the Midway and Maricopa fields, it appears to
us that we will be able TO handle our produc-
tlon readily In the near future.
'0ur No. 1 well is producing daily in the
neighborhood of 400 barrels of OIL making APP
proximately total of 1900 barrels monthly.
as royalty sixth, or approximately 1000 bar
ad ehs h sa1o at the market price for for September
and this from only one well.
We feel that 1t viii not be necessary to levy
any assessments in the future. for this one puts
the company in such position that 1t can under
the worst conditions be self elf-sustaining.'
The Pyramid oil company has brought in its
well No. 2 in Kern river on its Prosperity prop
sand in all was tapped and 175 feet of casing
perforated, the extra amount of perforations
being to drain the strata of shale and clay
which contain more or less oil and which lie
between the oil sands The superintendent
states that the showings in this well indicate
of the Merchants and Bankers and the Boston
Petroleum on adjoining properties. which are
producing from 90 to GO barrels per day.
Fresno people who visited the Midway and
Sunset oil fields report that the whole tone of
things down there has changed since the Pro
ducers began running oil generally week ago.
The statement was made by fedman of the
Producers that available pipe lines are now
taking 10000 barrels day out of the district.
Some Of the larger operators it is said, feel
ing very optimistic over the prospects now.
Activity in the region of the famous Lakeview
is very marked. Sage wells Nos. 10 and IL
which are in the northeast corner of section 35
and are quite close to the Lakeview, have Just
painted the derrick after having had several
dry blowouts 1t is not known what the wells
will do yet
Palmer Jr. oil company well No. l. Santa
Maria Held, is down little more than 1900
feet and is in brown shale. with gas pressure
heavy and every indication of being in the
second sand, which is about 400 feet thick at
that point. 1t is expected that the well will be
as big as Palmer well No. 5, which produces
10000 barrels In 20 hours.
The Midway Premier we'll, which few DAYS
ago tore loose almost without warning, is still
going at great clip. and it Is estimated was
doing 10000 barrels a day 10 days ago.
The Sunset Monarch gusher, which recently
came IN just west of the Lakeyiew, is now per-
fectly controlled, the gates being open little
TO allow of relief of the gas pressure. Under
these conditions the well is doing 1000 barrels
| q DAY