The Winslow mail., 1919-11-14
Oil Notes

The Zuni we'll did spud III Sunday
the 9th, as announced in our last is
| sue, and our latest report was tha
this we'll had reached a depth of $:
feet which is very good, indeed. How
ever it is Understood that the I
fol nation where the Zuni is drilling
is much softer and easier DIR; ling
than where the other four wells arc
now operating. However, it is reli-
ably stated that tbs Iuni has /, first
class standard rig which is fully
equipped
The Heating Syndicate that is ra
drill on the Aztec Petroleum Securi-
ties Company's holdings near the
Af&mana, are ma6.1y all neccs sa.y
arrangements to in5':,l their rig
derrick and all equipu ent, all ri
nlch has been p. ,pa ~ ordered
and some of the mate n! has already
reached Holbrook, a1i >'lme has been
delivered to the well site in Section
81, 1wD. IA NJ, Range ~ f. There
ar always more or less uncertainty
a. to the delivery Of gooGs ordered.
and no doubt several weeks will be
passed before this rig is erectl and
fully equipped.
We all realize, or at least should
realize, that any oil field is more or
less speculative; in fact any PROPOSE
zion where the dividends are likely
to be much more than tn ordinary
rate OF interest, there is an element
of chance. Yes, chance to make big
profits and a chance to loose ylur in
vestment, this should be clear and
understood, and again there is much
more element of chance in a new
field than proven one. In a proven
field your chance for large profits
are much smaller than in a new field
while in the new field your chance to
win at all are even less than in
provn field. However, we find that
the so-called great Ranger field is
failing daily. Many large dividend
payers are now either paying very
small, or nothing, some wells that
produced from 500 to 2200
barrels per day are not producing a
thing; shut down abandoned. The
Great Norwood No. 1 Well which
flowed 1000 barrels per day, the last
record available shows it producing
1000 barrels per day. A list of every
oil we'll completed in the famed
Ranger field prior to September 1st,
and showing an initial flow of 1000
barrels per day or more, reveals the
APPALLING fact that 78 such wells, with
$4,000 barrels daily aggregate initial
flow, and that the first week of Octo-
Der the same wells had dried to the
extent of yielding only $4,000 barrls
per day, or about one-seventh of the
initial flow. Twelve of the prize 78
we'll had dwindled down to zero.
(Excrept from Financial Review of
New York City, October 29th issue)
This stands conclusive that the
Ground Floor Day in Texax" has
actually long passed into history.
That is not saying that there are not
yet chance to make money in Texas,
but the oportunity is certainly not as
good as it was a year or more ago,
when it was at the beginning.
We realize that Northern Navajo
County is a new and practically un-
developed field. However, some of
the very best geologists have stated
that this field had equally as good
indications and compared favorably
with the Ranger field, except that it
was much larger and less intrusions
and breaks, and that it did compare
with the Great Wyoming field which
is becoming greater each day and the
production increasing instead Of fall
ing off, and that to an extent was
much like portions of the Oklahoma
Kansas, Ohio and the old but wonder
full field of Pennsylvania a
In view Of these reports and know
ing that the only two wells that are
really deep enough to have any show
ing, have had exceptionally good
showings, and sdme oil bearing sand
and shale, it seems that the prospects
are just as good as they were in
other now well known proven fields
at the same stage of development.
The investor has the right to take
the chance but is entitled to a square
deal, and if he invests in an operat-
ing company he could only expect
that his money would be spent in the
drilling the we'll in which he has in
vested, and that no undue cessetion
of operation or unnecessary waste
of money should be tolerated.