The Tucumcari news and Tucumcari times. [volume] (Tucumcari, N.M.) 1907-1921, 1919-10-16

Oil excitement has been running ut
fever height the past two weeks and
today most everybody in Tucumcari
seems TO have caught the fever. The
McGee oil well, started some months
ago which has been making splendid
progress, was suddenly brought to
stand still two weeks ago supposedly
on account of cable shortage is known
now to he in the much desired Penn
sylvania formation. The present form
alton is lime and may continue for
some time. Mr.. McGee, said to be one
of the most practical geologists in the
country. says the Pennsylvania forma-
tion in this section may be from 800
to 100 feet thick and he fully expects
to strike oil in paying quantities in
this formation.
Everything was put in readiness
to start the drill into this formation
and there is no telling now how soon
oil sand will be encountered. As long
as the lime formation is prevalent 1t
is not expected to find oil but there is
possibility of gas, but when sand is
struck the chances are that oil will
be found. At present those in charge
of operations are quite hopeful. They
have taken chances in opening up this
new field and their efforts are de-
serving of success. 1t means much
to them but more to Tucumcari and
Quay county if oil is found in paying
quantities.
The real estate offices are being Wis,
tied by those who believe oil will be
found soon. All cheap lots have been
contracted for in the desirable resi-
Dental part of town, while residences
are being sold to those who expect to
make this their home. Prices on town
property are climbing skyward while
farms east and south of town are be-
ing leased ut prices ranging from ten
to twenty-five dollars per acre. A few
of the sales which have been reported
were the Culbertson land, 48O and 32O
acres near Lesbia leased at $500 per
acre; Mrs. Stinson's 100 acre tract
SO an acre; 80 acres ~ miles north
east of well leased to FIT. Worth par
ties at $25 an acre 240 acres 2lR mi.
north of well leased at $50 an acre to
oil man from Ranger; $50 acres 2ha
miles west of well, leased to Amarillo
parties at S25 an acre.
The Shirley farm of 4SO acres two
miles south of the McGee well brought
so per acre for half of Mr.. Shirley's
one-eighth royalty, bringing him the
neat sum Of $4,000.
A real estate man of this city sold
"A lease on 80 acres pig miles north of
the McGee well for s25 an acre. This
same man has turned several other
leases for smaller sums.
| Another real estate man made a
similar sale on 40 acres east OF the
well, so it is quite evident the McGee
well is the center of much speculation.
| Only few months ago McGee de-
Icded to make a location and started
thrilling backed by capital from the
Texas oil fields and has never asked
this vicinity for one cent. His com
pany relying upon Mr.. McGee's judg'
ment have never lost faith in him ami
money has always been Forthcoming
to meet the heavy expense OF sinking
Ia deep test well in wildcat territory
The best rig obtainable was placed on
the location and no expense or induce
lment was spared to secure expert dri!l
Ioperators from the Ranger field "a
do the work which has been done with
speed. Today they are again pound
ing away in the Pennsylvania forma'
ton with chances of striking oil o.
gas at any moment. Investors are
here from everywhere with the utmost
confidence in the outcome.
, An Indiana company is anxious t
: sign drilling contract with DodsoI
brothers for 40 acres near well on thu