New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-06-08
Big Companies
Take Leases i'm
New Texas Field
Ranchman Refuses $50.
100000 for Property,
Report States; Sun Co.
Extending Its Holdings
Financial Bureau



AUSTIN, Tex, June with total
daily production of little more than
100000 barrels of crude petroleum the
Central West Texas fields are making
showing that fulfils the forecasts
that were made of development opera
tlons several months ago The total
daily yield of heavy grade petroleum
of the Gulf Coast fields is about $4,000
barrels
No development in the oil industry
in Central West Texas since the dis
covery we'll was brought in at Ranger
has aroused more interest than the
opening of big pool on the 5000
acre ranch of Peter Swenson, in
Stephens County, about two miles
southwest of Caddo, by the Swenson-
Dale Oil Company. This we'll was fin
ished at depth of $3.50 feet and had
an initial flow of 1000 barrels a dav.
1t cleaned itself out rapidly. and the
flow gradually increased until it has
reached daily output of about 1000
barrels. 1t is one of the largest pro-
ducers in the Central West Texas
fields.
Opens New Field
The most significant feature of the
new strike is that it opens up a large
and new area Of possible production.
Several of the larger companies, in
Guiding the Texas Company, the Sun
Company, the Prairie Oil and Gas Com
pany and the Gulf Production Com
pany, had already leased most of the
land in the territory around the Sven
son ranch before the we'll was brought
in. The fact that these leases were
taken on wildcat chance by the COM
panies is some indication of the ex-
tent Of leasing operations in that part
of the state.
Although Peter Swenson was fairly
we'll to do ranchman before this oil
strike was made he could now easily
sell out his holdings for upward of
S5O,000,000. Although his ranch was re-
garded as wildcat territory. he had
refused to lease any part of it. He or
gained a company to put down a test
we'll upon the land, the stockholders
being men Of small means, most Of
whom make their home at Clifton.
Texas. Swenson has been offered as
high as $4,000 an acre for leases on
the remainder of his ranch, not occu-
pied by the we'll. SO far he has re-
fused all offers to lease the big prop
erty. The oil from the well is being
stored in earthern reservoirs, pending
the laying of a pipe line and erecting
of steel storage tanks
Of the several companies that are
so fortunate as to own leases in the
new field, the Gulf Production Com
pany fares best, as its holding of 200
acres adjoins the Swenson tract on
the south. Drilling outfits are being
brought into the new producing local.
ty by all of the companies owning
leases there and DEVELOPMENT work will
be carried on rapidly.
Peter Swenson, to whom this big
fortune has come, is said to be no re-
lation of Swenson & Sons, of New
York, who own a large ranch near
Stamford, Tex, about forty miles west
of the new oil discovery Peter Sven
son came to Texas from Minnesota
some years ago.
Standard Adds to Holdings
The Sun Company, a Standard OIL
subsidiary, is gradually adding TO its
lease holdings in the Central West
Texas fields. 1t is paving the way to
become one Of the biggest operators in
the state. 1t is now constructing
private telegraph line from its Offices
IN Dallas to Ranger, Caddo. Brecken
ridge and Desdemona.