New Mexico state record. (Santa Fe, N.M.) 1914-19??, 1919-05-30
OIL ASSOCIATION
NEEDED TO SPEED
EXPLORATION n
NEW RIGS GETTING READY
FOR OPERATION. NEW OIL
COMPANIES CHARTERED.
LEASING ACTIVE. DRILL
ING PROGRESSING

The time has come when a state
wide organization Of New Mexico oil
interests is urgently needed. The
lack of coordination in the efforts
to explore for oil is already becom-
ing apparant. Individual and COM
rnunity efforts are praiseworthy and
deserve generous support. But such
efforts have serious limitations in so
vast an undertaking as locating the
deep lying commercial oil in this
state.
Financing oil explorations in the
state is not progressing on the scale
necessary to get results. New Mex
leo has net sufficient surplus capital
of its own that can at this time be
spared from established industry and
business. to make the costly and ex-
tensiye drilling tests required to
locate commercial oil Outside capi-
tai must be induced to come to the
state. Aud it will require co-opera-
tive action to attract the capital nec-
essary for this purpose.
The few new oil companies that
are ready to begin operations are
reported to be amply financed. Blu,
the great majority of the companies
that are proposing to develop pros
poets are as yet not financially in
shape to play the oil game to finish.
They may be over confident of Srik-
ing oil at the first try. But in the
oil game the old proverb holds es-
peciafly true; "It at first you don't
succeed. try. try again" But to try
I'll ton.,
filled purse
1t costs a lot of money to test out
an untried oil field A 5000 foot
hole malpes $500O0O0 look like thirty
cents. II is always a good bet that
the hole is dry Even in proven
territory dry holes are far from un-
common. The company that UNDER
takes 10 test out prospects success
fuiiy must be prepared to sink well
after well and not become discour-
aged If a hole proves dry.
Every company that fails to make
good because of lack of funds, helps
TO discredit the oil operations in the
state. Its failure will cause capital
to hesitate to enter New Mexico.
Right here a Statewide organiza-
lion can De OF service.
The past history of oil exploration
in New Mexico shows failure after
failure TO make a successful test
for lack of funds There are plenty
of shallow holes and some deeper
ones that bear witness to the folly
to attempt operations with limited
means. These attempts have not
been helpful in promoting further
operations.
There are other lines in which an
organization may be OF service
in oil companies. They are willing
to speculate Operations in an un-
tried field is speculation, but even
here there is a difference. Invest
ing IN a reputable and we'll financed
and efficiently managed company is
by all odds better speculation than
in weak or fake companies that are
sure to cone sooner or later. The
public has little chance of knowing
what is good and what is bad. An
would be a protection
to the public as well as to the oil
business generally.
There are many other reasons for
at this time. Ii is hoped
that public spirited men may take
steps to form An organization of New
Mexico oil interests at an early day.
Field Activities
A contest is in sight as to what
section in New Mexico will bring in
the first oil well. The rigs already
at work are going down steadily.
The Ud1pn Oil Company is making |
progress on its well on the Cimarron
in the northern part Of Union Coun-
ty. The Toltec Oil Company is pro-
crossing in Santa Fe County. The |
Gypsy Oil Company keeps steadily
at work near Dilia in San Miguel
The Valley Oil Company is
in promising sands at Co
The Mesa Verde Company
At Flora Vista near Aztec in San
Juan county finds the formation bet
ter as the drill goes deeper. The
Illinois Producing and Refining Com
pany is down over 1000 feet in their
we'll near Lakewood in Eddy Coun-
ty. The Lincoln well near Lake
Arthur in Chaves County is now in
promising sand. The Carter Oil Com
pany has a well 1000 feet deep near
Defiance some distance west of GAL !
up in Mckinley County.
Every one of these rigs is work.
ing m very promising localities and
able to make a deep test. The COM
panies are we'll financed according
to reports So far none of these
vells are deep enough to reach the
real oil that the geologists say is
present Il will be some time be-
lore any of these wells will reach
The 5000 foot level There is lit
lie prospect of striking much oil at
! lesser depth.
New ce.panies Ready for Opssatio.
The first new rig ready to begin
operation is in Quay County. This is
he H. I. McGee outfit near Lesbia
EAST Of Tucumcari. This is q standard
-ig capable of making a deep test
The derrick is up and the machinery
b place. The company is amply
financed according to reports.
The W. W. Cox Oil Company 10
yetting ready as rapidly as possible
10 drill in eastern Dona Ana Coun-
b n the ruiarosa basin. A stand
I'D riG Of the best make is going
q here The company IS preparing
or . eAorough test and has incfeas-
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