The Adair County news. [volume] (Columbia, Ky.) 1897-1987, 1920-04-28
Oil NEWS.

Mexico produced 100000 barrels
of crude oil in 1919. Last weeks re-
ports from the Kentucky fields showed
forty seven wells completed, and with
I only one dry hole reported.
The ]. E. Carnahan Oil Company
who have beentied up with Fishing,
job in Russell County, near Crocus,
are now drilling. They are down near.
ly 400 feet, with good prospects for a
nice well.
One of the latest oil fields in pros
pect in this country is located in the
southern portion of the state of Mis-
sissippi, along the line of the L. g. n.
r BY, where New Orleans and Chicago
capitalists have leased and will devel-
op some $1,000 acres. They expect to
go to depth of 1000 feet with their
test wells.
A dealer in oil leases in Shreveport,
La, advertises them for sale at from
$500 to s5O,OOO.OO per acre, and there
are people who will be willing to buy
at the latter figure. We are not get
ting real fancy prices as yet for leases
in this section, but over in Allen
County forty acre lease sold recent
ly for s8.0OO
The oil business has created such
demand for houses in the city of Bow
ling Green. KY, that the business
men there are raising a fund, $25, OO6
being raised in four days, with which
to erect living quarters to relieve the
congestion. 100 tents are being pro-
vided to supply immediate needs.
We have not had this kind of situa-
tion to contend with here, but unless
signs and predictions fail the time is
not far distant when people will be
begging for living quarters in ColUm-
bia
The demand for oil drilling machin-
cry is so great that the different man.
ufacturers are unable to make prompt
shipments, a period of from sixty to
ninety days often elapsing before an
order can be filed, and conditions are
far from being improved with the ad-
vent of good weather
With the Somerset grade of crude
oil selling at So IS per barrel, and with
the Pennsylvania grade at 86.1O pc
barrel, it does not take very smart
man long to figure out the immense
profits to be realized out Of the oil
business, even with small wells. In
the counties Of Adair and Cumber-
land we iEd quality ofEOiI comparing
faVorably with the Pennsylvania
grade, so even if our wells do not
prove to be ''gushers" we will make
good money anyhow.
Statistics furnished through the
United States Geological Survey, show
that we have reached the lowest
level ofour oil stocks since 1910, and
that supply now on hand is not sufi.
Gent TO last more than three and
one-half months. When we take into
consideration that our production is
not nearly keeping pace with dOmes-
tic demands, and also that our foreign
demand is not already large, but is
increasing rapidly, it is easily stem
whittier we are drifting. But, with
these facts staring US in the face there
are people who pooh, pooh at the oil
business, and they will not be con.
WINGED
During the year 1919, 1929 new
companies were formed in the United
States to engage ia the development
of oil and gas resources, and the re-
filming and distribution Of petroleum,
representing a total indicated in
vestmeut Of over three and three
quarter billions dollars. Truly a
great industry, and an unprecendent-
ed record. for one year
A real oil well was drilled in on
Thursday last, in the southern por.
ton Of Russell county. ps2I he Adail
l5unty, and Sig from
5reelsboro, by tn u.