The New York herald., 1921-10-09
Experts Join With Those of
Other Great Nations Seek
ing New Fields.
RACE AT HOME is KEEN
More Than $1,000 Wells Will
Be Drilled This Year, Re-
ports Indicate.
Special Despatch to THE Ngw Yosx HrkALp.
New York Herald Bureau.

washington u. C.s Oct- d.
America. now producing two-thirds OF
tho worlds oil supply at the rate. ap-
proximately. Of l.sOO,ooo barrels day. IL
reaching out for new petroleum fields 70
conquer.
American oil experts are penetrating
to the innerrnost sections of South
America. Asia, Sihecia and Central and
Southern Europe In search OF oil fields
where drills may be set to work to un-
cover gas and fluids worth possibly
millions. according to reports to the
Commerce Department. Competing with
the American proepectors are oil
searchers of Great Britain, France and
Italy In q world race to discover AM:
secure concessions In new territory.
Behind the American prospector
for them equal rights ineexploitation If
suspected oil fields Of Mesopotamia and
the other mandate lands.
News OF the success Of the Americans
IN some sections OF South America has
reachsd the Department of Commerce,
nut such successes as have been re-
ported do not seem to indicate the dis
covery Of any largs gusher like terri
tory. Nevertheless oil men at work l.,
the fields within tho United States are
keeping In touch with tho efforts of
their experts abroad. The news of the
discovery OF new and large field would
precipitate rush Of drillers and pros
pectors out Of the country. officials say.
Hundreds Of millions Of Am srican capi-
tai Is ready to flow to foreign fields
should they be discovered for rapid de-
velopment and exploitation.
Race I'm United States Continues.
Meanwhile the race to discover new
fields within the United States continues
More than 1900 wells will be drilled
this year, reports Indicate. Nine thou.
sand new wells were completed during
the nrst six months Of 1920, accord
Ing to reports TO the United States
Geological Survey. Prospectors are
trampinG over thousands Of acres Of
Government land In the West in search
Of oil and gas. Applications for permits
to prospect on Government lands are
flooding the Interior Department under
the oil leasing law which recently be-
came effective.
Failing prices Of crude petroleum
seem to have no effect on the enthusiasm
Of prospectors and others always hunt
ing for oil territory. They know that
with the expected revival of business
and world commerce. the demand for Oil
and its products win soar to levels
higher than during the boom caused
are being built faster than coal burners
by Great Britain. the United States and
all other maritime nations. Oil Is prac-
tically displacing coal as ship fuel
The United States Navy buys annually
millions of barrels of fuel oil. The
same Is true Of the British. French and
italian navies. Lubricating oil Is being
used faster than II can be produced. As
factories and mills throughout the
world begin to feel business revival
the demand will increase, 1t Is pre-
dicted, to proportions never before
known. Germany. England and France
are now taking American oil In almost
prewar proportions. American oil well
drilling companies are being organized
In almost every State in the Union. Oil
promoters are engaged In the interest
of neighborhood clubs, ~
Fortunes Made tn Day.
The story Of fortunes made In oil is
being told daily In newspapers. maga-
zines and special publications. Women
are buying oil stocks In large quanti
ties. according to ono report received
here. In one section q corporation in-
cluded only women stockholders. 1t was
organized on the appeal of a male pro-
moter. This man worked through a So
cial and reading club.
Thousands Of persons are losing In the
oil well drilling game. Thousands more
are winning There are no accurate re-
ports on the number of persons who lost.
But in the records of the Geological Sur
vey are reports on the percentage Of
wells that prove good.
Roughly. three out of every four wells
drilled produce, oil or gas. the records
show. These records are based on re-
ports OF nearly twenty years expert
ence. Only 25 per cent. Of the wells
drilled represent total financial loss to
their backers, the records show Geologi-
cal Survey officials are not willing to
base on these records a prediction that
success comes In rs per cent Of the
cases. The reports do not mean. they
point out, that you might drill four oil
wells In four backyards and strike oil or
gas in three Of them. But II Is indicated
very clearly that where wells are drilled
by men experienced In the business of To-
eating new fields and familiar with the
business, three Of every four win prove
good. In many fields the number of dry
holes has proved only one in ten. For
period of nearly ten years this proper
tion held good for all wells drilled in
the vicinity OF Lima, Ohio.
10000 VIII Succeed.
About $4,000 successes viii be recorded
during 1891. taking the country as
whole. 1t Is believed. In some districts,
however. the number Of dry holes may
run three out Of every four. In others
tho percentage OF success will be four
eat Of five. The average. however. viii
run about rs oil and gas wells and 25
dry holes out Of each hundred drillings.
Government experts caution persons
interested. however. that possession of
stock In q well that comes In" does not
mean fortune. All wells play out after
q time. especially those which como In on
the gusher scale The successful we'll
may not produce oil long enough to re-
pay its hackers. This, however, is rare
Fortunes are made In oil. officials ex-
plain. only through the drilling OF many
wells and their replacement constantly.
This involves large capital the leasing
Cf immense tracts OF probable oil lands
and services Of expert geolosists.
In many cases the small investor IL
persuaded to invest his money In COM
pany that drills one well. The men VINO
organized tho company watch this we'll
liz before II comes in there are signs
that 1t Is going to be productive they
quietly buy up all the land around IT,
Those who invested their money In the
one well company are left out and finan-
cial success as result Of the venture
goes to those on the inside who leased