Oxford eagle. (Oxford, Lafayette Co., Miss.) 1876-current, 1921-01-27
OIL DRILLERS
AWAIT DECISION
ON OIL LEASES
If Property Owners Will Foreg0
Annual Payment, Company -.
Will Resume.
THE SITUATION AT WINoNA
Tuleco Oil Company of Washington
Will Drill Test Well in
YalObusha.

YalObuSha.
Hope Of resuming operations and
continuing the drilling at the oil well
at Paynes of the Charleston Oil &
Gas Company was revived this week
by the action of the company in
starting a canvass of the property
/ holders in the neighborhood of the
well to ascertain if they are willing
to execute waivers of the rental pay
ments bue from the company for the
leases it holds.
The E. w. Marland interests, of
Ponce City, Oklahoma, the largest
stockholders in the company, are not
satisfied to abandon the drilling at
the present depth of 5000 feet, and
it is understood that if the property
holders will execute the waivers Of
rentals, asked, arrangements will be
made for additional money sufficient
to install standard drilling machinery,
which is considered necessary now
that the present depth has been
reached. If the property holders con-
sent the drilling will be continued un-
til oil is reached, or until hope is aban-
doned.
1t is estimated that from forty to
sixty thousand dollars will be needed
to complete the test and this will be
provided if the waivers of rentals are
executed. But without this cooper
alton on the part of those who would
ultimately benefit by any discovery Of
oil, the company is not disposed to ex-t
pend more of its money in carrying
the test further.
It is Officially stated that the prop
erty owners will not waive any of
their rights to oil profits by signing
the papers asked. They will simply
forego the collection of the rental
payments of rs cents per acre year,
for period of two years, as their
contribution towards encouraging the
continuance of drilling, which has
become very expensive affair at the
depth that has been reached.
The oil officials are desirous of
knowing the decision of the property
owners as soon as possible as time is
an important consideration.
Oil Well at Winona.N
Because of the secrecy which has
surrounded the operations there has
been much conjecture about the well
which the Preston Oil Company is
drilling near Winona. 1t has been
reported that oil has been found and
that the well had not been capped.
From a we'll informed source, The
Sun learns that the situation is as fol-
lows:
The drill that was being used by
the Preston Company is Of the rock
bit type and because of the hardness
of the sand which it encountered at
the lower depths, it was necessary to
use large quantities of oil as lubri-
cant. This was brought up with the
sand and mud and there was no way
of telling whether oil was seeping in
the we'll or not.
So, according to the Suns inform
ant, the company decided to suspend
operations until standard drill,
which does not require an oil lubri-
cant can be installed. It is estimated
that it will take about weeks to
make the installation. Mississippi
Sun.
YalObusIia County News
The Tuleco Petroleum Co., of
Washington, D. C. has made con-
tract and will drill well in Yalo-
busha county. The company has not
made public the location where the
well will be located, but it is reported
that it will be located on the York
farm east Of Coffeeville in the Air
mount neighborhood.
Mr.. R. E. Combs, vice president
and general manager Of the company,
lis at Coffeeville and giving tae pre-
liminary arrangements his personal
attention. It is reported that der
rick will be erected and machinery
for drilling will be on the ground
soon.
Oil men from all over the country
are showing q keen interest in this
section and hardly day passes hui
that several visit Water Valley look.
ing over the field and seeking IN.