The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-12-14

chased ~ nice tracts. four Of them
being In the Burbank big well dis
trict.
G. u. Peters. az was anticipated.
bought heavily, and OF the 10 new
leases he picked up viii certainly
driil some big producers tho next
year or 80, unless his well known
ability to pick good ones fails sud
denly Waite Phillips was another
lucky" purchaser. securing some
mighty good acreage, AZ was w. q.
Shelly. the latter getting tract 30,
the northwest quarter of 30-27-6, for
which he and the phillips Petroleum
corporation paid SG63,000.
Tho 80 tracts offered In tho Bur
bank pool brought a total OF f6,ls3,-
600 the entire west side bringing
total Of 1G.g96.000, while the east
side leases totaled t571.6OO, making
a grand total Of sT.267, 800. This
total surpasHoa those OF previous
aalea by over million dollars, the
highest total being about two years
ago. when approximately S6,b00,GO
worth Of leases were sold
Another Lease sale VIII be held
some time the latter part OF Fehru-
larry, the exact date 90 he announced
later, and this sale r. already being
auticipntod with much intercat.
There arc yet unsold 1000. 900 acres
In the Usage, of which approximately
100. 900 leases must DO disposed Of
pcr year, said J. George wright.
commissioner of Indian affairs AT
Pnwhuska. Monday
j. G. Donnell. president OF the ohio
OH company before the American
Petroleum Institute convention AT
Chicago last week, struck the keynote
OF tho situation IN his address. "A part
OF which follows. Larger oil opera
tors arc evidently OF the same opin-
ion as regards the future supply OF
oil ne 10 evidenced by the record
breaking lease sale:
THAT SnAs.00O. 900 viii have to be
expended In 1922 on productive oil
acreage and well operations. II this
country IL TO maintain It's present oil
production" is the statement made
by Donnell In his address.
1.-THE present daily gross produc-
ton Of the United states IN approx
mately 100000 barrels" tho speak :
or said. "and by reason Of raising this
oil there is drainage per year OF
t35,Al5 ncres; so that there must be
acquired and operated during the
year 1929 like amount of produc-
tive acreage 90 maintain present pro-
ductlon. the cost of acquiring which.
including royalty. drilling, lifting and
wiidcattnR. will represent n total
outlay OF so4s. 100000.
"The outlook for the oil industry
for tho year 1899. with particular
reference to production, - fairly
bright. II II n we'll known fact that
n successful year In all branches of
tho business n dependent primarily
upon the maintenance OF production
and tho only basic principle which
can be consistently applied In esti-
mating future production for a given
period is In tho nature Of n calcula
tlon as Co the productive acreage
necessary to he acquired during that
period to maintain present produc-
tion. or In other words. 60 offset the
daily drainage on present producing
territory
'rhe new pools nj Ei Dorado, Ark.
IInvnesvllle. north In, and Mcxih
central Texas. are the most recent
additions TO the country's oil pro.
ducing territory" he said. and
while prospects OF present seem quite
favorable, operations there have moi
been under way for sufficient
length OF time TO Justify an intelli'
gent estimate on tho future output