The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-09-01
IN OIL FIELDS
OFFICE sasi, Residence stts. W. H. PECK. p. o. Boz sss.
r. q. Bor sss.

! certain minor details could be adj
| iur' . 10 our f'uri satisfaction
These are now being ironed out ami
VA men at Fort Worth ana ] be-
| lleve the deni will be consume'cd
within the next day or two.
Tho Planet Petroleum company
properties, which we desire 20 90
quire. VIII be purchased through
the Empire Gas q Fuel Co., a Maine
| corporation, and In the main cuudist
OF producing ana partially develop
ed leases In the South Electra field
bcine located about four miles south
~ the town Of Electra. TcxHs-Or.
! more specifically stated. the S r.
Tom Burnett lcpse with fifty wells
and tho SO-acre WnRgoucr lease.
southeast thereof, with three wells
The combined production Of these
two leases ~ at last reported bet
ter than 5000 barrels daily ana n
couple Of wells drilling. which, when
completed, may swell this produce
ton az any date. Also incl - q IN
this purchase IL q quarter interest
IN the l2O-acre Brown lease to the
south Of the above. but eighty de-
veloped and small production rs
yet, and a half interest In a. acres
to the west thereof, but ms yet IN
developed
THE projection mentioned above
comes from five different sands. The
ahallow wells produce from sand
varying from 500 TO 1,iO0 feet IN
depth and are less than two years
old. The deeper wells nre from ,
to 10 months old. The i,00O-foot
sand IN tho best producer, furnish
ng wells with 1000 TO 1900 barrels
initial production. Tho oil Is around
40 gravity and IL now selling at -
premium above tho posted market
price. The property In well equip.
ped rs to lease tanks. lease build
inEs, power and other equipment
necessary for operation. We believe
tho property has possibilities for
deeper production and II also will
permit further developments.
"There IS included In the deal so
acrea In tho new Bunger field. In
Young county. Texas, close to other
acreage which we have there, and
an S0-acre lease with some produc-
ton In the Duncan field adjoining
our producing properties IN that
field, together with n nice royalty
Interest In tho Duncan field. We
also acquire some wildcat leases I'm
~ Va AiAo Ih'lAAANAlAk AA'ANAa III
various districts OF northern Texas
The proximity OF all the above prop
critics TO Empire holdings allows II
to III in nicely with tho Empire or
gani2ation and permits our operat-
ing It at ANAL additional expense.
THE Planet ropertles have been
generally considered ns very choice
and attractive, having been eff
clently developed, equipped and
operated, and we feel II was a good
buy. The high grade crude will be
valuable to US in connection with
our Gainesville. Toxas. refinery, and
with a comparatively small extsn
sion OF our pipe line system. we Il
80 use II. although for the present
to include II in our general storage
program. We have been looking
over several producing properties
with a view OF negotiating for pur-
chase lately and the Planet Petrol
cum company Is the fret deal to Re
consumated.
The operation OF the newly ac-
quirec properties will be under the
direction OF M. r. Shaffer, general
superintendent OF our present Ok
lahoma and North Texas opera
lions"