San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1924-04-27
MIRANDA DEAL
. STARTS GREAT
DEVELOPMENT
Associated Oil Interests,
New Corners, Plans
Drilling Program.
PIPELINE HELPS, TOO
Announcement Of McCor-
Ee's Entry Increases
Acreage Values

Miranda City, Tex. April 26.-The
recent purchase of the Black Panther
lease by the Associated Oil Interests
of California, has brought new and
unlimited capital of an organization
which can cope with any outside pres
sure and build up confidence which
has been lacking somewhat hereto
fore.
At present there apparently is a
period of development coming which
places the Miranda field in a more
substantial light than ever in its his
tory. Many of the major companies
are preparing for extensive activity.
Indications are pointing to some deep
well drilling.
Up to this time the Magnolia Pc.
troleum Company has been the only
heavy capitalized company operating
inside the proven or unproven terri
tory. This company has purchased
considerable acreage and production
inside proven acreage. 1t has built
a pipe line and is taking oil from the
field. The company is the leader in
posting of prices.
With the entry of the Associated
Oil Interests things are liable to take
on . different aspect. They are mix
ing in with the Magnolia in a bid
for production and they have started
drilling operations for further deveI-
opment of their leases. Besides drill
ing in proven area they have one well
drilling near the Carolina-Texas gas
sers and should they prove successful
companies like the Texas, Gulf. Rox-
anna, Snowden-McSweeney and 9th
ers will be compelled to get in and
the future will be a boom with big
play scattered over a wide area CEN
tering around the gas field.
May Get Two Deep Tests.
Many individuals are talking of
development of leases held around
the Carolina-Texas gas field and it
would not be surprising to see at
least two more deep tests in the neigh
borhood before another 80 days passes.
The Weber deep test in Jim Hogg
county is getting at the interesting
stage and a contract has been made
with the Shasta Oil Company to com
plete the well and set casing at a
depth of 3517 feet, where the logs of
two lost wells show an oil sand was
picked up.
The Pipin Graveyard we'll on sur
vey 81 of Jim Hogg county has re-
sumed drilling at a depth of 1900
feet and will be drilled to $500 feet
If oil is not found at a shallower
depth. The Tyson well on survey
30 about four miles southwest of the
Plppin well is also preparing to make
test around 400 feet.
Pipe Line Has Effect.
The building of the McCorkle pipe
line into this field is an item that
bodies well. The bare announcement
that contracts have been let and that
work is soon TO begin has already
started the wildcatter to hunting for
likely acreage. Taken as a whole the
big Miranda country is due for
growth in oil history second to no
area in the Mid-Continent group.
The HUMPHREYS well on the Petit
ranch in the northwestern part of
Webb county and the A. ID. J. we'll
on survey 1928 near Encinal, north
of Laredo 80 miles are tests which
are in favorable territory. The for
mer well has just started drilling and
will be carried down to a depth of
5000 feet. The A. ID. ]. well is now
drilling around 1000 feet. These two
wells will test out a formation en-
tirely different from wells in the east
side OF Webb county and in Jim Hogg
county. They are entirely in the old
er formations of the earth's crust
and will penetrate the rich oil-bear-
ing formations of North and Middle
Texas to determine production. Geol-
ogists of note have made good reports
on northwest Webb county for deep
oil.
Crude Price May Rise.
Another rise in price in crude here
will act as a fu~sher stimulant to
drilling and it is predicted that this
rise may come momentarily. The
present rush inside the proven area
is also causing some operators to ven
ture out along the edges and extern
sions are certain in an easterly di-
rection far to the southeast and wells
are now drilling further out in nom
productive territory.
Three pipe lines are now bidding
for oil in all the proven pools with
the exception Of the Miranda valley.
where only one pipe line is in SER
vice. These pipe line companies are
all paying the same prices with one
offering a premium of 2 IL cents per
barrel. Some Of the producers are
talking of building 55,000-barrel tanks
on their. leases and storing oil for a
rise in the market.