Papers - - Produciton - Domestic- Oil and Gas Development in the Texas Panhandle for the year 1934

For the year 1934, there were 382 oi1 wells completed for a total initial of 146,965 bbl. Fifty-three wells were deepened for a total increase of 8363 bbl., bringing the total volume of new oil to 155,328 bbl. As of Jan. 1, 1934, the daily potential of the field as determined by the Texas Railroad Commission was 159,740 bbl. Of this amount 26,429 bbl. is "marginal oil," and 2682 bbl. is exempt on account of water. In December, 1934, the daily potential was established by the Railroad Commission as being 297,501 bbl. with a daily allowable of 56,800 bbl. Of this amount 31,993 bbl. is "marginal oil," and 2183 bbl. is exempt on account of water. There has been no field-wide test made during the year, and as a result the rated potential of the field is in all probability much higher than the actual potential. As each new well comes in, a five-day test is made under the supervision of the Railroad Commission. The potential thus established is added to the field potential and shares its pro rata part of the market outlet, which is the allowable production, no allowance