Production - Texas - Oil and Gas Pevelopment Panhandle during 1943

In spite of an increase of 7 cents per barrel in the posted price of oil for the Panhandle field effective June 16, 1943, there was less drilling during 1943 than ir, any of the several previous years. The drilling statistics are compiled as Table 2 and show the material increase in the percentage of the total number of field wells completed as dry holes. This increase suggests that the productive area of the field is largely drilled up on the well-spacing pattern now followed and that new discoveries will be required to permit any important new activity in the area. The fact that only four wildcats were drilled in the area during the year indicates that some new prospecting technique or some ncw point of view is required to stimulate exploration. No new producing areas were discovered during 1943 and no additions to oil reserves were made through extensions or discovery 'of new pays. Accordingly, the proven reserves in the area declined by the amount of the production, or nearly 31 million barrels. These results of drilling are similar to those obtained during 1942, whcn no new oil areas were discovered as a result of wild-catting, a total of five wildcat wells in 1942 resulting in four failures and one gas-fieid discovery of undetermined merit. sion. The number of oil-producing wells reported by the Commission increased during the year by 163 to a total of 5576 as of December.