Book Description

Excerpt from Illinois Petroleum: July 11, 1931 In 1930 widespread adverse economic conditions in the oil industry were reflected in Illinois by 938 per cent decrease in the annual production from that of 1929 (table 2) and by a marked decrease in the number of wells drilled (table Approximately seven - eighths of the decrease in production is the result of the 25 per cent curtailment, effective September first, according to the agreement of the southeastern Illinois Operators. Of the total number of wells drilled during 1930 in Illinois, 197 holes were drilled on or close to proved territory, _and 56 were wildcats. Of these 56 Wildcats, only seven were located by geologists. No important new pools nor new producing formations were discovered in 1930. Few of the wild'cat wells drilled were favorably located with respect to geologic structure. Unless there is a substantial increase in crude oil prices it is unlikely that there will be any marked revival in drilling activity during 1931. If there is no change in the present proration agreement it is estimated that Illinois will produce about 5 million barrels of oil in 1931. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.