Word: kettleman
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Amerada Corp. sold a half interest in its King lease, Kettleman Hills, Calif, to Union Oil Co. of California for $4,000,000 cash, $4,000,000 from future production. Last year Amerada bought this lease for $200.000 cash, $200,000 to come from the first production. On the basis of last week's transaction, the total value of Kettleman Hills is estimated...
...Kettleman. The rostrum chosen by Secretary Wilbur for delivery of his newest suggestion was one of the richest oil "domes" in the country-an eminence about eight miles long and a mile and one half wide near Fresno, known as Kettleman Hills North Dome. Oil production in the Kettleman Hills is now curbed to some 14,000 bbls. per day by an operators' agreement expiring July i, 1931. Should the agreement break down, Kettleman...
...this dome, the U. S. 40%, small miscellaneous companies the balance. Wasted Billion. Declared Secretary Wilbur to the Kettleman Hills operators: "A billion dollars in resources will be wasted unless we can work out a method of orderly development of this great field. As minority landholders we want to see an agreement that will stop sinking of wells that call for offset drillings, with ring after ring of offsets. We want to participate in a voluntary plan by which all holders of proven land can benefit. We want to avoid 'drowning' the gasoline market with the flood...
Felix. On his oil field tour Secretary Wilbur saw for himself one of the defects of voluntary agreements. Just outside the Kettleman Hills "shut-in" is operating the Felix well of Petroleum Securities Co. (a Doheny concern), wasting 30 million cubic feet of gas per day. Vainly have the Kettleman operators tried to get the Felix well to reduce production. As Secretary Wilbur was traveling back to Washington, he read news of a terrific explosion at the Petroleum Securities brand-new plant for removing gasoline from "wet gas," a disaster which killed a foreman, destroyed a $500,000 plant...
Standard of California, biggest producer of crude oil in the U. S., third largest refiner in the world. Most important recent developments have been the Kettleman Fields discovery in 1928 and the purchase of Pacific Public Service to dispose of natural gas (TIME...