Salt Lake Telegram | 1920-11-07 | Page 9 | Wonder Oil Well "Blows up"; Salt Comes

IWONDER OIL WEll WELLi I ISALT BLOWS UP SALT GOMES I Pessimists See End of r T Tampico's s Oil Days Day Optimists Hope Hop Hopeful ful T. T Mexico Nov O G. 6 Information tion Uon has had just reached here from the oil oilfields oilfields fields that the greatest well of the Standard Oil company has hae blown out oui Salt water ba has found Its way into the well and choked off oft the gusher For eight years eight years this well had been a wonder of ot the oil world Some oil men Say gay y that it produced as much as barrels of or I oil a da day Others put the dally daily output I for eight years at barrels This Tills is still a staggering figure As salt water has stopped the flow of oil from a number of important wells I pessimists were disposed to see a a. warning warning warn warn- an ing g gi oil of the producing r J end n of f region Tampico's d But while rs t the as asan asan I croakers were sitting in hotel lobbies discussing discussing dis dis- cussing the newest calamity a party of oil all drillers arrived from the field to celebrate celebrate celebrate cel cel- the opening of another mother great gusher gush gush- er a rival of the well that had passed away Oil men men here sa that the end end of of Tampico's Tampico's Tam Tan picos pico's oil is by no means in sight The They sa say that new wells ar are being opened rapidly much more rapidly than wells fail ENGLISHMEN SOLD OUT Pessimists however point to the fact I that English capitalists who controlled ono one of ot the large companies for years I have sold their interests to Dutch financiers financiers financiers finan finan- ciers and to the fact that a large company company company com com- pany controlled by the thc Standard Oil company is buying large tracts of ot land landIn In various parts of of of Mexico as though for forthe forthe the purpose of ot going Into the land business busi busi- ness But the continued activity here is in sufficient sufficient sufficient suf suf- reply to the croakers croll rs The Corona Coa Corona Co Co- Co- Co rona a Oil company is building g a eUli Uli refinery e Another e large r refinery is bel being g put up by the Continental Mexico The International the and the Mexican Gulf Gul are expending great sums in all lines of construction These millions would not be spent If it the oil men did not see ahead many years of or continued great production Mexico's new constitution if it left unchanged un unchanged un- un changed may cause caUle much confusion in inthe inthe inthe the oil regions This means that oil companies that have bought land do not notown notown notown own the oil for which they made the purchase purchase purchase pur pur- chase and that oil leases are worthless MAKES LEASES WORTHLESS The oil men urge that article 27 7 7 Should relate to new fields opened opened- after acter the framing of the article and not to leases and sales made mado before the article was adopted They say that that- the article makes leases leass for which large sums were paid absolutely worthless and will cause the loss of many millions in connection with land purchases Ses as most of ot the companies companies companies com com- have paid large sums for oil land la The They want article 27 changed so that they will be left in undisputed possession of ot at least what they have already bought and paid for I It is said that some of the leases an and sales were made In such an irregular manner that they could nut not be held binding if it brought into court Tl This s has caused uneasiness The large companies arc are having their leases and land titles carefully reexamined by experts for the purpose of finding and correcting if possible possible possible pos pos- sible errors In preparing the papers In the last few tew weeks Ta Tampico has be begun n to fill up with promoters of ot the wildcat variety Faces that that- were familiar familiar fa- fa in Tort Fort Worth Ranger Wichita Falls Palls and other Ameri American oil centers and ana r i rat at Goldfield and in the days das of gold stock are to be seen about the hoe ho- ho e wildcat wildcat- f berm ir These promoters promoters' can n be In Ta Tampico for only one purpose purpose-a a stock selling campaign Stock In ln their companies companies companies com com- may already b be on sale in the states I