| Show LOCAL CAPITAL interested IN california OIL FIELDS J at Pe getelson telson treasurer of syndicate cate with holdings in wonder field of sante fo fe springs J ba M peterson president of 0 the james INI peterson bank who recently returned from los angeles where lie he had been called on oil some business connected with oil lands just received a wire from his associates announcing noun cing that a barrel of oil I 1 well has been brought in on land only one third of a mile from the holdings in which mr peterson an and d his associates are interested mr peterson is the treasurer of a syndicate holding a ten acre lease on tile the wonder field of the santa fe springs fourteen miles west of los lo s angeles and connected with that city by a paved boulevard the members of the syndicate are utah people and after the bringing in of the above mentioned well they immediately started to put part interests in their holdings on the market to spud in themselves the wonderful opportunities of that oil oi bield are best explained in an ail article published in tile the oil age devoted to news from oil fields tho the article reads when the union oil company companas comp anys I 1 s bell well at santa fe springs came in as a gusher on october 26 1921 few people it if ani even with the wildest stretch of imagination coupled with the most superb optimism would han ha e predicted that within the snort short period of a few months ono one of the biggest oil fields in california it if not in the united state would be developed on that day there were but two lone derricks in the field tho the union bell and union flyers 3 3 the latter being but a 1 I small producer at a depth which had up to that time precluded any active development of the field but with the advent of bell no I 1 a feverish activity such as has never before been seen in california took place until today we find in the field 40 producing wells with a total production in excess of barrels per day of high gravity oil in addition lit on to tile the 40 proda producers cers there is one producing gas well five wells are being re drilled wells are drilling 21 new rigs are up ul 11 ll are rigging up four are hauling in material and two have made locations making a total of rigs and locations on which wh I 1 eh drilling will shortly be started all within the short sp space ace of 11 months that the activity is gully fully N warranted ar is proven by the fact that no n 0 far not a single well has hag been abandoned aba n as a dry hole and that the majority of wells brought in have had a an n initial production in excess 0 of 2500 barrels per day and at leas t one well after having been on production for several months is yet producing in excess of barrels ba r aels per day |
