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Show Gulf Oil Gives Up Leases In Roosevelt Pool Two Salt Lake City men, George W. Snyder and G. W. Weightman, last held all but 40 acres of the North Roosevelt Pool leases previously held by the Gulf Oil Corp., it was reported re-ported early this week. The oil company had returned their leasehold, excepting the 40 acres, ac-res, to the two men. The firm, which discovered oil in the Lynn O. Whitlock No. 1 wildcat in 1951, in a step-out from previously established production pro-duction in the area, said it could not comply with an agreement to drill an additional three wells on the 520-acre" lease. It therefore there-fore surrendered the remaining acreage. ''Econom i cs of production from the fractured shales at the Roosevelt Pool at depths below 9,200 feet show that in our opinion opin-ion the drilling of three more wells on the 520-acre lease would not be feasible," said a Gulf spokesman. The remaining wells, to which Gulf had committed itself would have to' be drilled on less than one well per 160 acres, and this the firm declined to do. Mr. Snyder and his associates, of course, believe, that further exploration and development of the lease is economical and are arranging for drilling of the property by other interests. The Roosevelt Pool unit plan of development initially proposes pro-poses a wide-spacing of wells based on somewhat the same reasons submitted by Gulf in its termination of its drilling contracts con-tracts on the Whitlock-Kastra-nakis lease. However, that plan is the subject sub-ject of legal action in federal district court as lessors of the Phillips Petroleum Co. have objected ob-jected to committing their lands to' this initial plan, calling for drilling of one well to about every 320 acres. That case, incidentally, is scheduled for trial in federal district court commencing June 15th. |
