Developments in West Texas and Southeastern New Mexico in 1957

In 1957, 7,234 wells of all classes (a new high record) were drilled in the area. Production also set a new record of 549,356,258 bbls. There were 1,275 exploratory wells drilled which is 13% less than 1956. The number of successful exploratory wells is 360, or 28%. Multiple-pay discoveries on the Central Basin platform and numerous extensions to older productive areas characterized the exploratory drilling. No major oil pools were found and not enough oil was found to replace production. Exploratory interest in the Central Basin platform is on the wane and seismic activity is at a low ebb there. Strong exploratory effort is being made in the Val Verde basin and the Northwestern shelf. No really new frontier areas were actively prospected. Exploratory methods used were about the same as in former years, but more emphasis is being placed on detailed subsurface geological studies. Seismic activity was off 10% from 1956 and unless frontier areas are opened, this type of prospecting will continue at an even lower level. On the Central Basin platform lease bonus prices are very high and little acreage available. More and more drilling units and joint ventures are in prospect as a result of the tight land situation in the more favorable areas.