The General Asphalt Company and its subsidiaries have a 30 year lease of nearly 12,000 acres including the lake. The structure of the lake includes faulting, folding, and fracturing of strata, with formations of black shale, sandstone, and fossiliferous limestone, the last supposed to be the source of the oil, and the sandstone its reservoir, whence from pressure of gas it escapes to the surface. A narrow gauge railway is in use. From lack of transport hardly 20,000 tons of asphalt were shipped from Bermudez Lake in 1920 compared with over 40,000 in 1919; from Trinidad Lake, about 70,000 in 1919 and over 108,000 in 1920. In the Bermudez concession is a large asphalt deposit 100-200 yards across, on the Island of Capure in the Orinoco Delta. In the Maracaibo Basin are other beds. One near the Lake at Inciarte, 27 miles from navigable water, is 94 per cent pure; but transportation is difficult. The =Petroleum= prospects of Venezuela are excellent. The chief work accomplished is in the Maracaibo Basin, which is regarded as one of petroleum as well as of water. Many companies are engaged in development work. After two years of preliminary examination by 35 experienced geologists, the Caribbean Petroleum Company selected 1000 areas averaging 1250 acres each for further investigation. Of these they now retain 250, covering 312,500 acres. With a lease concession for 30 years, a tax of eight cents an acre is paid annually and a royalty equal to about ten per cent on oil shipped from the country. On one section, the Mene Grande Field, ten miles east of Lake Maracaibo to which a road through swamps was built, about a dozen wells have been drilled, in all of which oil has been found. The first were capped, but with present facilities flow is permitted. The character of the oil improves with depth. Three 55,000-barrel steel tanks have been erected, and pumping stations on the field and at the port. A pipe line was laid 11 miles to the shore at San Lorenzo, where, 70 miles southeast of Maracaibo, storage tanks and a refinery were built. The latter, now in operation, will refine every grade of oil except lubricants. The capacity is 2000 barrels daily (42 gallons each). One well is said to rank in output with some of the Mexican. Much of the oil is now used by some Venezuelan railways, and by industries of the country. Part of the crude oil is carried by three barges and eight converted monitors of 450-500 tons each to a refinery at Curaçao, which has larger storage tanks, pumping station, etc. The refinery has been running 1000 tons of crude oil daily, but can take care of 4000 tons. The swift current of the Maracaibo Channel makes management of the monitors difficult. This Company has other wells at Perija, 50 miles west of the Lake. The first, which struck oil at 1227 feet, was shut in. One in the Limón Field, drilled to 2752 feet, was abandoned.