Sketches in Crude-oil: Some accidents and incidents of the petroleum development in all parts of the globeMcLaurin, John J. (John James)
History
Sketches in Crude-oil: Some accidents and incidents of the petroleum development in all parts of the globe
McLaurin, John J. (John James)
Petroleum -- History; Petroleum industry and trade -- North America -- History
The bluff overlooking Petroleum Centre from the east formed the western
side of the McCray farm. At its base, on the Hyde & Egbert plot, were
several of the finest wells in Pennsylvania, the Coquette almost
touching McCray’s line. Dr. M. C. Egbert leased part of the slope and
drilled three wells. Other parties drilled five and the eight behaved so
handsomely that the owner of the land declined an offer, in 1865, of a
half-million dollars for his eighty acres. A well on top of the hill,
not deep enough to hit the sand and supposed to be dry, postponed
further operations five years. His friends distanced Jeremiah in their
lamentations that McCray had spurned the five-hundred-thousand dollars.
He may have thought of Shakespeare’s “tide in the affairs of men,” but
he sawed wood and said nothing. Jonathan Watson, advised by a
clairvoyant, in the spring of 1870 drilled a three-hundred-barrel well
on the uplands of the Dalzell farm, close to the southern boundary of
the McCray. The clairvoyant’s astonishing guess revived interest in
Petroleum Centre, which for a year or two had been on the down grade.
Besieged for leases, McCray could not meet a tithe of the demand at
one-thousand dollars an acre and half the oil. Derricks clustered
thickly. Every well tapped the pool underlying fifteen acres, pumping as
if drawing from a lake of petroleum. Within four months the daily
production was three-thousand barrels. This meant nineteen-hundred
barrels for the land-owner—fifteen-hundred from royalty and four-hundred
from wells he had drilled—a regular income of nine-thousand dollars a
day! Cipher it out—nineteen-hundred barrels at four-fifty to five
dollars, with eleven-hundred barrels for the lessees—and what do you
find? Fourteen-thousand dollars a day for the last quarter of 1870 and
nine months of 1871, from one-sixth of a farm sold in 1850 for
seventeen-hundred dollars! Say, how was that for high?
Public-domain text, read in full here on John Shaqi.
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