Abstract
Rapid expansion of drilling in North-Central Texas during 1974 produced a 32% increase in well completions compared with the previous year. The impact of rising crude oil and natural gas prices caused a 25% increase in exploratory drilling, and a 35% increase in development wells. Rapidly rising costs and critical shortages of equipment characterized almost all phases of operations. The exploratory-well success ratio remained at a high level (26%). Gas-well discoveries again exceeded new-oil discoveries. Gas exploration activity was concentrated in the Fort Worth basin. Oil production declined 5.1%, a decrease of 4,190,800 bbl from 1973.
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