Abstract
The greater Permian basin continues to be one of the most active areas of oil and gas exploration and development in the United States; 650 exploratory wells and 2,519 development wells were drilled in 1967. Exploratory wells decreased by 128 wells compared with 1966. Exploratory well success was 22.8% and development well success was 86.9%. Gas exploration continued to accelerate with important gas reserves being found in the Delaware basin. The most active and successful exploratory areas were the Delaware basin, the Central Basin platform, and the Northwestern shelf. The most active development trends were the Cato-Chaveroo trend in Chaves and Roosevelt Counties, New Mexico, the Bagley-Vada trend in Lea County, New Mexico, and the Spraberry trend of West Texas. Seismic exploration decreased sharply, down 24.8% from 1966. Leasing continued at a high level of activity. Large bonuses were paid for key acreage in the Delaware basin, whereas $1.00 per acre or less was paid in the more remote areas.
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