Domestic Production - Montana's Oil Industry for 1927

Since 1915, when Elk Basin field was brought in, eight oil fields have been developed in Montana and the production has arisen from 50,000 bbl. in 1916 to 8,000,000 bbl. in 1926. The production for 1927 was 5,121,600 bbl. and the total up to the end of 1927 was 27,138,239 barrels. The eight fields, with their year of discovery are: Elk Basin, Carbon County (1915); Devil's Basin, Petroleum County (1919); Cat Creek, Petroleum County (1920); Soap Creek, Big Horn County (1921); Kevin-Sunburst, Toole County (1922); Lake Basin, Stillwater County (1924); Pondera, Pondera and Teton counties (1927); and Bannatyne, Pondera and Teton counties (1927). About 170 wildcat wells have been drilled in the state of which 8 were successful and 162 gas wells or dry. Hence, only one out of 21, or 5 per cent. of the wildcats have been successful. The average depth of the wells has been 1600 ft. and the average cost $32,000 apiece. • Up to Jan. 1, 1927, a total of 1376 wells have been drilled in the producing oil and gas fields of the state, of which 904, or 66 per cent., were successful oil wells; 82, or 6 per cent. were gas; and 390, or 28 per cent, were dry. The percentage of dry wells is excessive as compared to the wells in other states, due to the uncertainties of limestone reservoir rocks. The total production of oil to Jan. 1, 1927, has been 22,016,639 bbl. and of gas 7,265,330,000 cu. ft. The average price at the well for the oil has been $1.47 per bbl. and for gas about 4 c. per 1000 cu. ft. The value at the point of consumption has been about 23 c. per 1000 cu. ft. The total revenue derived from crude oil has been $32,277,119, and from gas 8350,613, or a total income to the producer of $32,727,832. Each well drilled in the state has already (to Jan. 1, 1927) averaged a return of over $21,000. The total number of domestic (Montana) oil and gas companies organized, since the first in 1885, has been 844, of which 702 are still alive and 142 dead. Oil and gas companies registered for operation within the state to Jan. 1, 1927, but with outside charters, are 143, of which 66 are alive and 77 are dead. Outside the few distributing companies, which are included in these figures, the grand total of 997 companies which have