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It’s an anniversary of oil discovery in East Texas this week.
The Anniversary Of The Discovery Of The East Texas Oil Field
Earlier this week, we saw the anniversary of a day that changed the course of life in East Texas from the 1930s all the way to today; on 3rd October 1930, the East Texas Oil Field was first discovered.
It was uncovered by Columbus Marion ‘Dad’ Joiner, who ignored the opinion of geologists who told him that there was no oil to be found in the spot that he wanted to drill in and went ahead anyway.
The third well that he drilled was successful and opened up what was the world’s largest oil field at the time, bringing about an oil boom that catapulted many of the dirt poor residents of the area into the middle classes.
The Woodbine Formation
The East Texas Oil Field still has huge reserves of oil remaining in it that are yet to be extracted.
We are doing vertical drilling and re-completions of existing, under produced and under managed wells in the Woodbine Formation, which is the oil field’s primary productive geologic unit.
A large number of wells were abandoned because of low oil prices, providing an opportunity to revitalize them and capitalize upon the masses of oil that still remain trapped beneath the surface.
Oil investments in this area could be extremely profitable, as revitalizing pre-existing wells involves considerably less expense that constructing new wells, meaning that significant sums of money could be made.
Our Advantage Over ‘Dad’
Columbus Marion ‘Dad’ Joiner defied the odds and found an oil field that is still capable of generating wealth for those connected with the oil industry today.
Fortunately we will not need to ‘defy the odds’ to profit from his discovery because we are partners with Krog Partners, LLC, who are experienced at unlocking the value of abandoned oil wells.
Dad drilled despite being told not to by the experts and was lucky enough to achieve a positive result.
As much as we admire his spirit, he struggled with debts due to previous unsuccessful ventures and owned property that was described as being of only ‘nominal value’ at the time of his death.
We prefer to follow the advice of those who are in the know, which is why we are fortunate to have Krog Partners on board.
A Risk That Paid Off
Dad was a man who was willing to take gambles and took a risk that was extremely beneficial, not just to the people of East Texas but to America as a whole.
It boosted the nation’s economy and many even claim that it was instrumental in providing the necessary oil that was required to win World War II, with British wartime prime minister Winston Churchill stating that the allied forces floated to victory upon a sea of East Texan oil.
However at Lexstar Energy, we prefer to play it safe and only embark upon ventures that are as safe as possible.
We are confident that our drilling in the Woodbine Formation will be profitable both for our company and for our investors.
Top Image: Charles Henry