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"The Permian Basin Is Depleting Faster Than We Thought"
Goehring & Rozencwajg Natural Resource Market Commentary
Until the early 1930's most US oil fields were developed without rules for spacing between wells, or spacing from lease lines, or acres assigned per well, they were developed on old English common law principles of the rule of capture,
or first come, first serve.
Wells were often drilled by leasing just enough surface land to build a rig on it and drill a well, often the legs of those rigs touched each other they were so close together. And these wells could be placed anywhere, on town lots, and as this painting portrays, even inside shops, stores, cafes...anything was possible.
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The materials provided on this site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice. I may make data related mistakes occasionally; if you use my opinions about oil reserves or shale well economics for financial purposes, to buy or sell stocks, your nuts. Don't do that. If I have used a photograph incorrectly it was for educational purposes and I have done my best of to give credit where credit is due. My stories are all true, slightly embellished, perhaps, but true; I don't change names to protect the guilty. I am as accurate as possible about history and historical facts; I work very hard at that.All rights are reserved, whatever that means. Don't blame me, I didn't do it.