With East Texas being called the starting point for the current world’s oil production goals, Many believe it is one of the best places for an investment you can go This guide will help you to learn more about the history of this region and the current production efforts in the area before investing.
Oil Discoveries in East Texas
The history of oil drilling in East Texas began in 1901 with the Spindletop discovery. This well when first discovered, spewed thousands of barrels of oil a day for nine days before it was finally capped. This discovery turned Spindletop into the first major oil field and the largest in the nation.
East Texas Oil Field
In 1930, the Daisy Bradford No. 3 struck oil and created the East Texas Oil Field. It covers 140,000 acres. With over 30,000 wells having been drilled in the area, and an astounding 5.2 billion barrels of oil produced to date, East Texas Oil Field has proven it’s reserves.
By 1940, the surge caused by this these discoveries helped Texas become the number one producer in the United States which beat out Russia as the world’s leading producer of petroleum. Experts say that the beginning of the world’s “Oil age” began with these discoveries and caused a huge increase in scale and production in the world’s oil industry.
Formations located in East Texas
This formation located in Texas, Lousiana, and Arkansas. Modern drilling technologies have helped increase production in the area. In 2009, experts estimated 75 billion cubic feet of gas could be recovered. By 2013, the Haynesville shale play produced 6.2 billion cubic feet per day which is 9.3% of total gas produced in the United States. It is located in the following counties of Texas; Angelina, Cass, Harrison, Marion, Nacogdoches, Panola, Rusk, Sabine, San Augustine, Shelby Limestone, Freestone, Robertson, and Leon.
Home of the East Texas Oil Field, this formation lies under the Eagle Ford formation and are known collectively as “Eaglebine”. Robert T. Hill was the first to map and name the formation after the town of Woodbine, Texas. Current activity is located in Brazos, Grimes, Leon, Madison, Robertson, and Walker counties.
Horizontal drilling is the primary method in the area with very few directional or vertical wells being drilled. Horizontal drilling along with hydraulic fracturing has kept the surge of oil in the area alive and well. Currently, there are roughly 270 active wells in the East Texas Region.
Investing In East Texas
If you are interested in investing in the East Texas Oil Industry, you can also download our free insider’s guide and Legit Meter to help you know what to look for in a company, operator or promoter and to make sure you know what to expect from investing.
- Texas Country Music Hall of Fame is located in East Texas in Carthage.
- Before the discovery of the East Texas Oil Field, the main source of income in the area was cotton, lumber and cattle.
- The oldest and larget flea market in the United States islocated in Canton Texas and is called First Monday Trade Days