ABSTRACT
Oil has been known to exist in New Mexico for more than 50 years, but significant production did not begin until the completion of the second well in the Hobbs pool in 1930. The Hobbs pool, developed during the time when the law of capture prevailed elsewhere, stands today as an example of the wise application of sound conservation policies.
For several years the development of oil and gas resources in New Mexico has been the state’s biggest business, and has added much revenue to its economy.
The conservation act and laws passed by the state’s legislators, creating the New Mexico Oil Conservation Commission, charged this commission to prevent the waste of oil and gas and to protect correlative rights.
The commission can point with pride to its conservation record and, as a regulatory body, its performance in the public interest reflects its flexibility in bringing about needy changes as technology improves.