Developments in New York in 1973

During 1973, 161 wells were recorded as completed in New York. The current price for crude oil is $10.65/bbl (1/1/74) and the current price for intrastate gas is 0.60/Mcf. Both are the highest ever for this area. Exploratory successes consisted of one new Onondaga reef discovery and 4 extensions. Two of the extensions were to Medina Sandstone fields and 2 were shallow, Upper Devonian, oil fields. Oil production in 1973 was 967,293 bbl and gas production amounted to 4,538,661 Mcf. Geophysical activity totaled 92 crew-weeks, the highest ever for New York. New drilling in old marginal oil fields because of the oil price increase and increased drilling for gas in the Medina Sandstone as well as additional prospecting for Onondaga reefs will continue the upward trend in completions during 1974.