Statistically, 1953 is comparable with the previous year and as such does not indicate the magnitude of several of the discoveries and the subsequent impetus given to the oil industry. The number of discoveries were proportionate in previous years but reserve indications were disappointing.

Exploratory drilling increased 16% in 1953. Total drilling, however, decreased 6%, reflecting a 13% decrease in field completions. This decrease is attributed to the rapid development of fields discovered in 1952 accompanied by a steady decline of development in the East Texas field.

Twenty-nine discoveries were made: 18 of these were new-field wildcats, 5 deeper-pool, and 6 shallower-pool. Of this total, 19 were completed as oil wells and 10 as gas-condensate.

New production was not concentrated in any reservoir but ranged from the Upper Cretaceous to the Jurassic. New productive zones were found in the Newsome, Ft. Trinidad, Ham Gossett, Trawick, Carthage, Pine Mills (East), New Hope, Blocker, Reka, East Texas, and Cuthand (Southeast) fields.

Geophysical exploration maintained a par with that of the previous year. Seismic, gravity, magnetometer, and core-drill work accounted for 1,428 crew-weeks.

Slightly in excess of 820,000 acres were leased during the year with an average bonus cost of $9.75 per acre.