While activity throughout Oklahoma increased, new geologic significance and impetus to further exploration resulted from successful wildcatting, especially in the southeastern Anadarko basin and flanks of bordering uplifts where additional accumulations of oil were discovered in Pennsylvanian, Hunton, and Simpson formations, and in the Ardmore basin where additional Springer sandstone reserves were found. While noteworthy discoveries were made elsewhere, their importance in terms of reserves was less certain at the close of the year.

Production of oil increased to 141,445,630 barrels, representing an increase of 3.3 per cent over the 1946 production. Reserves of oil increased by 6.1 per cent. Production of marketed natural gas increased to 404,843,389,000 cubic feet, or 7.1 per cent over that marketed in 1946. Total reserves of natural gas increased by 5.7 per cent.

The deepest man-made hole in the world was completed in Oklahoma during 1947 at the total depth of 17,823 feet. In number of holes drilled, Oklahoma ranked second with a total of 3,977, of which 904 were wildcats resulting in 147 new discoveries.