In 1962, 4,626 wells were drilled in the area, a decline of 1% from 1961. Total exploratory tests increased 13% and development tests showed a 5% decline. Increased care in selection of drilling locations and in completions is reflected by the over-all success ratio of wells drilled during 1962. Approximately 74% of all wells drilled in the Permian Basin were successful as compared with 65% in 1961. Seismic activity declined 17%, and gravity work was off 53% from 1961. Exploratory efforts in 1962 were characterized by continued intensive seismic search in the Delaware basin.

The Northwestern shelf had two important Pennsylvanian gas discoveries in extreme western Eddy County, and significant deeper reserves were established in the Vacuum-Paddock area of central Lea County. Deeper drilling in old fields added substantial reserves on the Central Basin platform. Exploratory efforts in the Midland basin were quite successful, yielding several good pre-Pennsylvanian discoveries and lesser ones from the Permian and Pennsylvanian.

The heaviest leasing was concentrated in the Delaware basin. Up to $500 per acre was paid for some leases in the Lusk area of Lea County. Two Texas University Lands sales were held, one larger and one smaller than the 1961 sale.