World's Richest Acre
Posted by: 
QuesterMark
N 32° 23.213 W 094° 52.575
15S E 323513 N 3584867
This post-mounted subject marker stands at the southwest end of Richest Acre Park at the corner of Commerce and Main in Kilgore.
Waymark Code: WMRQGC
Location: Texas, United States
Date Posted: 07/24/2016
Views: 6
Marker erected by: Texas Historical Survey Committee
Texas Historical Commission Atlas data:
Index Entry World's Richest Acre
Address
City Kilgore
County Gregg
UTM Zone 15
UTM Easting 323547
UTM Northing 3584853
Subject Codes oil/petroleum topics
Marker Year 1966
Marker Location Main and Commerce
Marker Size 27" x 42"
Marker Number: 10007
Marker Text:
Part of fabulous East Texas oil field discovered in 1930. This 1.195-acre tract had first production on June 17, 1937, when the Mrs. Bess Johnson-Adams & Hale No. 1 well was brought in.
Developed before well-spacing rules, this block is the most densely drilled tract in the world, with 24 wells on 10 lots owned by six different operators. This acre has produced over two and a half million barrels of crude oil; selling at $1.10 to $3.25 a barrel, it has brought more than five and a half million dollars.
A forest of steel derricks for many years stood over the more than 1,000 wells in downtown Kilgore, marking the greatest concentration of oil wells in the history of the world. Dozens of these derricks still dot city's internationally famous skyline.
Since 1930, the East Texas oil field has produced nearly four billion barrels of oil. It now has more than 17,000 producing wells, and geologists predict a future of at least 45 years for this "granddaddy of oil fields." Its development has attracted to the area many diversified industries and a progressive citizenship with a high degree of civic pride.
(1966)
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