The total number of drilling wells completed for the first three quarters of 1878 were 2,333, against 2,699 for the same time in 1877; decrease in 1878, 366.
The daily average production of the new wells completed for the first three quarters of 1878 was 13 2⁄10 barrels, against 14 2⁄10 for the same time in 1877; decrease in 1878, 1 barrel.
The total number of dry holes developed in the first three quarters of 1878 were 280, against 476 for the same time in 1877; decrease in 1878, 196.
The total amount of crude petroleum held in the producing regions of Pennsvlvania, at the close of the third quarter of 1878, was 4,599,362 barrels, against 2,503,657 at the same time in 1877; increase in 1878, 2,095,705 barrels.
The amount of crude petroleum represented by outstanding certificates on the last day of September was 1,705,853 barrels, against 1,317,484 barrels on the last day of October, a reduction during October of 158,127 barrels.
Mr. J. M. Guffey has purchased of Marcus Hulings an undivided half interest in the celebrated Kinzua Creek property (Bradford district). The purchased portion contains 6,400 acres, on which there is a well that was struck in June last, and since that time has been doing from 16 to 18 barrels, and has never been torpedoed. Mr. Guffey looks upon this as one of the best prospective oil territories in the country.
D. W. C. Carroll & Co., of Pittsburg, have kept from 45 to 75 men employed, since June, in the oil regions, building iron tanks, nearly all of which are located in the Bradford district.
WEST VIRGINIA.
The Wheeling Intelligencer says: As noticed in our Moundsville letter this morning, extensive preparations have been made to bore for oil on the opposite side of the river at the Union Coal Works shaft. The machinery was brought down from Pittsburg on Tuesday, and is now being put in position by contractors, who have engaged to go down 1,200 feet. It will be recollected that for a long time past oil has been found in the coal shaft, and the company who are putting down the well feel confident that plenty of it exists deeper down. Some parties look forward to the development of the fact that Moundsville is situated in an important oil break, and that oil in abundance will be found on both sides of the river. The progress of the well will be looked forward to with much interest by the people of that vicinity.
MASSACHUSETTS.