El Campo Leader-News (El Campo, Tex.), Vol. 98, No. 79, Ed. 1 Saturday, December 25, 1982 Page: 10 of 29
This newspaper is part of the collection entitled: Wharton County Newspaper Collection and was provided to The Portal to Texas History by the Wharton County Library.
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Chapman Oil Sets Wildcat
A 7,800-ft Wharton County wildcat is scheduled seven miles
southwest ol El Campo by Houston based Chapman Oil Co
I)esi|piated as the No. 1 Bloom, it is in a 160 acre lease in Wharton
County's John Hagnal Survey. A W
Operating out of Houston. L Texas Production has brought lln-
No 1 Mahalitc et al on line in the West El Campo Field Tested on a
10/64 choke, it demonstrated capacity to yield 201,000 CF gas per
day It was rated at 209,000 CFD on absolute open flow laication is
in a 131 acre lease. William Vess Survey, Wharton County The
operator bottomed the hole at 5.5V7 f<-el It will produce from a pet
forated interval 5,126 to 5,130 feet in o tie hole
B&M Operating Inc of Houston has tiled for permit to drill the
No 2 Pierce community. Wharton Coun’y Location is in a 160-acre
drilling unit in the Charles Howard Survey A-181 Projected total
depth is 7,200 feet
At a location five miles southeast of Houston, Chapman Oil has
driven stake for the No 3-R Brockman, a wildcat probe with pro
jected total depth of 6,750 feet It is in a 40-acre unit in the Charles S
Hudson Survey A-29 It will test the producing horizon of the Arr
ington F'ield as well as wildcat rock strata
A 12,000 foot wildcat is planned by Omni Operating Co. of
Houston at a drill site 2.5 miles west of Garwood, Colorado County
The location is in a 742-acre lease in the SA&MG RR Survey Well’s
designation is the No. 1 E.J. Schindler
Flowing natural gas at the rate of 576,000 CF per day on a I-inch
choke, the No 1 Wintermann is a successful new developmental
well in Colorado County's Mohat F'ield Superior Drilling Co. of
Houston is the operator. The well exhibited absolute open flow
potential of 662,000 CFD Location is in a 307-acre lease in the
Thomas Clarke Survey, about three miles northwest of Eagle Lake.
After entering the pay zone at 8,614 feet, the well bottomed at 9,700
feet and will produce from a set of perforations ranging from 8,616
to 8.629 feet into the wellbore
Ixication has been staked by FTio Exploration Co. of Corpus
Christi for a 7,000-foot Colorado County wildcat The explorer well
will Ik* know as the No. 1 John H Matthews Et VI. It is in a 432-acre
lease in the James Ross Survey, seven miles south-southwest of
Eagle Lake
Partners Oil Co. of Houston has revelaed plans to drill a 9,200-ft
Matagorda County wildcat 2.5 miles southeast of the Pledger
townsite The explorer well is designated as the No 1 H Hall. It will
Open For Business
The Dog House
Dog & Cat Grooming
Services 3 Supplies
LINDA LAURITSEN, Owner
543-2708 318 E. Jackson
be spudded in a 252 acre lease in the Pefer Demos Survey
An 11,500-ft Matagorda County wildcat is scheduled 1.0 mi lea
northeast of Van Vleck by POG Services Inc of Houston Drillsite
will be in a 77 acre lease in the T M Duke Survey The well will be
known as the No 1 Royder
At a location 15 miles southwest of tfie town of Matagorda, the No
5 Stale of Texas Block 582 S is scheduled as an offshore venture of
Superior Oil of Houston Projected ti tal depth is 7,000 feet Location
is in a 1,120 acre lease block in the Malag-i'-da Island area. The well
is under permit to deviate 2,730 feet from the perpendicular
I Oil A Gas
J|i Report
Marathon Oil of Bay City has filed for permit to drill a 5,550-ft
developmental well in Matagorda County’s North Markham-North
Bay City F'ield, four miles north of the Markham community The
Operation will be in Marathon’s 7,087-acre lease holding in the
l&GNRR Survey
Gold King Production Co of Houston has added a new natural gas
producer in the Fmka Field It is the No 2 Leo Drlik et al, located
in a 140-acre lease in Colorado County’s Sam Kennelly Survey, 1.5
miles west of Garwood.
The well flowed at the rate of 474,000 CF per day on a 109-inch
choke. The absolute open flow came in at 15,792,000 CFD.
Drilling went to 7,019 foot bottom after the production zone was
entered at 4.018 feet The production interval will be perforations
4,018 to 4,020 feet
Johnnie F\ Chromcak of Louise has filed for permit to drill the
No. 1 Mayes, a 1,600-foot developmental well in the West Rock
Island Field, 2 5 miles northwest of Rock Island The operation will
be in a 65-acre lease in Colorado County’s I&GN RR Survey
□ana
♦
Gfcetittfdft
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El Campo Leader-News, El Campo, TX, Sal., Dec 25,1982 Page Il-A
Merry Christmas Charlie Brown
L N Photo by Gerard Pyro
»• 14
Christmas has traditionally been a childhood favorite. No exception for
Charlie Brown and Snoopy. Hubert and Mary Jane Kaiser. Clifford
Street, provided the holiday decorations.
Law Changes Tax Planning
Cash basis taxpayers
on a calendar year have
little time left to manage
their 1982 income tax
situations.
They need to consider
changes brought about
by the Economic
Recovery Tax Act of 1981
and this year’s Tax Equi-
ty and Fiscal Respon-
sibility Act in their tax
planning.
“Under the new tax
rules, taxpayers should
still complete estimates
of taxable incomes for
1982 and 1983,” says Dr.
Ashley Lovell of Stephen-
ville, economist with the
Texas Agricultural Ex-
tension Service.
If an income tax
estimate suggests that
“continuing business as
usual” for the remainder
of the year is unaccep-
table, then a tax manage-
ment strategy must be
selected and im-
plemented by Dec. 31.
Recognizing that tax
rules have changed,
Lovell offers a word to
the wise: “Immediately
consult your tax
advisor.”
Your tax advisor will
size up your situation and
counsel you as to the ap-
propriate tax strategy,
says the economist.
Otherwise, you may
regret tax decisions bas
ed upon general recom-
mendations which ap-
pear in the media this
time of year.
Lovell gives this il-
lustration. Assume that
the general advice is that
you should delay receipt
of income until 1983 or
later and pay expenses
before 1983 This strategy
reflects the expected
lower income tax rates
effective in July, 1983,
and that taxable income
in 1983 may be less than
in 1982
Business firms may
decide to purchase cer
tain depreciable business
assets which qualify for
investment tax credit in
1982 rather than waiting
until 1983. Those assets
which are purchased
Concern
Detail
Individual
Needs
We handle
arrangement*
with the
utmost rare.
Triska
Funeral Home
543-3661
after 1962 must have the
tax basis reduced by 50
percent of the investment
and energy credits taken
on the assets. Additional-
ly, the provision for ex-
pensing up to $5,000 of
qualifying property is
available in 1982 and
1983. In the currently
depressed agricultural
sector, farm machinery
and equipment may be a
good enough buy to make
1982 purchases a sound
after-tax business deci-
sion.
Taxpayers in the
higher income tax
brackets may wish to im-
plement several options
before the end of 1982:
• With the scheduled 10
percent reduction in per-
sonal taxes in July 1983,
charitable contributions
may have a higher after-
tax cost after 1982.
• The maximum
capital gains tax rate
decreased from 28 per-
cent to 20 percent on net
capital gains resulting
from sales or exchanges
occurring after June 9,
1981. Taxpayers with less
than a 20 percent effec-
tive tax on net capital
gains may justify
postponing capital gains
income until 1983 to
benefit from the lower in-
dividual tax rates.
• As a result of the In-
stallment Sales Act of
1980, installment sales
contracts should be con-
sidered for delaying or-
dinary income as well as
capital gains income into
1983 Such strategy may
be especially suitable for
taxpayers expecting
lower taxable incomes in
1983
• Contributions to
Keogh plans and IRAs
can be made anytime un-
til the date the tax return
is due. With the higher
dollar limits and new
eligibility requirements,
many taxpayers should
consider using these
alternatives for fine-
tuning 1983 tax liabilities
prior to filing in 1983.
• With the Accelerated
Cost Recovery System ef-
fective beginning in 1981,
end-of-year purchases of
recovery property are
eligible for a full year’s
depreciation deduction.
Whatever your income
prospects for 1983
relative to 1982, you
should qualify expecta-
tions through practice
runs by completing the
appropriate income tajc
returns, advises Lovell. 2
After comparing
estimated taxable in-
comes for 1982 and 1983,
you must decide whether
to increase or decrease
1982 taxable income or to
leave it unchanged. If the
decision is to change 1982
taxable income, then you
need to estimate the im*
pact of various alter-
natives for achieving the
desired results, notes the
economist.
So, now is the time to
review your 1982 income
tax situation and to ini
itiate any tax manage-
ment strategies After
Dec. 31 will be too later •
*****
WE WANT YOUft NEWS
PHONE 543 3343
I
Rainfall Chart
(Exclusive to the Leader-News from the of-
ficial U.S. Weather Bureau figures of Radio Sta-
tion KUI.P).
Total rainfall Dec. 21-23.....................
Same time last year..........................®®
Total rainfall for 1982......................37
Total rainfall to this date for 1981...........54.6.1
Weekly High: 78
Weekly Iaiw : 51
MANY
HAPPY
RETURNS
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Barbee, Chris. El Campo Leader-News (El Campo, Tex.), Vol. 98, No. 79, Ed. 1 Saturday, December 25, 1982, newspaper, December 25, 1982; El Campo, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1006622/m1/10/?q=%22%22~1: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Wharton County Library.