Real Wildcatting

A group of U.S. oilmen last week made a deal with Spain to wildcat for oil in the Ebro Valley, although no oil in quantity has ever been found in Spain. The group, which includes Delhi Oil and famed Geologist Everette de Golyer (TIME, April 3, 1944 et seq.), has put up $1,000,000 as a starter, while the state's Institute Nacional de Industria, has put up the same amount. If oil is found, the Spanish government will get 3%, while the American group and the Institute Nacional will split the remainder, one of the most favorable foreign deals U.S. oilmen have made in recent years. Said De Golyer: "This is real wildcatting, as wild as a March hare. We aren't wildcatting on the [geological] structure as we do here most of the time. We're wildcatting on both the structure and the region."

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