Mr. DE MOHRENSCHILDT. Eventually I returned to Texas from Denver,
because I had always retained some good friends in Texas, and
they suggested, one of them who participated in our well, first
venture--suggested that, "George, you will do better in Texas, because
Wyoming is too expensive"--a well costs $200,000 or $300,000 in
Wyoming, you know--in Wyoming or Colorado.
Mr. JENNER. Now, when you were in partnership with Mr. Hooker, your
field work and discovery work was in Wyoming and Colorado, is that
correct?
Mr. DE MOHRENSCHILDT. No. We started by drilling our first well in
Wyoming, operating from Denver. And we had--we were snowbound there, we
paid the rig time for a hell of a long time. To make the story short,
our first venture was quite a failure. One of the reasons we finally
split partnership with Eddie Hooker is that he is a very wealthy boy.
He comes from a very wealthy family. And he wanted the oil business to
make millions.
My reason to be in the oil business is to make a reasonable living, and
eventually build up some production.
On our first venture in Wyoming, on the very first one, after we bought
the leases, and before starting drilling, we got an offer from another
company to sell out for a very substantial profit, without drilling a
well--they would do it. Naturally, I told Ed we should do that instead
of running a tremendous risk of drilling our own well. Well, he said if
they want to buy it it means that we have something there, the usual
story.
I was a little more conservative--I said better sell out and try to
find something less risky.
He said if we hit it, we are millionaires right away--which was
true--we had a huge block, of 12,000 acres, something like that.
Well, from then on, the next venture was in Texas, and we drilled quite
a few successful wells, quite a few dry holes, too.
Mr. JENNER. You returned to Texas?
Mr. DE MOHRENSCHILDT. Yes.
Mr. JENNER. What year?
Mr. DE MOHRENSCHILDT. Abilene, Tex., we had the headquarters--that was
the center of the small size independent operators at the time.
Mr. JENNER. What was the name of the hotel at which you stayed?
Mr. DE MOHRENSCHILDT. Wooten Hotel.
Mr. JENNER. And the partnership was still in existence?
Mr. DE MOHRENSCHILDT. Yes. Our partnership was broken up after I
married Miss Sharples. It was, frankly, a personal thing.
Mr. JENNER. I think this is a good time to stop, because that is the
next phase I want to get into. We can go to lunch.
(Whereupon, at 12:35 p.m., the proceeding was recessed.)