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Magnolia Petroleum Company, (charted in 1911), had a 800 acre lease in Navarro County, Texas. Part of that lease was the Derden Lease.
Wells were drilled on the Derden between 1912 and 1917 .In 1918. 313.4 acres of the land was sold to the City of Corsicana
for Lake Halbert. The Derden family heirs retained the mineral rights.
Four (4) wells were left on the shore. They were Derden 22, 23, 24 and 25.
No records of depth of well or production figures are available for any of the early Magnolia Petroleum wells.
At lest the number of wells; Derden 1 through 21 were producing, and plugged in the area where Lake Halbert now exists.
In 1962 Southwestern Hydrocarbons ,a new lessee plugged three of the four wells left on shore by the Magnolia Petroleum Company lease.
Derden well #25 .was in the WR Bowen Survey, another area of the lease. It was plugged latter
Five (5) wells were permitted and drilled by Southwestern Hydrocarbons and later operated by Crown Central Petroleum..
The lease was ID number 349-00268., containing wells API-80650 through API-80655
Crown Central Petroleum plugged #80650 in 1668, #80651 in 1969, #80652 in 1973, #80653 in 1973, #80655 in 1980.
44,321 bbls of oil was the cumulative production for the Derden Lease prior to plugging of all wells.
J. N. Shelton Drilling Co. drilled two (2) wells in 1985 at a depth of 834 ft and 780 ft with the potential of 5.37 bbls and 2.5 bblls respectively. They were API-349-33812 and API-33998. That is lease ID #349-02731
The price of a barrel of oil dropped to nine dollars ($9.00) in early 1986 and the lease was abandoned.
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