You say the well is 300' deep, how deep do you have your pump set? Do you have any idea what the water level in the casing is? You can check the water level by tying a nut (about 1/2") on the end of a line (fishing line works good) and lower it into the well, if it is very deep you will probably have to jig the line to hear when the nut gets to the water level, then mark the line with tape and pull it back out and measure it. This will tell you how much water is above the pump.
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