Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-07-08

For Oil Property Purchased ID tho Elk
Fork Field ! Couple Of Days Ago.

Fork Fialda Couple Of Days Ago.
Z. A BRENNEMAN. A sISTERsvILLE
OIL PRODUCER, BUYS THE con-
TROLLING INTEREST IN THE
HOLDINGS OF THE ELK FORK OIL
& GAS CO.-AN INTERESTING
STORY CONNECTED WITH THE
SALE OF THE PROPERTY-THE
PRICE PAID is CONSIDERED A
VERY HIGH ONE.
One OF the largest sales of oil prop
erty in the southwest fields for some
time is that consummated at Sisters
vile couple Of days ago by Broker
T. r. Cowell, Of that city, by which
L. A. Brenneman, a prominent pro-
Queer, secures the controlling interest
in the holdings of the Elk Fork OIL
and Gas Company in the Elk Fork pool.
The sale is very important one in
q number of ways, and is particularly
interesting for the double reason that
q big price was paid for the stuff, and
then again because the majority OF the
property is in controversy and there
is no telling when the cases in which
it is involved will be settled.
Through the agency of Mr.. Cowell,
Brenneman has for some time been
negotiating the deal which has just
been consummated by which he has
secured Is shares of the stock of the
company. He had already at other
times secured 176 shares Of the stock
and had the controlling interest, but
he desired the entire property himself
and tried to buy it at good figure, but
some of the stockholders would not
sell when the time came to close the
deal The property in question is one
OF the most extensive in the Elk Fork
field and comprises an acreage OF about
500 acres, on which there are about 40
wells, which have a net production OF
a little over 235 barrels a day, for
which he paid at the rate of 1886 a
barrel.
There is an interesting story in con-
nection with the sale OF this property
which will bear repeating. When the
Elk Fork poll was first opened up it
was this company under the pseudonym
of the Hayseed Oil Company which
did the work When their first we'll
came in on the Wood farm il was a
good, big producer, and as soon as this
was asceI tained trouble commenced.
Capt Billy Johnson, a well known Oil
man of Pittsburg, had Deen ali ever the
country some years ago and leased the
land under a contract to drill GER
tain number of wells. AS soon as sew
eral of the wells were drilled work
was stopped and nothing more was
ever done in the matter until after the
Wood we'll came in, when G. E. Fos-
ter, of the Atlas Oh Company, and his
associates stepped in and tied the
property UP under the old leases which
they had purchased from Johnson, by
injunction, and finally had a receiver
appointed through another man IN the
person of c. w. Brockunier, who drilled
g number of wells on the B. F. Haw-
kins farm, all of which were good pro-
ducers.
There is in dispute between Guffy,
Jennings & Co., the Catherine Fulmer,
W. j. Hill and Lyman Wood farms.
For these farms w. A. McCosh, OF Par
kessburg, was appointed receiver, and
the case was finally decided in the
Supreme Court by the discharging of
the receiver and the appointment OF l..
A. Brenneman rs trustee. The same
company owns the Joel futile, James
Eddy and the B. F. Hawkins farms,
which are also in controversy. {. w.
Brockunier, of Wheeling, was appointed
receiver for this company and when
the property was ordered turned over
to the trustee in the. person of Mr..
Brenneman, exceptions were taken by
the members of the company to the
expense which the receiver had incur
red in running and operating the
property. and suit was instituted at
once to compel the cutting down of
what was claimed to be excessive cost.
The fact that the property, or at
least the greater part of it, is in con-
tropersy makes the price which Mr..
Brenneman has paid for it look ex-
tremely large, as it is a we'll known
fact that at the present time the prop
erty has not paid out" in oil country
parlance, and that it will take it some
time to do so now as it may decline in
production in short time. Then again
the property is SllIl III lIlS tOul - anu
there is no telling when it will be re-
leased At the term of court held at
Richmond, Va, in November next,
three of the Supreme Court justices will
sit in it, and if they fail to come TO a
decision, which is expected by great
many, it will be carried on up to the
Supreme Court of Appeals, and Chief
Justice Fuller and his associates Will
render decision.
Up to the present time the property
has cost in the neighborhood of quar-
ter of million of dollars, and gas
only paid about $4,000 1t will be
seen by this that had the original peo-
pie still held on to the property they
would have been in the hole at the
present time TO the extent of about $50
900. 1t is a good piece of property, but
there has been great deal of surprise
expressed at the price paid, as it is a
fact that there is considerable property
which can be bought in the Elk Fork
field at the present time for much
smaller figure. Mr.. Brenneman has
quite lot of property in the immediate
vicinity, and If he secures it all he
could operate the entire territory held
by him in that section for what it
NOW casts TO operate only a portion of