The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1902-10-25
WILL BORE FOR OIL
COMPANY TO DEVELOP TENNEs-
SEE VALLEY FIELD,
Believed That Petroleum. VIII Be
Found in Paying Quantities.
Corporation Has Sufficient
Money for Enterprises

New Decatur, Oct. A.-(speciaL)- Per-
haps one of the most important and far
reaching business transactions in the de-
vefopment of the OH fieidsso the Tonnes
see Valley of North Alabama was sue
cessfully concluded at a meeting Of the
full Board of Directors of the North
Alabama Standard Oil and Gas. Company,
held in New Decatur yesterday when the
company signed a contract with the
Great Southern Oil and Development
Company for the drilling of wells and
other developments of its property.
The North Alabama Standard Oil and
Gas. Company has about 10000 acres of
mineral lands in what is generally known
as the oil-bearing strata Of the Great
Horse Shoe Bend, comprising the Hart
selle and Decatur Valleys, and about a
year ago this company commenced drill
ing on its property near Falkville. At
ter drilling to a considerable depth, the
bit became wedged in the well and re-
sisted all efforts to withdrawal. The in
dications for oil were so good, however,
that another well was sunk about eight
feet from the first one and the drilling
proceeded to a depth Of nearly 1000 feet.
Oil in a considerable quantity was found
at the junction of each formation as the
drill passed through. The power of the
machinery the company was then using
was not sufficient to go below 1000 feet.
and for this reason operations ceased.
The company lacked funds for new ma
chinery, and while every sign showed the
existence Of oil, yet the company was I'M
able to finish the well and no further
work has been done.
For several months 1t has been known
that a number of capitalists were quietly
at work in this field, securing lands and
making preparations for extensive de-
velopment. 84- st-t
At the meeting of the North Alabama
Standard Oil and Gas Company yester-
day, it was learned that these men, COM
prising English and American capitalists,
had formed a syndicate to be known as
the Great Southern Oil and Development
Company incorporated under the laws Of
New Jersey, its object being to, acquire
oil lands. drill wells and thoroughly test
the oil fields of North Alabama.
One hundred thousand dollars has been
subscribed by the incorporators, to be
used solely for the purpose of drilling
and testing the field.
AS soon as oil is found In paying guam
titles a number of wells will be sunk.
There is sufficient capital behind the sns
terprise to ensure the full development
of this field.
The company has secured upwards of
10000 acres of land in the most promising
part of this section and preparations
have been going on for some time for its
scientific development.
At the meeting of the company, the
North Alabama Standard Oil and Gas
Company signed contract with the Great
Southern Oil and Development Company.
whereby the latter company secured full
control of the lands of the former COM
pany on a proft-sharing bases, mutually
satisfactory to both companies.
Machinery has been ordered and the
services of an experienced driller has
been secured and work will be commenced
Just as soon as all the preparations are
completed.