The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-12-21
National Oil Company Buys All the
Producing Territory OF the
Crown Oil Company.
PROPERTY IN GRANT COUNTY
L. M. BARNsDALE, PITTsBURG Mag
NATE, ALSO INTERESTED.
Failure of Gas supply Means Devel
Opment Of Rich Oil Lands-
Details OF the Deal.

A st. Louis syndicate composed Of August
Busch, the brewer, Henry c. Grenner and
Herman Stieffel has made it's first invest
ment In the Indiana oil fields. These men
have organized the National Oil Company.
incorporated in Missouri for $4,000. and, it
is announced. have entered the Indiana oil
field with the purpose of making large ac-
uuisitions of oil lands. 1t is said they now
hold options on s75o.OOo worth of producing
oil territory and other that is contiguous
and promising.
The first and most important deal was
closed yesterday when Mr.. Grenner, who
has conducted all the negotiations In In
diana, paid to Arthur Jordan. president OF
the Crown Oil Company. owned by Mr.. Jor-
dan and Frank w. Lewis. of this city, $685.
600 for 500 acres owned by the Crown Com
pany in Center township, Grant county.
This territory is east of Marion and in
cludes some of the most valuable producing
territory in the county. Prior to the deal
the Crown Company purchased of the
American Oil and Mining Company $500
acres in Grant, Blackford and Wells coun-
ties, nearly all of it unexplored territory.
This deal was announced in the Journal
ten days ago.
The 500 acres sold to the National Com
pany includes all of the producing terri
tory of the Crown Company. There are on
it twenty wells, some natural gas exclu-
sively, some oil exclusively and some gas
and oil. The oil wells are now producing
$50 barrels per day, and the contract be-
tween the Crown Company and the Marion
Gas Company, which went in with the deal.
calls for the delivery of all the gas supply
into the mains of the Marion Gas Company.
This gas supply ii is understood approxi-
mates l2O OO0, 900 feet month. The gas wells,
seven in number, are regarded as equal to
the best i'm the field. One of the oil wells
is producing 1000 barrels a month alone.
AS oil is now S1.O7 barrel the income from
The oil wells is large. They are sustaining
evidence of great volume and most OF them
are free from water.
MET WITH SUCCESS.
The Crown Company was organized last
winter with a capital stock of $4,000. 1t
began drilling last March and met with
success, and by the 1st of September had a
large producing field. The St Louis men
had an eye on the field and recognized the
importance of the area developed by the
Crown Company, and negotiations for Its
purchase were begun. AS the oil land
passes on leaseholds and not on fee simple
titles the size of the transaction is much
larger than would De supposed
The National Oil Company, 1t Is under
stood will close its options on several thou
sand acres of land probably between now
and Jan. l, and will then begin the devel-
opment of its territory.
Another Grant county deal in oil and gas
I'm which Indianapolitans are interested Is
the purchase OF the controlling interest OF
the Marion Gas Company, which gets It's
largest supply from the Crown Company's
territory by T. NJ. Barnsdale, of Pittsburg
Mr. Barnsdale is a gas magnate with large
investments I'm several States He recently
nut service into Cleveland, o. To accom-
piish this economically he purchased abou,
a 30 per cent interest In the Manufacturers
Natural Gas Company. of Indianapolis
and now, with A. NJ. Boyd. of Richmond
and III. Mex Landon, of Indianapolis. con.
trolls this company. The twenty-five-mils
nine line OF the Manufacturers Company
WAS taken up and laid to connect Mr.
translates Cleveland service with the
feld Recently Mr.. Barnsdale purchased
the Grant and Wabash Gas Pipe Line Com.
many. which disposes of all its supply. ex.
cept a portion engaged by several factories
|. under a short-term contract to the Citi-
gems Gas Company. OF Marion. 1t Is un-
derstood this contract will soon expire
This pipe line is the sole supply of the
Citizens Company. Mr.. Barnsdale is now
prepared to close before Jan. ! a deal fol
! the controlling interest In the Marion Gas