The Birmingham age-herald., 1902-10-25
WILL CONTINUE
 ID BORE FOR OFL Company at Decatur Lets an
 Important Contract
PROSPECTS OF SUCCESS
Wells Will Be Bored In What Is Known as the Great Horseshoe Bend, Comprising the Deca-
 tur and HartseIIe Valley.

New Decatur, October 24.-(speciaL)- Perhaps one of the most important and far-reaching business transactions Tn the development of the oil fields of the Ten nessee valley of north Alabama has just been successfully 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 their property.
 The North Alabama Standard Oil ana 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 drili- ing on their property near Falkville. Af- ter drilling to a considerable depth the bit became wedged in the well and re- sisted all effort to withdraw it. The indi- cations 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 2000 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 2000 feet end for this reason operations ceased last May. The company lacked funds for new machinery, and while every sign showed the existence of oil, yet the com To fir1IGh iT- NUni a no further work has been done.
 For several months 1t has been known that number of capitalists were quietly at work in this field, securing lands and making preparations for extensive devel- opments.
 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 capital ists, had formed a syndicate to be known as he Great Southern Oil and Develop ment company. incorporated under the laws of New Jersey it's object being to acquire oil lands, drill wells and thor oughly test the oil fields of north Ala bama.
 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 quan- titles a number of wells will be sunk. There is sufficient capital behind the en- terprise to ensure the full development of | this field.
 The company has secured upwards of 10000 acres of land in the most promis- ing part of this section and preparations | have been going on for some time for its scientific development.
 At the meeting of the company spoken | of the North Alabama Standard oil and Gas company signed contract with the Great Southern oil and Development company whereby the latter company se- sured full control of the lands of the for mer company on a profit sharing bases; that was mutually satisfactory to both companies.
 Machinery has been ordered and the services of a most experienced driller has been secured and work will be com menced just as soon as all the prepara- 1 tions are completed, and there wll be no further delay until the field has been thoroughly developed.