Daily new dominion. [volume] (Morgantown, W. Va.) 1897-1906, 1902-04-08
GUFFY is OUT.
Pittsburg Oil Man has Sold to
the South Penn.

Millions Figured In this deal Between
Financial Giants Holdings in
Large number of Counties Of the state
Involved Biggest Rival of Standard
out of Business.
For some time negotiations have
been on between Guffey and Galley,
the well known Pittsburg operators
and discoveries OF the Beaumont field,
and the South Penn Oil Company, for
the purchase OF all the former opera
tors holding in the state of West
+, Virginia. An option was given by
the owners aud work was practically
suspended until the decision of the
options was made known. The South
Penn decided TO buy at figure that
is revelation to thesordinary oil man
and the deeds and transfers were
made out to the purchasing company
SO that possession could be given as
soon as possible. The entire valuable
/ holdings of GntTey and Galley in
| Wetzel, Marion, Harrison, Doddridge,
Ritchie, Calhoun and Gilmer coun-
ties were surrendered TO the South
Penn Oil Company.
With change In the ownership
came change in the employees, as a
] few of the superintendent and lease
employees decline to work for the South
Penn. The majority of the old en-
ployes, however, will be retained.
| The production from this immense
block Of territory Is derived from the
| fifth and Gordon sands. That it is
extremely rich and that IL is capable
of producing limitless quantities OF
oil, the citation Of the famous Sand
Fork gushers need only be made. For
six months the gushers which were
struck by Gnffey and Galley were the
wonder Of oil men and the territory
was filled with an influx OF prospec-
tors from all parts OF the upper coun-
try. - The Sand Fork wells held up
well and produced thousands of bar
rels of the greasy fluid. But Sand
Fork was not Spindle Top Height
and the production gradually declined
until today the No. /, the FIRST gusher
and the best, Is making something
over SO barrels day. While this Is
true, oil men general believe that
the territory is only in its incipient
stage OF development and that rich
strikes can DC made in almost every
part.
With the oil rights go the privileges
for gas and coal. The geological maps
of the State show that this territory
is underlaId richly with the best Pitts
burg coal and that after the oil has
been exhausted work OF years, that
the deposits of fuel are such as TO
make the opening Of mines OF the ut
most profit and Importance.
AS far as the consideration Is con-
cerned, it is most certain that no
one outside of those directly interested
In the deal know the figures at which
the property changed hands. Great
corporations or companies have a hab.
IL OF keeping their own counsel when
the question OF purchase price is asked
TO satisfy the public curiosity. While
the exact figures are not known promi-
nent oil operators who are familiar
with the property, are willing to stake
their regulations that seven figures
entered into the transaction. This
means that the deal runs up into
millions and is one of the most i'm por-
that has ever been consumated In In
dustrial and speculative West Virgin
la.
Through its recognized branch COM
panies In West Virginia. the Standard
OIL Company, has secured many OF
the very best holdings in the state.
The tendency has been to develop and
the residents of that section OF the
State are hopeful that such will be
the case under the South Penn's man
agement. The probabilities are
that such will be the case and the pos
sibilities are that rich pools will be
discovered as result OF steady drill
ling.