Los Angeles herald., 1909-10-24
BLAIN TREASURY STOCK
WITHDRAWN FROM MARKET
CoaIinga Company Has Good Pros
pects-BIue Bull LeVies Third
Assessment

A few days ago the Blain we'll made
such encouraging showings that the
management withdrew all of its
treasury stock from the market. The
result has been that there has sprung
up quite a demand for it. There is
but comparatively a small number of
shares on the market, and they are
held by local men principally. Parties
holding it have not placed a price on
their holdings, but several Investors
have made offers of so cents, with no
sellers. Considering that oil has not
actually been encountered, the owners,
as well as the stockholders. believe
that it will be in a short time.
Water has been shut off in the well
of the Marion OIL company. 1t is at
depth of 1865 feet.
The Silver Tip is keeping UP its
regular daily flow of $500 barrels of oil,
with the indications that it will never
exhaust itself
Steps are being taken by the COM
panies operating in section 6 to have
operators shut off the water at the
proper place. By so doing they pro-
tect the wells of adjoining property
holders.
Local dealers report quite a number
of sales to citizens of this city. Out
side sales are also reported as picking
up in an encouraging way.
The Ell Carrito Oil company is
pumping water from the 4000-foot
depth. The company operating this
porperty is quite sanguine as to re-
suits, expecting to soon have. the oil
coming in.
National Has Deep Well
The Coalinga National Oil company's
drill is now down 1000 feet and using
151a-inch casing.
At a meeting of the officers and di-
rectors of the Coalinga Blue Bull Oil
company held in this city last Mon
day an assessment of cents a share
was ordered levied. This is the third
assessment to be levied on the stock
holders of the company.
The Pacific States Petroleum COM
pany is erecting a rig for their well
No. l in section 6. The well is located
Immediately to the west of Blue Moon
No. l, and will soon be sinking.
The Marion Oil company, in section
6, has shut off the water at a little
less than 1000 feet.
The Consolidated Oil company spud-
ded in on their we'll No. last Sunday.
They are section IS, 21-50 and expect
to finish at 1400 feet within sixty or
ninety days.
An increased activity is noticeable
in section IS. several companies hav-
ing been formed during the past ten
days to operate in that section. In
less than thirty days there will be four
drilling rigs operating the section. and
there seems every reason to predict
that several wells of good capacity will
be brought in.
A rig has been started on the Coal
inga Gem Oil company's property in
section Is, 21-15, on the east half of
the west half of section IS; also an
other one on the northeast quarter of
the southeast quarter of 49, Work on
these rigs will be rushed, as the COM
pany is desirous of beginning drilling
as soon as is possible.
The Blue Moon is taking out it's six
and putting in four and half set at
the 254-foot.
On the Great Western Oil company's
ground, on section 12, 21-14, the drill
is down 800 feet.
Spudding in is the order on the
Chrystal Oil company's ground, which
is alongside the Great Western
Coalinga Times.