The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1910-04-21
SELL OIL LANDS
FOR S2,5OO,OOO
British Syndicate Purchases
Imperial and 33 Properties
in Kern District

Announcement was made yesterday of
the sale of the famous Imperial and
ThiEty-thre oil properties in the Kern
river field to a British syndicate for
$4,000, 900.
The territory embraces two sections
of land in the very heart of the district.
The two companies are controlled by a
small group of men. The great ma
GRITTY of the stock is held by ]. ]. Mack,
]. NJ. Keith and l.. Guggenhime of San
Francisco. The two concerns are among
the pioneers in the petroleum fields of
California and during their 10 years Of
operation have returned to their own
ers s2,670,000 in dividends.
The Imperial and Thirty-three will
retain their properties in other parts of
the state and it is understood that they
will continue to operate. The transac-
ton will be completed in a few days
and the Englishmen will then take over
the acreage in the Kern river district
under the name of the Kern River oil
fields of California, It'd.
At the offices of the two companies
in the Mills building it was stated
yesterday that the transfer would bear
the date of April 1, although there are
some details yet to be arranged. The
negotiations have been extended over a
practically cash.
No independent oil companies in the
state are better known than the two
thus acquired by foreign interests.
They have been among he most pro-
life and consistent producers and have
been cited as examples of successful
operation.
The Thirty-Three company's hold
ings in Kern river consist of $50 acres,
from which dividends amounting to
100000 have been derived. The I'm
periaPs Kern river tract extends over
1,120 acres. This concern has paid out
100000 in dividends. 1t is under
stood that in arranging the deal the
Imperial property was figured at So
100000, or $50 share, and the Thirty
Three at 100000, or So a share.
The land that proved so rich in oil
was purchased from the Southern Pa
cific railroad company for $3.50 an
acre. The developed portion has al
ready paid $4,000 and acre and the
present sale will make a total of prac-
tically $4,000 an acre, or a profit of
100000 per cent on the original invest
ment.
There are. 1875 wells on the land OF
which 127 are working. The companies
have for many years sold their oil
under contract to the Southern Pacific
1t has been used in the locomotives OF
the company on a good par tot their
runs in California. These contracts are
still in existence, and will be taken
over by the British syndicate The
contract sare particularly attractive
as they were made at a figure above
the present market price. The direct
sale. moreover. from producer to con-
sumner, has enabled the company to de-
rive q better price.
Some two years ago the affairs OF
the Imperial and Thirty Three were not
regarded as so satisfactory. For a
time dividends were suspended while
extensive changes were made. Rotary
drills and othr improved appliances
were installed. When operations were
resumed the wells proved more pro-
ductive than before.
The names of the capitalists COM
prising the English corporation have
not been disclosed. 1t is stated, how
ever, that they are in no way connected
with the British group of financiers
that operate under the name of the
California Oil Fields, limited, nor with
ested in the California petroleum rein :
cries, limited. 1t is rumored that the
Rothschilds are interested in the new
syndicate. With this sale the foreign
ownership of California oil properties
will be greatly extended.
Reports were received from Bakers
field yesterday to the effect that TIL gas
PRESSURE had been greatly reduced in
the Lakeview gusher and that the well
had been reduced to almost a normal
flow. 1t has been producing at the IA tie
of about 10000 barrels a day for the
last 40 days.