Los Angeles herald., 1910-05-06
UNITED REFUSES
HANDSOME OFFER
Declines to Sell Holding in Section
Six, North Midway, for
S5oo,o0O
WILL PAY DIVIDEND INSTEAD
Company Only Six Months Old
Has Production of 1900
Barrels Daily

The United Oil company has refused
an offer of $4,000 for its holdings IN
section 6, North Midway, including
four producing wells and $150,0OO worth
of improvements, according TO state
ment confirmed at the company OF
flee in the Citizens National Bank
building. -,
In the six months the company has
heen in existence it has spent in de-
velopnent work more than sou 0oo,
and the prorduction is now sutiiclent
to pay a dividend of per cent snare
n month, beginning with June, pelhg
equal to 10 per cent year on the par
value of the stock, with the prospects
that with the bringing in of additional
wells the dividends will be Increased.
The United Oil company has been
looked upon for the past seVeral
months as the model OF the heWe.
comnanies in the field, showing Wnat
can he accomplished by companies
onerating in proven fields under prop
err MANAGEMENT. Many of the COM
panies now before the public as pc
gfnners or which have recently or
ganized to drill for oil will be folloW-
ing in the footprints of the United In
making good and paying dividends and
for that reason the United may be TAX
on as n type Of what can be done ana
what is being done by the new com
nanies operating in the Calofirnia Oil
fields.
JUST SIX MONTHS OLD
The United Oil company was incor-
norated November 49, 1909, under the
laws of California, with capltailZa-
ton of $4,000 900. 1t was financed by
the whittier Campbell company, ozo-
99-30 citizens National bank building
and was financed almost entirely In
Los Angeles, among its stockholders,
bankers merchants, brokers and all
classes of business men,.
In the brief period of six montns
the United Oil company has forced IL
self ahead of the line of development
and has four wells completed, and has
n production of more than any COM
nanv in the North Midway field out
side the American Oilhelds company
STANDARD Oil company and the Union
Oil company. .1..
Considering the short time that TINS
company has been operating and the
difficulty all the companies encounter
in the North Midway field in handing
the sand the record made by the Unit
ed is nothing short of marvellous
According to Secretary Hedrick, the
United Oil company has increased ltS
holdings since being organlzeo, @ "hS ne
has acquired over $150,0OO worth OF
absolutely proven territory. This land
xyes ALL obtained before the Lake View,
pioneer Midway, Mays or the Eagle
OIL companies brought in their gusners.
This land was bought at the ADVICE
of c. F. Whittier, at price less tnan
one-third of its present value.
BIG TASK ACCOMPLISHED
Well No. on United property No. l,
which was subleased TO synolcate
OF bankers of Iowa, is now down 800
feet.
Well No. 2 on property No. 2, water
was shut off April 10, and on May 10
operations will be resumed. From all
that can be learned an excellent show
ing was obtained before the water was
shut off. 1t is the opinion or the dl-
rectors and general manager OF the
United, that a good well VIII pe
brought in on this property before the
first day of June.
Lumber and material for No. l well
on property No. Is now on the ground,
and as quickly as the rigs can be COM
pleted actual drilling VIII start;
The following report from the SUI
perintendent, H. B. Seifet of property
No. 4, was received yesterday. This is
the property that the United Oil COM
pany refused 100000 for last Thursday
night
Well No. 1 is flowing very steadily
and is making 700 barrels day.
We'll No. 2 is also flowing steadily
and is making about 700 barrels day.
We'll No. 8 is pumping better than
100 barrels a day.
No we'll on property No. was tne
well decided upon to make test ana
to deepen, in an endeavor TO secure tne
large sand in which the Mays, Pioneer
Midway, Santa Fe on section 20 ana
the Lake View "gusher" have all struck
suoh a tremendous volume of OIL This
well is located in the center of the
property and it is the firm belief OF
Mr.. Whittier that by drilling this well
30 a
very large sand will be encountered
This well is now 1415 feet deep
NO. we'll is now 1860 feet deep and
has an excellent showing of light OIL:
No. 5 we'll was so feet deep at
O'Clock yesterday. morning.
No 7 well is being rugged up and
will be drilling in few days.
No 8 we'll is being rugged up and
will be drilling in few days. and the
rig-builders are now building the der
rick for No. well on this property
On property No. 5 the, lumber and
material is on the ground for two RIGS,
and as quickly as derricks can be built
and machinery rugged up these wells
will be started.
No / well on property No. 6 will
spud in within the next four or five
days and lumber and material for two
additional rigs is now on the ground,
and no time is being lost in getting
these rigs DullC, SO acIual urllllHS CAN
be started.
Past accomplishments furnish proof
that the United Oil company was or
'ganized to produce oil and pay divi-
dends, an event scheduled to begin
next month.
The officers of the company are: G.
F. whittier president; e. d. Morri-
son, vice president; ]. B. Hedrick, sec
retary, and c. P. Campbell, treasurer
Directors are also A. F. Andres, ]. S.
Wallace and F. L. Blummer.
The Midway Central Oil company is
another promotion of the whittier
Campbell company, and on April 80
the directors of this company declared
a dividend of one-half cent a share
to be paid May 25.
The directors of the Midway Central
oil company are the same men as that
of the United OIL company.
d. t. hn.n L.. -.