Los Angeles herald., 1910-09-25
ATLANTIC OIL COMPANY
ACQUIRES PROVED LAND
Oil Outfit Owns Valuable Acreage
on Sulphur Mountain, Ven
tura County

The Atlantic OIL company is organ
lied under the laws of California, with
capital of $600,000 to develop a lease
of LOG acres on Sulphur mountain,
northwest of Santa Paula, in the heart
of the light oil-bearing belt of Ven
tura county. The capital of 100000 is
divided into six hundred thousand
shares Of a par value of 81 each. The
men who are back of the Atlanta Oil
company have used none of the legal
tricks by which men sometimes obtain
a promoters interest or acquire large
lien or debt against q company with
out appearing to have done so.
There has been no stock issued for
any other consideration than cash, and
all of the stock went into the treasury.
Not one share of stock is to be issued
in payment for the lease. AS a con-
sequence of this plan every stock
holder is placed on the same footing
and no one has an advantage over
the other.
The land which the Atlantic Oil COM
pany has leased is in two tracts, and
is most advantageously located, being
intersected by the Liberty Oil COM
pany, which is now drilling its second
well, and is bounded by the Union Oil
company on the south and the Liberty,
Puritan and Bard Oil and Asphalt
companies on the north. The lease runs
for period of twenty years with a
royalty of one-Sixth of the oil produced
and carries the right to an extension
Of twenty years more. This extension
was procured on account of the long
life of wells in the Ventura district.
In this connection it should be OBJ
served that a royalty means the same
oG nd a T.fxy
the land is paid his one-sixth of the
value of all the oil which is produced
by the company.
PAID $4,000 CASH
The consideration for the purchase
price of the Atlanta Oil company is
$4,000 cash, one-half, to be paid dur
ing the first year of the lease and the
balance during the second year. Ac-
cording to the terms of the lease,
work must begin on the first we'll
by September IA, 1910, and on the
second well by February IA, 1911, and
thereafter development is conducted
practically as the company sees fit.
Work began long in advance of the
terms of the contract.
A surprising feature of the Sulphur
mountain district is the enormous
seepages which come from the sides
of the mountain. During the recent
hot weather in August these seepages
have been so abundant that catch
basins or sump holes have been built
to receive the oil as it comes from
them, and this Oil is being taken by
two tank carts and sprinkled over the
roads of that portion of Ventura
county. There are, of course, dozens
of seepages which are not accessible
to the roads. and these are not util-
lied. The seepages occur at the
north, south, east and west sides of
the mountain. 1t was in Adams
canyon, on the south slope of the
mountain, that the Union Oil company
brought in its Wild Bill gusher, other-'
wise known as we'll No. 16, whose great
production at that time ran up TO some
three hundred thousand barrels of oil
before the we'll could be capped, and
after the well was put on the pump
some two hundred thousand barrels
more.
GOOD TRANSPORTATION
Transportation facilities are excel
lent. The Union Oil company has
pipe line up Also canyon to point
within five thousand feet of the south
side of the Atlanta property. This
line is about 1900 feet below the prop
erty, so that gravity will carry the oil
easily into the pipe line. The property
is about fifteen miles from the ocean.
ctIlQ UOI OILY Cdn LIE Oll NC Q6ilNSISu
to the pipe line, but it can also be de-
livered to the railroad tanks and put
on the tank cars as readily as it can
be taken to tidewater. How easily the
oil can be conducted to tidewater is
shown by the fact that oil from Wild
Bill gusher flowed down Adams
canyon, and some of it finally reached
tidewater, about sixteen miles away.
At the present time a considerable
part of the refining oil of Ventura
county is shipped by steamer to the
Standard Oil refinery at Point Rich
mond. The Ventura oil is so valuable
that the Union Oil company has re-
Gently been rushing work on pipe
line from the port of Ventura to OK
nard so that the sugar factory at
Oxnard might use fuel oil instead of
the more valuable oil from the Ventura
field, which is in demand for refining
into distillates and into lubricating and
Illuminating oils. The line was built
in order that the oils from the Midway
fields may be brought to the port of
Ventura in tank steamers and thence
be piped directly to the sugar factory.
Thirty-flve refineries in California at
the present are crying for refining Oil,
and it would not pay concerns like the
Union Oil company to use refining oil
where by building pipe line they may
use fuel oil