The Clarksburg telegram. [volume] (Clarksburg, W. Va.) 1874-1926, 1910-11-10
est Sale
81 oil roper "
Is Made by Benedum and
Others to the Standard
Oil Company.

| property ever consuntnated In the
history of the oil industry was finally
c'oaed when the j. c. Trees OIL Com
pany. composed of T. c. Trees, II. S.
Grayson. NJ. L. Benedmm and II. S.
and c. Z. Glenn. ali of Plttsburg. dis
posed of their holdings in the caddo.
Louisiana field to the Standard Oil
Company at the end of the week. Me-
so,iations had been on for some time
and at the meeting in New York the
owners of the property and George j.
Wolf, solicitor for the j. C. Trees Oil
Company, represented the sellers. j.
G. Donnell, president of the Ohio OIL
Company, of Findlay, o., represented
the Standard OIL Company and in
which New York officials OF the big
company participated. For number
Of weeks the Standard Company had
a representative in Louisiana gauglng
the property and the final details for
taking over the properties we're speed
lily arranged after the representatives
Of the two companies got together at
26 Broadway.
All OF the parties interested de-
Iclined to give out the selling price.
but 1t Is understood to have been very
close to 100000, giving the trans
action in money value the highest
ever paid for an oil producing proper
~ in this or any other country. The
property acquired is no doubt the most
valuable Of any single holding in this
country. 1t comprises 100000 acres,
lying west of James Bayou in caddo
parish, La, and % miles northwest of
Shreveport.
On this property the j. c. Trees
oil Company had completed % deep
said wells, having a production that
has for number of weeks fluctuated
between 5000 and 10000 barrels
day. III the deep sand territory no
dry holes have been completed and
the operations under way at this time
consists of 10 drilling wells. About
1000 acres of theaggregate have been
tested and known to be productive. |
The largest lease in the property sold
is the Stiles tract. consisting of 3,20O
acres, fully tested and known to be
prolific producing territory.
There are four known producing
formations in the caddo field. The
first, a heavy grade Of oil. is found at
a depth of 1000 feet. A second at
100 feet and two others at depth
of 400 and 1900 feet. The lower Is
the most prolific producer and the oil
is of high grade quality, equal to the
best grades in the eastern fields. The
average cost of drilling deep sand
well is about $4,000 The develop
ments of the j. C. Trees OIL Company
comprised about three-fourths of the
territory developed in caddo parish
up to the present time.
Were the Deep Sand Pioneers.
The j. c. Trees Oil Company began
operating in Louisiana in August, 1908
and drilled its first shallow sand well.
1t was not till November of last year
that it drilled in its first deep sand
well, No. 4 on the stiles tract. The
success that has attended its opera
lions is an evidence of what can in
these later days be accomplished in a
short time by active. energetic opera
tors of the new generation. All are
comparatively young men, but of wide
experience in the business, having OPP
Grated successfully in Pennsylvania
West Virginia. Illinois and Oklahoma.
Their first deep sand well in CaddoI
parish came in November 10 of last
year.. and started at $500 barrels a
day and is now nearly year old and
at this time is still producing 500. The
of this we'll alone is esti-
mated at between 100000 and $780,
900 barrels. No on the stiles tract
was the largest well this company
drilled in the Caddo field. 1t was
drilled in last April, started at 10000
day and is still holding up
al $500 barrels. The company was
extremely fortunate lits its develop
ment Of the deep sand territory, not
having encountered a single buster.
So great had been its success in Sc
curing large production that it was
forced to build a gathering system and ,
erect vast amount of storage. I'LL
was not the purpose Of the company
10 coniine itself to the producing
branch Of the business. Ground had
been purchased at Shreveport and the!
erection of refinery was begun and
was to be completed early next year.
The property purchased and the pre-
llminary work. was included in the
sale of the producing properties and
their equipment. The only reserya-
ton was the gas rights ON the leases.
Aside fromthe Pennsylvania, West
and southeastern Ohio fields,
the caddo district is unique. 1t Is the
only one to produce oil Of high grade
in such large quantities and stands
alone as competitor with the eastern
fields. In location it may be said toll
hold point of vantage over the east
ern fields.
Will Not Retire.
In disposing Of its holdings in Louis