The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1914-01-14
WILL DRILL FOR OIL AND
GAS ON THE CARTER
FARM
ENTHUSIASTIC MEETING
At CHAMBER OF COMMERCE
Will Sell $4,000 Shares Of Stock;
Company to Buy Own Drilling
Machinery

At last test well will be boret
for oil or gas in Logan county.
This was assured at the meeting Of
the stockholders and directors OF the
Cimarron Valley Oil company last
night in the Chamber Iof Commerce.
The proposition made by S. G. Cres-
ser. of saltwater, was ratified by the
stockholders. The directors OF the
company were voted absolute author
ity to draw UP a binding contract Win
Cresser for the faithful performance
OF the WORK.
Cresser. under the agreement en-
tered into at last nights meeting Will
be given 10 per cent of all the stock
he sells. He will also be given one
fourth interest in the first well that
is brought in on the company's leases.
He will also be given fourth inter
est in 1000 acres of leased land ad-
iacent to the Carter farm, upon which
the first we'll will be drilled.
There is a proviso, however, in the
contract which recites that Cresser
must first sell all Of the stock author
lied at the meeting last night before
he can participate in the OWNERSHIP
of either well or leases.
No contract for drilling, purchase OF
machinery or other Indebtedness can
be made by Cresser until first ratlllei
by a vote Of the majority of the di-
rectors at regularly called meeting
had for that purpose.
Mr.. Cresser will have the superin-
tendency OF the drilling. He can make
contracts with drillers and buy tht
machinery, tools, coal and other things
necessary in the completion Of the
we'll, after authority has lirst beer
delegated him by the president or
majority OF the directors. All claims
will be passed upon by the directors
before being paid by the treasurer.
In fact the contract with Mr.. Cressel
will be made ironclad and will insure
safer conduct of the company
business.
The meeting last night was called
BY President liorner, after number
Of kicks had been made by individual
stockholders.
1t was the second meeting had by
the company within the week. At the
first meeting a contract similar tc
the one made last night was agreed
upon between the directors and Mr..
Cresser. While the first meeting h7d
been advertised through the newspa-
pers and by cards sent to the mem
bers individually. but % responded
The meeting last night was large and
enthusiastic After the nature OF the
proposition was made clear to the
stockholders. authority was unani-
mously delegated the directors to en-
ter into contract with Mr.. Cresser.
Il will get busy Immediately. said
Cresser today. and | want to say here
and now. the members of the Cimar-
ron Valley Oil company will not be
disappointed with the results. am
certain oil in paving quantities and
gas, too. underlie this county and ! am
going to prove it by beginning work
within the next 80 days. am conf
dent that the stock will sell like hot
cakes and why not? 1t certainly is
the best thing in the oil line in this
state. and is sure winner"
The Cimarron Valley Oil company
now have $500 in the bank: from
this money the drilling machinery will
be purchased and a rig set.
The company has authorized the
sale OF 5a.O0n shares of stock.