The Glasgow courier. [volume] (Glasgow, Mont.) 1913-current, 1915-12-03
OIL COMPANY
TO BE FORMED
Geologist Coming to Make Sur.
vey Before Drilling
LOCAL MEN BEHIND MOVE
Company to be Controlled and Run by
Local Men-Enthusiasm High
/. Over the Prospects.

For the purpose of organizing a
company to drill for oil and gas here, +
general meeting was held at the /
Commercial club rooms Monday night j
to hear Edward C. Cleaver, an oil man t
of Calgary, and who organized the
oil company at Plentywood.
Mr.. Cleaver is convinced that there
is oil and gas in this part of the state.
as has been shown by the striking of
gas at Havre and Glendive and the
new oil field but recently developed
at Greybull, Wyoming, south of Bill
ings. The geological formations in
northeastern Montana are much the
same as those in the big oil fields and
the fact that there seems to be plenty
of surface indications that there is
oil here makes it particularly attrac-
tive for drilling.
At the meeting Mr.. Cleaver ex-
planned his proposition to the club.
He stated that he desired to see a
company formed here to drill and
prospect for oil and gas, and that the
stock should be held entirely by local
men. It would be development in
stead of stock selling company, and
the power would be vested in board
of directors, appointed from the local
stockholders, who would handle all
funds and transact all the business
for the company. For his part of the
undertaking, Mr.. Cleaver stated that
f he would take one-fifth of the capt.
tai stock, and would act in an advis-
2 ory capacity to the company, drawing
no salary whatsoever and paying his
: own expenses, saying that he was
S willing to take chance on his time
f and money that there was gas and
= oil here. In case the we'll proved a
|. failure, he would be the loser, but it
e it was a success he would reap the
D benefit, along with the other stock
J. holders.
d Before any drilling operations were
commenced, Mr.. Cleaver stated, that
he would have an expert geologist,
il. E. Richards, come here And make a
: survey of the country surrounding.
II The entire expense ef the survey,
s. which will take about two weeks, is
y. to be paid by Mr.. Cleaver, and If the
d report of the geologist is an unfav-
It orable one, and that it would be fool
g hardy to drill here, no well will be
n started. But if, after careful geol-
le ogical survey, indications point to
r, body of gas or oil, we'll will be
l. started at the best place designated
er by the geologist. The geologist will
se be here in few days to start his in
S. vestigation.
Or "We may not strike gas or OIL
c. said Mr.. Cleaver, in addressing the
OF club. "but if there is oil or gas here
at we certainly will find it. That there
as is oil and gas in this country there il
st no doubt, and while it is taking
lg gamblers chance to drill, it is Ger
tainly worth it if oil or gas is found.
"This company will not be stool
selling company like so many oil com
as panies that are formed, who sell
IN big bunch of stock and never do an!
If drilling. We propose to capitahz
t. this company at $3.50 600 with share
GO at 81 par, and the first issue to b.
es $4,000. The management OF tn
NV company and the handling OF al
~ stocks and funds will be in the hand
ID of the local directors. In case oil o
c+ gas is struck, a provision will be mad
n so that those who bought stock
", the first issue, may buy the sam
oL amount of stock at the same pric
- thew paid for the first shares. In on
oil field, after oil was struck, stoc
jumped from 81 to $125 per share owe
p night, and in case we are successf'
,or here, those who bought shares OF tn
first issue will have an opportunity
, add to their profits.
An ut is estimated, and from the RI
.ed suits of the drilling at Havre an
in Glendive, gas will be found at abo'
cir 1000 feet, but it will likely be nece'
be sary to go $500 feet to find oil. tt
rch cost of drilling will be about SIS pt
or. foot for the first 1000 feet and as ye
go deeper the cost of drilling il
w, creases.
an "In case gas should be struck,
alto would certainly be of great benet
lly, to the city. Cheap fuel is one thir
clio which this city certainly needs al
and with natural gas this problem will
solved for years to come. It wou