Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1916-06-14
Biggest Individual Oil Sale
in History of State
Is Closed.
HILL COMPANY IN A
CLEANUP ON DEAL
Includes 5.400 Acres in the
Cushing Field; Produc-
ton $1,000 Barrels.
(By j. A. MKEEVERD


A FTER close contest with the
p Charles NJ. Schwab interests of
Pittsburgh, j. $. Cosden. pre- sident of
the Cosden Oil n Gas CO., has finally
closed a deal whereby his company
takes over the very valuable Hill or
a Gas Co. properties in the south end
of the Gushing field for "A considera-
tion of s12,000.00O. This announce
mcnt was made yesterday and sets at
rest the many reports that have been
circulated in regard to the trdnsac-
ton.
This is the largest single oil prop
crty sale ever made in this country,
topping as it does by 100000 the
price paid by the Sinclair oil & Re-
filming corporation for the Mllikin
properties which also included a re-
tnery. oil men generally were glad
yesterday to lean that the rich Hin
property had been purchased by a
Tulsa concern.
COs,icn Coming Home.
MI. Cosden. who has made what is
probably "A record in this purchase
Is on his way home from the east
and will arrive in Tulsa today. His
flrm was being congratulated on all
sides yesterday. as the Hill property
is generally considered to be the best
single property in the entire country.
The property purchased consists of
5,4OO acres of leases in township l7-7,
with daily production of better
than 5000 barrels day. The prop
erty is in splendid shape and has been
remarkably well handled by Superii-
tendent Thompson. under the guild
ance of William Carnill of Columbus,
Ohio, president and largest stock
holder and p. h. Magee of Tulsa, vice
president and local manager.
ii is an ideal property for refin-
ing company to have, as most of il
is well protected and offset wells can
not be drilled by other companies.
1t can be drilled as the oil is needed
and is not subject to conditions whici,
changes in the market put other
properties under.
The Cosden company finally got the
property only after Charles Nj.
Schwab and others had made vafl.
effort to secure it, In making the
purchase. COsden established "A rec
ord for time. Last Monday a week
ago he was given price on it, The
next day he left for New York TO
arrange the financial end Of the deal.
Monday night he left New York with
all details completed except the ac.
tual payment Of the money and the
formal transfer of the property.
Enormous Production.
This purchase will give the Cosden
OH Il Gas Co. a daily production of
close to thirty thousand barrels a day.
making the concern one of the fom
largest producing companies in the
Mid-Continent field This is re-
markable record for n company that
was only organized a few months ago.
Stock in the concern. which has a
par Of So. was quoted yesterday at
10 y on the curb in New York.
The sale gives the stockholders in
the Hill company fine clean up"
President Carnill is not in the best
OF health and probably will retire now
and takes things easy for a wniie.
lie has long held the respect and con-
fidence of oil operators and many
kilograms of congratulation were sent
to his home in Columbus yesterday.
Percival +. Magee. vice president
and Tulsa manager. is entitled to
much credit for the building up OF
the property. as it has been almost
a child to him. as he fought through
the Indian agency most of the leases
that now comprise the valuable prop
erty.