The copper era and Morenci leader., 1917-09-07
ID START DRILLING 0N 0|L CLAIMS
 NEAR BOWIE
Local Company Receives Permit. from Arizona Corporation commis sion to Offer 100000 Shares of Treasury Stock to the Public for 25c Per Share


 D. E. Address, Justice of the Peace lof Clifton Precinct, was this week granted leave of absence for fifteen days by the Board of Supervisors, and will utilize the time in the inter. est of the Arizona & New Mexico Oil Development Company. MT. An dress is Secretary Treasurer of the corporation and will visit several towns in southern Arizona and New Mexico before the expiration of the next fifteen days ,fr
 The officers of the Oil Development Company are J. O. Phillips, Presi- dent; Asa Miller, Vice-President; and D. E. Address, Secretary-Treas- urer. The company is incorporated
 under the laws of Arizona and is capi- talized for $1,000,000. the par value
 Of the stock being $1 .O0 per share i The amount of stock remaining in the treasury of the company at pres ent is 599,S60 shares and a recent permit issued by the Arizona Corpor ation Commission, issued on August I 20th, 1917, authorizes the company to sell 100000 shares of the stock now in the treasury of the company for 25c per share paying a communication of 20 per cent for sale of the stock. Tie Commission further ordered, that all sales of stock in the before mentioned company under the terms of this permit shall if possible be for cash, lawful money of the United States, and under no circumstances shall any sale or sales of stock be made by the before mentioned con- pany under the terms of this permit unless at least twenty-five per cen tum of the total purchase price be paid in cash, lawful money of the United States, the balance to be paid at stated intervals as may be arranged by contract between he be fore mentioned company, and the pur- chasers of it's securities, snid con tracts for deferred payments first to be approved in writing by the Ari' zcna Corporation Commission.
 Location of Oil Claims.
 The oil claims of the Arizona and New Mexico Oil Development Com- pany are situated in the rich San Simon Valley, just north of Bowie, Arizona, on the main line of the Southern Pacific railway, and termi- nus of the Arizona & Eastern Rail- way, to Globe and Miami.
 Causes Leading to Organization
 About seven years ago COW man drilled a we'll on certain claim now held by this company and encounter ed water for his stock at depth Of I212 feet. He discovered that if water was not pumped out for three or four days that oil fioated on the top of the water. This led to an ln- yestigation, and a test of the sand from the we'll showed pieces of pure asphaitum shale and acid test foated oil from the sand.
 The. COW man and some friends put on some oil claims and started test hole near the well, with light rig, drilling a three inch hole to depth of 1000 feet, the capacity of the rig. In drilling they encountered a num- bor of gas pockets that would burn, and each sand stratum passed through freely showed oil, and with good showing of oil on the bottom. |. l N. A. Hichock, licensed engineer, inspected the property some three weeks ago and in his report, says: .In Section 21, where the creek known as the San Simon. has cut through the oil stratum, the oil sand is exposed for conslderaple dls- tance and is streaked in numerous places with oil. This oil sand under chemical precipitates a large amount of oil. I also find near Section 2s' where a water well was bored some years ago, there is oil formations as much as a mile long indicating that there is a blanket of oil formations about five miles long and ten miles
 wide in this territory. fully be- lieve that the indications above men toned justify the assumption that with a standard rig a stratum of high gravity oil will be encountered at depth of from 1900 to 2000 feet"