The Birmingham age-herald., 1918-06-12
NEW OKLAHOMA OIL FIELD FOUND
By HOLLAND

Fly HOLLAND
 New York, June 11-(Special.)-A few months ago the president of one of the banks at Enid, Okla, was asked by a business friend if it were true that he nad made venture in oil. In reply the bank president said that he had within a few days used his own money to the ex- tent of $25,000 in an oil drilling experi- ence, taking a chance that the invest ment would be fairly successful With this money he caused drilling to be be- gun and after the drill had penetrated through the third sand level oil gushed forth. Recently this bank president was offered two million five hundred thousand dollars for this well.
 company was organized a year ago by group of western men of high char acter and of financial responsibility for the purpose of developing, if it were pos slnle to develop, oil properties in field "a few miles east of Enid. The capitaliza- ton of this company was two hundred and thirty thousand dollars Recently an offer has been made to the company of two million five hundred thousand dol- lars for the oil property which 1t sue ceeded in developing. Presumably that offer was not attractive, for excellent au- thority, which was brought to New York this morning from Oklahoma, reports that the offer was declined.
 Excitement, similar to that which char acterized the discovery and development of oil in western Pennsylvania, prevails in these new Oklahoma oil fields, They arc situated in the county Of Garfield, of which Enid is the capital. They are of comparatively new development, for it is less than two years ago that the first oil producing well was drilled near Enid
 Both science and capital, as well as great ability and expert knowledge. are entailed if there is to be success in the attempt to develop oil properties. Men or science, who examined a few months ago the new Enid field, which is situated a few miles west of the so-caIled BiI- lipgs district, reported that the geologi- cal formation and other features which were brought out by their researches warranted them in saying that it was probable that an experimental drill in that location would bring success It was decided by these men of capital and of high reputation, who had organized the company and had already built a re- finery at Enid and a pipe line, to di- rect the experts to begin drilling At a distance of little over thousand feet below the surface the drill struck the first layer Of sand. It contained evil dences of the presence of oil But the drilling was continued until at 150O feet below the surface the second layer of sand was reached by the drill. Not with that second layer did the drilling operations cease. They were continued until in the month of April of this year the third layer of sand was struck and there came rich reward for this perse- lverance. The well yielded immediately seven thousand barrels day and there is no sign of exhaustion. In fact 1t was this demonstration of the existence Of a vast pool of oil at least two thousand feet below the surface in the so-called Enid district which persuaded other men of capital to make an offer of two mill lion five hundred thousand dollars to the company Thus an investment Of two hundred and thirty thousand dollars year ago is followed by an offer of two million five hundred thousand dollars.
 A VERY RICH OIL COMPANY
 Garfield county, in Oklahoma, whose boundaries are in the northern-central part of the state, only one county lying between it and the Kansas boundary, has been for 20 years one of the most flour ishng of the agricultural districts of Oklahoma The banks which were estab- lished at Enid about 20 years ago have been until within a few months almost exclusively occupied in financing the needs of the farmers. Now, with the extraordinary development of wealth-pro- ducing oil the banks have been com-
 
 although the farmers continue to culti- vate, principally to wheat, that wonder fully rich soil.
 Tempting and fascinating even as are some of the reports which we're today brought to New York by men of personal and financial responsibility, telling of the sudden development of new wealth, ag- gregating millions in central Oklahoma. nevertheless none but those who have ex- perience or capital in abundance or who are of expert authority should venture to make investment in oil enterprise, and it would be folly for any person who is without oil experience to permit him. self to be tempted to invest in the stock, of which considerable quantities are of- fered for sale, in oil-producing proper ties in Oklahoma It costs from thirty thousand to fifty thousand dollars to drill we'll After the well is drilled and has shown itself to be capable of yield ing thousands of barrels day there remain other incidental expenses. All oil men admit that the business of prospecting and promoting oil properties is more or less in the nature of a gam ble Fifty thousand dollars may be easily buried in what is called a dry we'll. But when fortune favors the investor the bounty is so munificent that it does not fail to tempt men who have capital, ex- perience and business qualifications. One feature associated with the sue cessful drilling of this Enid well refers to the quality of the oil It is of such high grade that it commands three dol lars and seventy-five cents barrel at the well. No higher grade oil has come from American soil. Speaking technical |ly 1t registers 49 ghrams, which is the test established by ablest men of science. Those who have visited the Enid district and have returned to New York say that we can have no idea of the excitement and enthusiasm and energy which pre- vail throughout the district Enid IS to become the center of great refining in- terest To these refineries oil is to be brought by pipe lines from the many wells which are now flowing. It IS the expectation that within year the whole N district will be, metaphorically speaking. bonev-combed with oil wells.