The Clovis news., 1919-02-13
$l.5O PER YEAR
A HOME OIL COMPANY

Clovis has an oil company at last.
For many moons rnmors Of oil wells
to be bored down the main line near
Taiban have excited our people and
brisk traffic In leases has grown up
from vague reports Of big oil compan
les having the fabian field in view.
Now that deep test well is an as
sured fact we are in the throes of
real oil boom and Taiban leases are
taking on some real value.
The Clovis oil Company Is a lusty
infant Of, about three days, and faith
cred by brains, money and business
character, bids fair to become full
grown and successful concern before
the next moon is full. 1t Is being
financed and managed by such success
full bankers and business men as G.
w. Harrison, president and A. W.
Skarda cashier Of the First National
Bank Of Clovis; s. A. Jones, cashier
Of the Citizens Bank; Cash Ramey
and ]. w. Wilkinson; A. Il. Curren
and Hugh Bell; c. s. Hart, ]. u.
Lindley and Virgil Moore, an oil man
from down the valley. The law firm
of Patton & Hatch has been retained
10 steer the new company out Of legal
pitfalls and an eminent geOlogist has
been engaged to locate the exact struc-
ture, dome or anticline In the new
field. With the reports from the geo.
logists OF the Standard Oil subsidiary
companies, as well as those Of the U.
s. government TO assure them the
country Is in the right geological age.
In the Silurian period. and with all
the surface indications Of a big oil
pool beneath. the oil company starts
out with bright prospects. Before the
organization and application for
charter, over 10000 acres of leases
were secured along the formation, and
the land owners were given n positive
assurance that big rig would be on
the ground within 30 days from the
depositng of the leases In the Bank
Of Commerce at Taiban.
The first well TO be drilled will start
with II inch casing and the contract
calls for depth Of 1000 feet or until
oil Is found in commercial quantities
They will use both rotary and drop
tools as the formation requires, and IL
no refractory rocks are found the re-
tary outfit will sink hole at the rate
of 40 feet day. It will take two
forty foot fat cars to transport the
machinery, which is unusually heavy
and strong, and the outfit will be side
trai6ed at Clovis for few days lntii
the geological report is completed and
the exact tract located for the first
well site. They will use a 10 foot
marine boiler, costing $500 of 70 h.
p. and this alone weighs ten tons.
All Of the money has been subscrib-
ed and paid in for the purchase Of all
needed equipment by the incorporators
and above named business men, and
this private stock has been pooled with
forfeiture clause IL it is sold. offered
for sale, or contracted By gift, devise
or otherwise to be disposed of before
the first well is completed It is there
fore needless to say that the Clovis
Oil Company is not stock jobbing
concern Another provision is that no
salaries or expenses shall be paid to
the officers or directors until the first
well is completed. 1t "a quite prob
able however, the directors state. that
small issue OF treasury stock will be
offered here at home at Its par value
Of $1.00 share, and applications for
this are already pouring in. Every
cent Of this money will go into the
first well, and only enough to COM
plete one well will be offered. With
10000 acres and n producing well in
the center Of the tracts, It requires
small imagination to cOnjure up big
profits, when one reads Of the many
Ranger and Burk Burnett concerns
operating on from two to FIVE acres
and capitalized In FIVE or six figures.