El Paso herald. (El Paso, Tex.) 1901-1931, 1919-04-03

co enthusiastic are the holders Of
y permits to mineral rights in the
Hueco basin over the prospect Of
getting oil that when they formed
a company wednesday night in the
ErIIi room Of Hotel Sheldon and sub
scriprons OF $4,000 were called for
total OF S31, 500 worth was applied
for IN Is minutes. and some OF
the owners Of mineral rights were
not present Subscriptions today
brought the total 70 more than
$4,000.
For more than two months past. a
group OF FL Pasoans have been care
fully gathering up the claims in
Hueco basin. east Of Hueco Tanks,
covering the largest area in west
ern Texas on which the geological
maps Of the United States and Of the
Texas university show the same for
mation-Pennsylva sand-as exists
in the proven Ranger field
Wednesday night the holders Of
these claims. totaling about 10000
acres, got together at Hotel Sheldon
and formed the Hueco Basin OIL com
panys with a capital stock OF S250,o00-
Those who were present decided
that as they were lending their names
20 the promotion and organization OF
the company. the public should be
FULLY advised as TO the plan Of or
gauiZation-
plan Of Organization.
As a result OF elaboration II was
decided that for the right to prospect
Tor oil and gas, and develop oil and
gas upOn $4,000 acres under permits
from the state Of Texas, issued IN
der the acts OF 1917, the company
would deliver 70 the permit holders
II. 500 shares OF stock Of the par value
Of SO per share. and as an additional
consideration. would allow such per
init holders the right to purchase 5000
shares OF the par value Of SO per
share, for a consideration Of Sz5t00O
in cash, so that the company, upon !
its organization. would have in addi- |
ton 70 the right TO develop oil on /
amount OF S25, 600. And as the COM /
peny IS 10 be capitalized at S250.O00 /
this would leave $500 shares TO be /
sold 20 the public by the company at |
SO per share
The permit holders. however. agree l
thar they are TO keep the 1880 shares /
which they receive as part cOusidera- !
ton for the right to use their per- J.
mitE. in escrow, in the Union Bank I
& Trust company under an agree
msnt that none Of these shares shall /
be disposed OF until after oil or gas
is struck, so that, in fact the permit /
holders VIII not receive any consid-
cradle amount for the use OF their
permits, unless oil or gas Is actually
found The only present considera-
tion which they will receive viii be
the right to purchase 5000 shares Of
the par value OF SO each. FOR SIS, 900
in cash This is the amount so far
oversubscribed by the permit holders.
The Trustees and Officers.
The company was organized under
a common law trust agreement, and I
the following trustees we're elected:
George Theiseu. G. A. Martin, A p
E c. Davis and P Del
Richie
Officers were then elected as fol-
lows
President-George VI. Theisen. I
Vice president-Burt Orndorff
Vice resident-Charles Davis
Vice president-Wul iam orr. I
Vice president-E. c. Held
T-easurer-1IaE Moye
Assistant treasurer. II Proctor.
Secretary-J. 2. Anderson II
Assistant SECRETARY. 2. Fletcher
The 5000 acres taken over By h
The company f. the largest on Il
ARA anywhere IN the country IN
the Pennsylvania sands, and II
OF e Struck the value OF each