Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1919-10-19
BIC OIL CONCERN
Gets A FOOTHOLD
IN EASTERN N. NJ.
New York Company Buys
Leases on About 100000
Acres in Chayesl De Bacat
Eddy and Lincoln Counties,

Roswell, N. NJ, Oct, 1S.-What Isl
believed to be the most important de-
ve.opment deal ever negotiated for
Roswell was closed Friday when the
National Exploration company OF New
York bought from the Ros"eil VI
Development company oil leases
amounting to approximately 5O0,O00
acres in Chaves, De Baca. EDDY ana
lincoln counties. The consideration
is understood TO be in the neighbor-
hood of $780, 900. The contract also
carries with it an agreement TO dfllI
four wells. one of which Is ALREADY
being started, and three more to start
in three. four and five months, re-
spectiyely, The deal has been pend
ing for weeks and was closed ohly
after the most careful investigation
on the part of the purchasing COM
pany through II. A. Houser OF Los
Angeles.
The Roswell Oil Development COM
pany was organized BY local people
last January and practically all its
stockholders are Chaves county peo-
pie. Leases were pooled and the
services of Dorsey Hager and A, Ed
mund Robitaille were obtained for a
complete geological survey which has
taken months. The purchasing COM
pany also had reports from other
biologists on the property purchased
and has had personal representative,
II. f. HaIes. in the field here SIX
months. While the reports of the
biologists are not known publicly, it
is understood they are very favorable
and the fact that the purchase price
of the large body Of leases is so high
indicates that the purchasing COM
pany is very hopeful of opening q
field here.
In the negotiations, besides Mr.
Houser, the purchasing company was
represented by its general manager
Milton j. Beatty, who is also vice
president of the Commonwealth Pc
troleum company; David c. Howard
of the firm of Price, Smith. Spillmar
& Clay, an attorney of Charleston
w. Va. and A. B. Anderson, comp
troller of the National Exploration
company. This company was only
recently Incorporated, principally t
develop the New Mexico field. IL
organizers are the same eastern CAPT
talists who formed the Common
wealth Petroleum corporation and the
Union Oil company of Delaware.
The Commonwealth Petroleum cor
poration few months ago acquired
the holdings of the United Western
Western Union Oil company and thu
head drilling company of California
and has also been active in obtaining
valuable properties in Texas ant
Wyoming.
The Union Oil company of Della
ware only recently took over thu
holdings of the vast Union Oil com
pany of California. Both of thes'
companies are carrying on large de
Velopment now.
The directors of the National Elk
ploration company are also all direct
ors in either the Commonwealth o
the Union Oil company
The holdings acquired by this nev
company today comprise decided land
state leases and placer claims. TIT
company already is moving one rig OF
the ground, a 75.000-acre tract nea
Picacho, west of here. The work OF
other wells will be pushed as rapid.
as possible and local people who hav'
been in touch with the situation from
the beginning believe this assure
thorough development for all eastern
New Mexico.
The Roswell Oil Development com
pany was represented Thy its president
w. C. Lawrence; A. H. Rockefeller
secretary; J. J. Jaffa, treasurer, anC
the directors, w. A. Johnson. $. p
Johnson Frank Talmadge. Jr., II. 3
Smyrl, Harry Thorne and E, G
Minton,