The Canon City record with which is consolidated the Canon City cannon., 1920-01-15
Local Oil Co.
Makes a Fine
Showing for 1919

The annual meeting of the stock
holders OF the on Greek Petroleum
Company was held at the office OF the
Fremont County Abstract Company
Thursday afternoon, with most OF the
capital stock represented. The old
board of directors was reelected and
its organization was affected with the
same officers as in 1919, who were DR..
w. II. Baker OF Pueblo, president;
Fred Reide OF Canon City, first vice
president; II. A. Cessna of Pueblo. sec
ond vice president; c. a. F'redrickson
of Canon City, secretary, and 4. c..
Dickinson of canon City, treasurer.
The Pueblo stockholders in attendance
at the meeting were Dr. Baker, Mr..
Cessna and l. L. Glenn.
In addition TO the election of the
directorate, reports of officers for the
past year were read and various mat
ters Affecting the company were dis
cussed. The reports were gratifying,
and showed that much had been ac-
uut the last IL
The treasurer's report brought out the
fact that the company was free from
Indebtedness of any kind. and that
there is surplus of $4,000 in the
treasury for the prosecution of its en-
terprises. All outstanding obliga-
tions were cancelled January 1. The
showing is considered a remarkably
good one in consideration Dt he OBJ
stacles and misfortuntes the company
has had to meet during the last year.
Every phase of the company's busi-
ness was discussed at Thursdays
meeting in spirit of optimism. and 1t
enters upon the new year with a conf
dent expectation that its undertaking
will be crowned with success within
the next few months. The company's
holdings are on Four Mile creek, five
miles northeast of this city, where It
has been boring for oil since August,
1918. Several months ago at . depth
of about 200 feet, petroleum was en-
countered in considerable quantity,
the daily yield being estimated at
from IS to 20 barrels. Water. how
ever was struck at the same time In
such quantity as to nullify the value
of the petroleum now, and the we'll
was temporarily shut down pending
arrangements for boring a well Of .
larger diameter in order to salvage
the oil. Since then better equip
ment for boring has been installed and
the old well, which was five and i've
eighths inches in diameter, has been
reamed out to a 10-inch well and
strongly cased to prevent its flooding
with water The contract for boring
the new well was awarded to Isadore
and Robert D. Spangler of this city.
The enlarged well is now down to a
depth OF approximately 300 feet. ac-
cording to the Messrs. Spangler, and
is yielding from three to five gallons
of oil with every bailer load of rock
brought to the surface. The well is
just entering the Trenton limestone,
and has not yet penetrated the oil
bearing sand which lies underneath 1t.
AS soon as the present stratum of
rock, which is believed to be Of con-
siderable thickness, has been pierced,
it is expected that the oil pool will be
reached. When the we'll produces as
much as Is or 20 barrels of oil day
which is expected very soon. boring
operations will cease and pumping will
be begun. Plans have already been
made to save the oil that is now being
brought to the surface, and when a
larger production is obtained the we'll
will become commercial property.
1t is computed that the stratum in
which the drill is now working Is 100
feet in thickness.
The oil being taken from the well is
of an unusually high-class character,
containing about is per cent Of nap
tina. 90 per cent of Illuminating OIL 33
per cent of lubmicating oil and a val
liable residue of about 30 per cent,
; from which synthetical eyes can be
made. An analysis was recently made
of the oil taken from the companly's
well on -Four Mile creek by the Pu-
eblo Mining & Metallurgical company
in which the chemist making the test
says: "The oil water under consid-
Grafton is a high grade petroleum.
rich in the lighter constituents; naph-
ths and Illuminating oil. II is char
acterized by n very low fash point
and vaporizes at normal tempera-
ture."
The Oil Creek Petroleum company
{ is canitalized at $4,000 divided into
100000 shares, having par value OF
! 10 cents share. There are 33s,0oo
/ shares of treasury stock unsold