The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-10-09
IN THE OIL FIELDS
Office. 624l w. H. PECK Residence 2442


based on oil ~ the price OF 81 pc
barrel and Is Ms OF the date Of June
2S, 1874. and aggregates the sum
OF Sl0lOS,3l4.67. TO this is added
"A separate appraise ment made OF
the value OF other holdings. inciud-
ing the stock is the Paragon Refln-
ing com pany materials, supplies
and other interests of S3,500,0OO.
making "a total OF about Sl3.6O0,00
Claims against the company ag.
grcgatc about 100000. II is es'i-
mated by the receivers that at least
100000 OF these claims will not
be allowed.
The production OF the company
now amounts In Louisiana to about
$500 barrels per day. that Is, net 60
the company after taking out royal.
Ties and all outside interests, and
about 1900 barrels per day I'm Ok
iahcma, Kansas and Texas. The zee
ceivers since taking charge of the
property have increased the porduC.
tion IN Louisiana about 400 barrels
per day, the production coming from
the same property but under the
reCcivcrship operations Il has been
raised about the amount herein
stated. The lifting charge has been
reduced by the receivers about so
ers shows that the lifting charge at
Gushing for the month OF MAY
averaged 5J cents per barrel, tho
lifting charge for this same property
by the receivers for the month OF
August was 80 cents per barrel Tn,
lifting charge under the Giililand OF
company management In the Usage
district for the month Of May was
Sl.20 per barrel; the receivers re-
duced this for the month OF Au-
gust TO 40 cents per barrel The
,ifting charge in Louisiana has been
reduced from 90 cents per barrel to
about 80 cents per barrel; In Texas
1t was reduced from 500 per bar
rel to % cents per barrel
The report shows that the cx-
penses OF maintaining the general
office In Tulsa and salary OF field
upcrintendcnts In Oklahoma have
been reduced by the receivers from
S2+,35l66 per month under tho
management Of the Gnlilanh or
company reckOnpd on the month o.
May this year to s7,3i5 per month.
reckoned on the month Of August
this year.
The report shows-that the income
derived by the receivers from the
oklahoma property during the
month Of August was $40 O.O7c
against operating expense OF s32,
! t2O, leaving total operating profit
| for oklahoma for the month of &37-
35l. From this is subtracted tho
expense Of maintaining u genera
| office for the month which aggrc-
gated Sl1.7l2. The report does not
how the operations of the receivers
| I'm Louisiana, as tney only COM
D me ha h..
| ty there on September /. The re-
ce!vers recovered through com
| promise with the Foster oil COM
| pany the properties of the compau'
located In Louisiana, which cost the
| receiyership for It's recovery $1,000
900. This particular property was
/ q appraised by the FreebOrn company
at S6,665,000. W h I C II appraise- %
/ ment was based on basis OF
/ 81 per barrel, and is considered by
/ those familiar with the property az
being extremely conservative.
The report shows that the re.
/ ceivership has on hand now after
| paying all expenses and obligations
| up to and including October /
/ about $4,000, and that on basis
! Of 81 o. they would have u gross
| income OF about 100000 per month.
The receivers are now drilling
/ three new wells Ia HayneSville. each
| Of which Off set lars, producers
and drilling one well in the Usage
! which offsets producing wells, and II
/ Is thought that with the bringins
/ In Of this new property the pro.
| duction Will be very materially ia.
| creased. The receivers are Coutem.
| plating further drilling In Haynes.
/ Vile and In the Usage district Whcr,
"a faN hu ..l
proven aCreOye. They are also com,
| plcting n wild cat well which ha,
been started and completed to about
| l,2O0 feet in Gdrvin county. The
receivers had under contract enough
dry hole money on this well to com
plete il and have In the vicinity oi
this location about $500 acres
The Guardian Saving & Trust
leo. Of cleveland, Ohio, had iO0,.
600 shares Of the stock of the
Paragon Refining company de
posted with II as collateral TO Sc
cure the payment Of approximatel,
81 100000 The stock Is valued II
the appraisement OF the company
properties at S1,40O,00O. but Is con
sidered by the receivers as being o
more value. The Guardian Saving
a. Trust Co. was attempting to sci
this stock for 100000, but the re
ceivers finally made arrangement
with the Guardian Saving & Trus
Co. 70 carry this stock for the re
ceivers and give them an oppor
tunity TO find market therefor at
later day.
Receivers p. j. Hurley and Georg
O. Baird Of Shreveport La, are Civ
ing their exclusive and entire attcu
tion 10 the business OF the COMPANY
as well as Attorney !. II. Maxcy.
Z IntereSfin0 DepPIODuleDLS