Great Falls tribune., 1921-03-08
ELK BASIN LEADS
CAT CREEK FIELD
IN OIL PRODUCTION
$4,000 Paid for 2O-Acre Tract,
Rumor; Sc Petroleum De-
clares Second Dividend.
Snecial to The Tribune.

! IeWistoWn. March 1.-The Elk BaS-
| ms new well in section 1415-29 is in
! the heart of the producing area Of Cat
| Creek, an area where the wells have
| been taking out oil for the longest per
iod and in greatest quantities. 1t was
therefore believed that No. 6 would
not be very large one. However, its
estimated production Of 300 barrels
makes a satisfactory well. The Elk
Greek and dominates the field as to
output. The one just brought in is
the twenty fourth commercial well for
Cat Greek out of 26 wells put down
there.
A group Of Lewistown and Helena
men have purchased a 4O-acre tract
near the Elk Basins string of produc-
srs in Cat Creek and will at once form
concern to drill the tract. The new
oil company will be known as the
Champion Syndicate.
The Big Lehman was still reported
as ION the verge" Monday morning
but sure to be completed in a matter
of hours. It is certain that the Frantz
river well No. 2 will reach the sand
this week. with every prospect Of pro-
duction, the casing showing lot Of
oil, while the Mccarthy well, offsett-
ing the Big Lehman. should also be
il by Wednesday or Thursday.
1t is reported that the most promi-
nent and successful operator in the
Cat Creek field has paid record price
for a choice 2O-acre tract, $4,000.
The highest heretofore paid was $780,
600 for such a tract, but this one, if
the deal is really closed, is much bet
ter located. The ground was secured
on three or four day option and an
nouncement will be made upon it's ex
piration, but it is said on good author
ity that the option has been exercised.
0. E. Oeschl. one of Spokane's
prominent business men, is here to
look after oil and other interests. He
is the president Of the Pyramid Pc
troleum company, financed in Spokane
and which owns valuable acreage in
section 5129 in Cat Creek and which
will be developed at once the company
having ample funds Negotiations are
now in progress for drilling the first
well.
Land office, has returned from Cat
Greek and states that the location for
the No. l well Of the Cat Greek Cen
ter Syndicate has been spotted in it's
tract in section 11-15-29, which is
close to the Macdonald, now baling
oil and to the Roundup Drillers which |
has been baling Oil for many days |
E. NJ. Kirk, prominent Wyoming con- |
tractor, has been given the contract I
for the No. i well and as soon as it is |
under way, the company hopes to make |
a contract for drilling on one of its /
other tracts.
The Mccarthy well, offsetting the |
Big Lehman, has q fine showing Of oil |
and as it is now down over 1.20O feet. |
it is expected to come in about next !
Wednesday.
All the equipment for camp and der |
rick for the Wayne Petroleum's No. 2 |
well is now on the location on the Flat |
willow structure and construction will |
begin imm ediately.
Swabblng has brought the output of |
the Hover Schwartz well up from go !
barrels to 500.
w. c. BritZman Of Great Falls is |
opening an oilman's headquarters in |
the center Of the Cat Creek field, 50
that those visiting the section and not |
desiring to return to Winnett until |
next day may find accommodations
right in the field and be perfectly i
comfortable. This is convenience |
that is certain to be very greatly ap /,
preciated.
Joe B. Baker came in from Cat |
Creek Saturday night, bringing the |
cheering announcement that the 56 Pc |
troeum, which he founded and has |
watched over ever since it began oper-
ations late last summer, has just de- |
clared it's second dividend, this one Of |
70 per cent on the total capitalization. |
Not only has the SO returned the full |
amount of the capital stock, but it has /
still in it's treasury a snug sum. Con- |
siderable of this was derived from the |
sale Of acreage that was bought origin
ally by Mr.. Baker at low price and |
which has sold to new syndcatcs at ST. |
600 an acre.