The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1921-06-12

Us WENN "|""N ~ -" E"'"H .A""N ="
money uas 81 he utmost hslpiuluena IN
tseplnr haslness moyine. The com
panys report y sisen beiow)
Presidents Report. To the stockhoid-
ers of the Roswell on Development
Company;
I hes leave 10 submit the following
report A. president % h company.
covering the affairs OF the company
Tor the year ending June 8. 1891;
Perhaps the stockholders are al
familiar with the history of the d.
r~unisatlon. but n brief statement rela-
live the. gtO will not be out Of place
"a this time.
In the early part Of the year 1919.
some 81 the citizens Of Roswell con-
ceived the idea Of securing some ac-
tual development work In the matter
Of EXPLORING Oh and gas products In
eastern New Mexico. There had been
a little development work and n great
deal 81 talk about the probability OF
Oh and ras IN the pecoa valley. but
We did not seem 20 he gettinC any
where relative 30 actual development.
with the exception 81 the Illinois
Producers company operating In the
lower WILEY. practically no actual
development was going on.
This company was organized not
- wv NAN 49, ~ -
the financial benefit Of the ~atockhoid-
ers. but TO cur the development Of
the oil and gas products OF this sec
ton OF our state. A mass meeting Of
the citizens was called and u was de-
cided 90 organize a corporation. which
was done, under the name OF the. pres
ent company. IL Was also decided to
obtain the services Of the best geoio-
Eists available and to get n complete
and accurate report upon The geologic
cal conditions here. In pursuance OF
this idea the company secured the
services Of Dorsey Hager and A. Ed
ward Robitaiile. and the company inn
mediateiy proceeded to secure leases
from private individuals and from the
state OF New Mexico on all available
lands subject 90 prospect. and did So
cure approximately 100000 acres.
which u tool under lease.
seSnrrd National Operations.
These biologists entered into an ar
fnngement w6h the company and
made a thorough geological investi-
CATION. aud reported the conditions.
In the fall Of 1919 this company In
terefted what In now the National Tx
ploratiOn company, and on the seven
tenth OF October entered into a con-
tract with that company, h main OBJ
jet q which was TO secure the desired
development. The National EzplOra-
ton company paid the ash consider
alton Of $4,000 and agreed TO I'm.
mediately commence the drilling OF
four prospective wells, M OF which
vas In fact already under way al
ricacho. such wells to be drilled "a
such depth a. was required By the
g~.oiog1st's report which we possessed
! Under the with or ge.
oloeists. they were entitled 10 one
hall OF ali our acreage. and the com.
pany therefore rcc.lved OF the above
cash consideration the sum OF si7s..
900 which was maid. and we were h
70 nav an the stockholders the divi.
dends OF 100 per cent on their invest.
ment. which you know has been done
This company also in it, arrangement
with the National Exploration com.
many retained on.-tenth OF lis acreage
With the right 10 flrst -selection around
ench well.
II h hut lust TO state that the Ma.
tioqal Exploration m nj hai
scrupuiouslv carried out ~ contracl
with ur. and IN now engaged In m.
drilling Of the four prospect wells
The picacho well has cached a deptl
81 2.iss feet. the Lake Arthur wei
has reached n depth or 2.7tT feet an
the Buchnnnn well has reached [,
depfh Of g.7aB feet. The operatinR A
ntll In progress at ali Of these wells
while Il IN true that the operation
/ carried on by the National ENulnTl
ton company have not yet resulted h
production, there ~ no reason what
ever for discouragemant. and tina
company IN going forward In conf
dance that In the meas future produc
ton will be- secured.
Dcyclopmrnt Under Way.
We have kept In touch with IN
general situation In southwestern
New Mexico with regard 20 devotion
ment work and I deem IL proper a
this time 10 submit a general sum
mary o. conditions other than thos
surrounding the National ExploratioI
company'a operations. The Dunca.
Anticline Drilling syndicate are carry
ing on operations near Duncan /
chavea county. the well being locate
In section 20. Township a. n, u !
East. We have acquired 100 acre
near the well n ! am advised INA
this well ~ now down 10 n depth q
$40 feet. The Lncbln weM abou
three miles west 81 Lake arthur. wa
To- reach the depth some time aEo 9