The circle banner. [volume] (Circle, Mont.) 1914-1939, 1922-08-04
kelvin OIL LAND
BRINGS BIG sum
TWELVE THOUSAND ACRES SELL
FOR 1896, 900 TO CALIFOR-
MIA COMPANY
Gordon Campbell, Arbee BeardsIee
and the Kevin-Sunburst Company
Receive This Sum on Land Repres-
enting an Original Investment of
$4,000.

Settlement of difficulties involving
the Lincoln permit and adjustment
of the interests of Gordon Campbell
Arby Beardslee, the Kevin-Sunbursi
company and Fred Whiteside was an
nounced in Great Falls a few days
ago, closing virtually three months OF
negotiation, during which several
suits were filed. The settlement paves
the way to the payment of $256,00O
to Campbell, Beardslee and the Kew
in-Sunburst for acreage taken by the
California company, the last payment
of a deal involving some 1895, 600
and about 1900 acres.
Under the terms of the settlement,
Fred Whiteside, who had previously
incorporated his interests as the
Rainbow Oil company, receives $50
acres of the permit lands, including
the tract on which he Is now drilling,
and offset acreage where he has a
camp erected, and other tracts to
make a total of 1890 acres. His
original contract called for 1,120
acres of the permit on a $3.50 drill
ing agreement. The drilling agree
ment holds on the acreage he retains
in the permit and a part of that in
outside tracts, while a part of the
additional leases are turned over to
him in direct assignment. The $10,-
900 paid on the original contract is
returned.
The settlement was made possible
by Campbell giving some acreage and
the Kevin-Sunburst releasing a small
tract in the adjustment of interests.
The acreage taken by the Califor-
MIA company amounts to more than
1,100 acres, $40 of this being permit
acreage and $50 in outside tracts.
For some of the acreage taken, the
price runs as high as $500 an acre,
probably the record price of the
field. 1t rounds out the purchase of
that company, the first payment of
$4,000 having been made on $50
acres previously taken. The Kelvin
Sunburst interest in that payment
permitted a 500 per cent divident
to its shareholders.
The acreage taken by Whiteside
In the settlement outside of the per-
NIT includes tracts in sections IA and
23-35-3 W, section 20-352 W, and an
80-acre tract in section 35-36-3 W.
Under the deal with the California
company, Campbell and the Kelvin
5unburst are reported to receive in
the neighborhood of 10000 each.
The settlement makes possible the
resumption of work on the Harry L.
trustee, we'll on section 10
1913 W, that operation being for the
q 10 drill 1fr,<r hor
ng been held up under an injunction
obtained by Whiteside. A suit
against Whiteside by attor-
leys for L. E. Lincoln, holder of the
permit, for breaking the original
contract is also dismissed by the set
cement
The original difficulty arose in |
conflicts between the contract taken |
~ Whiteside through Lincoln's at |
orneys and the Beards1ee and Kelvin
,unburst interests. 1t was further
complicated by the entry of the Cali
ornia company as a purchaser for
! part of the permit. The negotia-
ions have been under way for the
greater part of the time since then.
The settlement is regarded as mean
HS luCI0dSeu uoFelOpm0uL III LulS
'art of the field, with the probability
hat drilling will be resumed by the
california company.
The Rainbow Oil company well is
low at depth of about 1000 feet
nd has had oil showings for some
ime. The California well is down
90 feet, having validated the permit
'efore the injunction was served.
Considering that the Kevin-Sun
urst company represents an original
Investment of $4,000, the return of
he California deal alone represents a
eturn of more than 1900 per cent.
'ampbel is, of course, the principal
Individual gamer in the sale, while
'eardslee is also a big beneficiary.