The border vidette., 1922-02-11

Official public announcement has been made by Frank J. Bar ry, secretary of the Nogales Oil and Gas Company, that a con tract has been closed with the Western Pacific Drilling Com pany, for a deep test we'll at the property of the company in the 'Elgin-Sonoita country, says The Morning Democrat.
 More than 25O subscribers to stock in the Nogales company are greatly interested in the tests to be made by the drilling company which is a dependable and pro gressive firm and have made headquarters locally.
 At a meeting held at Elgin last Sunday which was attended by sixty three farmers and stock, men interested in the company, much enthusiasm was shown in the contemplated work of the company.
 Derricks will be erected and machinery set within few weeks and it is expected that a showing will be made in the field within fifteen days after drilling is inaugurated.
 The contract drawn up be tween the Nogales Oil and Gas Company and the Western Pa cific Drilling Company, is a bind ing one and fair to all parties concerned.
 In consideration of a we'll or
 fo region, the Nogales company is to give the drilling company,o one half of the acreage which the Nogales company has leased, provided the drilling company discovers oil or gas in conner cial quantitleS and in addition, the Nogales company is to pay the drilling company the sum of $25, 1000 in equal payments, on the drilling of the first we'll.
 This $25. .OOO. and an equal amount from the drilling com pany, will be deposited in The First National Bank. subject to check by the Nogales company, only upon presentation of proper bills for expense of operation or drilling.
 All leases which the local com, pany turn over to the drilling company, are to be deposited in escrow in The First National Bank and will be delivered to them only upon discovery of oil or gas and are to be returned to the Nogales company in case the drilling concern abandons their contract. The California com pany cannot dispose of a single acre of ground until they have discovered oil or gas.
 The Nogales company has se cured subscriptions for $2O, 900 of it's stock and it is likely that when they raise a total of $3O,. 900, subscriptions will be closed. Stock at present can be purchas- ed at par but as soon as the drilling rig gets on the ground the board of directors will either close the subscriptions alto gether or raise the price of the stock.
 The Nogales Oil and Gas Con- pany differs from other such companies in that there has been nO pIOuOblOu SGOCb lSouCds- OA any commissions paid on stock sales, and no officers receive a salary, so that an investment in the company carries the same benefit to the ordinary stock holder as it does to the highest officer of the company.
 Wednesday night about thirty stockholders of the Nogales com pany met at the chamber of com merce rooms to meet R. E. Les- lie, president of the Western Pa cific Drilling Company, who told of the plans of the company he represents and expressed him. self as being confident that oil in commercial quantities would be found in the Elgin-Sonoita field at a depth of about 1000 feet.
 The meeting was presided over by Captain l.. w. Mix, president of the Nogales Oil and Gas Com pany, which at the present time has 12,O0O acres under lease in the Elgin-Sonoita region.