The Wolf Point herald., 1922-08-03
KEVIN OIL LAND
BRINGS BIG sum
TWELVE THOUSAND ACRES SELL
FOR 1896, 900 TO CALIFOR-
MIA COMPANY
Gordon Campbell, Arbee Beardslee
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-Sunburst
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, 5000
to Campbell, Beardslee and the Kew
in-Sunburst for acreage taken by the
California company, the last payment
of a deal involving some $396,000
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 1880 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 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 Keyin-Sunburst releasing a small
tract in the adjustment of interests.
The acreage taken by the Califor- |
MIA company amounts to more than
LOO acres, $40 of this being permit |
acreage and 480 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 |
$140,OOO having been made on 4SO |
acres previously taken. The Kelvin
Sunburst interest in that payment |
permitted 500 per cent divident |
to its shareholders.
The acreage taken by Whiteside |
in the settlement outside of the per-
NIT includes tracts in sections / 4 and |
23-35-3 W, section 20-35-2 W, and an
80-acre tract in section 35-36-3 W.
Under the deal with the California
company, Campbell and the Keyin-
Sunburst are reported to receive in
the neighborhood of s150,000 each.
The settlement makes possible the
resumption of work on the Harry l..
Wilson, trustee, well on section To-
35-3 W, that operation being for the
California company, and drilling hav-
ing been held up under an injunction
obtained by Whiteside. A suit
brought against Whiteside by attor-
neys for l.. E. Lincoln, holder of the
permit, for breaking the original
contract is also dismissed by the set
tlement.
The original difficulty arose in
conflicts between the contract taken
by Whiteside through Lincoln's at
torneys and the Beardslee and Kevin-
Sunburst interests. 1t was further
complicated by the entry of the Cali
fornia company as a purchaser for
a part of the permit. The negotia-
tions have been under way for the
greater part of the time since then.
The settlement is regarded as mean
ing increased development in this
part Of the field, with the probability
that drilling will be resumed by the
California company.
The Rainbow Oil company well is
now at depth of about 1000 feet
and has had oil showings for some {
time. The California we'll is down
500 feet, having validated the permit
before the injunction was served.
Considering that the Keyin-Sun-
burst company represents an original
investment of $4,000, the return OF
the California deal alone represents
return of more than 1900 per cent.
Campbell Is, of course, the principal
individual gamer in the sale, while
Beardslee Is also a big beneficiary.