Montana oil and mining journal. [volume] (Great Falls, Mont.) 1931-1953, 1942-12-12
Standard Oil Issues Press
Release or Cut Bank Deal

A formal press release on the en-
trance Of the Standard OH IN - in
to the north Montana oil industry has
been issued by L. F. McColIum. acting
for the Jersey company The state,
ment, issued in New York, confirms
earlier announcements here IN Mon
tana regarding the exchange Of stock
between Standard OIL and Santa Rita
stockholders on the basis Of one for
II. with Santa Rita stockholders
voting on the plan on Dec 26 at Cut
Bank
Following is. the press release:
All assets OF the Santa Rita OIL g.
Gas Co., a Montana corporation. OF
Z Cut Bank. Mont, including It's two
wholly-owned subsidiaries, North
west Refining Co and Santa Rita
Purchasing & Storage Co., win be ac-
/ quired by Standard Oil Co. New
Jersey. under terms Of a preliminary
agreement reached Nov. II By officials
Of the two companies
Announcement Of the transaction, q
stock transfer, was made jointly by
Louis B. Tip" ONeil president of
the Santa Rita companies. and L. p.
McCollum, acting for the Jersey COM
htlA4ys N&N(DAAh4AA - u 1AlE
Carter oil Co. of Tulsa, Oklahoma, a
fully-owned Standard subsidiary.
Assets Of the Santa Rita companies
are TO be consolidated In the North
west Refining Co. and It is proposed
that the stock Of the latter company
be exchanged for Standard OIL Co
IN j. stock. on the basis Of II shares
of Santa Rita for one share Of Jersey.
Those associated with Mr.. ONeil in
guiding the Santa Rita enterprise
through a rapid lO-year growth, IN
Guiding O. NJ McCabe, vice president
Of Santa Rita and Northwest; Reese
Poynter. vice president Of Santa Rita;
T. j Landry, vice president Of North
west; and v. r. Nelles, secretary
treasurer Of Santa Rita and North
west. will continue for the present TO
operate the properties for Standard
Santa Rita's producing assets in
clude approximately 2,1OO barrels Of
production daily from, IS wells on
200 developed acres In the Cut Bank
pool in northwestern Montana. Pro
duction is principally from the Cut
Bank and Sunburst sands. The COM
pany controls under lease or holds b
fee approximately $4,000 acres IN
Montana, 81 800 Of which are in the
Cut Bank area.
Northwest's refinery, located at Cut
Bank, Is now processing approx
mately $500 barrels OF crude daily and
the company's retail marketing ter
ritory for bottled gas, Grizzly" gaso-
line. Grizzly" Ethyl and other re-
fined products extends east into North
Dakota and west to Spokane, Wash
The company owns numerous market
ing outlets and its products have been
an enthusiastic reception BY
the public.
In connection with the proposal
Mr.. O'Neil has issued the following
81 gave the matter very careful
and came to the con-
,lusion that it was for the best in
terests of the stockholders in Santa
Rita OIL & Gas Co. to enter into the
plan and make the exchange Of
stock.
Il am also Of the opinion that the
win prove advantageous
% the community II It is approved by
he stockholders and carried through.
Northwest Refining Co. win then be
by Standard OH Co. On. j.
md such sponsorship win doubtless
promote development and Sterilization
If markets and generally increase
public confidence IN the permanency
II the north Montana oil fields.
Il am informed that the policies
pursued by Santa Rita on
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