ENTERPRISE-UNION'S WORTH

J. MCMULLEN
PERPETUAL DEEDED ROYALTIES

FORT WORTH NATIONAL BANK BUILDING

FORT WORTH, TEXAS

October 31, 1928

Mr. R. E. Blair,
Keene, N. H.

Dear Mr. Blair:-

I recently sent you an allotment privilege, covering the right to buy, deeded royalty, in Real County Texas, covering the SAME LAND, on which the Magnolia Petroleum Company--The Atlantic Oil Producing Company and the Sun Oil Company, hold the leases-- all big major oil companies.

Deeded royalty properties---yours forever under a perpetual deed, mean permanent value---AND, when such royalty properties cover the SAME LAND, which is under lease to big major oil companies it also spells merit-- and a real chance for future oil production.

Oil production, on a deeded royalty property, bought at TEN CENTS PER ACRE, for one sixty fourth of the landowners royalty, means profits--- big profits, often a hundred for one or better.

When we can buy an actual real estate property-- a permanent property deeded to us-- and still have not only the protection of a real estate investment-- but at the same time a chance for such tremendous future profits, it is a deal offering I think the greatest profit chances--PLUS, the greatest safety in oil to the investor.

PLUS THAT, we know that these big successful major oil companies are successful-- they use good judgment in selecting properties. When you can BACK THEIR JUDGMENT --buy on the SAME PROPERTY WITH THOSE COMPANIES --own your property forever free of expense-- with all development and operation at their expense-- and your portion of the oil developed payable DIRECTLY TO YOU, free of expense, it is surely a good deal.

Not often can such a property be bought and offered you at ten cents per acre for a full 1/64th of the landowners royalty, under a perpetual property deed.

The fact is, I could buy only a limited amount of this merit property-- sharing with these big companies in all future development FOREVER, at this low price.

Page No 2.

I then realized to offer that property, at a price of ten cents generally, would probably mean many people would be disappointed.

Accordingly I alloted this property to certain people, on my list as royalty buyers who could appreciate the real merit of this offering at such a price.

I sent you such an allotment to purchase privilege, and up till now have not had your reply --- possibly you laid that allotment back and have forgotten it.

However, it has now reached the point where I will appreciate an immediate reply -- because of the heavy interest in this property offering -- by both my customers and other royalty dealers.

That allotment is yet yours -- for immediate acceptance--
BUT, at the same time I am asking you to give me your answer by re-
turn mail---either accepting all or part of your allotment, or re-
leasing the allotment, so we can offer it to others who are inter-
ested in such a major company royalty property.

I am enclosing a blank form--- the top of which is a release of your allotment -- the bottom of which is an acceptance of all or part of your allotment -- either cash -- or on terms of one cent per acre cash -- and one cent per acre monthly.

I am also enclosing you a self addressed envelope -- under
our postal permit number 21 R -- and that envelope does NOT REQUIRE
ANY POSTAGE -- as our postal permit provides that I pay the postage
on the envelope here.

WILL YOU PLEASE---release or accept your allotment, in
whole or in part---using this envelope which does not require a
stamp---and mail it to me TODAY.

awaiting your reply, I am,

Yours very sincerely,

Deeded Royalty—Purchase Application

MR. H. J. McMULLEN,
Fort Worth National Bank Bldg.,
Fort Worth, Texas.

I believe in backing the judgment of such a successful major oil company as the Texas Pacific Oil Company—and wish to enter my order as follows for the purchase of deeded royalty in Presidio County, covering the SAME LANDS, which are under lease to such company.
(one-tenth)

I enclose remittance of $................................................as full payment for................................................sections (square miles) of such deeded royalty, covering 1/64th of one-eighth of the landowner's one-eighth royalty, under perpetual property deed, at a price of $8.00 per section.

If this purchase is on the time payment plan I agree to pay the balance due in nine monthly installments on the.................... day of each month.

I understand I shall have an immediate confirmation of this sale, with full description of my property, and that when fully paid for I am to receive a proper royalty deed for the property with title warranty.

Name

City

State

H. J. Mc MULLEN

OIL LEASES

ROYALTIES

FT. WORTH NATIONAL BANK BLDG.

FORT WORTH, TEXAS

February 21st, 1928.

Mr. R.E. Blair.
Keene, N.H.

Dear Mr. Blair:

Just received your application of recent date
to purchase 20 acres of Deeded Royalty in Pecos County,
Texas, together with your remittance of $1.50 being
the first payment for same and I thank you for this.

As is customary with me I have made out deed
in your name covering the following described land.

"An undivided (20) acre interest
in (631) acres described as Survey
542, Cert. 3/546 block 13, Abst. 6017.
H.&.G.N.Ry.Co. Grantee"

You now owe me a balance of $13.50 on this
contract payable at the rate of $1.50 monthly with pay-
ments becoming due on the 25th day of each succeeding
month, and when you have sent in the final payment on
this property title papers will be sent to you promptly.

Thanking you again for this nice order and if at-
anytime we can be of assistance to you, it is a pleasure
for us to do so, giving you the benefit of our large
organization and years of experience in handling oil pro-
perties.

With the usual good wishes, I remain,

HJMc.m.

J. M. McMULLEN
PERPETUAL DEEDED ROYALTIES

FORT WORTH, TEXAS

November 30th, 1928.

Mr. R. E. Blair,
Keene, N. H.

Dear Mr. Blair:-

You possibly remember that every fall we come out with an offering--- of a large block of deeded royalty -- in some location I consider good, at an extreme bargain price.

The purpose of such an offering, which is made to the general investing public is--- the enlarging of our customers list--- and we ignore the question of profits on such an offering--- the main point with me being the enlarging of our business connections for future business, during the coming year.

That policy has "kept us out in front", rated as the largest royalty dealers in the State--- with a business that has grown constantly for the past ten years time.

However, it would not be fair to make such an offering to the general public--- and not at the same time give our old customers the same offering--- as it is now--- and always has been -- customers first, and the public afterwards on our property offerings.

The special property offering to the public this fall is -- Blanco and adjoining counties -- and the offering is fully and completely described in the copy of Royalty News which I am enclosing you herewith.

On this offering we have decided to offer a small royalty fraction--- similar to the offerings made by our competitors--- which is 1/64th of one eighth of the landowners one eighth royalty.

For the information of our old customers, I want to make this comment -- our previous offering have been 1/64th of the landowners one eighth royalty -- which IS EIGHT TIMES AS LARGE AN INTEREST AS THE PRESENT INTEREST OFFERED.

However, the price is adjusted accordingly -- and the price on this property for this smaller fraction is a little over ONE HALF A CENT per acre -- you can readily see it is a bargain offering--- probably about half the price other dealers would charge for a similar property.

4

ROYALTY NEWS

## BLANCO COUNTY

Blanco and adjoining counties is a territory I believe in for future oil and mineral development, and that belief is based on many years experience as one of the largest royalty buyers in Texas.

I have just read over a geologist's report on that territory — it is favorable and I agree with the geologist. His report refers to bulletins on that territory by the University of Texas.

Experienced oil men drill wells—and gamble thousands to win or lose on such geological reports—then why should not you and I—make a small investment in deeded royalty in the same territory—on the faith of the same reports.

When we buy deeded royalty we do not gamble—we have a perpetual property—free from development expense—and with it, I feel, PERMANENT VALUE—plus the ever ready chance for tremendous profits, from the wells—that THE OTHER FELLOW DRILLS—and pays for.

I have had buyers in this territory for months, buying all the deeded royalty we could buy at bargain prices—for a special reason—and now I am announcing that reason to you. The letter with this folder explains that reason—and it means a SPECIAL OPPORTUNITY FOR YOU.

## POSSIBLE PROFITS

You buy this deeded royalty interest covering — ONE SQUARE MILE — 640 acres for $4.00, and then—JUST SUPPOSE:—

That the property produces oil and makes only twenty thousand barrels per acre during its lifetime, with oil selling at $1.50 per barrel—(and it is usually higher)—what would your income be?

I have had it figured up and the figures show a return to you under those conditions of $4,687.00—or more than a thousand for one. Of course if you buy many square miles you have that many more chances for this success, and for larger profits — so I am giving you this illustration on ONE SQUARE MILE, as an illustration only.

AND WHAT IS MORE—when profits are made they are safe—you depend on no one, as your money comes to you direct—this deeded royalty is an ACTUAL PROPERTY—not stocks—interests—or any other thing where you depend on the other fellow to pay your profits to you.

## SPECIAL PRICE LIST

Blanco and adjoining county deeded royalty property, subject to oversubscription, and immediate refund of your remittance.

<table><thead><tr><th>Square Miles</th><th>Number of Acres</th><th>Price</th></tr></thead><tbody><tr><td>1</td><td>640</td><td>$ 4.00</td></tr><tr><td>2</td><td>1280</td><td>8.00</td></tr><tr><td>3</td><td>1920</td><td>10.00—special price.</td></tr><tr><td>6</td><td>3840</td><td>20.00</td></tr><tr><td>9</td><td>5760</td><td>30.00</td></tr><tr><td>12</td><td>7680</td><td>40.00</td></tr><tr><td>15</td><td>9600</td><td>50.00</td></tr><tr><td>18</td><td>11520</td><td>60.00</td></tr><tr><td>21</td><td>13440</td><td>70.00</td></tr><tr><td>24</td><td>15360</td><td>80.00—the purchase limit to any one person.</td></tr></tbody></table>

## Partial Payment Terms

We are the largest and probably the best financed of royalty dealers in Texas, and accordingly are in position to give you liberal time payments on the following basis:

<table><thead><tr><th>Square Miles</th><th>Number of Acres</th><th>Price</th><th>First Payment</th><th>Monthly Payment</th></tr></thead><tbody><tr><td>6</td><td>3840</td><td>$20.00</td><td>$2.00</td><td>$2.00</td></tr><tr><td>9</td><td>5760</td><td>30.00</td><td>3.00</td><td>3.00</td></tr><tr><td>12</td><td>7680</td><td>40.00</td><td>4.00</td><td>4.00</td></tr><tr><td>15</td><td>9600</td><td>50.00</td><td>5.00</td><td>5.00</td></tr><tr><td>18</td><td>11520</td><td>60.00</td><td>6.00</td><td>6.00</td></tr><tr><td>21</td><td>13340</td><td>70.00</td><td>7.00</td><td>7.00</td></tr><tr><td>24</td><td>15360</td><td>80.00</td><td>8.00</td><td>8.00</td></tr></tbody></table>

The prices above are for PERPETUAL royalty deeds, conveying to you FOR-EVER, 1/64th of one-eighth of the landowner's one-eighth royalty, in Blanco and adjoining counties in Texas.

When you buy this property it is yours forever—an actual property ownership, and your property deed should be recorded in the County deed records.

The fee for recording your royalty property deed with the County Clerk is $1.00—and that is your only expense on this property. You can either send the deed to the County Clerk yourself direct with the recording fee—or you can add the cost of recording to your remittance and we will be glad to handle the recording for you without charge for our services.

Address All Communications and Make Checks and Drafts Payable to

H. J. MCMULLEN

1304 Fort Worth National Bank Building

FORT WORTH, TEXAS

References: Any Mercantile Agency, or Bank or Business House in Fort Worth, Texas

H. J. MCMULLEN

OIL LEASES

ROYALTIES

FT. WORTH NATIONAL BANK BLDG.

FORT WORTH, TEXAS

December 1928.

ONE SQUARE MILE--640 acres--$4.00

That is a property offering that defies
competition--and THERE IS A REASON.

I have been established as an oil property
dealer for the tenth year--and am now rated as
probably the largest dealer and owner of deeded
royalty in the State of Texas.

It has been my policy for several years to
comb the state of Texas during the summer months
for a large block of deeded royalty at an ex-
treme bargain price--AND THEN;--

To offer that bargain property to the in-
vesting public, at a price that forgets profit
to me--and instead presents you a property so
attractive in price and location that you can-
not resist making a purchase from me--if you
can possibly be interested in a permanent pro-
perty investment--with big profit possibilities
--at an unusual bargain price.

That policy has resulted every fall in
our getting many new clients--which means future
business-- and has resulted in a steady contin-
ous growth of my concern over a ten year period.

We in this office feel we can serve you
in oil property investments the best of any
concern in the State--all we ask is a chance
to show you-- and surely this property at such
a price-- will give us that chance with you.

This year we have had our buyers-- and myself personally in
Blanco and adjoining counties for several months-- buying every bar-
gain property available-- because the territory looks good to me, and
the purchases we made were all extreme bargains.

compared with the
week and 58,780 for the four weeks and
ed November 17.

FROM SAN ANTONIO EXPRESS

Blanco Wildcat
Shows Some Oil

Information from Austin is to the
effect that the Robert Rodson No. 1
Glasscock in Blanco County has a
showing of oil at about 1,049 feet.
About 10 to 15 barrels of oil was on
the slush pit and about 80 feet of oil
in the hole showed on the cable. It
is high gravity oil of about 38 degrees.

The well went into the oil sand last
Friday and drilled only about one foot
into the formation. The well is on the
ranch of W. D. Glasscock of San An-
tonio, an oil operator who owns the
land in fee. It was drilled by Robert
Rodson and associates of New York
City.

The well was started a little over a
year ago on a location made by Leslie
N. Shaw, geologist of San Antonio. The
ranch is about 20 miles south of the
Llano-Burnet uplift and the ranch
consists of about 18,000 acres. Shaw
in his report on the area stated that
the Edwards limestone forms the crest
of the hills throughout the area and
Miller Creek and other waterways
have cut through this and lower mem-
bers of the Glenrose. While not over-
looking the possibility of oil showings
in shallower sands Mr. Shaw is mak-
ing a geological report on the area
stated that the bend formation at a
depth of about 1,800 feet was the for-
mation to put the greatest reliance in.

Due to very hard formation the well
has made slow progress in drilling.
There is about 500 feet of open hole
and about 6 1/2 inch casing is set. It
understood the casing will be pull
at the hole reamed down.

Deeded Royalty Booklet

I have prepared a booklet on Perpetual deeded royalties. It is worth your careful reading on presenting Opportunity property that may mean future independence.

I will gladly mail you a copy of this booklet, free of cost and without obligation if you will check this slip and mail to me.

☐ Please mail me booklet.

<table><tr><td>ONE SQUARE MILE—DEEDED ROYALTY</td><td>$ 4.00</td></tr><tr><td>THREE SQUARE MILES—DEEDED ROYALTY</td><td>$10.00</td></tr><tr><td>SIX SQUARE MILES—DEEDED ROYALTY</td><td>$20.00</td></tr><tr><td>TWELVE SQUARE MILES—DEEDED ROYALTY</td><td>$40.00</td></tr><tr><td>TWENTY-FOUR SQUARE MILES—DEEDED ROYALTY</td><td>$80.00</td></tr></table>

Mr. H. J. McMullen,

I believe in deeded royalty and want to enter my order for...................sections (square miles) covering one-sixty-fourth of one-eighth of the landowners' one-eighth royalty, under perpetual property deed, according to the above prices.

I enclose remittance of $...................herewith, and if this order is on the time payment plan, then I agree to pay the balance in nine monthly installments on the ...................day of each month.

Name

Address

City

State

FORT WORTH, TEXAS

January 5th, 1929.

Mr. R. E. Blair,
Keene, N. H.

Dear Mr. Blair:-

"THIRTEEN DOLLARS" --- have you used that Christmas Coupon yet? If you haven't I want to refresh your memory -- because I feel sure you will take advantage of that "New Years Start" if you possibly can.

When that $13.00 coupon was sent you it was required that it be used by January 10th---BUT, so many of my clients have written me for additional time in which to take advantage of that saving, that I think it is fair to give such additional time to all my clients who have not yet been able to use that Christmas Coupon.

My customers only --- were each given a coupon, good for $13.00, to apply on the purchase of eight sections of deeded royalty in Terrell County, Texas. If you have misplaced or lost the coupon, just use the order blank sent with this letter instead, as our records of course show you as a customer.

I bought the deeded royalty covering the Gatling Ranch, in Terrell County, for cash of course, and we offer that property to you at $6.00 per section, for one sixty fourth of one eighth of the landowners royalty, under PERPETUAL PROPERTY DEED OF COURSE.

The royalty property business is competitive, and in checking over the offerings of other royalty dealers in Terrell County, we find prices for this same royalty fraction, in this same county, run from $7.50 to $10.00 per section.

That puts our price of SIX DOLLARS, per section in line, as we usually can offer substantially lower prices than other dealers because of our large volume business,-- spot cash buying -- and tremendous acquaintanceship all over the prospective oil territory.

TERRELL COUNTY --- is located in western Texas -- which county has the past year shown the greatest increase of new producing oil fields in the county--where the big major oil companies have bought leases and prepared for future development of oil the heaviest.

Adjoining Terrell County on the north is Pecos County -- the home of the greatest shallow oil production in history -- to the east is Crockett County -- already producing oil.

Page No 2.

In Terrell County itself the reports show locations and drilling wells totaling five--- making Terrell County one of the very active oil counties of Texas.

Then also remember that the year 1928 showed Texas as the leading oil producing State of the world -- and remember again that Texas with 88% of its area classed as possible oil producing territory offers the greatest future oil supply in this entire country.

The south leads in mineral production -- which includes oil, sulpher, quicksilver, and other minerals known to exist and yet to be developed such as potash.

The basis of this tremendous mineral wealth --- both present production -- and the tremendous amount of future production --- is the ownership of oil and mineral rights -- known commonly as deeded royalty.

The development of every new oil field -- the opening up of every new mineral resource means wealth and independence to many -- often hundreds of owners of mineral rights --- "deeded Royalty".

Deeded royalty is an actual property investment -- under a property deed --yours forever. --- Then too, your portion of all production -- forever in the future -- of oil, gas and all other minerals is free of development expense -- clear profit to you.

The thousands of royalty owners -- who get monthly production checks -- are entitled to financial independence -- BECAUSE they had the foresight to buy deeded royalty -- often years ahead of production, when property values were low, ahead of development.

Deeded royalty offers you the safety and security of a actual deeded property ownership --- PLUS, the chance for tremendous profits --- and the plan I am using to prepare myself for old age in the future is --- the purchase of many deeded royalty properties --- some of them must produce profits in the future and provide for me.

You can only share in the oil and mineral wealth of Texas in the future -- if you own deeded royalty.

You can make your start for 1929 -- Terrell County deeded royalty -- covering eight square miles of land -- a total of 5120 acres.

Those eight square miles of deeded royalty at $6.00 per square mile totals $48.00 ---BUT, as an old customer I am giving you a $13.00 start --- and you can pay the balance $3.50 with the order and $3.50 per month.

awaiting your reply, I am yours for a big 1929.

H. J. McMullen,
Ft. Worth National Bank Bldg.,
Ft. Worth, Texas.

I wish to take advantage of the $13.00 Christmas credit given me as an old customer, on the purchase of Terrell County deeded royalty as follows:

I am placing my order with you for 1/64th of 1/8th of the landowners one eighth royalty, in Terrell County, Texas, covering eight sections of land, totaling 5120 acres.

This purchase at $6.00 per section totals $48.00--but I am given a Christmas credit of $13.00, leaving a balance due on this property of only $35.00.

I am remitting you herewith payment of $3.50 and will pay the balance in nine monthly payments of $3.50 each on the ______ day of each month.

I understand I am to receive by return mail, actual description of the property purchased by me, and that warranty royalty deed conveying to me FOREVER, this royalty property shall be delivered to me as soon as my payments are completed.

Name _________ Street _________

City _________ State _________

FIVE PER CENT, discount allowed for all cash with order---$33.25.

UNDIVIDED ACREAGE PLAN

Mr. H. J. McMullen,
Fort Worth Nat'l Bank Bldg.,
Fort Worth, Texas.

I favor purchasing royalties under the undivided acreage plan—covering 1/8th of the land owners one-eighth royalty.

Name..................................................City..................................................

Address..................................................State..................................................

I also have studied over your REAL BARGAIN offer in LaSalle County, Texas, and desire to purchase royalty under this undivided acreage plan.

Full

I enclose remittance of $....................One-tenth payment on the purchase of....................acres of Deeded Royalty in LaSalle County, Texas, on the SAME lands with the Magnolia Petroleum Co. (Standard Oil of New York).

(If purchased on the payment plan) I agree to pay $....................on the....................day of each month hereafter until paid in full.

When paid for I understand I will receive Royalty Deed conveying to me forever the above royalty interest covering 1/8th of the land owners one-eighth royalty.

(Please Favor Us—Indicate which plan you prefer)

SECTION LOTS PLAN

I favor purchasing royalties under the section lot plan covering 1/64th of one-eighth of the land owners one-eighth royalty.

I also have studied over your REAL BARGAIN offer in LaSalle County, Texas, and desire to purchase royalty under this
section lot plan.

Full

I enclose remittance of $...................One-tenth payment on the purchase of...................Sections of Deeded Royalty
in LaSalle County, Texas, on the SAME lands with the Magnolia Petroleum Co. (Standard Oil of New York.)

(If purchased on the payment plan) I agree to pay $...................on the...................day of each month hereafter until
paid in full.

When paid for, I understand I will receive royalty deed conveying to me 1/64th of one-eighth of the land owners one-eighth
royalty on the above number of sections.

(An Editorial from THE WESTERN WORLD, October 5, 1929.)

LUCK

Despite what seem to be widespread opinions to the contrary, oil field operations are not a game of chance, in which luck is the principal factor. While luck has played an important part in many oil successes in the past, and still enters freely into the situation at various times, oil operations have become a business in which experience, judgment and careful preparation are the deciding items between permanent success or failure.

While many an operator has brought in a well as the result of plain bull luck, it can be safely stated that each such success has been counterbalanced by the failure of many other operators, whose luck took the other turn.

Likewise, it can also be safely declared that no successful oil company has ever been established or maintained on a basis of luck. Many have entered the field, at one time or another, with no apparent foundation beyond a belief or hope in their luck, but none have remained.

One good well does not make a successful oil company. The next well may be a failure, as may the next several. In fact, a piece of good fortune in the oil business seems to be almost invariably followed by a spell of hard luck, especially in the initial stages of a company or operator. The oil business seems imbued with supernatural ability to test and try all its followers, sifting out the weak and unfit and leaving only the strongest and best.

Permanent success can come only as the result of skill, experience, determination and thorough practical knowledge of the oil business in all its many complicated phases.

Every big company in the field has passed through its period of trial and difficulties, when for a long time it was nip and tuck whether success or failure would result. They succeeded because their executives knew their business and had back of them the holdings that made an oil company possible.

While they succeeded other companies, many of them better capitalized in the beginning, failed through lack of some important quality in their holdings or their executives.

Once on the upgrade, the successful companies went on to greater and greater successes. Their stocks rose to almost prohibitive figures and the fortunate stockholders who had ridden with them through the period of adversity realized returns which far more than compensated for any days of worry they may have spent,

The same process is going on today. New companies are fighting reverses and either making their way steadily ahead or falling back toward ultimate failure. Some of them are just emerging from periods of stress into well-earned success and growth.

A typical example is World Oil Company, which has gone through the inevitable period of trial. Starting under auspicious conditions, it hit the usual days, or rather months, of reverses when every possible obstacle was placed in its path. It saw its stock go from way above par to far below. It was harrassed by lawsuits and threats of receiverships, but it fought on determinedly.

And throughout the entire period it steadily, quietly acquired holdings in all likely oil territory, gathering drilling equipment and drilling crews, and fitted itself thoroughly for the oil development business.

Today it has won through. Its thousands of carefully selected oil acres are being proved up, its own wells are beginning to produce heavily and it has once more ample working capital with which to carry on its business.

Its stock is responding to the new conditions. In less than a month it has more than doubled in value according to brokers' rates, and increased still more in reality, as it is doubtful if many, if any at all, of the brokers can fill orders for it, as the holders have clinched onto it until there is none to be found on the open market.

There seems no question that within a short time it will again shoot above par. It is not beyond the realm of possibility that it may already have done so by the time this is printed.

World Oil's success on a large scale now seems assured, and luck has played no part whatever in the transaction. Success is due to the sturdy determination on the part of the company's executives to make it pay and to keep faith with its investors by returning them profits of a most gratifying nature.

Even that determination would have been of doubtful value had it not been backed up by a thorough, practical knowledge of every ramification of the oil business and detailed familiarity with the tremendous empire in which the potential oil lands of Texas and vicinity lie.

The World Oil executives knew their business, were determined to play fair with their stockholders and, on top of everything else, had the foresight to acquire lands which they felt sure would produce oil.

A prominent general said that the success of a battle depended on who got there first with the most men. The success of an oil company depends on large holdings of land that will produce oil. Given that, plus knowledge and integrity on the part of its executives, and nothing can stop it.

## Kendall County

OF COURSE I believe in Kendall and Gillespie Counties—otherwise I would not have bought the deeded royalty in that territory—from fifty-five different landowners —during the past year.

The County on the south is already producing oil (Bexar County)—there is development to the north and leasing has been done in this territory by the Magnolia Company (Standard Oil of N. Y.) and other big major companies—proof that they think the territory has a future—because such big major companies usually spend their money where they expect a real run for their money—and future production.

Such companies buy leases—drill wells usually on geological advice—THEN why should not you and I make a small investment in deeded royalty in the same territory—on the faith of such information.

## POSSIBLE PROFITS

I have had it figured up and the figures show a return to you under those conditions of $4,687.00—or more than a thousand for one. Of course if you buy many square miles you have that many more chances for this success, and for larger profits—so I am giving you this illustration on ONE SQUARE MILE, as an illustration only.

## SPECIAL PRICE LIST

Kendall and Gillespie counties deeded royalty property, subject to oversubscription, and immediate refund of your remittance.

<table><thead><tr><th>Square Miles</th><th>Number of Acres</th><th>Price</th></tr></thead><tbody><tr><td>1</td><td>640</td><td>$ 4.00</td></tr><tr><td>2</td><td>1280</td><td>8.00</td></tr><tr><td>3</td><td>1920</td><td>10.00—special price.</td></tr><tr><td>6</td><td>3840</td><td>20.00</td></tr><tr><td>9</td><td>5760</td><td>30.00</td></tr><tr><td>12</td><td>7680</td><td>40.00</td></tr><tr><td>15</td><td>9600</td><td>50.00</td></tr><tr><td>18</td><td>11520</td><td>60.00</td></tr><tr><td>21</td><td>13440</td><td>70.00</td></tr><tr><td>24</td><td>15360</td><td>80.00</td></tr><tr><td>42</td><td>26880</td><td>140.00</td></tr><tr><td>60</td><td>38400</td><td>200.00—the purchase limit to any one person.</td></tr></tbody></table>

## Partial Payment Terms

<table><thead><tr><th>Square Miles</th><th>Number of Acres</th><th>Price</th><th>First Payment</th><th>Monthly Payment</th></tr></thead><tbody><tr><td>6</td><td>3840</td><td>$20.00</td><td>$2.00</td><td>$2.00</td></tr><tr><td>9</td><td>5760</td><td>30.00</td><td>3.00</td><td>3.00</td></tr><tr><td>12</td><td>7680</td><td>40.00</td><td>4.00</td><td>4.00</td></tr><tr><td>15</td><td>9600</td><td>50.00</td><td>5.00</td><td>5.00</td></tr><tr><td>18</td><td>11520</td><td>60.00</td><td>6.00</td><td>6.00</td></tr><tr><td>21</td><td>13340</td><td>70.00</td><td>7.00</td><td>7.00</td></tr><tr><td>24</td><td>15360</td><td>80.00</td><td>8.00</td><td>8.00</td></tr><tr><td>42</td><td>26880</td><td>140.00</td><td>14.00</td><td>14.00</td></tr><tr><td>60</td><td>38400</td><td>200.00</td><td>20.00</td><td>20.00</td></tr></tbody></table>

The prices above are for PERPETUAL royalty deeds, conveying to you FOR-EVER, 1/64th of one-eighth of the landowner's one-eighth royalty, in Kendall and Gillespie Counties in Texas.

The fee for recording your royalty property deed with the County clerk is $1.00—and that is your only expense on this property. You can either send the deed to the County Clerk yourself direct with the recording fee—or you can add the cost of recording to your remittance and we will be glad to handle the recording for you without charge for our services.

H. J. McMULLEN