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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jun 26, 1920
Page
8
An oil investment pitch promises enormous profits by following seasoned operators in proven territory. It touts funds placed in Elyria banks used to cover first well costs and expenses, with dollars accounted for and expected to repay. Investments start at 10000 dollars certificates, urging immediate action.
The note claims space for ten wells on a 100 acre lease with potential 500 barrels daily per well totaling 5 000 barrels. It references Gulf Refining Co. Stoker Well No 2 producing 10 000 barrels daily within eight miles, arguing strong opportunities and scarcity of oil land in Stephens County.
The offer centers on 100 acres twelve miles northwest of Breckenridge in a major oil belt. Gulf Refining Co. reports 12 wells on adjoining land in eight months yielding 2,350,000 barrels annually and a net return of 7,875,000 dollars, averaging over 650,000 per well, with room for at least 10 more wells amid rising oil prices.
Government report identifies Stephens County Texas as the continent's largest producing oil county. Our 100 acre lease lies among extensive holdings of large national firms. adjoining fields yield from three thousand to ten thousand barrels daily.
Daily reports show new wells brought online nearly every day increasing land value. Government data indicate 97 percent of Stephens County drilling operations are real producers, with the county housing 85 percent of the largest producing wells in the region's oil fields.
Elyria Ohio based Tex-Ohio Syndicate announces ownership of 100 acres in Stephens County Texas with derrick and drilling equipment placed and contract let ready to vindicate their judgment.
In the Ranger District between Burkburnett and Caddo Fields the text hints at oil development potential and proven returns from oil investments. It suggests investors often view gains as mythical until a personal acquaintance achieves fortune.
The Tex-Ohio Syndicate announces its Elyria Ohio officers with W M Miller of Cleveland as President and General Manager bringing lifetime oil production experience. J L Kincaid D D S Elyria is Vice President and a leading professional. George Beaver Elyria second Vice President is a known local businessman. Arthur Hutt Elyria Treasurer Trustee owns a restaurant and greenhouse. W H Gubb Cleveland Secretary holds broad brokerage oil experience.
Directors AA Robson of Park Dairy Elyria Ohio MOSE Wilder wholesale and retail tobacco dealer Elyria Ohio and Lorain County Savings and Trust Bank Edward A Whitamire Galion Ohio owner of Texas oil interests farmer and stock raiser Jacob Dock Amherst Ohio formerly quarry manager now in Amherst restaurant business
Reed, Meals and Eichelberger of the Leader News Building in Cleveland Ohio are listed as attorneys for the Tex Ohio Syndicate in connection with the Lorain County Savings and Trust Co and Elyria Savings and Banking Co.
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