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Newspaper
Vernon Record
Location
Vernon, Texas, United States of America
Date
Oct 28, 1919
Page
10
In Pauls Valley Oklahoma George and Eugene Berry moved to Desdemona and recruited seven friends to invest 600 dollars each in an oil lease covering 560 acres. The group offered 275000 dollars for eighty acres, refused due to war tax penalties, then leased eighty acres for 35000 dollars plus half of all oil produced. Initial oil output ran 7500 barrels daily at 2.25 dollars a barrel, with potential value of the remaining tract uncertain and vast.
Kemp and partners floated the Kemp Munger Allen Oil Co inviting friends to buy shares at 100 each. Friends hold most stock while insiders keep under 100 of 500. A big well eight miles southwest of Town Park on a 500 acre lease is reported very productive with early indications of over 100 barrels per hour, boosting the stock value and opening a new pool with vast potential.
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