Archive Record
Images
Metadata
Catalog Number |
2019.001.129 |
Object Name |
Clipping, Newspaper |
Title |
Oil Holdings Sold for 2 Millions |
Collection |
Wiley Post Collection |
Scope & Content |
Newspaper article discussing Jim Kessler's $2m purchase of F. C. Hall and Powell Briscoe's holdings at an Oklahoma City oil field. |
Date |
Undated |
Transcription |
[Top] Oklahoma City Times (Evening Edition of The Daily Oklahoman) Final Home Paid Circulation Greater Than Any Other Evening Newspaper Published in Oklahoma Twenty-Two Pages--Oklahoma City, Tuesday, August 5?, 1930. Price:City 2c, Outside 3c Oil Holdings Sold For 2 Millions J.M. Kessler Buys Interests Of F.C. Hall Brisoce to Have Change In Partners Under Dea Completed Tuesday. Was Romantic Operator Former Chickasha Men Came Here by Plane When Field Opened. Jim Kessler, president of the Kessler Oil and the Kessler Petroleum companies of Oklahoma City, entered the oil play in his home county Tuesday morning when he purchased the interest of F.C. Hall in the Hall & Briscoe holdings in the Oklahoma City fields for approximately $2,000,000. And, this was Kessler's fortieth birthday. In the transaction, the Kessler Oil Co. acquires the interest and agreed to assume the outstanding obligations in addition to a large cash payment. Details of the deal were closed at the Hall & Briscoe offices in the Commerce Exchanges building. Powell Briscoe, owner of a half-interest in the company bearing his name, did not sell, although it is understood of an offer has been made for his interest in the company bearing his name, did not sell, although it is understood an offer has been made for his interest. Briscoe is out of the city on vacation and is not expected to return for more than a week. Operations will be carried in the name of Hall & Briscoe for the present. Interest in City Wells [Below is a picture of F.C. Hall] Property in the deal include Hall’s interest in the No. 1 Childs, an extension well on west side of the pool interest in the Nos. 1, 2 and 3 Lindsay, the first two wells being producers; the No. 1 Mueller, a drilling well; the No. 1 Holmes, a north- west extension producer, and six drilling wells on the Holmes lease; three locations with derricks up in the Central addition; 45 acres of leases in Central addition; block 8 of Chapman- Levy addition; an eighth-interest in a well to be drilled in block 11 of South Highland addition, lease on block 22 of Walnut Grove addition and a half interest in tools and equipment valued at $400,000. The transaction is one of largest in the local field and is in the class with the Mid-Kansas Oil and Gas and Ramsey Petroleum companies transactions of a year and a half ago. The Hall-Briscoe properties are among the best in field being located in the sand zone and almost every lease assured of production. Kessler and Hall announced there will be no change in operation at this time. Romantic Oil Play The entrance of Hall and Briscoe into the local play was sensational. Immediately after the discovery well started spouting on Dec. 4, 1928, the Chickasha wildcatters flew to Oklahoma City and purchased the Jeanette Lewis Holme lease of 50 acres And the Childs lease of an acre and a quarter. Both leases were believed to be too far west for production and many of the oldtimers smiled and rubbed their chin. After the play got under way, Hall and Briscoe started buying here and there, and acquired scattered tracts, All on the north and west side of the field. Each of their completions added to the size of the field and opened potential territory. This Damon and Pythias pair are known as hard and fast traders, almost to the point of sensational. Since entering the oil business in southern Oklahoma in 1924, they have drilled around 130 wells, with fewer than a half-dozen dry holes. They drilled 84 producers in a row in the Chickasha district. Began as Soda Jerker J.M. Kessler is a native of Kentucky and came to Oklahoma City 18 years ago as a soda jerker for the Veasey Drug Co. However, he didn’t stay on that job long, for he got into the oil business as soon as possible, and 18 months ago organized the Kessler Petroleum Corp. as a holding company for the Kessler OIl, and a group of syndicates which included rich properties in Lea country, New Mexico, west Texas and the Okmulgee District of Oklahoma. In west Texas he opened the Leck field of Winkler M. Logan of Okmulgee. Today the Kessler Petroleum owns the entire 80-acre discovery lease, which is the best in that district. Had Only $5 in Pocket Kessler, one of a family of 11 children, came to Oklahoma City with "$4 or $5 in my pocket." He worked in the Veazey Drug Co. for a while and then purchased a drug store in Edmond. Selling out in 1916, he entered the employ of the North American Oil Co. and the Noco Petroleum Co. as financial agent with headquarters in New York. Associated with Kessler is Albert S. Clinkscales, geologist for the petroleum company and formerly with the White Eagle Refining Co., now a subsidiary, of the Standard Oil Co. of New York. |
People |
F. C. Hall Powell Briscoe Jim Kessler |
Search Terms |
Holdings Purchase Oil Oklahoma City Field Well Childs Holmes Lease Petroleum |