Archive Record
Images
Metadata
Catalog Number |
2019.001.112 |
Object Name |
Clipping, Newspaper |
Title |
Kessler Buys Hall Interest in City Field |
Collection |
Wiley Post Collection |
Creator |
Claude V. Barrow |
Scope & Content |
Newspaper article discussing J. M. Kessler's purchase of F. C. Hall's half interest in the Hall and Briscoe independent oil firm for approximately $1.5 million. |
Date |
Undated |
Transcription |
[Top] Kessler Buys Hall Interest In City Field —— Four Producers and Eight Drilling Wells Included In Deal for $1,500,000. —— By Claude V. Barrow (Oklahoman OU Editor) The Kessler Oil Co., Oklahoma City. Tuesday purchased the half interest of F.C. Hall in the Hall and Briscoe, Independent oil firm, for approximately $1,500,000, part cash, part oil and assumption of obligations. Powell Briscoe, other half owner, did not sell his interest. The deal did not include interests held by Hall and Briscoe in oil properties outside the Oklahoma City field nor royalty interests of the Chickasha wildcatters. J.M. Kessler is president of the Kessler Oil and Kessler Petroleum, the latter being holding company of the oil company and various other interests. Kessler closed the deal on his (ieth?) birthday and it was the largest deal of his career. Four Producing Wells Properties consisted of 160 acres (proved?) and semi-proved leases; 48 acres in SW 25-12-3w; four producing wells and eight drilling wells. The producers include the No. 1 Childs, in SE SE SE 14-1-3w; the Nos. 1 and 2 Lindsay and the No. I Holmes, in NE SE SE 10-11-3w; all of these wells having been extensions when completed as big producers. The No. 3 Lindsay is drilling; the No. 1 Mueller is drilling, and six wells are drilling on the Holmes lease. Other acreage includes three locations on city blocks in Central additions aggregating 45 acres: block 8 of Chapman-Levy addition, block 1 of South Highland addition, and block 22 of Walnut Grove addition. The Kessler also acquired a half interest in drilling tools and equipment valued at $400,000. No Change in Operation Kessler and Hall announced that there would be no changes in operation of the leases. At this time Briscoe is out of the city, and if any changes are made they will hinge upon Briscoe’s action. This transaction is one of the larg- est reported in the south field , rank- ing with the Ramsey Petroleum and Mid-Kansas Oil and Gas companies' transaction shortly after discovery of oil here in December, 1928. Picturesque Figure Passes With this sale Hall announced his retirement from active oil business, in which he has been engaged for more than ten years. He and Briscoe have been termed the Damon and Pythhias of Oklahoma oildom. They are a pair of fast traders and usually enter a deal with a rush. This was evidenced when the pair came to Oklahoma City by plane shortly after discovery of oil and purchased the Jeanette Lewis Holmes tract of 60 acres and the "half-pint" Child lease. It was believed then that the tracts were too far west and north to produce, but each has paid off handsomely. Later they got into the town lot sector and turned some fast deals. Since 1924, when Hall and Briscoe entered the Chickasha district they have drilled about 130 wells with only a half dozen dry holes. Kessler Has Romantic Start Kessler is one of Oklahoma’s foremost Young operators, having started in the oil business in 1916 as an employe of the North American Oil dnd the Noco Petroleum companies as financial agent in New York. Later he became an independent operator and 18 months ago formed the Kessler Petroleum Corp., with holdings in Oklahoma. West Texas and [Lea?[ county, N.M. In west Texas, Kessler and David M. Logan opened the Leck district of Winkler county, later selling to the Kessler Petroleum. Recently the Kessler acquired the half interest of the discovery lease from the Atlantic Oil Producing Co. |
People |
J. M. Kessler F. C. Hall |
Search Terms |
Oil Firm City Field Independent Money Purchase Million Interest |