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PPOSPERTTY OIL SECTION
TULSA DAILY WORLD, SUNDAY, DECEMBER 31, 1022
"The Largest Oii Producing Company in the Okmulgee District"
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ED H. MOORE, President '
J. W. McCULLOCH, Vice Pres.
T. D. HARRIS, Secy.-Treas.
R. M. RIGGINS, Asst. Secy.-Treas.
ED H. MOORE T. D. HARRIS
J. W. McCULLOCH
M. FOWLER GRAHAM
President Citizens National Bank
H. E. KENNEDY
President Central National Bank
J. J. MORONEY
President North Baltimore Oil & Gas Co.
WADE H. JAMES
Organized in October, 1919, with 3,000 acres of leases
and 250 barrels per day production, the Independent
today has more than 18,000 acres of leases in the eight
great oii producing counties of Oklahoma and a daily'
production of 4,000 barrels net.
Every director of this company has been a permanent resident of Okmulgee for 15 yeara
or longer, and each has been actively identified with the oil business throughout that
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116 Producing Oil Weils .2,252 Acres
The story of the Independent Oil and Gas Com
pany of Okmulgee is an outstanding example of
the opportunities that are offered to honest and
earnest men in the oil producing business of Okla
homa and particularly in the Okmulgee district
and vicinity. Organized by a small group of indi
vidual operators in October, 1919, with a nucleus
of '3,000 acres of leases and 250 barrels of produc
tion, the company today is the largest oil pro
ducing company in the Okmulgee district and now
has properties and prospects which seem destined
to make it one of the big independent companies
of the Mid-Continent fields. The company is under
the same management today as it was at organi
zation and its three chief executive officers have
held office continuously since organization.
The Independent is not a "luck" company nor
does it belong in the class that make "a million
over night." It has known all of the hard times
and viccisitudes that are common to the oil busi
ness and its success today is duechiefly to the un
wavering loyalty and faith of its officers and di
rectors, their experience as oil men and business
men, and to the fact that their standing and repu
tation is such that they were able to weather a
storm in the depression of 1921 that swept thou
sands of oil companies into bankruptcy and ob
livion. The Independent has been built up little by little,
a good part of its earnings being constantly in
vested in new properties, but it has also been fair
to its stockholders and since organization has paid
in dividends $2,500,023.03, although its total out
standing capitalization is now but 3,000,000.
Until October 1G, 1922, the outstanding stock issue
of the company never exceeded $1,000,000 and on
that capitalization it paid more than half a million
dollars in cash dividends. Its announced dividend
policy for the future is 12 per cent a year or more.
Its first dividend was declared in March, 1920, and
was for three months at the rate of 1 per cent per
month, the total amount of the dividend being
$17,065.40. A similar dividend was declared in
Julv, 1920, and amounted in all to $26,758.89. The
third dividend was declared on April 12, 1922,
and was a cash dividend of 25 per cent, $222,-
704.50 being l-equirod to pay the same. Another
cash dividend of 25 per cent was declared on
June 3, 1922, and the total payment at this time
was $227,494.24. The last dividend declared was
a 200 per cent stock dividend on October 16, 1922,
when the outstanding stock issue was increased
from $1,000,000 to $3,000,000. At the same time
the capitalization of the company was increased
from $3,000,000 to $10,000,000. The company
had 218 stockholders on December 1, 1922.
Holdings of the Company
The company now has a production of approxi
mately 4,000 barrels daily from 116 producing
wells on 2,252 proven acres in four counties. In
addition to its producing leases it owns 15,773
acres of leases awaiting development. These
leases are located in eight different counties arid
are scattered and "checkerboarded" in such a
manner as to give the company the- best possible
opportunity for successful development. All of
the acreage ha3 been carefully selected.
Tho status of the company's lease holdings is best
shown in the following table:
Okmulgee county . . . .1,192 acres
Creek county 480 acres
Okfuskee county 420 acres'
Tulsa county ......... 120 acres
Total , : 2,252 acros
Okfuskee county ....7,010 acraa
Okmulgee county ....3,298 acros
Creek county 2,385 acros
Hughes county 1,960 acres.
Muskogee county ..... . 720 acros
Tulsa county 160 acros
Seminole county . . 120 acres
Mcintosh county 120 acres
Total 15,773 acres
GRAND TOTAL 18,025 acros
To the Independent goes the honor of developing
the greatest oil producing lease ever dev61opcd
in the Okmulgee district. This is the Andrew
Holmes lease in section 13-11-11, whore the first,
well was drilled in on November 24, 1921. In
the first year of its history this lease produced
1,414,884 barrels of pipeline oil. There are 11
wells on the lease and the average per well during
the yar as 132,572 barrels and the recovery of
oil per acre was 17,689 barrels. The daily aver
age of the .lease for the year was 3,996 barrels.
The lease is still producing 2,000 barrels daily, an
average of nearly 200 barrels per well. The com
pany has several other big producing leases in tho
process of development.
Management of the
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A large part of the strength of tho Independent
company lies in its officers and directors. Ed II.
Moore, its president, has been one of the leading
men of Okmulgee for years and is known for his
business ability, his honesty and his loyalty to his
associates. For several years he was a member
of the- law firm of Moore & Noble, whose practice
was almost entirely devoted to the oil business.
J. W. McCuolloch, vice president and Mr. Moore's
chief aid in the management of the company, is
also a pioneer Okmulgeean, who has always been
identified with the oil business in some manner.
Ho is the field man of tho company and rated aa
one of the best.
T. D. Harris, secretary and treasurer of the com
pany has been in the oil game since coming to
Okmulgee two decades ago and had nmassod a
comfortable fortune before joining in the organi
zation of tho Independent. M. Fowler Graham,
one of the original directors of tho company who
is still active in its management is president of
the Citizens National Bank, Okmulgoo'a largest
bank, and one of the best-known bankers in tho
state. Ho .has largo cnttlo and agricultural Inter
'ests besides his oil interests. J. J. Moroney, an
other director, is president of the North Baltimor
Oil & Gas Co., a thriving Okmulgee concern, for
mer owner and editor of the Okmulgco Democrat
and a writer on oil subjects of wido experience.
He is ono of the best known men in tho oil circles
of the Mid-Continent.
Another banker on the board is H. E. Kennedy,
president of the Central National Bank, the socond
largest bank in tho city. Mr. Kennedy handles
much of the oil finance for his bank and is con
sidered an export in that particular line. The
counsel for the company, in addition to Mr. Moore,
is Wade James, who is also one of the directors.
He has been a resident of Okmulgee for years and
his entire practice has had to do with tho oil
11. M. Kiggins, the assistant secretary of the com
pany, who is not a director, is a certified publio
accountant, who conducted offices of his own In
Oklahoma City and Okmulgee for several years,
and who specialized in oil accounting. He was
secured by the, Independent to handle their ac
counting department because of his superior tal
ents along that line.
Th Independent company is on a firm financial
basis; its presont production is largely settled, it
has ample, well-located acreage for years of de
velopment; its operations are confined to counties
that have made oil history in tho past and are sure
to repeat in tho future; its management is in the
hands of oil men of the typo that make for success
and it looks forward into tho yoar 1023 with every
confidonce and indication that 1923 will exceed
in profits and success any of the past three years
during which the company has grown from a new
and unknown organization to the largest oil pro
ducing company in tho Okmulgee district.
INDEPENDENT OIL & GAS COMPANY, Okmu
Main Offices of the Company Are Located on the Sixth Floor of the Commerce Building, Okmulgee, Oklahoma
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