OCR Text |
Show ARROWHEAD PET. CLOSES DEAL FOR WELL WITH OPERATOR A deal was closed Wednesday between be-tween the Arrowhead Petroleum Corporation Cor-poration and S. H. Hains. an inde-pendant inde-pendant producer of Los Angeles, whereby Haines will commence work on a test well in the Arden district southwest of town by January 25, 1928. Hains has been interested in this district for some time and last September Sept-ember he had his geologist make a thorough examination of the country. After a favorable report by the geologist geol-ogist Hains started negotiations with the Arrowhead Petroleum Corporation which were brought to a close Wednesday Wed-nesday when he made the deal. Four of the twenty sections held by the Arrowehead corporation were turned over to Haines on the condition condi-tion that he have a standard oil well drilling rig in operation by January 25, 1928. A $1500.00 cash bond was supplied by Haines which goes to the Arrowhead Petroleum Corporation in case he fails to carry out his part of the contract. If a flow of oil is struck Haines will deed back to the Arrowhead Arrow-head three hundred and twenty acres within two hundred feet of the well. Mr. Haines was accompanied on his trip to Las Vegas by his attorney, R. T. Quinn. The firm of Stevens & Henderson drew up the contract for the Arrowhead Petroleum Corporation. This deal will in no way affect the operations of the Arrowhead Petroleum Petrol-eum Corporation. They will go ahead according to their plans and will have their well under way early in 1928. Part of the equipment has been secured secur-ed and deals are pending for the remainder. re-mainder. The two wells will be about a mile and a half from each other and will ably prove the field. The well to be drilled by Haines will be put down by his own money and is not a stock proposition. prop-osition. It means the spending of thousands of dollars in Las Vegas and will not take any money away. Las Vegas Age. |