Success Story
Sinclair
A Shrewd Buyer
But
Harry Sinclair's plans were much more ambitious
than anyone envisioned. With part of the cash
from the $20 million financing acquired in New
York, and as trades for corporate stock,
Sinclair judiciously bought from among hundreds
of bargains offered to him by hard-pressed
independents. He added 8,000 barrels daily of
crude oil in the proven Oklahoma fields of
Healdton, Nowata, and the Osage Indian lands.
Many of these buys continued to produce at the
Sinclair Oil Corporation's Fiftieth birthday. In
mid-summer he reached out northward to the new
El Dorado field in Kansas, linking production
there by pipeline to his refinery at Chanute.
Also, he struck far southward, and again found a
fabulous area: leases in the Damon Mound field
in Brazoria County, on the Texas Gulf coast.
These yielded 65 million barrels of crude oil
during the next half century. On unproved land,
the Company had forty rigs drilling wildcat
wells.
Then
came a coup--his friends said it was typical
Sinclair luck--which guaranteed success. A
hundred miles west of Tulsa, a Sinclair wildcat
penetrated a rich new oil basin with production
at several depths. Sinclair had more than half
the productive acreage under lease in this new
Garber field. The oil was so rich that it sold
for a premium price of $1.50 per barrel.
Now the founder
invited his New York bankers to see the new oil
empire. By special train he escorted what the
Tulsa newspapers described as "the biggest
concentration of capital in the history of
Oklahoma." The gratified directors agreed
to an ambitious expansion into one of the best
retail markets in the world: the upper Midwest.
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