Beaumont Confederated Oil & Pipeline Co 1902 Stock Cert. Spindletop Era In Tx
Item History & Price
| Reference Number: Avaluer:9982552 |
Beaumont Confederated Oil & Pipeline Co 1902.Stock Certificate......Beaumont was just another Texas Gulf Coast town until 1901 when a nearby hill known to locals as “Spindletop” changed U.S. petroleum history – and inspired birth of Beaumont Confederated Oil & Pipe Line Company.
Far from previous production, a wildcat well erupted oil in on January 10 that would produce more oil than anyone ever imagined.
The “Lucas Gusher” spawned future petroleum giants, including Gul...f Oil, The Texas Company (Texaco) and Humble Oil (Exxon).
Spindletop Hill would produce more oil in one day than the rest of the world combined. In its first year alone, the oilfield produced 3.59 million barrels of oil.
Instead of a chisel bit and cable-tools, the 1901 Spindletop discovery well used an innovative new technology - the rotary drill with a "fishtail" bit.
Beaumont Confederated Oil & Pipe Line Company was one of myriad companies quickly formed to capitalize on this oil bonanza.
Within four months of the discovery well, Beaumont Confederated Oil & Pipe Line Company (previously the Street and Alley Oil Company) incorporated in Austin on April 27, 1901.
Capitalized at $2 million, the company issued stock and drilled four wells on Spindletop within walking distance of the 100, 000 barrel-a-day gusher drilled by Capt. Anthony Lucas, a Croatian mining engineer and former officer in the Austrian navy.
The November 3, 1901, Houston Daily Post included an illustration showing Beaumont Confederated Oil’s drilling and producing wells squeezed between other Beaumont leases.
Company stock sold for 15 cents to 22 cents a share on the Houston Oil and Stock Exchange.
Far from previous production, a wildcat well erupted oil in on January 10 that would produce more oil than anyone ever imagined.
The “Lucas Gusher” spawned future petroleum giants, including Gul...f Oil, The Texas Company (Texaco) and Humble Oil (Exxon).
Spindletop Hill would produce more oil in one day than the rest of the world combined. In its first year alone, the oilfield produced 3.59 million barrels of oil.
Instead of a chisel bit and cable-tools, the 1901 Spindletop discovery well used an innovative new technology - the rotary drill with a "fishtail" bit.
Beaumont Confederated Oil & Pipe Line Company was one of myriad companies quickly formed to capitalize on this oil bonanza.
Within four months of the discovery well, Beaumont Confederated Oil & Pipe Line Company (previously the Street and Alley Oil Company) incorporated in Austin on April 27, 1901.
Capitalized at $2 million, the company issued stock and drilled four wells on Spindletop within walking distance of the 100, 000 barrel-a-day gusher drilled by Capt. Anthony Lucas, a Croatian mining engineer and former officer in the Austrian navy.
The November 3, 1901, Houston Daily Post included an illustration showing Beaumont Confederated Oil’s drilling and producing wells squeezed between other Beaumont leases.
Company stock sold for 15 cents to 22 cents a share on the Houston Oil and Stock Exchange.
