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Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: HOW OIL WELLS ??? BOEED AND WOEKED. The individual or company intending to bore for oil, either purchases the land in fee simple, or obtains an " oil lease." At the...
Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: HOW OIL WELLS ??? BOEED AND WOEKED. The individual or company intending to bore for oil, either purchases the land in fee simple, or obtains an " oil lease." At the present time the purchase of land in fee simple is mostly effected by companies, the high price put on oil-bearing lands rendering it almost impossible for individuals to obtain a tract of any considerable dimensions. Of the tract thus purchased but a small proportion, generally, consists of what is now considered " borable territory," namely, the flat land bordering on the river or creek, and sides of a ravine, or bank of a stream. The remainder is usually high bluffs, valuable in proportion to the amount of wood obtainable for fuel. Some companies work their own property, whilst others grant oil leases to individuals or other companies. An " oil lease" grants to the lessee a right to bore within certain limits for " oil, salt, or other ? (33) minerals," the work to be commenced within a given time, and " to be prosecuted with all reasonable diligence." If these conditions are not complied with, the land reverts to the owner of the fee simple. Some of the leases granted in 1860 and 1861 were loosely drawn up, and made no provision for the reversion of the property in case of the abandonment of the work, and it is no unfrequent thing, after an old well has been taken by new adventurers and made successful, for the original lessee to make his appearance and claim compensation. If the new proprietors do not comply, an injunction is obtained, and, rather than have the work stopped for months until the case comes up for trial, the victims are generally willing to compromise. In the beginning of the oil enterprises on Oil Creek, as now in some of the new oil territory, the owner of the fee obtained, as compensat...
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