Old Oil Stocks – in progress “N”
Chances are people seeking financial information here will not find lost riches – see Not a Millionaire from Old Oil Stock. The American Oil & Gas Historical Society, a small non-profit program that depends on donations, simply does not have resources to provide free research of corporate histories.
However, AOGHS continues to look into forum queries as part of its energy education mission. Some investigations have revealed little-known stories like Buffalo Bill’s Shoshone Oil Company; many others have found questionable dealings during booms and epidemics of “black gold” fever like Arctic Explorer turns Oil Promoter.
Visit the Stock Certificate Q & A Forum and view company updates regularly added to the A-to-Z listing at Is my Old Oil Stock worth Anything? AOGHS will continue to look into forum queries, including these “in progress.”
National Consolidated Oil Company
In its August 20, 1921, issue, United States Investor assessed the value of National Consolidated Oil stock, noting “There have been during recent months quotations in the neighborhood of five cents per share.”
The publication reported National Consolidated Oil was combining several companies, including Pleasant Grove Royalty Syndicate, Toyah-Bell Oil, Oklahoma Texas Petroleum Products, Garrison Coal & Oil, Progressive Lease Syndicate, and Manhattan Consolidated Petroleum.
The newly consolidated organization incorporated in Delaware on September 19, 1921, and operated out of Fort Worth, Texas. Capitalization was $10 million. According to Oil Weekly, by March 1922 the company had drilled one dry hole (No. 1 Nussbaum) and was down to 2,960 foot depth on its second well (No. 1 Coleman) near Streetman in Texas’ Freestone County.
Oil Weekly reported that by April 15, the No. 1 Coleman well had to be “fished” at about 3,400 feet deep (read about the technology in Fishing in Petroleum Wells). Afterwards, little drilling or financial records remain about National Consolidated Oil or its stock certificates.
National Oil Refining and Manufacturing Company
California entrepreneur George Calhoun organized the National Oil Refining and Manufacturing Company in 1901 with capitalization of $1 million.
Calhoun’s company was to refine oil into gasoline, kerosene and a variety of lubricating oils, as well as “road oil” and asphalt. (All products of growing importance as Americans began buying automobiles, see Cantankerous Combustion and Asphalt Paves the Way.)
Newspaper ads promoted stock sales, proclaiming “Fortunes in Asphaltum” and that each 10-cent share of stock, “will positively advance to 15 cents per share.”
After building a refinery in Bakersfield in 1904, the company manufactured Black Eagle asphalt and lubricating oils branded as Golden State, Pioneer and Superior. The plant had the capacity to produce 1,200 tons of asphalt monthly, but securing enough oil to refine became problematic and led to extended contract litigation. George Calhoun died in August 1920. His company left few records.
National Petroleum Company
The National Petroleum Company was incorporated in 1917, capitalized at $500,000 with stock par value set at 10 cents by the company, whose officers included four gentlemen named Stablein, Wiswell, Ringle and Thomson. National Petroleum Company’s registration with Montana regulators expired in 1957.
Newfield Gas & Oil Company
Newfield Gas and Oil Company originally organized under South Dakota law as the Empire State Gas & Petroleum Company in 1917, was renamed as the Rochester Oil Company in 1919, and then renamed again as the Newfield Gas & Oil Company in 1920. The company also went by Newfield Oil & Gas instead of Newfield Gas & Oil.
Licensed to do business in New York, the exploration company held leases on 4,699 acres and with $85,000 in stock sales, drilled six producing gas wells in Livingston County within two miles of Dansville. Newfield Oil & Gas built a two-mile pipeline to supply its natural gas to the Dansville Gas and Electric Company and other customers.
But by June 1922, the Company’s cash assets were down to $380 with debts of over $12,000. In February 1923 the company ran afoul of Rochester’s public service commissioner, who publicly chastised company president and principle stockholder J.J. Leighton.
“I don’t want any more references to the Public Service Commission used for the purpose of selling stock in this company,” the commissioner proclaimed. Defending his failing company, Leighton later replied, “That was the only way we had to do business; to get our money to develop the property with.”
Nordon Corporation was a Canadian company formed in 1929 with five million shares of stock. Its purpose was to invest in oil leases and royalties rather than to drill for oil. Nordon offered 450,000 of shares to the public at $3 each. It also traded 1.5 million shares for leases on 24,000 acres of potential production, plus another 76,800 acres already generating royalty revenue.
On April 25, 1930, the company reincorporated as Nordon Oil Corporation with holdings in both the United States and Canada. The former stock was exchanged with the new “share for share” but sold for less that a dollar per share by the end of the year, according to an Ottawa Citizen article on December 3, 1930.
In the ensuing years, Nordon operations moved to Oklahoma City. George Platt became CEO in 1966, beginning a convoluted path for the company ultimately described in The First Junk Bond: A Story of Corporate Boom and Bust, published in 2002.
By 1967, Nordon had expanded into “acquiring and developing oil and gas properties and drilling for, producing, and selling crude oil and natural gas,” noted the Securities and Exchange Commission’s News Digest of September 18, 1967. The company acquired J.C. Trahan Inc. of Shreveport, Louisiana, for $17 million in Nordon stock, which added interests in 900 wells to Nordon’s original eight wells.
The company continued with an aggressive growth strategy and became an oil and natural gas producer. In 1970 Nordon changed its name to Texas International Petroleum Company. Complex debt management and financing led Texas International Petroleum as it responded to oil markets, prices and opportunities.
Securities and Exchange Commission documents record name changes as the original 1929 Canadian Nordon Corporation, Ltd. continued to evolve through mergers. In 1972, Texas International Petroleum became Texas International Company. After having lost money in 12 of 13 years, Texas International emerged from bankruptcy to become the Phoenix Resource Companies in 1990.
In 1996, Phoenix was acquired by Apache Corporation (Oklahoma’s third largest gas producer at the time) for $396 million. Shareholders received “three-quarters of an Apache share plus $4 in cash for each Phoenix share.”
North Coast Oil & Refining Company
North Coast Oil and Refining Company drilled its first well along the California coast, just north of Crescent City in 1921. At a depth of 832 feet, the borehole collapsed and the well was lost. The company notified the California oil and gas supervisor in San Francisco that it was “skidding” the cable-tool rig “58 feet east” and drilling a new hole.
The second well reached a depth of 1,240 feet before work was suspended and the well abandoned in December 1922. No further drilling was undertaken before the company went out of business circa 1926. Former President Richard Hansen advised the state supervisor that each stockholder, “received a few cents per share return on his stock at the time of the dissolution of the company, which dividend was obtained from the sale of the salvaged material.”
Northern Oil Company
Northern Oil Company was one of several failed oil exploration ventures of a woman wildcatter who would not give up. In 1938 Stella Dysart acquired 800,000 shares of the struggling company for $30,000 and hoped to change its luck.
But Dysart found no oil and ended up in court when sued by investors. Available online is a transcript from the United States Circuit Court of Appeals (9th Circuit) No. 9576 that determined her liability. See Mrs. Dysart’s Uranium Well for more on her adventures – and eventual success.
In 1933 Jonas Johnson and William LeSage operated gasoline filling stations in Hibbing and Virginia, Minnesota, before they pooled their interests and created the Northwest Petroleum Company. They leased their properties to Zenith Petroleum Company but soon became dissatisfied with the “upkeep, sales, and personnel.”
Zenith was a troubled company and went into receivership, precipitating lawsuits that embroiled Barnsdall Refining Corporation (provider of gasoline to the filling stations) as well as Northwest Petroleum Company. Johnson ultimately bought out his partner LeSage and changed the company’s name to Range Ice & Fuel Company. The filling stations in Minnesota became part of the new company and distributed ice and fuel.
The stories of other exploration attempts to join petroleum exploration booms (and avoid busts) can be found in an updated series of research at Is my Old Oil Stock worth Anything?
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