Texas Production Company was incorporated on June 18, 1917, with capitalization of $1 million.
By 1919, this company brought in the Renner No. 1 well at 475 barrels a day from the Waggoner oilfield, near Electra and the recent extension of the Burkburnett field.
According to the Texas Historical Commission, oil exploration and production in this area was minimal until April 17, 1919, when the Bob Waggoner Well No. 1 blew in at 4,800 barrels per day. It was the first well in what became known as the Northwest Extension Oilfield, comprised of approximately 27 square miles.
Oil had been found in 1912 west of Burkburnett in Wichita County, followed by another oilfield in the town itself in 1918. The Wichita Falls region’s drilling booms inspired a 1940 Academy award-winning movie. See “Boom Town of Burkburnett.”
The company also appears to have drilled productive oil wells in the in the Humble oilfield of Harris County, bringing in the Bissonnet Np. 1 well to a depth of over 4,000 feet, one of the deepest in the field at the time.
That well produced up to 2,000 barrels of oil a day in 1921. In the same year however, a Texas Production Company investor sought advice from a leading financial publication. The answer was not promising.
“So far as we can make out you bought into an oil production of little or no merit, which has simply gone the way of any number of such enterprises,” United States Investor noted.
“Shares of the Texas Production Company are now being offered at a few cents a share by unlisted brokers which would indicate that a sale of your stock would net you little,” the magazine added. “There is no way for you to get your money back.”
United States Investor encouraged its readers to avoid investing in any questionable petroleum-related bonds.
“This may be a time for strong companies to invest in oil at a low figure,” Investor proclaims, “but a company which must bond itself to pull itself out of a hole can’t do much in the way of speculation on the future price of oil to get back for its stockholders what has been already taken by unscrupulous promoters.”
Note that the company’s certificate includes a vignette of derricks commonly seen on those of other companies formed (and failed) in oil regions: Centralized Oil & Gas Company, the Double Standard Oil & Gas Company, the Evangeline Oil Company, the Texas Production Company and the Tulsa Producing and Refining Company! See “Is my Old Oil Stock worth Anything?”
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