Galloway Oil Corporation came to life as a combination of companies. The Galloway Oil Lease Corporation of Kansas City, Missouri, and the Galloway Oil & Refining of Fort Worth, Texas, combined in 1923 to form Galloway Oil with $10 million in capital stock.
Just two years earlier, Missouri officials had revoked Galloway Oil & Refining’s charter for failure to pay taxes.
A skeptical article in United States Investor described the highly promoted combination as “attempting to reload stockholders in the defunct concern” by the “Galloway oil interests of Fort Worth.”
Galloway advertised the combination as a way to exploit properties held by Galloway Oil Lease Corporation in the Burkburnett and Desdemona oilfields in Texas.
Learn more about North Texas oil discoveries in Boom Town Burkburnett.
The “Galloway interests” were very active in the merging of petroleum businesses.
They had previously merged Texas-Penn Oil Company with the Galloway Oil & Refining under the name of Galloway Consolidated Company – as well as forming the North Iowa Oil & Refining Company of Lawton, Oklahoma, in 1917.
Today, Galloway Oil Lease Corporation and the other Galloway enterprises stock certificates can be found on eBay. They only have collectible value.
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The stories of exploration and production companies joining petroleum booms (and avoiding busts) can be found updated in Is my Old Oil Stock worth Anything? The American Oil & Gas Historical Society preserves U.S. petroleum history. Please support this AOGHS.ORG energy education website. For membership information, contact bawells@aoghs.org. © 2018 Bruce A. Wells.