Quick Development Syndicate was incorporated in 1923 in Houston by C.C. Cannon, J.C. Gibson, and others. Initially capitalized at $110,000, by March the company had issued more stock to increase funds to $170,000 for exploring for oil.
Quick Development Syndicate gambled on drilling a wildcat well in Brazoria County, just south of Houston.
Although there was a brief show of oil from its exploration attempt, commercial production was uneconomical and the well abandoned.
In December 1924, the Texas district court in Seguin ruled on a Texas Railroad Commission suit against Quick Development Syndicate for violation of Rule 37.
The rule “requires oil well drillers to secure permission from the commission before sinking a well within the prescribed 150 feet.”
The court issued a permanent injunction against Quick Development Syndicate and imposed a fine. The company disappears from financial records after the ruling.
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. © 2020 Bruce A. Wells.
