Quick Development Syndicate

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, which “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.

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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.

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