Word: barco
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From the Petrolea pumping station at the Barco field the pipe line snaked up 5,400 feet over the Eastern Andes, then down through miles of rotting jungle to the sea, thrice crossed the Magdalena River or its branches. It cost Cap Rieber and Socony-Vacuum a cold $40,000,000 ($18,000,000 for the pipe line; $22,000,000 for development work). "Hell!" says Cap Rieber, "if they wanted to move the Chrysler Building to Colombia, we'd do it -if they...
...great field for this is the Barco concession in Colombia, which Texas acquired jointly with Socony-Vacuum (TIME, May 4). The other is in the Middle and Far East...
Last autumn Carib Syndicate, Ltd. informed its stockholders it had received a $2,000,000 offer from an undisclosed group for its 21% interest in the fabulous Barco oil concession. Since little Carib did not have the money to play along with its big partners, Socony-Vacuum Oil Co. and Texas Corp., in development of the jungle oil properties in Colombia, the stockholders authorized their directors to accept the offer (TIME...
Last week Carib stockholders learned the deal was off, at least for the time being. The undisclosed group who wanted Carib's share of the Barco was, it turned out, in fact acting for Socony and Texaco. Knowing this, little Carib was obviously in a better position to bargain. It was announced that "the parties in interest have taken the matter under consideration." presumably meaning more money for Carib...
Carib's assets foot up to a mere $1,200,000, three-fourths of which is represented by its present stake in the Barco game. An investing company, it has only one full-time official Secretary & Treasurer Charles Ferris French. This autumn he was suddenly presented with an opportunity to withdraw gracefully from the Barco game with winnings of more than 100% on the ante. An undisclosed group offered $2,000,000 for the Barco interest. Informed of the facts last week, the stock-holders accepted with alacrity. With that $2,000,000 Carib will look for another game...