Word: benedum
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Died. Joe Clifton Trees, 73, millionaire oil wildcatter; of a heart attack; in Pittsburgh. Drill-driving Joe Trees and his lifelong partner, Michael Late Benedum, were probably the widest-ranging, wildest wildcatters in U.S. history: they opened scores of fields from Pennsylvania to California, Oklahoma to British Columbia, made, lost, remade numerous fortunes together...
...oilmen this move is something worth watching, for Mike Benedum is the luckiest wildcatter ever. With a $500 grubstake and more nerve than a circus trapezist, he got into the oil business in the '90s. In no time at all he made a killing in West Virginia oil, discovered the then huge Crawford Field in Illinois, lost most of his cash in Oklahoma mud. Then he whipped off again, struck the fabulous Caddo pool in Louisiana, moved on to drill in Mexico, Venezuela, Canada, Europe. Most spectacular was his discovery of the great Texas Yates pool, only 16 years...
Rough, rich, resourceful Michael L. Benedum, the world's No. 1 wildcatter, now aged 72, is hard at it again. In West Virginia last week his fast-moving agents got the last signature on oil leases sewing up 200,000 hilly acres, bordering 35 miles of the Ohio River southward from Sistersville...
...prospected Oriskany sands there is oil aplenty. Already he and his sidekicks have spent $500,000; his No. 1 well at Falls Mills is down 5,100 feet, three others are going down fast. If Mike strikes oil it may mean another West Virginia oil boom, more cash in Benedum bank accounts. But Mike is after more than money: a big strike in West Virginia would benefit the whole Atlantic seaboard, would be the best possible way of easing the East Coast oil shortage...
...form the marketing unit Standard Oil of New Jersey, Columbia Gas & Electric Corp., and the private Benedum-Trees interests of Pittsburgh will throw their Tioga properties into a holding company called Lycoming United Natural Gas Corp. It is understood that Standard Oil will dominate the field by ownership of 50% of Lycoming United stock, followed by 30% for Columbia Gas, 20% for Benedum-Trees. The market Lycoming United will serve is the Syracuse area, active industrial district directly north of Tioga, where there is a potential annual demand for 10 billion cu. ft. (Buffalo, second biggest city in New York...