Buffalo-Texas Oil Company
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Historical Context
| The successive oil booms in Electra, Ranger and Burkburnett resulted in many newly formed companies rushing to North Texas. But as historian Pruitt noted, much of the land already had been leased. Many of the companies would depart or fail. Intense competition throughout the Mid-Continent discoveries made drilling prospects harder to come by. Inevitably, most companies arrived too late. Many went bankrupt without drilling single well. Typical of those seeking quick profits was the Buffalo-Texas Oil Company. It began issuing stock certificates to investors in 1919. Using stock sales to fund drilling was common, but sufficient capital often could not be raised to drill a well – especially as equipment and service prices soared. Some of the company’s certificates cite capital stock of $3 million in 1923 – but the stock issue may have been an unsuccessful effort to raise sufficient venture capital to purchase leases and proceed with exploration. Although the company’s establishment corresponds with a huge post-WW I surge in demand for petroleum, Buffalo-Texas Oil folded in 1928 with a final offer of a half cent per share. The company never drilled a well. |
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