Jefferies and Petrie Partners advised Rock Oil on the deal.
|
|
Since purchasing the Rock Oil assets, SM Energy has been upgraded several times and closed at $38 on Tuesday.
|
|
The deal to buy Rock Oil Holdings LLC from private equity firm Riverstone Holdings LLC will give SM Energy 22016,203 acres in Howard County.
|
|
This weekend the U.S. Federal Aviation Administration issued a temporary flight restriction over the Standing Rock oil pipeline protest in North Dakota, banning all aircraft except those flying in support of law enforcement.
|
|
The distillation of Pennsylvania "rock oil," for instance, established that itt offered a superior mode of lighting, a discovery that immediately presented the challenge of producing such oil — then collected from places where it bubbled to the surface — in sufficient quantities.
|
|
George Bissell paid a visit to Dartmouth College, which he had attended, and saw a sample of "rock oil" from Pennsylvania. Suspecting that the oil may have potential as an illuminant and lubricant, he organized an investor group. In 1853 Bissell's group, which became the Pennsylvania Rock Oil Co., hired Yale chemistry professor Benjamin Silliman, Jr. to perform an analysis of "rock oil". Silliman's report of April 1864 stated that "rock oil" could yield an excellent illuminating oil.
|
|
The Deep Rock Oil Corporation was an undercapitalized subsidiary of the defendant Standard Gas Company.
|
|
In 1858, the Pennsylvania Rock Oil Company became the Seneca Oil Company with Drake as president.
|
|
As a result of the business relationship between Pennsylvania Rock Oil Co. and Seneca Oil Co., Edwin Drake became involved in the enterprise through his employment with Seneca Oil Co., and Drake played a critical role in the first successful oil well in the region. Bissell, through Pennsylvania Rock Oil Co., invested heavily in the surrounding region with significant financial success. With time, Seneca Oil Co. became unable to pay the royalties due to the Pennsylvania Rock Oil Company. The matter was resolved when Bissell and Eveleth agreed to forgive the unpaid royalties in exchange for taking full title to the portion of the Hibbard Farm that Seneca Oil controlled.
|
|
In the Gaulish village, Getafix is depressed because he has run out of rock oil, which he requires to make the magic potion enabling the Gaulish resistance to Rome. The following day, Getafix is cheered by the arrival of Ekonomikrisis the Phoenician merchant but suffers a stroke upon hearing that he forgot to bring rock oil. When Chief Vitalstatistix tells Asterix and Obelix to fetch another druid to treat him, they discover Dubbelosix, who successfully revives Getafix with an alcoholic tonic. Asterix determines to go with Obelix and Dogmatix to obtain rock oil from Mesopotamia; Dubbelosix insists on coming, and they set off on Ekonomikrisis' ship.
|
|
In the ensuing arrow battles, their waterskin is pierced, but they find a source of rock oil in the ground and carry some back to Jerusalem in the repaired waterskin. There, the two Gauls capture Caesar's personal ship, as well as Surreptitious and Dubbelosix. Near the coast of Gaul, Dubbelosix seizes the waterskin of rock oil and, as he tries to force it open, Obelix leaps upon him, spilling the oil into the sea. Asterix has lost all hope, but when they come back to the village, they find the Gauls fighting Romans as merrily as ever, and learn Getafix has replaced the rock oil in his potion with beetroot juice.
|
|
Ignacy Łukasiewicz improved Gesner's method to develop a means of refining kerosene from the more readily available "rock oil" ("petr-oleum") seeps in 1852 and the first rock oil mine was built in Bóbrka, near Krosno in Galicia in the following year. In 1854, Benjamin Silliman, a science professor at Yale University in New Haven, was the first to fractionate petroleum by distillation. These discoveries rapidly spread around the world.
|
|
Seneca Oil, originally called the Pennsylvania Rock Oil Company, was founded by George Bissell and Jonathan Eveleth. They created the company after hearing of reports that petroleum collected from an oil spring in Titusville, Pennsylvania was suitable for use as lamp fuel. Until this time, the primary lamp fuel had been whale oil. Bissell found that the "rock oil" would be a practical alternative if a method could be devised to extract the oil from the ground.
|
|
In 1853 during a social visit to Dr. Dixi Crosby, a professor at Dartmouth College in Hanover, New Hampshire, Bissell saw samples of what was then known as "rock oil" which had been obtained from the ground. Bissell was aware of the primitive oil-gathering industry in western Pennsylvania. At the time, oil was gathered by such crude methods as soaking blankets in surface oil and then draining the blankets over barrels. Rock oil in that period of time was used mainly for medicinal purposes.
|
|
One of the rock oil mine owners was Ignacy Łukasiewicz, Polish pharmacist, the first who distilled kerosene from oil in 1852/1853. He also invented kerosene lamp in 1853. The village has a population of 800.
|
|
Oil was known to exist in the Oil Creek Valley of northwestern Pennsylvania, but there was no practical way to extract it. Its main use to that time had been as a medicine for animals, humans and the early development of kerosene. In the late 1850s Seneca Oil Company (formerly the Pennsylvania Rock Oil Company) sent its manager, Colonel Edwin L. Drake, to develop a way to produce more ‘Rock oil’ from the ‘Oil Creek’. His employer secured a piece of leased land just south of Titusville, a slow-growing and peaceful community.
|
|
However, Bissell and Eveleth intended to sell stock in their new enterprise through the New York financial markets, and Brewer, Watson & Co. perceived they could therefore develop an equity position in the new business. The sale to Bissell and Eveleth proceeded for that reason, despite a lucrative offer by Kier. In December 1854, Bissell and Eveleth formed the Pennsylvania Rock Oil Co. while transferring ownership of the Hibbard Farm to the new company. The Pennsylvania Rock Oil Co. was the first oil exploration company in the United States.
|
|
Jonathan Greenleaf Eveleth (May 8, 1821 - December 10, 1861) founded the first oil company in America with George Bissell in 1854. Partners in the Wall Street law firm of Eveleth & Bissell, the two formed the Pennsylvania Rock Oil Company with 5 other investors from New York, New Haven, and Titusville, Pennsylvania, to "raise, procure, manufacture, and sell Rock Oil." Eveleth was born in New Gloucester, Maine, on May 8, 1821 to James and Hannah Austin Eveleth. His father was a leather tanner and boot and shoe maker and a descendant of early colonial families of Massachusetts.
|
|
In the 1850s the market for light-producing liquid fuels was dominated by coal oil and by an increasingly inadequate supply of whale oil. However, George Bissell, a lawyer from New York, his partner Jonathan Greenleaf Eveleth, and James Townsend, a New Haven bank president, had a revolutionary idea. They thought there was a possibility of the crude “rock oil” (now petroleum) that had been cropping up in Western Pennsylvania being used as an illuminatory substance. At the time, rock oil was nothing but a smelly hindrance to the well-diggers of the region, with some limited medicinal properties.
|
|
Bissell recognized that the oil could be refined to produce kerosene, then in high demand, especially for lighting. If the rock oil could be obtained inexpensively and properly refined, it could replace such substances as whale oil and coal oil as sources of fuel for illumination. Recognizing the potential for rock oil, in 1854 Bissell and his law partner Jonathan Eveleth purchased a 105-acre farm, the Hibbard Farm which was owned by timber company Brewer, Watson & Co. Bissell and Eveleth made the purchase for $5000. The timber company had also received a competitive offer from Samuel Kier, who was a pioneer in oil refining.
|
|
The Daisy Bradford discovery well settled in to produce, on average, 250 BOPD. On 13 December, the Deep Rock Oil well produced 3000 BOPD a mile west of the Joiner well. On 16 December, H.L. Hunt's well to the south of the Joiner well, produced under 100 BOPD.
|
|
Production of oil shale in millions of metric tons, from 1880 to 2010. Source: Pierre Allix, Alan K. Burnham. Humans have used oil shale as a fuel since prehistoric times, since it generally burns without any processing. Around 3000 BC, "rock oil" was used in Mesopotamia for road construction and making architectural adhesives.
|
|
Fracturing as a method to stimulate shallow, hard rock oil wells dates back to the 1860s. Dynamite or nitroglycerin detonations were used to increase oil and natural gas production from petroleum bearing formations. On 24 April 1865, US Civil War veteran Col. Edward A. L. Roberts received a patent for an "exploding torpedo".
|
|
Humans have used oil shale as a fuel since prehistoric times, since it generally burns without any processing. It was also used for decorative purposes and construction. Britons of the Iron Age used to polish and form oil shale into ornaments. Around 3000 BC, "rock oil" was used in Mesopotamia for road construction and making architectural adhesives.
|
|
University of Utah Press. Salt Lake City, UT: 2000. p278. nowadays, Tséyaa Akʼahí (beneath-rock oil) seems to be another designation in reference to the nearby oil fields, as can be seen on billboards in the area (pictured). The early Anglo settlers in this area named the place "Jewett Valley", and established Jewett Valley Cemetery as early as 1886.
|
|
Natural oil spring in Korňa, Slovakia The vast majority of hydrocarbons found on Earth occur in petroleum, coal, and natural gas. Petroleum (literally "rock oil" – petrol for short) and coal are generally thought to be products of decomposition of organic matter. In contrast to petroleum, is coal, which is richer in carbon and poorer in hydrogen. Natural gas is the product of methanogenesis.
|
|
Eventually he attempted to dig a deep hole by hand. When a hole collapse nearly killed his men, Drake attempted drilling. He was told by local water well drillers that “You cannot drill for Rock Oil”. Drake had to travel to New Kensington, PA, (over 90 miles away), to find and hire a salt well driller, William A. Smith, in the summer of 1859.
|
|
It was a slow-growing community until the 1850s, when petroleum was discovered in the region.Downtown Titusville, PA in 2014 Oil was known to exist there, but there was no practical way to extract it. Its main use at that time had been as a medicine for both animals and humans. In the late 1850s, Seneca Oil Company (formerly the Pennsylvania Rock Oil Company) sent Col.
|
|
Fracturing as a method to stimulate shallow, hard rock oil wells dates back to the 1860s. Oil producers in Pennsylvania, New York, Kentucky, and West Virginia used nitroglycerin (liquid at first, and later solid) to break up the oil-bearing formation. The method was later applied to water and natural gas wells. The idea of using acid as a nonexplosive fluid for well stimulation was introduced in the 1930s.
|
|
Faurot's first oil, found along the Ottawa River on May 19, 1885, was more accidental discovery than deliberate scientific experiment. During the first week, the well produced more than of oil. Faurot quickly organized local businessmen into a syndicate that would purchase oil leases from farm owners. The company was called the Trenton Rock Oil Company, and by 1886, had 250 wells from Lima to St. Marys, Ohio, and west to Indiana.
|
|
Benjamin Silliman Jr. (December 4, 1816 – January 14, 1885) was a professor of chemistry at Yale University and instrumental in developing the oil industry. His father Benjamin Silliman Sr., also a famous Yale chemist, developed the process of fractional distillation that enabled the economical production of kerosene. In 1855, Silliman Jr. wrote a report for $526.08 on Pennsylvania rock oil and its usefulness as an illuminant that convinced investors to back George Bissell's search for oil.
|
|
Yet Bissell and Eveleth, after realizing how flammable the liquid was, believed there was great money to be made in producing rock oil commercially, marketed as lamp fuel and such. But they needed someone—an important, well-respected scientist—whose name they could attach to their financial venture, to research the material to find out whether or not it could be used in such a manner. They found Benjamin Silliman Jr., professor of chemistry at Yale.
|
|
In his book Dream Pool Essays written in 1088, the polymathic scientist and statesman Shen Kuo of the Song Dynasty coined the word 石油 (Shíyóu, literally "rock oil") for petroleum, which remains the term used in contemporary Chinese. In southwest Asia the first streets of 8th century Baghdad were paved with tar, derived from natural seep fields in the region. In the 9th century, oil fields were exploited in the area around modern Baku, Azerbaijan.
|
|
News of Kier's experiments spread, and George Bissell, a lawyer from New York, learned of Kier's success. In 1854, Bissell commissioned a study from Yale chemist Benjamin Silliman, Jr. to assess the viability of harvesting oil in western Pennsylvania. After Silliman's results confirmed that the petroleum in the Oil Creek Valley could profitably be distilled into lamp oil, Bissell founded the Pennsylvania Rock Oil Company. The company was funded by businessmen and bankers from New Haven, Connecticut.
|
|
However, there was no economical means for producing sufficient commercial quantities of oil. Bissell had a chance insight when he saw a picture of oil derricks used to produce an oil based patent medicine obtained as a byproduct of a brine well. Following a shareholder disagreement, Bissell and fellow investor Jonathan Eveleth investor split with Pennsylvania Rock Oil Co. and formed Seneca Oil in 1858. Edwin Drake, a shareholder, was hired by the company to drill for oil.
|
|
Smith was born on May 26, 1922 in Oilton, Creek County, Oklahoma, to Leslie and Myrtle Smith. His father was an oil field worker and moved his family to Econtucka, Seminole County, where he worked the Deep Rock Oil Co. Troy graduated Seminole High School in 1940, married Dollie Twiggs March 18, 1941, and in December 1942 enlisted in the United States Army Air Forces during World War II.Kathy Toppins, "Edmond funeral service planned for Sonic founder", The Edmond Sun, October 28, 2009.
|
|
Interest in the Pennsylvania Rock Oil Company was initially low until a report commissioned by Bissell and Eveleth showed that there was significant economic value in petroleum. Due to a disagreement between the shareholders and the pair, the company was split and Seneca Oil was formed in 1858. Before being offered a job by Bissell and Eveleth, Drake bought stock in Seneca Oil. But his job opportunity with the company arose because both parties were staying in the same hotel in Titusville.
|
|
A residence hall on the campus of Dartmouth University, Bissell Hall of the Choates is named in Bissell's honor and constructed in 1958. Bissell funded the Bissell Hall which was a gymnasium that included a gymnastics center, a bowling alley, and an indoor track. This building was demolished in 1958. The Pennsylvania Rock Oil Co.'s agent, Edwin Drake, is sometimes credited with the "discovery" of oil, although the success of Drake's efforts is due in part to Bissell's business acumen.
|
|
In 1859, Nevins sold his property to the Michigan Rock Oil Company, which built Main Avenue, platted an unnamed town around it, and erected a few buildings. On March 26, 1863, Henry Bastian sold his land to William L. Lay. Lay established a ferry near what is now the foot of Central Avenue. Lay platted a town of 80 lots near his ferry's landing on the south shore, and named the town Laytonia (sometimes referred to as "Laytona" or "Latona").
|
|
By the 1840s, Kier's salt wells were becoming fouled with petroleum. At first, Kier simply dumped the useless oil into the nearby Pennsylvania Main Line Canal, but after an oil slick caught fire, he saw a way to profit from this otherwise worthless byproduct. With no formal training in science or chemistry, he began experimenting with several distillates of the crude oil along with a chemist from eastern Pennsylvania. He developed a substance he named "Rock Oil" and later "Seneca Oil".
|
|
Allen Wright evidently approved the proposal in principle and passed it on to the tribal council. On October 23, 1883, the council approved creating the "... Choctaw Oil and Refining Company, for the purpose of finding petroleum or rock oil, and increasing the revenue of the Choctaw Nation." The authorizations (basically concessions) gave exclusive rights for producing, transporting and refining in both nations ... an larea of nearly . Muriel Wright reported that Dr. Eliphalet Nott Wright, then president of the Choctaw and Refining Company, enthusiastically backed Faucett.
|
|
The impact of the discovery of petroleum as a high-quality illuminator is obvious. At the time, however, Bissell and Eveleth simply brought some people together to form the “Pennsylvania Rock Oil Company”- shortly after to be renamed the “Seneca Oil Company,” after another common, regional name for petroleum. Edwin Drake was in charge of drilling the well, and after many setbacks, generally revolving around the lack of money, he struck oil in quiet, rural, Titusville, Pennsylvania on August 27, 1859. The scenery of Titusville changed almost overnight.
|
|
Oil derricks and towns filled with get-rich-quick speculators filled the newly named Oil Creek. The holes were generally unremarkable, especially by the standards of today; the first probably only gathered less than 50 barrels of oil a day. However, the influence of these oil wells, and Benjamin Silliman Jr.’s report confirming the use of petroleum as an illuminant, was massive. Almost equally important in Bissell's idea and Silliman's discovery was the use of rock oil for lubrication of the many moving parts in the mechanical age soon to come.
|
|
Oil was known to exist here, but there was no practical way to extract it. Its main use to that time had been as a medicine for both animals and humans. In the late 1850s Seneca Oil Company (formerly the Pennsylvania Rock Oil Company) sent its manager, Colonel Edwin L. Drake, to start drilling on a piece of leased land just south of Titusville, near what is now Oil Creek State Park. Drake hired a salt well driller, William A. Smith, in the summer of 1859. After many difficulties, they finally drilled a commercially successful well on August 27.
|
|
Early in the enterprise, Bissell and Eveleth gained the support of James Townsend, a banker from New Haven, Connecticut, who helped them obtain further support. Shortly after obtaining the Hibbard Farm, Bissell and Eveleth hired Yale University chemist Benjamin Silliman Jr. and coal oil chemist Luther Atwood of Boston to evaluate the suitability of the rock oil for making a refined oil suitable for illumination. The evaluation included an economic study and a chemical analysis, and Atwood was positive on the prospects from the beginning of the evaluation. Silliman was more cautious, although he issued a promising opinion in May of 1855.
|
|
The earliest mention of "rock oil" (石油), the Chinese name for petroleum, is by a book "Grand Peace Records" from the Northern Song Dynasty, and officially designated the current name by Song Dynasty polymath scientist Shen Kuo using the description found in his famous book Dream Pool Essays. Due to the chemical characteristics of petroleum that it continues to burn in water, it was widely used by feudal militaries. Some examples include the defense of the city of Jiuquan in Gansu Province in the year 578 against the invading Göktürk army, in which the defenders used petroleum to ignite and destroy the siege engines brought in by the invaders.
|
|
A Pennsylvania oil field in 1862 Welcome sign to Titusville, PA The oil rush in America started in Titusville, Pennsylvania, in the Oil Creek Valley when Edwin L. Drake struck "rock oil" there in 1859. Titusville and other towns on the shores of Oil Creek expanded rapidly as oil wells and refineries shot up across the region. Oil quickly became one of the most valuable commodities in the United States and railroads expanded into Western Pennsylvania to ship petroleum to the rest of the country. By the mid-1870s, the oil industry was well established, and the "rush" to drill wells and control production was over.
|
|
The Chinese had used India ink derived from pine soot prior to the 11th century AD, when the polymath official Shen Kuo (1031-1095) of the mid Song Dynasty became troubled by deforestation (due to the demands of charcoal for the iron industry) and sought to make ink from a source other than pine soot. He believed that petroleum (which the Chinese called 'rock oil') was produced inexhaustibly within the earth and so decided to make an ink from the soot of burning petroleum, which the later pharmacologist Li Shizhen (1518-1593) wrote was as lustrous as lacquer and was superior to pine soot ink.
|
|
Stratigraphy graph of the Safaniya oil field explaining where the source rock, oil reservoirs and seal traps exists. Jurassic source rocks began oil movement during the Late Cretaceous. The Tuwaiq Mountain source rock reached early stage maturity for oil generation at about 100 Ma and continued to attain its peak oil expulsion in the deeply buried areas at Early Tertiary time, approximately during a period of 65-54 Ma. Hydrocarbons generated then began to accumulate in fold structures around the region. At the eastern side of the basin oil generation and expulsion began about 75 Ma. By 50 Ma the oil had expanded westward and started filling structures that had formed during the late Cretaceous.
|
|
Shen was worried about deforestation due to the needs of the iron industry and ink makers using pine soot in the production process, so he suggested for the latter an alternative of petroleum, which he believed was "produced inexhaustibly within the earth".Menzies (1994), 24. Shen used the soot from the smoke of burned petroleum fuel (石油 Shíyóu, "rock oil" as Shen called it) to invent a new, more durable type of writing ink; the Ming Dynasty pharmacologist Li Shizhen (1518–1593) wrote that Shen's ink was "lustrous like lacquer, and superior to that made from pinewood lamp-black," or the soot from pinewood.Needham (1986), Volume 5, Part 7, 75–76.
|
|
Along the way, they defeat pirates and Roman warships, while Dubbelosix secretly corresponds with the Romans, to arrange a blockade. The Phoenician ship finally lands at Judea, where Asterix, Obelix, Dogmatix, and Dubbelosix disembark for Jerusalem, where some sympathetic traders help the Gauls to enter secretly, in spite of an attempt by Dubbelosix to alert the city guards. Leaving him behind, Asterix and Obelix make contact with Ekonomikrisis' supplier, Samson Alius, who directs them to Babylon as the Romans have destroyed rock oil supplies in Jerusalem. In the Syrian desert, Asterix, Obelix, and Dogmatix find themselves caught up in ongoing wars between the Sumerians, Akkadians, Hittites, Assyrians, and Medes, much to Asterix's frustration.
|
|
He established a bitumen mine de la Presta there in 1719 that operated until 1986.(broken link) Muséum d'histoire naturelle, Geneva. accessed 2007-10-26Le bitume et la mine de la Presta (Suisse), Jacques Lapaire, Mineraux et Fossiles No 315 "Asphaltum" Stoddart's Encyclopaedia Americana (1883) pages 344–345Eirinis' paper, entitled "Dissertation sur la mine d'asphalte contenant la manière dont se doivent régler Messieurs les associés pour son exploitation, le profit du Roy, & celui de la Société, & ce qui sera dû à Mr d'Erinis à qui elle apartient 'per Ligium feudum' " is held at the BPU Neuchâtel – Fonds d'étude [Ne V] catalogue In 1745 under the Empress Elizabeth of Russia the first oil well and refinery were built in Ukhta by Fiodor Priadunov. Through the process of distillation of the "rock oil" (petroleum) he received a kerosene-like substance, which was used in oil lamps by Russian churches and monasteries (though households still relied on candles).
|
|
Le bitume et la mine de la Presta (Suisse), Jacques Lapaire, Mineraux et Fossiles No 315 "Asphaltum" Stoddart's Encyclopaedia Americana (1883) pages 344–345Eirinis' paper, entitled "Dissertation sur la mine d'asphalte contenant la manière dont se doivent régler Messieurs les associés pour son exploitation, le profit du Roy, & celui de la Société, & ce qui sera dû à Mr d'Erinis à qui elle apartient 'per Ligium feudum' " is held at the BPU Neuchâtel - Fonds d'étude [Ne V] catalogue Oil sands here were mined from 1745 under the direction of Louis Pierre Ancillon de la Sablonnière, by special appointment of Louis XV.History of Pechelbronn oil The Pechelbronn oil field was active until 1970, and was the birthplace of companies like Antar and Schlumberger. In 1745 under the Empress Elisabeth of Russia the first oil well and refinery were built in Ukhta by Fiodor Priadunov. Through the process of distillation of the "rock oil" (petroleum) he received a kerosene-like substance, which was used in oil lamps by Russian churches and monasteries (though households still relied on candles).
|
|