Edwin Foster And His Company Under The Unified Mineral Lease Created Conflict Between Multiple Parties

980 Words Nov 15th, 2016 4 Pages
, which resulted in a poor find; a series of bad finds occurred till the turn of the 20th century.
Edwin Foster and his company under the unified mineral rights were effective, but the fissures grew and the mineral rights shifted into privatized hands (Reese and Loughlin, 98). Under Foster’s subleasing strategy the Osage Nation’s petroleum industry began to resemble the rest of Oklahoma’s industry; overproduction hit Osage Nation (Reese and Loughlin, 99). The dissolution of the Osage Nation’s unified mineral lease created conflict between multiple parties, to include: tribal government, Indian territory Illuminating Oil Company, federal and state government, and smaller oil companies (Reese and Loughlin, 100).
In 1915 the blanket leased died, which ignited rapid production and new petroleum deposits. Myers Dome, Barnsdall, Hominy Pools a 3 of the first wave of discoveries in 1916 (Reese and Loughlin, 100). A second wave occurred during World War I as the demand for petroleum products soared; following the high wave of demand a few more pools were discovered post war, such as the following deposits: Y686, Dome Pool, and more (Reese and Loughlin, 100). The Burbank field, during the 1920s, was another massive oil deposit creating an overnight rush (Reese and Loughlin, 100). Much of the lease buying happened at the infamous oil monument “Million-dollar Elm”; A tree which shaded the high dollar businessmen who sought oil fortunes (Reese and Loughlin, 100).
The age of…

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