A business venture designed to let investors participate directly in the cash flow and tax benefits of the underlying investment. DPPs are generally passive investments that invest in real estate or energy-related ventures.
Oil History in North Texas
Between 1902 and 1910, oil fever spread through North Central Texas, with finds at Brownwood, Petrolia and Wichita Falls.
Water-well drillers on the W.T. Waggoner Ranch in Wichita County in 1911 found oil instead, creating the Electra field. In 1917, W.K. Gordon, general manager of the T&P Coal Company’s mines at Thurber, discovered the Ranger field nearby. Ironically, the wealth of oil at Ranger, and elsewhere in the state, encouraged railroads to switch their locomotives from coal to oil and helped kill the coal-mining town of Thurber.
Oil was found west of Burkburnett in Wichita County in 1912, followed by another oil field in the town itself in 1918. The feverish activity that followed inspired the 1940 movie Boom Town, starring Clark Gable, Spencer Tracy, Claudette Colbert and Hedy Lamarr.
The boom-town phenomenon became common across the state: The infrastructures of small farming communities near oil discoveries were inadequate to the demands of the population explosions. They hadn’t sufficient lodging or eating establishments for the sudden influx. Newcomers were forced to live in hastily erected shacks, tents or even their cars or trucks. Since some of those drawn to oil fields by dreams of riches brought their families, schools became overcrowded. There were lines at cafes, at post-office counters, everywhere.
Unexpectedly heavy traffic on the often-unpaved streets created massive clouds of dust during dry weather – dust that invaded every corner and settled on every surface. In wet weather, the streets became vehicle-swallowing mudholes.
During the 1920s, there were discoveries near Mexia in Limestone County and more in Navarro County. Oil was discovered in the Panhandle starting in 1921, and major fields were developed all across the state during the next decade – East Texas, west-central Texas and additional fields in the Gulf Coast.
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Disclaimer: There are significant risks associated with investing in oil and gas ventures. The above information is for general purposes only and is not a solicitation to buy or an offer to sell any securities. General information on this site is not intended to be used as individual investment or tax advice. Consult your personal tax advisor concerning the current tax laws and their applicability and effect on your personal tax situation.