The train clicks along in the darkness as the dim light shines
On financial papers with pages of stocks seemingly never-ending
This was after a limo ride, and a luncheon meeting at the exclusive Cafe Fenton's in Toronto
The chairman of Rank Organizations Canadian holdings Derrick Montague
I had initially advised the previous Rank Canada Chairman Peter Gasparri in the development of Shepherds Center
A huge office residential development located in the north area of Toronto
Mr Montague acknowledged that if I were to present an oil company that Rank may evaluate it for possible acquisition
This was when I decided to take the train ride out west
I pondered the ongoing flow of data until I came across a company listed under the energy sector named Canadian Reserve
It sounded like a good name
I’ll have to check the data further on this was as well as several others that I had added to my list of possible candidates for a takeover
Cosigo Resources, Trimac, Newmac, and other corporate names that reflected potential
Yet until further research went into their assets and financial structure
They would only be names on a long list of companies
Every stop on the route provided an opportunity to obtain more financials
To allow me to scan the markets
Then upon arriving in Calgary I was able to get the annual report from Canadian Reserves showing where their assets were
And what the financial picture was like
It seems as though they had vast holdings in the Pembina area of Alberta
Which was one of biggest deposits of oil in North America
After doing further research into the geological area I was rather impressed with the holdings and the financial picture looked solid
Canadian Reserves was worth 140 million and would certainly make a nice division to own
I called Petro-Canada and spoke with Maurice Strong Founder and Chairman
As well as Joel Bell Vice President
I also called Conrad Blocks Orbis Corporations and spoke with Mr Edmondson Vice President
I decided to make a call to Roman Corporation Denison Mines and after speaking with Charles Parmelee Vice President and Stephen B Roman I asked Tony Fell from Dominion Securities to relay data over to the Denison Executives
I had met with Tony Fell head of Dominion Securities while in Toronto and indicated that I may be launching an oil company takeover and he stated that he would help in any way he could
A call to my Portland Oregon based Harvard Undergrad legal advisor Eric Hessler
He agreed to meet me in Vancouver and he... we eventually met at the Base Shore Inn and we pondered the legalities that would have to be pondered
And face before our meeting i had arranged in Denver with the president of reserve Paul D. Meadows
I flew to Portland where upon Eric my legal advisor was kind enough to allow me to use his corporate office to handle any last minute details in preparation for my four o'clock September 9th 1997... 1977 meeting in Denver
Upon my arrival at the Reserve offices in Denver I met with Mr Meadows and Mr Green Vice President of Reserve
Where upon we discussed the possibility of me presenting reserve with a bid for assets
I then flew onto Los Angeles
After speaking with Mr Montague from Rank he said he was flying to London England and would present the situation to Rank
But he felt that that may be something that Rank would not be able to acquire at that time
He did mention he was aware of the wealthy Windsinger family in Bakersfield who may be interested in such a thing
After several calls I was able to speak with the family where upon i arranged a appointment to meet with them at 1 o'clock October 4th 1977
Eric Hessler and I met at the Bakersfield airport and a young gentleman from the family met us at the airport
As we drove along the landscape the driver pointed to the horizon and stated that they owned all the land up to the mountains
As oil rigs pumped oil from the land as we drove on
They too declined to make a bid and seemed to be more interested in Beverly Hills
Then back to Los Angeles
After several days on October 10th 1977 I decided to call Getty Oil Company to speak with their executive level to see whether they might be interested in acquiring Reserve... Canadian Reserve
I put together data and had it relayed to Harold Berg Chairman of Getty oil
As well as to Robert Talboy a key executive in charge of engineering
I later called each office and confirmed its arrival and spoke with Robert Talboy on October 11th 1977 at 1 o’clock at great length as he stated that Getty Oil Company would evaluate the data on reserve
At 2 o'clock on October 11th 1977 I called the Denver office of Reserve President Mr Meadows
Minutes later the office of Eric Hessler my attorney immediately thereafter called the Los Angeles office of Reserve Chairmen John R. McMillan to establish that reserve was officially presented to Getty Oil Company
Mr McMillan was somewhat shocked to hear that reserve was put on the street as it were
But I assured him it was handled with ultimate level dignity
Meanwhile Denison Mines from Toronto decided to make a bid at 27 dollars and 50 cents US a share worth 525 million
Shortly after Getty Oil Company offered Denison Mines 10 million dollars to withdraw their bid on anticipation of a bid to reserve
On January 23rd 1980 Getty Oil Company completed their takeover of Preserve Oil and Gas Company at 35 dollars per share with 620 million 147 thousand
Getty Oil Company was worth 6 billion 500 million in 1982 and based upon the eventual Texaco incorporated takeover of Getty Oil Company at 10 billion
And with the subsequent market value increase of reserve oil and gas company of over 1 billion within Getty Oil Company
Reserve earned Getty shareholders 1 billion in profits and investments